The New Indian Express reports CPP Investments and IndoSpace acquire six industrial and logistics parks across country:

CHENNAI: Professional investment management firm Canada Pension Plan Investment Board (CPP Investments) and supply chain infrastructure platform IndoSpace on Tuesday announced the acquisition of six industrial and logistics parks for Rs 30 billion (471 million Canadian dollars) by IndoSpace Core, a JV between CPP and IndoSpace set up in 2017.

This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilised industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core.

The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in Bengaluru, Chennai, Delhi, Mumbai, and Pune.

“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments.

Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector.”

He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.”

Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune. 

Earlier today, CPP Investments issued a press release stating it has entered into an agreement with IndoSpace to expand their joint venture with a US$300 million acquisition of six logistics parks:

MUMBAI, India (November 25, 2025) – Canada Pension Plan Investment Board (CPP Investments) and IndoSpace today announced the acquisition of six industrial and logistics parks, valued at INR 30 billion (C$471 million), by IndoSpace Core, a joint venture established in 2017 to acquire and develop logistics facilities across India.

This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilized industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core.

The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai, and Pune.

“India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments. “Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space. We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.”

Commenting on the development, Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector. This acquisition further reinforces the strength of our partnership with CPP Investments, built on a shared belief in India’s potential as a global hub.”

He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.”

Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About IndoSpace

IndoSpace is India’s leading fully integrated supply chain infrastructure platform. With over 60 million sq. ft. of infrastructure across 50+ strategically located hubs since its inception in 2007, IndoSpace powers more than 150 industry leaders across manufacturing, electronics, 3PL, e-commerce, retail, and automotive sectors.

Aligned with the vision of PM Gati Shakti, the National Logistics Policy (NLP), and Make in India, IndoSpace contributes to India’s supply chain industry by delivering scalable and sustainable infrastructure solutions that enhance efficiency and accelerate manufacturing growth. By integrating technology, sustainability, and operational excellence, IndoSpace continues to shape logistics ecosystems and strengthen its role as a key enabler in India’s growth narrative. 

This is another great deal for CPP Investments partnering up with IndoSpace to secure great logistics properties in India.

By now, everyone knows that logistics is the place to be, especially in fast growing countries like India where the middle class is growing, urbanization is taking hold and more and more people are ordering their items online, similar to North America.

This summer, I read an interesting article that with 26% youth and growing middle-class population, India becomes attractive market for Korean brands:

Korean fashion and food companies are increasingly turning their attention to India, driven by growing interest from local youth and middle-class consumers in clothing worn and foods eaten by K-drama characters and K-pop stars.
 
“Out of India’s 1.4 billion people, 26 percent are in their teens or 20s, making them quick to embrace new cultures,” said an industry insider. “That appetite is now expanding into fashion and food consumption.” 

India has been among the world’s five largest economies since 2014, maintaining an average annual growth rate in the 7 percent range, according to the Korea Trade-Investment Promotion Agency (Kotra).
 
The country’s fashion market, in particular, is showing strong growth. Market research firm Statista projects India’s fashion market will grow from $105.5 billion in 2024 to $122.4 billion by 2028. 

Korean companies are targeting India’s middle class, which numbers approximately 430 million. With rapid industrialization, this segment has expanded, and those with annual incomes between $10,000 and $25,000 are showing heightened interest in fashion. 

“India’s caste system previously hindered the development of the fashion industry,” said a fashion industry source. “Korean clothing, which features high-quality fabrics and design but is more affordable than European or American brands, has become popular.”
 
“The rise in India’s golf population — now at 3.5 million — has also boosted interest in golf wear, which benefits K-fashion,” the insider said.
  
Capitalizing on this trend, LF is preparing to introduce its fashion brand Hazzys to India. In March, it signed a strategic export agreement with local investment firm Asian Brands Corp and plans to open the first store under a local brand in the second half of this year — the first Korean fashion label to do so. 
 
“We will lead with golf wear and expand to various products, aiming to open 10 brand stores within three years,” said LF. 

The K-food market in India is also expanding. In addition to snacks like Pepero and Choco Pie and instant noodles, there is now growing demand for frozen foods such as ice cream and even alcoholic beverages. According to Kotra, Korea’s food exports to India grew from $3.77 million in 2019 to $8.26 million in 2022, and $11.64 million in 2023.
 
Lotte has been particularly aggressive. In February, Lotte Wellfood completed a factory in Pune, India, where it has added a frozen dessert line to produce frozen dessert brands such as Dweji Bar and Jaws Bar. The demand for frozen products is growing as India’s cold chain infrastructure improves. Lotte Group Chairman Shin Dong-bin attended the factory’s completion ceremony and emphasized, “India is a key milestone in Lotte’s global food business.”
 
Orion also made a fresh capital injection of 6.7 billion won ($4.9 million) into its Indian subsidiary this January to fund operations and production facilities. The company’s revenue in India surged from just 3.1 billion won in 2021 to 21.1 billion won last year, prompting continued investment. Traditional liquor maker Andong Soju also entered the Indian market last year, focusing on fruit-based liquors with alcohol contents of 16.5 percent and 12 percent.
 
“With Korea facing declining birthrate and slowing growth, India offers an attractive destination for expansion,” said a food industry insider. “We expect more investment in the near future.” 

What does South Korea's interest in India have to do with logistics properties? Well, all these multinationals from Asia to North America looking to gain a foothold into India's burgeoning market need facilities to store their items.

In other words, it's all related and the dominant trend driving all this is a growing young population with more disposable income.  

Lastly, a week ago I noted that OTPP disbanded its Asia real estate team and OMERS cut its Asia buyout team. 

Basically, they weren't producing the deal flow to justify their operations but as CPP Investments demonstrates, if you partner with the right groups in India, you can still land great deals.

Below, creating and operating the finest and largest network of industrial and logistics real estate assets in India, IndoSpace brings to you state-of-the-art Grade-A warehousing spaces that add value to your business. Great partner for CPP Investments.

Also, Girish Ramachandran, President of Growth Markets at Tata Consultancy Services, shared insights on the TCS‑TPG partnership, expansion into AI data centers, talent strategy, and growth prospects across emerging markets. He spoke exclusively with Haslinda Amin on the sidelines of Bloomberg’s New Economy Forum four days ago.

On a monthly basis, retail sales increased 0.2% from August to September (seasonally adjusted), and sales were up 4.3 percent from September 2024.

From the Census Bureau report:

dvance estimates of U.S. retail and food services sales for September 2025, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $733.3 billion, up 0.2 percent from the previous month, and up 4.3 percent from September 2024. ... The July 2025 to August 2025 percent change was unrevised from up 0.6 percent.
emphasis added

Click on graph for larger image.

This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).

Retail sales ex-gasoline was unchanged in September.

The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993.

Retail and Food service sales, ex-gasoline, increased by 4.4% on a YoY basis.

The change in sales in September were below expectations, however, the previous two months were revised up slightly.

Polymarket Receives Approval From CFTC For Official US Return

Prediction platform Polymarket has received regulatory approval from the US Commodity Futures Trading Commission to operate an intermediated trading platform.

In a Tuesday notice, Polymarket said the CFTC issued an Amended Order of Designation, which will allow the company to “operate an intermediated trading platform subject to the full set of requirements applicable to federally regulated US exchanges.”

As Bitcoin Magazine's Micah Zimmerman reports, the move enables the market to onboard brokerages and customers directly. Users can now trade through futures commission merchants (FCMs) and access traditional custody, reporting, and market infrastructure.

“People rely on Polymarket because we provide clarity where there is confusion,” said Shayne Coplan, the founder and CEO of Polymarket.

“This approval lets us operate with the maturity and transparency the U.S. regulatory framework demands. We’re grateful for the constructive engagement with the CFTC and look forward to leading as a regulated exchange.”

Polymarket has upgraded its systems in line with the new order. It now has enhanced surveillance, market supervision policies, clearing procedures, and Part 16 regulatory reporting. 

Additional rules and processes for intermediated trading will be implemented before the official launch.

Polymarket remains subject to the Commodity Exchange Act and CFTC regulations, including self-regulatory obligations.

Polymarket was barred in 2022 for running an unregistered derivatives exchange but has returned to the U.S. after acquiring QCX, a regulated contract market and clearinghouse.

CFTC leadership in flux

The CFTC notice under acting chair Caroline Pham came as the US Senate is expected to soon vote on the nomination of SEC official Michael Selig as the next chair of the commodities regulator. Lawmakers in the Senate Agriculture Committee voted along party lines to advance Selig’s nomination. 

Even if Selig were to be confirmed, the CFTC would continue to have four empty commissioner seats. As of Tuesday, US President Donald Trump had not announced any potential replacements for the regulator’s leadership.

Polymarket now accepts bitcoin

Earlier this year, the platform also announced support for direct bitcoin deposits. Users can now fund accounts with BTC alongside stablecoins like USDC, USDT, and other crypto. 

In other news, Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is considering a $2 billion investment in Polymarket. The deal could value the platform between $8 billion and $10 billion, according to The Wall Street Journal.

In October, the company was reportedly exploring a funding round at a $12–15 billion valuation.

Shayne Coplan, 27, has become the youngest self-made billionaire following the investment. Just a few years ago, he was an NYU dropout building the company from his bathroom. 

The platform has also drawn investors such as 1789 Capital, backed by Donald Trump Jr., and acquired derivatives exchange QCEX for $112 million, gaining a CFTC license in the process.

One of it’s competitors, Kalshi, another major prediction market accepting bitcoin, recently raised $300 million at a $5 billion valuation and plans to expand access to over 140 countries, with annualized trading volume soaring toward $50 billion. 

Tyler Durden Tue, 11/25/2025 - 14:25

The post Tariffs and Trump Crazy: It Keeps Getting Worse appeared first on CEPR.

Campbell's VP Admits Soup Is "S**t For F**king Poor People" With "Chicken... From A 3D-Printer"

Authored by Daisy Luther via The Organic Prepper,

Nearly every household in America has at least a few of the ubiquitous red-and-white cans in the pantry, but perhaps not for much longer. I’m talking of course, about Campbell’s soup, a brand so iconic that Andy Warhol captured it in one of his most famous works of pop art.

First of all, in a leaked recording, it was revealed that the soups contained lab-grown meat – or “chicken that came from a 3-D printer.” Campbell’s strenuously refutes this comment, though the company does use genetically modified ingredients such as canola, corn, soybeans, and sugar beets.

And, just in case that accusation wasn’t enough to make your guts gurgle, it isn’t even the worst thing on that recording.

The recording

Robert Garza, a cybersecurity analyst for the company, was meeting at a restaurant with Martin Bally, one of Campbell’s vice presidents, to discuss his salary.

I've not had Campbell soup since I was a kid but damn. VP of Campbell was recorded by a former employee saying that their soup is for "poor people" and filled with bio engineered meat.

He's since been put on leave but you probably better find a different soup this holiday… pic.twitter.com/uKdyU0mWZV

— Shipwreck (@shipwreckshow) November 25, 2025

He secretly recorded statements made by the VP and chief information security officer during a November 2024 meeting. In a rant that lasted over an hour, here are some of the things captured on the recording.

Local 4 News in Detroit broadcast portions of the recording. In it, a speaker identified as Bally is heard saying, “We have s**t for f***king poor people. Who buys our s**t? I don’t buy Campbell’s products barely anymore. It’s not healthy now that I know what the f**‘s in it.”

He also referenced “bioengineered meat,” saying, “I don’t wanna eat a piece of chicken that came from a 3D printer.”

Just in case that isn’t enough to make you sincerely dislike the speaker, he also disparaged some of his coworkers.

“F***ing Indians don’t know a f***ing thing,” and “Like they couldn’t think for their f***ing selves,” it said in part.

Initially, Garza decided to keep the recording to himself, though he was left with “pure disgust.” However, in January 2025, he reported it to his direct supervisor. Twenty days later, Garza’s employment was terminated.

His attorney, Zachary Runyon, says that Garza reported the incident to protect his coworkers, and that he had a spotless record at the company.

Runyan said Garza had no record of disciplinary action and had not been written up for performance issues.

“He had never had any disciplinary action, they had never written him up for work performance,” Runyan said.

Garza also told reporters that he received no follow-up from Human Resources after submitting his complaint.

Garza has filed suit against Campbell’s.

The lawsuit accuses Campbell Soup Company of maintaining a racially hostile work environment and retaliating against Garza for reporting discriminatory conduct. It asserts claims of employment discrimination and race-based retaliation under Michigan law.

Garza says it is “not the case” that The Campbell Soup Company “treats its employees like family.”

The Campbell Soup Company denies using lab-grown meat.

Campbell’s denies that the company uses lab-grown meat.

“We use 100% real chicken in our soups,” James F. Regan, director of external communications at Campbell’s, told Newsweek. “The chicken meat comes from long-trusted, USDA approved U.S. suppliers and meets our high quality standards. All of our soups are made with No Antibiotics Ever chicken meat. Any claims to the contrary are completely false.”

A spokesperson for Campbell’s also told Newsweek:

“If the recording is legitimate, the comments are unacceptable. They do not reflect our values and the culture of our company. Mr. Bally is temporarily on leave while we conduct an investigation.”

What is lab-grown meat?

Be prepared to learn how it’s better for you than actual meat from a butchered animal. Farm Forward explains the process.

Lab-grown meat, also called cultured or cultivated meat, is grown from the cells of an animal, without any need to slaughter an animal to obtain the meat. The animal’s cells are cultivated in stainless steel drums called bioreactors, which are engineered to encourage replication of cells or growth of biological mass. The products that result from this process have been met with excitement due to their potential to replace the millions of animals being raised on factory farms around the world. Because cultured meat is produced in laboratory environments, it does not suffer from some of the contamination and health issues that plague traditional meat producers, such as antibiotic resistance and foodborne and zoonotic illnesses.

And it’s sooooo wonderful, too.

Cultured meat is cellularly indistinguishable from the flesh of animals raised on a factory farm. However, there are several aspects of health in which cultured meat surpasses traditionally farmed meat. For example, animal agriculture is already one of the major contributors to antibiotic resistance worldwide, and the use of subtherapeutic antibiotics in animal farming is set to increase further in the coming years. Cellular meat does not require the heavy use of antibiotics, so its production does not contribute to this ongoing public health crisis.

Another aspect of cultured meat that makes it healthier than its farm-raised equivalent is its lower likelihood of causing zoonotic diseases. While animal agriculture is likely to be a source of future pandemics caused by illnesses that jump from animals to people, this risk is minimized in cell-cultured agriculture, because there are no animals involved once the cells have been collected.

The article lists one of the major “cons” of lab-grown meat as “cultural acceptance.”

If you haven’t yet, it might be time to meet a local farmer and fill your freezer with meat you can trust.

Tyler Durden Tue, 11/25/2025 - 14:05

The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

Consumer Strain Moves Beyond Low-Income Into Heart Of Middle Class 

Goldman Sachs Managing Director Kate McShane provided clients with a summary of key takeaways from her meetings with the investor-relations and management teams of Bath & Body Works, BJ's Wholesale Club, The Home Depot, Lowe's, Target, Walmart, and Williams-Sonoma.

McShane noted that nearly every retailer warned of weak consumer demand, especially among squeezed lower-income households. 

Low to middle-income consumers remain fragile, value-driven, and cautious ahead of the holiday shopping season that begins Friday.

One commentary that stood out the most came from Advance Auto Parts.

She noted, "They're seeing lower- to middle-income consumers decrease their spending across general merchandise."

Here's the breakdown:

McShane's note reinforces our earlier consumer notes, showing a clear tale of two worlds: one where wealthy households remain healthy, while working-class consumers bear the brunt of financial strain.

• A Tale Of Two Consumer Worlds - Captured In A Survey

• A Tale Of Two Consumer Worlds - Captured In A Single Chart

• Early Warning Indicator Signals Sharp Sentiment Deterioration Among Low-Income Consumers, Gen Z

• "Worst Consumer Sentiment In Decades": Goldman Goes Defcon 1 On Imploding US Consumer

The Trump administration has moved quickly to counter the downturn facing lower-income households, rolling out Operation Affordability in recent weeks.

ZeroHedge Pro subscribers can read the full note in the usual place, which includes much more commentary on consumer health.

Tyler Durden Tue, 11/25/2025 - 13:45

Mediocre 5Y Auction Tails As Foreign Demand Slides

After yesterday's sale of $69BN in 2Y notes, which came smack in the middle of market expectations with metrics that were just about average, moments ago the US Treasury sold $70BN in 5Y notes at a high yield of 3.562%, down from 3.625% last month and the lowest since last September when the Fed launched its current rate cut cycle; the auction tailed the When Issued 3.557% by 0.5bps, and was the 5th tailing 5Y auction of the past 6.

The bid to cover was 2.41, better than last month's 2.38 and the highest since April, although for a metric that has a 5bps range this is hardly a huge achievement: as shown in the chart below, the BtC has moved in a 3bps range around 2.40 for the past 3 years!

The internals were less impressive, with Indirects (i.e. foreign buyers) sliding to 61.35% from 66.84% and below the recent average of 64.7%. And with Directs rising to 27.6% from 23.9%, Dealers were left with 11.0% of the allocation, up from 9.3% last month but below the 10.4% recent average. 

In summary, it was another mediocre auction although with yields sliding across the curve after the Hassett report (which may or may not be a trial balloon), it appears that nobody noticed as the dovish euphoria swept across markets to contain the early selling and boost buying across all asset classes. 

Tyler Durden Tue, 11/25/2025 - 13:27

Grid-Scale Battery Boom Sparks Lithium's Comeback

Lithium prices have awakened from a multi-year bust in the second half of this year, with Chinese lithium carbonate prices jumping from $6,000 a ton to $11,000 a ton, driven by what Goldman analysts describe as "temporary Chinese supply cuts" and "strong energy-storage-system (ESS) demand."

For some context, lithium markets flipped dramatically from the 2020 to 2022 "white-gold supercycle" hype to a two-year bust cycle as supply collided with much softer-than-expected worldwide EV demand growth.

With the EV adoption curve stalled and consumers balked at record-high new-car prices amid high interest rates, lithium prices have been on the rise due to a major surprise: tightening near-term supply and rising ESS demand. 

"This leads us to delay the timing of a price correction we still expect to the latter half of 2026. We maintain our view that supply delays will be required by 2027 to rebalance the market," Goldman analysts led by Lavinia Forcellese wrote in a note. 

Forcellese noted that the core driver in higher prices is stronger-than-expected ESS demand, which has significantly reduced available inventory. 

2026 Outlook: Tight in H1, Loose in H2

H1 2026: Market remains tight.

• ESS demand up 22% YoY, total lithium demand up 24%.

• Inventory cover falls to 54 days.

• Prices expected to hold around $11,000/t.

H2 2026: Market loosens as supply accelerates.

• Supply jumps +27% YoY with CATL's lepidolite restart and stronger spodumene output.

• Prices seen easing to $9,500/t (still above the prior $8,900 forecast but well below GFEX/CME forwards at $11,530–13,613/t).

2027: Surplus Risk Returns

• Supply will again outpace demand unless producers curb output.

• Without supply cuts, inventories would exceed 100 days (forecast is 75 days with cuts).

• Prices expected around $9,250/t, far below CME forwards near $14,950/t.

Earlier this month, Tesla CEO Elon Musk said that the US could effectively double its usable electricity output simply by adding large-scale batteries to the grid. 

Elon Musk: Just by adding stationary batteries to the grid, we could double the electricity production in the United States.

“If you look at the total U.S. power generation capability, it's roughly a terawatt, but the average power usage is less than half a terawatt. That's… pic.twitter.com/aKyg4kFqFG

— ELON CLIPS (@ElonClipsX) November 11, 2025

The ESS boom has given the lithium market new hope, after it had been stuck in a multi-year bust since EV demand stalled. 

ZeroHedge Pro subs can read the full note in the usual place.

Tyler Durden Tue, 11/25/2025 - 13:10

Today, in the Calculated Risk Real Estate Newsletter: FHFA Announces Baseline Conforming Loan Limit Will Increase to $832,750 in 2026

A brief excerpt:

After the release of the FHFA house price index for September this morning, the FHFA released the conforming loan limits for 2026.

From the FHFA: FHFA Announces Conforming Loan Limit Values for 2025

U.S. Federal Housing (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2026. In most of the United States, the 2026 CLL value for one-unit properties will be $832,750, an increase of $26,250 from 2025. ….

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2025, which increased their CLL values. The new ceiling loan limit for one-unit properties will be $1,249,125, which is 150 percent of $832,750

Note that there are different loan limits for various geographical areas. There are also different loan limits depending on the number of units (from 1 to 4 units). For example, next year the CLL is $832,750 for one-unit properties in low-cost areas. The four-unit limit is $1,601,750.

For high-cost areas like Los Angeles County, the CLL is $1,249,125 for one-unit properties (50% higher than the baseline CLL) and the four-unit limit is $2,402,625.

There is more in the article.

The Uproar Over 4 Dollar Fries Shows Just How Severely America's Standard Of Living Has Eroded

Authored by Michael Snyder via The Economic Collapse blog,

Once upon a time potatoes were what the poorest people in society would eat because they were so inexpensive.  But now we are being charged an average of $4.19 for a carton of medium fries at McDonald’s.  There are many that are very upset about the rapidly rising cost of fries, and this is yet another example that shows that our standard of living is being absolutely shredded.  As costs rise, the labor market just continues to get even weaker.  So we are being hit with much higher prices at the same time that paychecks are stagnating and mass layoffs are occurring all over the nation.  So what is going to happen to our standard of living if these trends continue to intensify during the months ahead?

By about a two to one margin, middle-income Americans feel like their financial situations have gotten worse over the past year…

The University of Michigan’s consumer sentiment survey showed that 44% of middle-income respondents said their financial situation was worse than it was a year ago, while 23% said it was better, based on a three-month average ending in September. Those who feel worse off overwhelmingly said it was because of higher prices.

Federal bureaucrats continue to insist that inflation is low, but everyone can see that is simply not true.

Compared to the year just prior to the pandemic, so many of the things that Americans regularly spend money on have gone up dramatically.

During a recent segment on Fox Business, viewers were shown how much some of the most popular menu items at McDonald’s increased in price from 2019 to 2024…

McDonald’s Price Increases from 2019 to 2024:

Medium French Fry $1.79 -> $4.19
McChicken $1.29 -> $3.89
Big Mac $3.99 -> $7.49
10 McNuggets $4.49 -> $7.58
Cheeseburger $1.00 -> $3.15

Some of this is over a 200% increase in price. This isn’t inflation — it’s legalized robbery.

$4.19 for a carton of medium fries is obscene!

For years, many of us warned that the very foolish decisions that our leaders were making would lead to very painful inflation.

Needless to say, that is precisely what happened.

A cheeseburger at McDonald’s is now more than three times as expensive as it was in 2019.

How are young families supposed to afford that?

How is anyone supposed to afford that?

We have never seen the price of cheeseburgers go up so rapidly.

Not even during the Carter administration did we see this sort of “burger inflation”.

Unfortunately, this is just the beginning, because the size of the U.S. cattle herd has dropped to the lowest level in about 75 years…

Tyson Foods will close a major beef plant in Lexington, Nebraska, with about 3,200 employees in January after U.S. cattle supplies dropped to their lowest level in nearly 75 years, the meatpacker said on Friday.

The closure in the heart of cattle-feeding country signaled that supplies will remain tight, forcing meatpackers to pay steep prices for cattle to process into steaks and hamburgers.

You may think that you will just switch to turkey.

Well, the price of a frozen turkey is 40 percent higher than it was last year…

The USDA recently projected that wholesale prices for frozen whole turkey hens will reach $1.32 per pound in 2025. That’s a 40 percent increase from 2024’s price of 94 cents per pound.

“The 2025 rise in price is a response to lower production with HPAI pressures combined with steady demand,” according to a report from the American Farm Bureau Federation.

When talking heads on television tell us that “inflation is low”, I just want to scream.

Since 2019, the annual income needed to afford a median-priced home in rural U.S. counties has more than doubled…

Homeowners need an annual income of $74,508 to afford a median-priced home in rural U.S. counties, up a staggering 105.8% from before the COVID-19 pandemic. Prior to the pandemic, rural buyers only needed to earn $36,206, according to Redfin’s analysis, which compares the third quarter of 2025 with the third quarter of 2019.

The income needed to afford a median-priced home in suburban counties rose 90.9% to $102,120 during that same period. Previously, potential buyers only needed an annual salary of $53,482. The income needed to afford a home in urban counties climbed 87.5% to $118,300. Buyers needed an annual salary of $63,103 prior to the pandemic.

Take a close look at those numbers again.

They are completely and utterly outrageous.

Let me ask you a question.

Has your income doubled since 2019?

If not, you are falling behind.

Vehicle prices have soared into unprecedented territory too…

Car prices are trending up and the average cost of a new car is at an all-time high, approaching the $50,000 mark for the first time.

The average transaction price for a new vehicle in October was $49,105, according to data from Edmunds.

In the old days, you could buy an entire house for $50,000.

But now thanks to the widespread adoption of “planned obsolescence”, $50,000 will just get you a “new vehicle” that has been designed to start breaking down shortly after the warranty expires.

Meanwhile, the employment market just keeps getting weaker and weaker.

At this point even the government is admitting that the unemployment rate just reached the highest level that we have seen since the early days of the last pandemic.

Young people are being hit particularly hard, and we are being told that this is the toughest market for college graduates in a very long time…

Rising youth unemployment could be an “early indicator that the economy is slowing down or maybe even heading towards a recession,” said Anders Humlum, assistant professor of economics at the University of Chicago.

A college degree is often considered the best pathway to a well-paying job, but that may no longer be as true as it once was, experts say.

“For the first time in modern history, a bachelor’s degree is no longer a reliable path to professional employment,” Gad Levanon, chief economist at the Burning Glass Institute, told CNBC.

I feel very badly for college graduates that are searching for work in this very tough environment.

In fact, I feel very badly for anyone that is searching for work in this very tough environment.

Nobody can deny that economic activity is slowing down all around us…

There are not as many goods moving around the country. Ship counts from Asia to the US are down roughly 30% from last year. Railcar loadings are down roughly 6% against last year. The trucking industry also continues to see shrinking capacity. If there are fewer things to move around the country, then the industry will likewise need fewer drivers, loaders, and various workers. Idle trains and empty containers don’t need a lot of people to mind them.

When less stuff is being moved around the country, that means that the economy is slowing down.

We can all feel it.

Looking ahead, an alarmingly high percentage of Americans are convinced that they will be even worse off next year…

A report by Primerica found that in the third quarter of 2025, just 21% of middle-income Americans believe they’ll be better off financially in the next year, while 34% believe they’ll be worse off and 33% expect their situation to remain the same.

Those figures are notably more pessimistic than the firm’s data from the third quarter of 2020 showed, when 33% of middle-income Americans thought they would be better off financially in the next year versus just 17% who thought they would be worse off and 40% expected they would be about the same.

The mood of the entire country has changed dramatically.

I have heard from so many people that have cut back everywhere that they can, but it still isn’t enough.

Even many households that are bringing in six figure incomes have shifted into survival mode…

The effort to keep up with higher prices feels relentless to Teri Kopp, who lives in Southbury, Conn., and works as an administrator at a synagogue. “I’m tired,” she said.

Kopp and her husband Bill, an HVAC technician, earn a combined $115,000 a year. They often sit in the dark with only strings of LED lights on to save on electric costs. She is considering painting rocks to send to friends as Christmas gifts. Their biggest vacation this year, a road trip to Maine, was mostly covered by cash back from a shopping-rewards program.

Kopp, 59 years old, doesn’t see any way to quickly pay off the $15,000 in credit-card debt the family took on largely to cover medical bills for knee surgeries. She also has $30,000 in debt from her daughter’s undergraduate degree in biology, which has yet to yield any job offers in a tough labor market for new graduates.

It took a long time for us to get here.

We borrowed and spent tens of trillions of dollars that we did not have, and the Federal Reserve just kept shoveling more cash into the financial system.

As a result, the cost of living is out of control and our system is reaching a breaking point.

Our leaders kept kicking the can down the road, but in the process they kept making our long-term problems even worse.

Now a carton of medium fries is more than 4 dollars, and America’s middle class is being systematically destroyed.

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

Tyler Durden Tue, 11/25/2025 - 12:50

Stocks Hit Session Highs On Report Hassett Emerges As Trump's Next Fed Chair Pick

White House National Economic Council Director Kevin Hassett is the front runner to succeed Fed Chair Powell, according to Bloomberg, citing people familiar with the matter. Speaking on CNBC earlier, Treasury Secretary Bessent said that President Trump could announce his choice before Christmas.

The pick could very well be a trial balloon: for a long time the frontrunner was viewed as Fed governor Chris Waller, although his odds faded in recent weeks, amid speculation that Hassett was Trump's favorite, and sure enough, Hassett's odds spiked to a contract high 50% on Polymarket.

With Hassett, Trump would have a close ally whom the president knows well and trusts installed at the central bank, the BBG sources - who may well be leaking information at Trump's behest - said.

"Hassett is seen as someone who would bring the president’s approach to interest rate cutting to the Fed, which Trump has long wanted to control", Bloomberg reported, citing sources.

Hassett is also closely aligned to Trump’s view on the economy, including that interest rates need to be lowered. He told Fox News on Nov. 20 that he would “be cutting rates right now” if he were the chair of the Fed because “the data suggests that we should.” Hassett has also criticized the central bank for losing control of inflation in the wake of the pandemic.

The Fed has repeatedly served as a punching bag for Trump, with the president lambasting Powell for being “too late” to cut borrowing costs and publicly musing about firing him. The president has also assailed renovations on the central bank’s campus and the White House is currently engaged in litigation over Trump’s attempted dismissal of Fed Governor Lisa Cook. 

That’s put pressure on Treasury Secretary Scott Bessent, who is leading the selection process for the next Fed chair, to carefully balance candidates who are in favor of slashing borrowing costs and have the trust of both the president and financial markets.

Since the summer, Bessent has run the selection process to replace Powell, interviewing nearly a dozen candidates that have now been whittled down to five contenders: Hassett, Warsh, Waller, Fed Vice Chair for Supervision Michelle Bowman and BlackRock’s Rick Rieder. 

Bessent said interviews with those candidates will end this week. A smaller subset of finalists will soon meet with White House Chief of Staff Susie Wiles and Vice President JD Vance.

Still, Trump is known to make surprise personnel and policy decisions, meaning a nomination is not final until it’s made public, and as anything Trump, there is a substantial chance of a major surprise when the announcement arrives. 

The next chair is likely to be named to a 14-year Fed governor term that opens on Feb. 1. The term that expires at that time is currently held by Stephen Miran, who is on unpaid leave from the White House Council of Economic Advisers. Powell’s term as chair of the central bank ends in May 2026, though he could remain on the board for two more years as a governor.

The BBG report that a dovish replacement is coming helped push stocks to session highs...

... and sent 10Y yields below 10%, in a steepening move that send short-end yields even lower.

Additionally, BBG notes that spread sellers in SOFR have also emerged, with notable interest in the March 2026/March 2027 12-month spread, covering the year after Fed Chair Powell’s term ends. 

Tyler Durden Tue, 11/25/2025 - 12:38

Things Are Moving Fast All Over

By Michael Every of Rabobank

Do You Get The Points?

First, we had a surprise 28-point US plan for Ukraine; then Europe responded with a 27-point plan, a separate 24-point plan from the E3 (UK, France, Germany), and vague 6-points from EC President von der Leyen. Now we have a revised 19-point US-Ukraine plan, following bilateral discussions, which reportedly doesn’t favor Moscow and leaves the most contentious issues for direct Trump-Zelenskyy talks to be held imminently. Apparently, it proposes a ceasefire along current lines; a raised cap on the size of the Ukrainian army; restrictions on heavy weapons near the border; an Article 5-modelled US security guarantee; no automatic territorial concessions; no automatic veto on EU or NATO membership; and plans for reconstruction. The floated removal of sanctions on Russia and its return to the G8 may or may not be part of it, along with the release of its frozen assets which the US and Europe hold.

The key points are this: the US is in a hurry to get this done so it can focus elsewhere; and Europe continues to be left out of what it sees as its loop. That reflects its shrunken geopolitical status. Europe could already tell Ukraine it will provide it with unlimited funding and weaponry if the US won’t, but it isn’t; and if it is to rearm now, it can’t use frozen Russian assets to fund it.

As such, Europe’s geostrategic --so geoeconomic, so market-- environment will continue to be shaped by others. As Euractiv puts it, ‘The Ursula Doctrine: Brussels' bid to promote an ‘Economic Security Doctrine’ epitomises the EU Commission chief's grand strategy: to repeatedly churn out vacuous grand strategies’; as the South China Morning Post has it, ‘As US-China rivalry redefines economic warfare, Europe scrambles for its dictionary.’ Except that for far too long it thought economic statecraft terms were rude words.

Another key point to note is this is not happening in a vacuum: things are moving fast all over.

The US is already shifting its military from Ukraine towards Venezuela, where the Trump admin just formally designated President Maduro as a member of a foreign terrorist organization. While a poll at The Hill says most Americans oppose US military action there and Trump says he’s ready to talk with Maduro, Axios can only report that, “”Nobody is planning to go in and shoot him or snatch him - at this point. I wouldn't say never, but that's not the plan right now," according to one official.” We just published a report on the topic and the potential impact on energy markets: Vene(zuela), vidi, vici?

In Asia, fears are growing that the Japan-China divide could grow: Hong Kong is also questioning its ties. In tandem, as Bloomberg puts it, China is trying to force countries to pick a side over Taiwan. Indeed, in an extremely unusual development, China’s Xi just called Trump to discuss Taiwan and Ukraine. On one hand, this call clarified that Trump will visit China in April and host Xi next year. On the other, this looks an attempt to go round PM Takaichi to ‘the boss’.

As such, with moves in LatAm, Europe, and Asia --and the Middle East-- all happening in tandem there is a distinctly Tehran-Yalta-Potsdam, FDR-Stalin-Churchill atmosphere - as we had warned was looming for years. If you aren’t at that table, you are likely to be on it. That includes Europe, it seems, much as it was used to doing the carving in the past.

In geoeconomics, neo-mercantilism continues to be the trend. Yes, stalled Canada-India trade talks are going to be restarted, but a US-India deal is still elusive, and Brussels is unsure if its India deal can land this year.

However, the EU is going to tighten investment rules for foreign firms, insisting on greater benefits for local workers and tech transfers: that’s as DM = EM as it gets, but comes as EU car parts firms warn of massive job losses from “Darwinian” competition from Chinese rivals in Europe – yet China is reportedly pitching closer ties to Germany in strategic industries to ease at least its rare earth strains. Historically, divide and rule has always worked well in such circumstances.

US Commerce Secretary Lutnick said the EU must relax its digital rules for lower steel and aluminium tariffs, and USTR Greer said the EU must slash levies on US exports before getting tariff relief. And Politico notes that “Ursula von der Leyen says African countries should benefit from resource extraction - but Brussels has yet to deliver on that promise.”

UK Chancellor Reeves reportedly hopes trade deals can save Britain’s budget as cheap Chinese wind turbines are set to flood British waters (says the Telegraph) but the UK and Indonesia agree a landmark £4bn deal to develop a maritime capability for Jakarta.

In the economy, besides constant concerns over “affordability”, which the Wall Street Journal says there is nothing we can do about, all is also change.

Trump just used an executive order to launch a moon-shot "Genesis Mission" on AI research “to solve the most challenging problems of this century.” It aims to build an integrated AI platform to harness federal scientific datasets --the world’s largest-- to train scientific foundation models and create AI agents to test new hypotheses, automate research workflows, and accelerate scientific breakthroughs. This will all sit under the Secretary of Energy, with a deadline of 270 days to at least have the foundations in place. The target is to “strengthen national security, secure energy dominance, enhance workforce productivity, and multiply the return on taxpayer investment into R&D, thereby furthering America’s technological dominance and global strategic leadership.” We’ll have to wait and see what this means for advanced manufacturing, biotech, critical materials, nuclear fission and fusion energy, quantum information science, and semiconductors and microelectronics.

Meanwhile, India’s PM Modi also plans a reform blitz to try “to turbocharge” his economy. Things are not standing still.

Yet neither are they necessarily moving in a direction all will enjoy.

As markets seize on the latest Fed-speak from Daly and Waller to think “rate cuts!”, it misses the structural shifts underway at that institution, which will ripple globally. Indeed, if 2025 was the year of the tariff, 2026 might see the same shift in the financial architecture.

That’s as the ECB just warned that stablecoins could siphon off euro zone bank deposits. That’s something we warned about months ago – and now do EM as well as DM.

Not that we don’t have things to focus on in the current iteration of the global architecture.

The Australian Financial Review says, ‘Jamie Dimon is right. Alarm bells are ringing about the next GFC’ and “The changes under way in the global financial system will be more consequential than the distortions wrought by Donald Trump.”

The real point is you can’t point to where things are going using the same old playbooks when tectonic plates are shifting in geopolitics, geoeconomics, economics, and even science. Well, you can… but it’s pointless.

As @hendry_hugh noted yesterday, “Models die in regime shifts. Not because the math is bad. Because the assumptions are old. Trade 2025 with 1995 maps and your stop is prewritten.”

ᴍᴏᴅᴇʟꜱ ᴅɪᴇ ɪɴ ʀᴇɢɪᴍᴇ ꜱʜɪꜰᴛꜱ

ɴᴏᴛ ʙᴇᴄᴀᴜꜱᴇ ᴛʜᴇ ᴍᴀᴛʜ ɪꜱ ʙᴀᴅ
ʙᴇᴄᴀᴜꜱᴇ ᴛʜᴇ ᴀꜱꜱᴜᴍᴘᴛɪᴏɴꜱ ᴀʀᴇ ᴏʟᴅ

ᴛʀᴀᴅᴇ 2025 ᴡɪᴛʜ 1995 ᴍᴀᴘꜱ
ᴀɴᴅ ʏᴏᴜʀ ꜱᴛᴏᴘ ɪꜱ ᴘʀᴇᴡʀɪᴛᴛᴇɴ

— Hugh Hendry Acid Capitalist TV (@hendry_hugh) November 24, 2025

I agree; and would add that 1895 is arguably of more use to you as a map than 1995.

Tyler Durden Tue, 11/25/2025 - 12:05

The Google TPU: The Chip Made For The AI Inference Era

By UncoverAlpha

As I find the topic of Google TPUs extremely important, I am publishing a comprehensive deep dive, not just a technical overview, but also strategic and financial coverage of the Google TPU.

Topics covered:

• The history of the TPU and why it all even started?
• The difference between a TPU and a GPU?
• Performance numbers TPU vs GPU?
• Where are the problems for the wider adoption of TPUs
• Google’s TPU is the biggest competitive advantage of its cloud business for the next 10 years
• How many TPUs does Google produce today, and how big can that get?
• Gemini 3 and the aftermath of Gemini 3 on the whole chip industry

Let’s dive into it.

The history of the TPU and why it all even started?

The story of the Google Tensor Processing Unit (TPU) begins not with a breakthrough in chip manufacturing, but with a realization about math and logistics. Around 2013, Google’s leadership—specifically Jeff Dean, Jonathan Ross (the CEO of Groq), and the Google Brain team—ran a projection that alarmed them. They calculated that if every Android user utilized Google’s new voice search feature for just three minutes a day, the company would need to double its global data center capacity just to handle the compute load.

At the time, Google was relying on standard CPUs and GPUs for these tasks. While powerful, these general-purpose chips were inefficient for the specific heavy lifting required by Deep Learning: massive matrix multiplications. Scaling up with existing hardware would have been a financial and logistical nightmare.

This sparked a new project. Google decided to do something rare for a software company: build its own custom silicon. The goal was to create an ASIC (Application-Specific Integrated Circuit) designed for one job only: running TensorFlow neural networks.

Key Historical Milestones:

• 2013-2014: The project moved really fast as Google both hired a very capable team and, to be honest, had some luck in their first steps. The team went from design concept to deploying silicon in data centers in just 15 months—a very short cycle for hardware engineering.

• 2015: Before the world knew they existed, TPUs were already powering Google’s most popular products. They were silently accelerating Google Maps navigation, Google Photos, and Google Translate.

• 2016: Google officially unveiled the TPU at Google I/O 2016.

This urgency to solve the “data center doubling” problem is why the TPU exists. It wasn’t built to sell to gamers or render video; it was built to save Google from its own AI success. With that in mind, Google has been thinking about the »costly« AI inference problems for over a decade now. This is also one of the main reasons why the TPU is so good today compared to other ASIC projects.

The difference between a TPU and a GPU?

To understand the difference, it helps to look at what each chip was originally built to do. A GPU is a “general-purpose” parallel processor, while a TPU is a “domain-specific” architecture.

The GPUs were designed for graphics. They excel at parallel processing (doing many things at once), which is great for AI. However, because they are designed to handle everything from video game textures to scientific simulations, they carry “architectural baggage.” They spend significant energy and chip area on complex tasks like caching, branch prediction, and managing independent threads.

A TPU, on the other hand, strips away all that baggage. It has no hardware for rasterization or texture mapping. Instead, it uses a unique architecture called a Systolic Array.

The “Systolic Array” is the key differentiator. In a standard CPU or GPU, the chip moves data back and forth between the memory and the computing units for every calculation. This constant shuffling creates a bottleneck (the Von Neumann bottleneck).

In a TPU’s systolic array, data flows through the chip like blood through a heart (hence “systolic”).

1. It loads data (weights) once.
2. It passes inputs through a massive grid of multipliers.
3. The data is passed directly to the next unit in the array without writing back to memory.

What this means, in essence, is that a TPU, because of its systolic array, drastically reduces the number of memory reads and writes required from HBM. As a result, the TPU can spend its cycles computing rather than waiting for data.

Google’s new TPU design, also called Ironwood also addressed some of the key areas where a TPU was lacking:

• They enhanced the SparseCore for efficiently handling large embeddings (good for recommendation systems and LLMs)

• It increased HBM capacity and bandwidth (up to 192 GB per chip). For a better understanding, Nvidia’s Blackwell B200 has 192GB per chip, while Blackwell Ultra, also known as the B300, has 288 GB per chip.

• Improved the Inter-Chip Interconnect (ICI) for linking thousands of chips into massive clusters, also called TPU Pods (needed for AI training as well as some time test compute inference workloads). When it comes to ICI, it is important to note that it is very performant with a Peak Bandwidth of 1.2 TB/s vs Blackwell NVLink 5 at 1.8 TB/s. But Google’s ICI, together with its specialized compiler and software stack, still delivers superior performance on some specific AI tasks.

The key thing to understand is that because the TPU doesn’t need to decode complex instructions or constantly access memory, it can deliver significantly higher Operations Per Joule.

For scale-out, Google uses Optical Circuit Switch (OCS) and its 3D torus network, which compete with Nvidia’s InfiniBand and Spectrum-X Ethernet. The main difference is that OCS is extremely cost-effective and power-efficient as it eliminates electrical switches and O-E-O conversions, but because of this, it is not as flexible as the other two. So again, the Google stack is extremely specialized for the task at hand and doesn’t offer the flexibility that GPUs do.

Performance numbers TPU vs GPU?

As we defined the differences, let’s look at real numbers showing how the TPU performs compared to the GPU. Since Google isn’t revealing these numbers, it is really hard to get details on performance. I studied many articles and alternative data sources, including interviews with industry insiders, and here are some of the key takeaways.

The first important thing is that there is very limited information on Google’s newest TPUv7 (Ironwood), as Google introduced it in April 2025 and is just now starting to become available to external clients (internally, it is said that Google has already been using Ironwood since April, possibly even for Gemini 3.0.). And why is this important if we, for example, compare TPUv7 with an older but still widely used version of TPUv5p based on Semianalysis data:

• TPUv7 produces 4,614 TFLOPS(BF16) vs 459 TFLOPS for TPUv5p

• TPUv7 has 192GB of memory capacity vs TPUv5p 96GB

• TPUv7 memory Bandwidth is 7,370 GB/s vs 2,765 for v5p

We can see that the performance leaps between v5 and v7 are very significant. To put that in context, most of the comments that we will look at are more focused on TPUv6 or TPUv5 than v7.

Based on analyzing a ton of interviews with Former Google employees, customers, and competitors (people from AMD, NVDA & others), the summary of the results is as follows.

Most agree that TPUs are more cost-effective compared to Nvidia GPUs, and most agree that the performance per watt for TPUs is better. This view is not applicable across all use cases tho.

A Former Google Cloud employee:

"If it is the right application, then they can deliver much better performance per dollar compared to GPUs. They also require much lesser energy and produces less heat compared to GPUs. They’re also more energy efficient and have a smaller environmental footprint, which is what makes them a desired outcome.

The use cases are slightly limited to a GPU, they’re not as generic, but for a specific application, they can offer as much as 1.4X better performance per dollar, which is pretty significant saving for a customer that might be trying to use GPU versus TPUs." - source: AlphaSense

Similarly, a very insightful comment from a Former Unit Head at Google around TPUs materially lowering AI-search cost per query vs GPUs:

"TPU v6 is 60-65% more efficient than GPUs, prior generations 40-45%"

This interview was in November 2024, so the expert is probably comparing the v6 TPU with the Nvidia Hopper. Today, we already have Blackwell vs V7.

Many experts also mention the speed benefit that TPUs offer, with a Former Google Head saying that TPUs are 5x faster than GPUs for training dynamic models (like search-like workloads).

There was also a very eye-opening interview with a client who used both Nvidia GPUs and Google TPUs as he describes the economics in great detail:

"If I were to use eight H100s versus using one v5e pod, I would spend a lot less money on one v5e pod. In terms of price point money, performance per dollar, you will get more bang for TPU. If I already have a code, because of Google’s help or because of our own work, if I know it already is going to work on a TPU, then at that point it is beneficial for me to just stick with the TPU usage.

In the long run, if I am thinking I need to write a new code base, I need to do a lot more work, then it depends on how long I’m going to train. I would say there is still some, for example, of the workload we have already done on TPUs that in the future because as Google will add newer generation of TPU, they make older ones much cheaper.

For example, when they came out with v4, I remember the price of v2 came down so low that it was practically free to use compared to any NVIDIA GPUs.

Google has got a good promise so they keep supporting older TPUs and they’re making it a lot cheaper. If you don’t really need your model trained right away, if you’re willing to say, “I can wait one week,” even though the training is only three days, then you can reduce your cost 1/5." - source: AlphaSense

Another valuable interview was with a current AMD employee, acknowledging the benefits of ASICs:

"I would expect that an AI accelerator could do about probably typically what we see in the industry. I’m using my experience at FPGAs. I could see a 30% reduction in size and maybe a 50% reduction in power vs a GPU."

We also got some numbers from a Former Google employee who worked in the chip segment:

"When I look at the published numbers, they (TPUs) are anywhere from 25%-30% better to close to 2x better, depending on the use cases compared to Nvidia. Essentially, there’s a difference between a very custom design built to do one task perfectly versus a more general purpose design."

What is also known is that the real edge of TPUs lies not in the hardware but in the software and in the way Google has optimized its ecosystem for the TPU.

A lot of people mention the problem that every Nvidia "competitor" like the TPU faces, which is the fast development of Nvidia and the constant "catching up" to Nvidia problem. This month a former Google Cloud employee addressed that concern head-on as he believes the rate at which TPUs are improving is faster than the rate at Nvidia:

"The amount of performance per dollar that a TPU can generate from a new generation versus the old generation is a much significant jump than Nvidia"

In addition, the recent data from Google’s presentation at the Hot Chips 2025 event backs that up, as Google stated that the TPUv7 is 100% better in performance per watt than their TPUv6e (Trillium).

Even for hard Nvidia advocates, TPUs are not to be shrugged off easily, as even Jensen thinks very highly of Google’s TPUs. In a podcast with Brad Gerstner, he mentioned that when it comes to ASICs, Google with TPUs is a "special case". A few months ago, we also got an article from the WSJ saying that after the news publication The Information published a report that stated that OpenAI had begun renting Google TPUs for ChatGPT, Jensen called Altman, asking him if it was true, and signaled that he was open to getting the talks back on track (investment talks). Also worth noting was that Nvidia’s official X account posted a screenshot of an article in which OpenAI denied plans to use Google’s in-house chips. To say the least, Nvidia is watching TPUs very closely.

Ok, but after looking at some of these numbers, one might think, why aren’t more clients using TPUs?

Where are the problems for the wider adoption of TPUs

The main problem for TPUs adoption is the ecosystem. Nvidia’s CUDA is engraved in the minds of most AI engineers, as they have been learning CUDA in universities. Google has developed its ecosystem internally but not externally, as it has used TPUs only for its internal workloads until now. TPUs use a combination of JAX and TensorFlow, while the industry skews to CUDA and PyTorch (although TPUs also support PyTorch now). While Google is working hard to make its ecosystem more supportive and convertible with other stacks, it is also a matter of libraries and ecosystem formation that takes years to develop.

It is also important to note that, until recently, the GenAI industry’s focus has largely been on training workloads. In training workloads, CUDA is very important, but when it comes to inference, even reasoning inference, CUDA is not that important, so the chances of expanding the TPU footprint in inference are much higher than those in training (although TPUs do really well in training as well – Gemini 3 the prime example).

The fact that most clients are multi-cloud also poses a challenge for TPU adoption, as AI workloads are closely tied to data and its location (cloud data transfer is costly). Nvidia is accessible via all three hyperscalers, while TPUs are available only at GCP so far. A client who uses TPUs and Nvidia GPUs explains it well:

"Right now, the one biggest advantage of NVIDIA, and this has been true for past three companies I worked on is because AWS, Google Cloud and Microsoft Azure, these are the three major cloud companies.

Every company, every corporate, every customer we have will have data in one of these three. All these three clouds have NVIDIA GPUs. Sometimes the data is so big and in a different cloud that it is a lot cheaper to run our workload in whatever cloud the customer has data in.

I don’t know if you know about the egress cost that is moving data out of one cloud is one of the bigger cost. In that case, if you have NVIDIA workload, if you have a CUDA workload, we can just go to Microsoft Azure, get a VM that has NVIDIA GPU, same GPU in fact, no code change is required and just run it there.

With TPUs, once you are all relied on TPU and Google says, “You know what? Now you have to pay 10X more,” then we would be screwed, because then we’ll have to go back and rewrite everything. That’s why. That’s the only reason people are afraid of committing too much on TPUs. The same reason is for Amazon’s Trainium and Inferentia." - source: AlphaSense

These problems are well known at Google, so it is no surprise that internally, the debate over keeping TPUs inside Google or starting to sell them externally is a constant topic. When keeping them internally, it enhances the GCP moat, but at the same time, many former Google employees believe that at some point, Google will start offering TPUs externally as well, maybe through some neoclouds, not necessarily with the biggest two competitors, Microsoft and Amazon. Opening up the ecosystem, providing support, etc., and making it more widely usable are the first steps toward making that possible.

A former Google employee also mentioned that Google last year formed a more sales-oriented team to push and sell TPUs, so it’s not like they have been pushing hard to sell TPUs for years; it is a fairly new dynamic in the organization.

Google’s TPU is the biggest competitive advantage of its cloud business for the next 10 years

The most valuable thing for me about TPUs is their impact on GCP. As we witness the transformation of cloud businesses from the pre-AI era to the AI era, the biggest takeaway is that the industry has gone from an oligopoly of AWS, Azure, and GCP to a more commoditized landscape, with Oracle, Coreweave, and many other neoclouds competing for AI workloads. The problem with AI workloads is the competition and Nvidia’s 75% gross margin, which also results in low margins for AI workloads. The cloud industry is moving from a 50-70% gross margin industry to a 20-35% gross margin industry. For cloud investors, this should be concerning, as the future profile of some of these companies is more like that of a utility than an attractive, high-margin business. But there is a solution to avoiding that future and returning to a normal margin: the ASIC.

The cloud providers who can control the hardware and are not beholden to Nvidia and its 75% gross margin will be able to return to the world of 50% gross margins. And there is no surprise that all three AWS, Azure, and GCP are developing their own ASICs. The most mature by far is Google’s TPU, followed by Amazon’s Trainum, and lastly Microsoft’s MAIA (although Microsoft owns the full IP of OpenAI’s custom ASICs, which could help them in the future).

While even with ASICs you are not 100% independent, as you still have to work with someone like Broadcom or Marvell, whose margins are lower than Nvidia’s but still not negligible, Google is again in a very good position. Over the years of developing TPUs, Google has managed to control much of the chip design process in-house. According to a current AMD employee, Broadcom no longer knows everything about the chip. At this point, Google is the front-end designer (the actual RTL of the design) while Broadcom is only the backend physical design partner. Google, on top of that, also, of course, owns the entire software optimization stack for the chip, which makes it as performant as it is. According to the AMD employee, based on this work split, he thinks Broadcom is lucky if it gets a 50-point gross margin on its part.

Without having to pay Nvidia for the accelerator, a cloud provider can either price its compute similarly to others and maintain a better margin profile or lower costs and gain market share. Of course, all of this depends on having a very capable ASIC that can compete with Nvidia. Unfortunately, it looks like Google is the only one that has achieved that, as the number one-performing model is Gemini 3 trained on TPUs. According to some former Google employees, internally, Google is also using TPUs for inference across its entire AI stack, including Gemini and models like Veo. Google buys Nvidia GPUs for GCP, as clients want them because they are familiar with them and the ecosystem, but internally, Google is full-on with TPUs.

As the complexity of each generation of ASICs increases, similar to the complexity and pace of Nvidia, I predict that not all ASIC programs will make it. I believe outside of TPUs, the only real hyperscaler shot right now is AWS Trainium, but even that faces much bigger uncertainties than the TPU. With that in mind, Google and its cloud business can come out of this AI era as a major beneficiary and market-share gainer.

Recently, we even got comments from the SemiAnalysis team praising the TPU:

"Google’s silicon supremacy among hyperscalers is unmatched, with their TPU 7th Gen arguably on par with Nvidia Blackwell. TPU powers the Gemini family of models which are improving in capability and sit close to the pareto frontier of $ per intelligence in some tasks" - source: SemiAnalysis

How many TPUs does Google produce today, and how big can that get?

Here are the numbers that I researched... 

Continue reading at uncoveralpha.com

Tyler Durden Tue, 11/25/2025 - 11:55

Trump Snubs Zelensky's Urgent Meeting Request - Will Host Only When Final Deal Is Agreed To

Update(1640ET): Trump's latest comments on Ukraine peace progress suggest a direct meeting with Zelensky may not happen after all. The Ukrainians are pushing a face-to-face by Thursday, or at least this week. But President Trump is not going to meet with Zelensky until a deal is agreed to. Thus it appears the US president is serious about seeing a real compromise reached. Zelensky is seeking to convince Washington to nix the territorial concessions part of the now 19-point peace plan. Below are the key lines of Trump's Tuesday Truth Social post:

Over the past week, my team has made tremendous progress with respect to ending the War between Russia and Ukraine.

I have directed my Special Envoy Steve Witkoff to meet with President Putin in Moscow and, at the same time, Secretary of the Army Dan Driscoll will be meeting with the Ukrainians.

I look forward to hopefully meeting with President Zelenskyy and President Putin soon, but ONLY when the deal to end this War is FINAL or, in its final stages.

An important point...

To paraphrase US Secretary of State Marco Rubio, the Russians have a vote here - don't forget that.

A deal won't happen until Ukraine **and** Russia agree terms. Either side can agree whatever they want; it's worthless without the other side acquiescence.

— Javier Blas (@JavierBlas) November 25, 2025

* * *

Update(1155ET): Since the early morning hours there's been a steady walk-back on initial headlines that Ukraine has 'agreed' to the Trump-proposed peace plan, which has now been condensed to 19 points (down from the initial 28). The White House now says the few issues remaining in talks to end the war are "delicate" but "not insurmountable" - which means that no, the negotiating parties are not at the goal line - and may not actually be all that close.

As for President Zelensky, he has stated after Geneva talks that "we see many prospects that can make the path to peace real". But he is reportedly now seeking an urgent meeting with President Trump - by Thursday - in order to negotiate the question of territorial concessions in person. As predicted, the Ukrainians aren't keen on giving up any land. Axios says Zelensky wants this meeting "as soon as possible". Of course, the Europeans will back these Ukrainian efforts to nix territorial concessions.

Zelensky's chief of staff Andriy Yermak told Axios: "I hope the visit of President Zelensky will take place as soon as possible, because ... it will be help President Trump to continue his historical mission to end this war."

Map from BBC showing proposed territorial concessions, but which Zelensky has viewed negatively in terms of inclusion in a final peace deal:

* * *

A US official privy to negotiations is claiming major progress Tuesday, telling ABC News the Ukrainian delegation has agreed to the United States' potential peace plan, at a moment it's still being hotly debated, especially among the Europeans.

"The Ukrainians have agreed to the peace deal," the US official said, but without specifying much in the way of details. "There are some minor details to be sorted out but they have agreed to a peace deal."

Getty Images

Of course, the proverbial devil is in the details, along with each side's 'red lines' - and so this claim should be taken with caution at this still very early point.

The Trump White House has set a deadline of Thursday, or Thanksgiving Day in America, for the warring sides to reach a deal. This suggests these talks are moving along with intensity and a sense of urgency.

"United States Army Secretary Dan Driscoll held secret talks on Monday with a Russian delegation in Abu Dhabi in the United Arab Emirates to follow up on this weekend’s talks with Ukraine in Geneva that were intended to move the Ukraine peace process forward," ABC cites a US official further as describing.

Oil slides on the optimistic headline that Ukraine has tentatively agreed to the Trump-backed deal...

As we described Monday evening, the Zelensky government has still appeared publicly resistant to any deal which cedes territory to Russian forces. Also most importantly is that the Ukrainian government has said it will reject outside attempts to control its future alliances, which is a reference to the US plan's call for a commitment that Ukraine never join NATO.

Also injecting some realism in these front-running headlines is The Washington Post Tuesday morning, which writes:

Russia is unlikely to accept changes in the new peace plan to end the war that the U.S. and Ukraine are negotiating over, say analysts, even as U.S. Army Secretary Daniel Driscoll is in the United Arab Emirates meeting with a Russian delegation and Ukrainian President Volodymyr Zelensky is expected in the United States.

From Moscow's point of view the most objectionable term is to accept that Ukraine would be given 'Article 5-style' security guarantees by the Western alliance. This could be recipe for future major war, if NATO-like guarantees are given.

NEW: Ukraine officially confirms that it reached a deal with the US, Zelensky will soon visit Washington to seal the draft https://t.co/qtu99r22SK

— Ragıp Soylu (@ragipsoylu) November 25, 2025

But Zelensky in his latest statement on X pledged that Ukraine would "never be an obstacle to peace" - but also emphasized the importance of his country remaining independent and sovereign. What that means by the end of this process is still very up in the air at this point.

*  *  * LIVE NOW

Tyler Durden Tue, 11/25/2025 - 11:55

EU Approves €1.5BN Plan To Build Up Ukraine's Military-Industrial Sector

Even as the Trump-backed Ukraine peace plan is said to be advancing as negotiations intensify ahead of a Washington-imposed deadline of Thursday, the European Union continues its efforts to ramp up support to Ukraine's defense sector.

On Tuesday European Parliament voted to approve a 1.5 billion euros ($1.7bn) program which seeks to deepen integration between Ukraine and Europe on military-industrial relations.

File image via CEPA

"We shall be powerful geopolitically if we shall be strong in our defense, and we shall be strong in defense if we shall be strong in our defense industry, and if we shall be strong in our defense industry, we shall be industrially independent, autonomous and much less fragmented," EU Defence Commissioner Andrius Kubilius said just ahead of the vote.

Anticipating a Trump withdrawal of large-scale arms support to Ukraine's military, the Zelensky government has been striving to augment support from Europe in order to establish domestic military production and capabilities.

But one of Moscow's key rationales for the 'special military operation' in the first place has been the expansion of NATO military infrastructure in Ukraine. 

Russia views such EU projects as to sponsor Ukraine's defense industrial base as yet a continuation of this same problem. 

If Ukraine keeps getting armed to the teeth, whether from outside or its own European-assisted defense production base, this could just perpetuation a major issue which keeps Russia and Ukraine fighting. This sets up for future war to be renewed, even if some kind of ceasefire is reached in the interim. 

Meanwhile, in light of the recent corruption scandal which has resulted in Zelensky coming under rare scrutiny over graft by his top officials...

Brussels finally noticed that their “beacon of democracy” runs on emergency decrees and censorship. Took them only three years and several billion euros in enlightenment aid.

— Irony Man (@IronyManHQ) November 5, 2025

This is also why Moscow is likely to reject the US proposal to provide Ukraine with Article 5-like security protections. Putin will see in it a recipe for renewal of future conflict.

Russia has repeatedly insisted it doesn't want to see a 'temporary' solution to the war, but wants something final, permanent, and enduring. But again, not helping matters is that Europe is readying to invest in arms for Ukraine over a period of years or even decades.

Tyler Durden Tue, 11/25/2025 - 11:45

Imam At CUNY Reportedly Calls For Fingertips Of "Filthy Rich" To Be Cut Off Under Sharia Law

Authored by Jonathan Turley,

The City College of New York campus began the latest example of anti-Semitic and extremist speech this week after Abdullah Mady, a student and self-proclaimed Imam, refused to sit next to a Jewish speaker and called for the tips of the fingers of “the filthy rich” to be cut off in accordance with Sharia law. Mady sparked a walkout of Muslim attendees at an interfaith religious event after objecting to the fact that he was seated next to Ilya Bratman, an adjunct lecturer and Executive Director of Hillel at Baruch College, launching into an anti-Semitic diatribe.

“I came here to this event not knowing I would be sitting next to a Zionist and this is something I am not going to accept. My people are being killed right now in Gaza. If you’re a Muslim, out of strength and dignity, I ask you to exit this room immediately.”

Notably, 100 students joined him in the protest by walking out.

Mady/YouTube

Mady also extolled sharia law in his comments, advocating that the “tips of the hands of a thief” be cut off to reduce crime. He then stressed that he was only talking about mutilating the wealthy: “I’m talking about the elite, the filthy rich, the ones that continue to steal from people as we speak today. Those are the ones that deserve their tips to be cut off.”

What is most notable about these hateful words is how figures like Mady are combining Islamic extremism with the extreme economic messaging in New York, where a socialist was just elected New York mayor.

Mady declared, “Sharia, it stands against the oppressor. When shariah is implemented, pornography — gone. Alcohol industry — gone. Gambling system — gone. Interest is gone, which is what they use to enslave you.”

Indeed, it sounds like Jews, free speech, separation of church and state and capitalism would be “gone” in the paradise awaiting the United States as a Sharia-based system.

Again, what is most striking is that most of the CUNY students in attendance then joined this extremist in walking out in protest.

Mady has a bachelor’s degree in psychology but is working toward a bachelor’s degree in “translational medicine,” which CUNY says is “an innovation process from ideation to prototyping to clinical evaluation.” Mady’s “ideations,” however, involve amputations that might not sit well with some patients.

Tyler Durden Tue, 11/25/2025 - 11:15

"Clean Out The Garage": Dick's Sporting Goods Set To Shutter Some Foot Locker Stores

Dick's executive chairman Ed Stack told CNBC senior retail reporter Courtney Reagan that it will close an unspecified number of Foot Locker stores as part of a major restructuring to prevent the newly acquired chain from dragging on profitability.

"We need to clean out the garage," Stack told Reagan. "We've taken pretty aggressive markdowns to clean out old merchandise. We're impairing some store assets. We'll close some stores… everything we're doing is there to protect 2026 and just kind of do this one time."

The restructuring will weigh heavily on Foot Locker's results this quarter, with comparable sales expected to fall in the mid- to high-single digits and margins compressing by 10 to 15 percentage points. 

In May, Dick's acquired Foot Locker for $2.4 billion, a deal that was completed in September. This acquisition creates a larger sports retail chain that can expand its global reach and offer a wider range of products and services to a broader customer base.

However, that customer base in the U.S. skews toward lower-income and lower-middle-income consumers, and it is not surprising that the retailer is restructuring, given that these consumers are financially pressured. 

Meanwhile, Dick's core business remains solid: Comparable sales rose 5.7%, far ahead of Wall Street estimates, prompting the company to raise full-year guidance. Dick's now expects comparable sales growth of 3.5% to 4% and EPS of $14.25 to $14.55.

Q3 results beat Wall Street estimates:

• EPS: $2.78 adj. vs. $2.71 expected

• Revenue: $4.17B vs. $3.59B expected

In a recent channel check, Goldman analysts led by Kate McShane visited a Foot Locker store in Jersey City, New Jersey, and found light traffic and elevated promotions. 

Here are McShane's findings:

• Traffic was light; in-stocks appeared healthy

• "Just gift" signage in front window with Jordan 1 high and lows and AF1s in window display

• New Balance sneakers in front of store display and Jordan apparel

• Uggs and Timberlands are now on wall near front of store where the Nike Vomeros used to be

• Shifted Nike Vomero on the wall; a few Vomero colorways are now on sale for the first time we have seen

• Shifted basketball shoes on the wall more towards the front middle of the store

• Moved non-Nike running shoes on the wall towards the back of the store (Hoka, On, and Asics)

• Seemed that there were more workers in the store than usual – we counted 10-12

• In men's, we estimate that 34% of Nike footwear was on sale with an average promotion of 32%, compared to 21% of Adidas footwear with an average promotion of 33% and 38% of New Balance footwear with an average promotion of 42%. In women's, we estimate that 30% of Nike footwear was on sale with an average promotion of 34%, compared to 57% of Adidas footwear with an average promotion of 32% and 45% of New Balance footwear with an average promotion of 37%.

Promotions Observed at Foot Locker

More details. 

Foot Locker operates 2,400 stores globally, with 677 located in the U.S. as of August. Stack provided no details on how many stores will be shuttered or on the timing of the closures.

Tyler Durden Tue, 11/25/2025 - 10:55

Krups Coffee Grinder Instruction Manual: A Comprehensive Guide

Discover optimal brewing with this guide! Explore Krups grinder models‚ safety‚ operation‚ cleaning‚ and troubleshooting – ensuring consistently delicious coffee.

Krups coffee grinders are designed to elevate your daily coffee ritual‚ offering fresh‚ flavorful grounds for a superior brew. From blade to burr grinders‚ Krups provides options for various preferences and budgets. This manual serves as a comprehensive resource‚ guiding you through setup‚ operation‚ and maintenance of your Krups grinder.

Understanding your grinder’s features and following these instructions will unlock the full potential of your coffee beans‚ ensuring a consistently satisfying cup. Explore the world of freshly ground coffee with Krups!

Understanding Your Krups Coffee Grinder Model

Krups offers a diverse range of coffee grinders‚ each with unique features. Identifying your specific model is crucial for accessing the correct support and instructions. Locate the model number – typically found on the underside of the grinder or within the appliance’s documentation.

This number allows you to download the appropriate manual from the Krups website (krupsusa.com) and ensures you’re following the correct procedures for your particular grinder. Knowing your model unlocks tailored guidance!

Identifying Your Specific Model Number

Locating your Krups coffee grinder’s model number is straightforward. Typically‚ a sticker on the bottom of the unit displays this information. Alternatively‚ check the original packaging or your purchase receipt – the model number is usually listed there.

This alphanumeric code (e.g.‚ 203‚ F203) is essential when searching for manuals or replacement parts online at krupsusa.com. Accurate identification ensures compatibility and proper guidance for your appliance.

Safety Precautions

Prioritize safety when operating your Krups coffee grinder. Always ensure the bean hopper and ground coffee container lids are securely fastened before use to prevent scattering. Never immerse the grinder base in water or any liquid.

Unplug the appliance before cleaning. Keep the power cord away from hot surfaces. This appliance is for household use only; avoid operating with a damaged cord or plug.

General Safety Guidelines

Read all instructions carefully before using your Krups coffee grinder. Supervise children when the appliance is in operation. Never operate the grinder if it’s damaged or malfunctioning. Use only for intended purpose – grinding coffee beans.

Avoid operating the grinder continuously for extended periods. Allow it to cool down between uses. Do not attempt to repair the appliance yourself; contact qualified service personnel.

Electrical Safety Instructions

Ensure your outlet voltage corresponds to the grinder’s specifications – typically 110-volt. Never operate with a damaged cord or plug. Do not immerse the grinder‚ cord‚ or plug in water or other liquids. Unplug from the outlet when not in use and before cleaning.

Avoid using extension cords. If one is necessary‚ choose a heavy-duty cord rated for the appliance’s wattage. Do not pull or carry the grinder by the cord.

Parts Identification

Familiarize yourself with your Krups grinder’s components. Key parts include the Bean Hopper‚ with its secure lid for holding whole beans‚ and the Grinding Chamber where beans are processed. The Ground Coffee Container collects the freshly ground coffee.

Locate the power button and grind adjustment settings. Understanding each part’s function is crucial for optimal operation and maintenance of your coffee grinder.

Bean Hopper and Lid

The Bean Hopper securely holds your whole coffee beans before grinding. Ensure the lid is firmly in place during operation to prevent beans from escaping and to maintain optimal grinder performance. Regularly check for bean residue and clean the hopper to preserve coffee freshness.

Avoid overfilling; adhere to the maximum fill line indicated. A properly seated lid is essential for safe and efficient grinding.

Grinding Chamber

The grinding chamber is where the magic happens! This is where the rotating blades transform whole coffee beans into your desired grind size. Never insert foreign objects into the chamber. Always ensure the chamber is empty before cleaning.

Inspect the blades regularly for damage. Proper functioning of the grinding chamber is crucial for consistent results and the longevity of your Krups grinder.

Ground Coffee Container

The ground coffee container neatly collects your freshly ground coffee. Ensure it’s properly positioned before operation to prevent spills. Regularly empty the container after each use to maintain coffee freshness and prevent buildup.

This container often features a lid to preserve aroma and minimize mess. Clean it thoroughly with a dry cloth; avoid washing with water to prevent damage. Proper container use ensures optimal flavor!

Operating Instructions

Before first use‚ ensure the grinder is clean and dry. Fill the bean hopper with desired coffee beans‚ and securely attach the ground coffee container. Plug the appliance into a grounded 110-volt outlet.

Press and hold for pulse grinding‚ or use continuous operation for longer grinds. Always ensure lids are securely in place during operation for safety and optimal results.

Preparing the Grinder for Use

Initially‚ thoroughly clean the bean hopper‚ grinding chamber‚ and ground coffee container with a dry cloth. Confirm all parts are completely dry before assembly. Fill the bean hopper with your preferred coffee beans – do not overfill.

Securely attach the ground coffee container‚ ensuring proper alignment. Plug the grinder into a suitable power outlet. Your Krups grinder is now ready for operation!

Grinding Coffee Beans – Pulse Operation

For precise control‚ utilize the pulse operation. Briefly press and release the power button to initiate grinding. Observe the consistency of the grounds‚ pulsing in short bursts. This method prevents overheating and allows for customized grind size.

Continue pulsing until the desired coarseness is achieved. Remember to never operate the grinder continuously during pulse mode – short bursts are key!

Grinding Coffee Beans – Continuous Operation

To grind continuously‚ press and hold the power button. The grinder will operate as long as the button is depressed. Monitor the grinding process closely‚ as continuous operation can quickly produce fine grounds.

Release the button to stop grinding immediately. Be mindful not to overload the bean hopper‚ and avoid prolonged continuous use to prevent motor strain and ensure optimal performance.

Grind Settings & Adjustment

Achieving the perfect grind is crucial for flavor! Krups grinders offer adjustable settings‚ ranging from coarse for French press to fine for espresso. Experiment to find your ideal consistency.

A coarser grind allows for slower extraction‚ while a finer grind results in faster extraction. Adjust incrementally and test each setting to optimize your brew based on your preferred method and taste preferences.

Understanding Grind Size Options

Krups coffee grinders provide a spectrum of grind sizes to suit various brewing techniques. Coarse grinds are ideal for French presses and cold brew‚ while medium grinds work well with drip coffee makers.

Fine grinds are best for espresso machines‚ and extra-fine grinds are sometimes used for Turkish coffee. Understanding these distinctions ensures optimal extraction and a flavorful cup‚ tailored to your preferred brewing style.

Adjusting Grind Settings for Different Brew Methods

To achieve the perfect brew‚ adjust your Krups grinder accordingly. For French presses‚ select a coarse setting. Drip coffee requires a medium grind. Espresso demands a fine setting‚ ensuring proper pressure.

Experimentation is key! Start with the recommended setting and adjust slightly until you achieve your desired flavor profile. Consistent adjustments lead to consistently excellent coffee.

Cleaning and Maintenance

Regular cleaning ensures optimal performance and longevity of your Krups grinder. Daily‚ wipe down the exterior and empty the grounds container. Periodically‚ use a soft brush to remove coffee residue from the grinding chamber.

For deep cleaning‚ unplug the grinder and carefully remove any remaining beans. Avoid water contact with electrical components. A clean grinder delivers consistently fresh flavor!

Daily Cleaning Procedures

After each use‚ unplug your Krups grinder. Empty the grounds container to prevent stale coffee buildup. Wipe the exterior with a slightly damp cloth – avoid harsh chemicals. Ensure the bean hopper lid is securely fastened to maintain freshness.

A quick daily routine preserves grinder performance and ensures consistently flavorful coffee. This simple habit extends the life of your appliance!

Deep Cleaning Instructions

For a thorough clean‚ unplug the grinder and disassemble removable parts – hopper‚ container‚ and blade assembly (refer to your model’s manual). Wash these components with warm‚ soapy water; rinse and dry completely before reassembling.

Use a soft brush to remove coffee residue from the grinding chamber. Avoid water contact with the motor. Repeat monthly‚ or as needed‚ for optimal performance and flavor!

Troubleshooting Common Issues

If your Krups grinder won’t turn on‚ check the power cord and outlet. Ensure the lid is securely in place‚ as a safety mechanism prevents operation without it. For uneven grinding‚ adjust the grind settings – finer for espresso‚ coarser for French press.

Regular cleaning also prevents build-up affecting grind consistency. If issues persist‚ consult the Krups support resources.

Grinder Not Turning On

First‚ verify the Krups grinder is properly plugged into a functioning power outlet. Confirm the bean hopper and ground coffee container lids are securely fastened; a safety feature prevents operation if they’re loose. Inspect the power cord for any visible damage.

If the problem continues‚ try a different outlet to rule out electrical issues. Contact Krups support if these steps don’t resolve the issue;

Uneven Grind Size

Achieving a consistent grind is crucial for optimal coffee flavor. If your Krups grinder produces uneven results‚ ensure you’re using fresh‚ dry coffee beans. Check the grinding blades for any obstructions or damage. Adjust the grind setting incrementally; finer settings require more consistent beans.

Overfilling the bean hopper can also contribute to inconsistency. Regularly clean the grinder to remove coffee residue.

Replacing Parts

Maintaining your Krups grinder often requires replacing worn components. Finding replacement blades is essential for consistent grinding; search online retailers specifying “Krups 200 Series Grinder Blade”. Bean hopper replacements are also available‚ ensuring proper bean feed.

Always disconnect the grinder before attempting any part replacement. Refer to your model’s diagram for correct installation. Prioritize genuine Krups parts for optimal performance.

Finding Replacement Blades

Locating replacement blades for your Krups grinder is crucial for maintaining grind quality. Online marketplaces frequently offer “Krups Grinder Blade” specifically for the 200 Series models. Ensure compatibility with your exact model number before purchasing.

Check appliance parts retailers and the Krups USA website. Prioritize stainless steel blades for durability. Always verify the blade’s dimensions match the original to guarantee a secure fit and safe operation.

Replacing the Bean Hopper

Should your Krups bean hopper become damaged or lost‚ finding a replacement is straightforward. Search online retailers using “Krups bean hopper” alongside your grinder’s model number for precise matches. Ensure the new hopper securely locks into place‚ preventing spills during operation.

Inspect the hopper for cracks before each use. A properly fitted hopper maintains bean freshness and ensures consistent grinding performance. Prioritize genuine Krups parts when available.

Frequently Asked Questions (FAQ)

Q: Where can I find my Krups grinder’s manual? A: Visit krupsusa.com and search by model number. Q: What if my grinder won’t turn on? A: Check the power cord and outlet. Q: How do I adjust grind size? A: Use the grind adjustment dial.

Q: Can I grind oily beans? A: Yes‚ but clean frequently. Q: Where to find replacement parts? A: Online retailers or Krups customer support.

Warranty Information

Krups coffee grinders are warranted against defects in materials and workmanship for a period of one year from the date of purchase. This warranty covers normal household use. Damage due to misuse‚ accidents‚ or unauthorized repairs is excluded. Proof of purchase is required for all warranty claims.

To initiate a claim‚ contact Krups customer support. The warranty does not cover blade wear. See full warranty details at krupsusa.com for complete terms and conditions.

Krups Customer Support Contact Details

For assistance with your Krups coffee grinder‚ visit krupsusa.com for frequently asked questions and downloadable manuals. Online resources provide troubleshooting guides and helpful tips. You can also reach Krups customer support via phone or email for personalized assistance.

Find specific contact information‚ including phone numbers and email addresses‚ on the Krups website’s support section. Dedicated representatives are available to address your concerns.

Online Resources and Manual Downloads

Access a wealth of information at krupsusa.com! Easily locate your Krups coffee grinder manual by searching for “Krups” and your specific model number. The website offers comprehensive FAQs addressing common issues and providing helpful tips for optimal grinder performance.

Download user manuals and guides directly from the site‚ ensuring you always have the latest instructions at your fingertips. Explore online resources for troubleshooting assistance.

Phone and Email Support

For direct assistance with your Krups coffee grinder‚ reach out to Krups Customer Support. While specific contact details weren’t explicitly provided in the source material‚ visiting krupsusa.com is the best starting point to locate current phone numbers and email addresses.

Expect knowledgeable representatives ready to address your questions‚ troubleshoot issues‚ and provide guidance on maximizing your grinder’s performance. Prepare your model number for efficient support.

The post krups coffee grinder instruction manual appeared first on Every Task, Every Guide: The Instruction Portal
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From the NAR: NAR Pending Home Sales Report Shows 1.9% Increase in October

Pending home sales in October increased by 1.9% from the prior month and fell 0.4% year over year, according to the National Association of REALTORS® Pending Home Sales Report. ...

Month-Over-Month
1.9% increase in pending home sales
Gains in the Northeast, Midwest and South; decline in the West

Year Over Year
0.4% decrease in pending home sales
Gains in the Midwest and South; decline in the Northeast and West
emphasis added

Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in November and December.