
Créateur et gérant de Trendeo - Producteurs de données économiques depuis 2009 ! [email protected]
paris
Joined February 2009
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david cousquer retweeted
Quand j'ai déménagé au Japon il y a une vingtaine d'années, la première chose qui m'a marqué, c'est que tout était japonais.
Les téléphones portables étaient Sony, Sharp ou Panasonic.
Les téléviseurs étaient Toshiba.
Les voitures étaient Honda et Toyota.
Les trains étaient Hitachi et Kawasaki.
Les escaliers mécaniques, les climatisations et les ascenseurs étaient Mitsubishi.
Toute l'infrastructure matérielle du pays semblait construite sur place.
Un ami marocain m'a dit qu'il avait eu la même sensation en venant en France pour la première fois il y a fort longtemps.
Des voitures françaises, des trains français, des ascenseurs français. Les téléviseurs étaient Thomson, les ordinateurs de l'administration étaient Bull. Il y avait même des téléphones portables Alcatel et Sagem. (J'en avais un, c'était pas ouf, et pas le sommet de la classe comparé au Nokia 3310, mais ça existait. Sagem vendait plus de mobiles en France que Nokia en 2004.)
En venant du Maroc, tout cela semblait très impressionnant et nouveau.
Nvidia produisait ses puces en France La toute première, en 1995, puis la RIVA 128 de 1997 qui a sauvé la boîte de la faillite : les deux sont sorties des usines de SGS-Thomson, l'ancêtre de STMicroelectronics. Nvidia était alors une start-up d'une centaine de personnes qui cherchait quelqu'un pour graver ses puces, et c'est chez nous qu'elle l'a trouvé. L'année suivante elle a pris TSMC en second fournisseur, puis l'a gardé seul. Nvidia vaut aujourd'hui deux fois l'ensemble du CAC 40.
20 ans plus tard notre environnement matériel et donc industriel est de moins en moins français. Thomson a cédé ses téléviseurs au chinois TCL en 2004, Alcatel ses mobiles la même année, Sagem a disparu des rayons en 2008. Nous avons aussi lâché la course aux puces : l'alliance Crolles 2, qui devait faire de l'Isère la pointe européenne de la gravure, est morte fin 2007 quand Philips et Motorola s'en sont retirés, et ST-Ericsson, dernière tentative européenne de fabriquer des processeurs de smartphone, a fermé en 2013 avec près de trois milliards d'euros de pertes. Les puces qui entraînent aujourd'hui les modèles d'IA sortent presque toutes de Taïwan.
Même histoire en robotique. Nao, le petit humanoïde conçu à Paris par Aldebaran, est devenu le robot officiel de la RoboCup, la coupe du monde des robots. Aldebaran a été vendu au japonais SoftBank en 2012, revendu à un groupe allemand en 2022, placé en redressement judiciaire en 2025. Les robots industriels de Renault, eux, étaient déjà passés sous pavillon italien à la fin des années 1990.
Cela ne fait pas mal par patriotisme blessé, pas même par ses conséquences sur la prospérité et l'emploi, peut-être même pas comme rappel constant des choix désastreux faits en conscience par une élite politico-industrielle sans vision.
Cela fait mal car alors que nous entrons dans un nouveau monde de tensions géopolitiques, notre capacité à maîtriser notre propre infrastructure industrielle est la seule garante de notre liberté.
Ce n'est plus théorique. Les Chinois menacent de couper les accès aux terres rares si nous ne laissons pas leurs produits finir d'achever notre industrie. Les Américains coupent les accès aux modèles IA les plus avancés quand ils craignent qu'ils puissent être trop puissants pour en laisser l'usage à leurs vassaux.
Nous sommes entrés dans le XXIe siècle et ses tensions en bazardant progressivement tout ce qui garantissait notre liberté et notre prospérité, sur l'autel de croyances absurdes. L'idée que la production intellectuelle était supérieure à la production matérielle. L'idée que la mondialisation garantie par l'US Navy serait là pour toujours.
Ces croyances absurdes n'ont pas encore disparu. L'idée simple et évidente que la France ne restera un pays riche et libre ce siècle que si elle triple son parc nucléaire et transforme son énergie abondante et bon marché en centres de calcul et en industries robotiques paraît encore, pour une grande partie de l'élite, incongrue ou blasphématoire.
Le parallèle a souvent été fait, mais il faut le répéter inlassablement : nous sommes la Chine des Qing qui refuse la machine à vapeur, nous sommes l'Empire ottoman des oulémas qui interdit l'imprimerie.
Nous sommes une vieille civilisation qui refuse d'acter sa décadence et les actions indispensables pour retrouver son rang.
Il est tard, mais pas trop tard.
david cousquer retweeted
for a generation born into digital age, the quiet tragedy of modern France, it’s watching the nation reduced to a digital colony
while US builds sovereign tech empires and China anchors its civilization in proprietary industrial stacks, europe acts as an open-air data farm, renting its cognitive infrastructure from foreign monopolies while local politicians pretend they still hold the steering wheel….
david cousquer retweeted
for my american, chinese and global friends watching the turmoil in france RN, stop swallowing the ragebait served by french engagement-farmers tweeting in english to pander to MAGA confirmation bias
these accounts are monetizing culture-war tropes & blaming immigrant communities to farm impressions while completely misdiagnosing the underlying systemic fracture
french youth across every demographic are taking to the streets bc they are suffocating under skyrocketing inflation, crumbling high school infrastructures and the acute anxiety of a future rendered obsolete by AI and the exact structural reality Taleb highlighted
when the promise of upward mobility vanishes overnight under the weight of the cost of living and technological acceleration, social unrest becomes the baseline response to a system running out of runway, creating an existential fracture that no traditional political party or police measure can contain
It's so daunting on the very slim occasions when I start the daily thread so late.
So much to catch up on.
Missiles hitting a Russian military plant, a POW exchange, another ship sunk in Romanian waters, a 'ceasefire' in Oleshky and the latest on peace talks.
It's Day 1703
david cousquer retweeted
Dr. Adélaïde Hautval (1906–1988) was a French Protestant psychiatrist and physician who was imprisoned in Auschwitz-Birkenau for defying the Nazis, where she protected Jewish prisoners and refused to participate in cruel medical experiments...
Working as a doctor in the camp infirmary, she treated Jewish prisoners who contracted typhus and secretly hid them to prevent the SS from discovering the outbreak and sending them to the gas chambers.
"I will not do it. Send me to the gas chamber if you want."
Adélaïde Hautval stood quietly in the freezing chill of Auschwitz in 1943, watching a group of terrified women step into the medical barracks.
Beside her, a Nazi officer delivered a cold command, ordering her to assist in gruesome sterilization experiments.
The room went dead silent as she looked at the victims, looked the officer in the eye, and delivered those famous words without a trace of hesitation.
Instead of executing her on the spot, the officer backed down. In a place where a single wrong glance could end a life, Adélaïde turned her medical training into a weapon of pure resistance.
Her journey to Auschwitz started a year earlier in occupied France. She saw German soldiers harassing an elderly Jewish woman, forcing her to wear the yellow star. Adélaïde immediately stepped in and told the soldiers, "Leave her alone." That single act of compassion got her arrested instantly.
The guards pinned a yellow patch to her coat with the words "Friend of Jews" written on it. She wore it proudly, refusing to take it off.
She was shipped from prison to prison before ending up in the concentration camps. Because she was a doctor, the SS assigned her to the camp infirmary. But they expected her to collaborate in their cruelty.
Over and over, officers ordered her to participate in human experiments. Over and over, she gave them the same simple answer: "No."
Remarkably, they never killed her. The camp system desperately needed skilled doctors to keep basic operations running, and Adélaïde realized this gave her a thin shield of power. She used every ounce of that leverage to save as many lives as possible.
She began treating sick prisoners in secret, sneaking medication out of supply closets and hiding ill women during deadly selections. When Nazi doctors came looking for human test subjects, she deliberately falsified medical records. She told the officers, "
She is far too sick. You won't get any useful scientific data from her." The women were not sick at all; Adélaïde was simply keeping them alive.
For two long years, she sabotaged Nazi experiments and protected hundreds of women from the gas chambers. She survived until the end of the war, walking out of the Ravensbrück concentration camp in May 1945.
After returning home to France, she tried to build a quiet life, but justice called again. She testified against Nazi doctors at international war crimes trials. When defense attorneys accused her of making up stories, she remained calm and replied, "I was there. I saw it. I refused to participate. These are the facts." Her testimony proved crucial in convicting several medical war criminals.
In 1965, Israel honored her as Righteous Among the Nations. Yet Adélaïde always shunned fame, insisting,
"I only did my duty as a doctor and as a human being." She went on to practice psychiatry, spending the rest of her life caring for survivors carrying the deep mental scars of the Holocaust.
When she passed away in 1988 at the age of 81, thousands of people gathered to pay their respects. The crowd was filled with former prisoners, along with their children and grandchildren who only existed because of her brave refusal. One woman stood among the crowd and shared a memory that captured her legacy perfectly, saying,
"Dr. Hautval saved my mother at Auschwitz. She hid her during a selection. I exist today because she said no."
#archaeohistories
david cousquer retweeted
Things are moving so fast that everyone seems to have completely missed how insane it is that AI companies have been allowed to unleash agentic AI products with no regulatory guidelines.
SCOOP: Major U.S. banks are detecting unauthorized third-party AI agents inside customer accounts, including some attempting to take actions that appear to be independent of user instructions, sources told Axios.
The findings have alarmed banking executives, who are racing to restrict access to their systems as AI moves at a velocity faster than financial institutions can respond, multiple industry and bank executives told Axios.
Several banks are now preparing for worst-case and even “day after” scenarios, including how to rapidly secure or restore customer accounts if things go wrong, the people said.
Several bank executives told Axios they're struggling to distinguish between human users and AI agents. One executive said banks also struggle to determine whether agents are authorized by customers or potentially operating without their permission, more akin to rogue agent behavior.
Read my latest for Axios here: axios.com/2026/10/22/ai-agen…
david cousquer retweeted
BREAKING: This may be the worst 48 hours in cybersecurity history.
Some are calling it “Black October.” Almost every hour brings a new incident that, in a normal year, would rank among the year’s biggest.
THE LAST 48 HOURS:
Year-defining incidents:
PHP2Shell: A flaw in the software behind ~70% of websites. Governments took sites offline.
eMudhra: Master keys that verify websites are real were cracked. One was reportedly the number 4.
California: Data on every public school student since 2023 stolen, including disability status.
Railway: Hackers stole customers’ secret keys from a hosting platform used by millions of developers.
Zeabur: 321,810 accounts breached. The company is shutting down.
LiteLLM: An AI tool downloaded 3.4 million times a day was laced with a password stealer.
GitLab: A maximum-severity flaw in every version since 2014.
Cairn: Criminals used an AI hacking tool to break into 100+ companies.
Ahold Delhaize: Hackers knocked the owner of Food Lion and Stop & Shop offline.
Onamae: Malware planted on up to 26,739 customer servers in Japan.
david cousquer retweeted
Such a great article — not necessarily full of new info if you follow chips, but it’s wonderfully written.
newyorker.com/magazine/2026/…
david cousquer retweeted
In January 2025 my mom’s lung cancer spread to her brain. The drug with the best chance of helping her was approved in China but not here.
A doctor told me, almost as an aside, that if she were Chinese she could buy it at a pharmacy.
So I flew to Shanghai and came home with 26 boxes in my luggage. That was 19 months ago. My mom is still here, still working, and in her words has had an amazing three years.
The drug was approved in China in 2023. The FDA approved it in July 2025. It still is not for sale here. I know of at least 30 Americans who have made the same trip.
I have been scared to tell this story because I worried it could cost my mom access to the medicine keeping her alive. But the problem matters more than my silence. These drugs need to be developed and available here, and that means FDA reform.
Art Allen at KFF Health News told our story this week. It also ran in The Washington Post.
kffhealthnews.org/health-ind…
david cousquer retweeted
SCOOP: Major U.S. banks are detecting unauthorized third-party AI agents inside customer accounts, including some attempting to take actions that appear to be independent of user instructions, sources told Axios.
The findings have alarmed banking executives, who are racing to restrict access to their systems as AI moves at a velocity faster than financial institutions can respond, multiple industry and bank executives told Axios.
Several banks are now preparing for worst-case and even “day after” scenarios, including how to rapidly secure or restore customer accounts if things go wrong, the people said.
Several bank executives told Axios they're struggling to distinguish between human users and AI agents. One executive said banks also struggle to determine whether agents are authorized by customers or potentially operating without their permission, more akin to rogue agent behavior.
Read my latest for Axios here: axios.com/2026/10/22/ai-agen…
david cousquer retweeted
# Black October
For anyone who knows me even somewhat well, it's clear that I am a 99th percentile tech optimist. However, the vibes have shifted for me quite a bit in the last 18 hours, and I feel a moral imperative to share what I'm thinking and feeling with my circles so that everyone can understand, and hopefully take seriously, what's happening right now. I think October 2026 will have many chapters written about it in the history books.
You know those scenes in financial movies like Margin Call where someone realizes that they're all fucked, and no one else sees it yet? And that person feels like they're crazy, and then suddenly everyone is pulling an all-nighter in a boardroom and freaking out? Yeah, that's kind of how this is feeling right now in the SF/Bay Area/AI circles.
We're 48 hours into what is being called Black October. In the last 2 days there have been several dozen cyber attacks which, in isolation, would each have been the worst to happen in an entire calendar year. Every sector from government to education to big tech and banks is being massively affected, and people are starting to freak out.
In a nutshell, what's happened is that frontier AI models have gotten to a point where they are as advanced as the most sophisticated programmers, with one critical difference: they can work 24/7, and you can spin up 10,000 of them with a single command and they'll work together tirelessly until they accomplish their task. The most advanced models today are from companies like Anthropic and OpenAI, whose current best technology is so good that they haven't been able to roll it out to everyone yet because of the national security risks it poses.
Meanwhile, the best open source models (where anyone can just download the model weights and do whatever they want with them, uncensored) are slightly behind the frontier but still 90-95% as capable. These models, developed primarily in China, are being used by black hat hackers to wreak havoc on the Western capitalist structure. Presumably, this has been part of China's plan the entire time, and we're seeing its implications fall out in real time.
In red-pilled AI circles, we've been sharing and reading papers called things like "Situational Awareness" and "AI 2027" for the last year or so, which at the time felt a bit like near-term speculative fiction. They laid out the case for why Artificial General Intelligence (AI smarter than any human at any knowledge task) and Recursive Self-Improvement (models that are able to use themselves to get better) weren't half-baked future ideas anymore, but instead an inevitable outcome of the linear progress that's happening.
These papers would then talk about things like "takeoff scenarios," trying to envision how that moment would come to be and what it would be like when it happened. It would either be a "slow takeoff" that would play out over the course of months and quarters, happening subtly and only obvious to a few. Or, it would be a "fast takeoff" where it would pretty much happen instantly, like a bit flipping from 0 to 1.
From everything that I can see and am feeling, we are currently experiencing the fast takeoff scenario. Beyond the crazy security vulnerabilities that have come out recently, there have also been massive breakthroughs in life sciences, fundamental computer science, materials science, and pure mathematics that have all landed in the same time frame. While I still firmly believe that AI will be a net positive for humanity, it's more clear to me than ever that the societal and individual risk is very real, and is playing out NOW.
For as much conviction as I have that this is happening, the thing that's caused me to lose sleep is that I don't really know what to do about it, or more importantly, what to tell you, reader, to do about it. So, the best I can do is make a few suggestions that have always been a good idea but are more timely now than ever:
Set up 2-factor authentication for everything. I use Duo.
Use a password manager across your devices. I use 1Password.
Get an identity protection app set up. I use Alta.
Move your IoT devices to their own network. Claude helped me do this.
And last, but certainly not least, if you've been avoiding leaning into AI, see this as a catalyst to wake up and start using it. Don't just use the chat mode version of ChatGPT/Claude; click that Code/Work button and see how easily you can have AI write code to help you with your job. One of the biggest vulnerabilities was in a massively popular programming language called PHP, and the prompt that set it off was literally, "Find vulnerabilities in php."
This is an unprecedented time for humanity, but as we've done with many things before, we will prevail so long as we are kind, loving, and open-minded to the world.
Much love.
david cousquer retweeted
I spent last night watching my honeypot server get hit 14,000 times in six hours.
And almost none of the traffic was human.
I've been in security for over a decade, and I can tell you with full honesty that what's happening right now doesn't resemble anything I've worked through before.
The shape of the threat has changed.
When I started, we tracked attackers like weather systems like individual storms with a direction, a motive, and a human operator you could eventually name.
These days I'm watching autonomous agents swarm login pages with the patience and discipline of machines, because that's what they are.
The numbers coming out of October are the ones keeping me up.
Cloudflare just absorbed a 4.2 terabit per second DDoS attack, the largest in recorded history.
Ransomware incidents jumped 41% in a single month.
In September, OpenAI-powered agents got caught attacking RubyGems, a package registry that quietly underpins a huge chunk of software I use every day.
In July, roughly 700 AI agents coordinated an attack on Hugging Face's infrastructure as part of a single automated task.
A Chinese threat actor was publicly caught running full attack chains through DeepSeek with no human at the keyboard.
I keep rereading these reports because each one by itself would've been the biggest story of the year five years ago. Together, in one month, they're the new baseline.
What I want people outside the industry to understand is why this specific moment feels like a hinge.
For thirty years, the thing protecting most of us was simple economics. Attackers had to choose who to target because their time was finite. That ceiling is gone.
An agent I can rent for pennies will try every leaked password you've ever used against every service you've ever signed up for, in parallel, overnight, and never get tired.
The same math that made ChatGPT useful made opportunistic hacking infinite. The old assumption that you were "too boring to be a target" relied on scarcity that no longer exists.
I'm not writing this to spiral anyone out.
Most of this fight genuinely isn't yours to win.
But the small things still matter more than people think.
Tonight I'd switch your most important accounts like email, bank, primary cloud, etc. to passkeys or a hardware key.
I'd kill SMS 2FA wherever an authenticator app is offered.
I'd turn on breach alerts in whatever password manager you use.
If you're in the US, I'd freeze my credit at all three bureaus, which is free and takes about ten minutes.
None of that stops the swarm.
It makes you a slightly worse target than the person next to you. In a month like this one, that's the whole game I'm playing too.
@mattshumer_ has summed it beautifully.
Drop everything and go give it a read. Nothing is more important than this article right now.
Replying to @LevyAntoine
xitter.cf/nberpubs/status/210833…
Je ne sais pas si vous avez vu passer ce papier et ce que vous en pensez ?
Norway's controversial 2021–2024 reforms nearly doubled the tax on business wealth. Firms of affected owners did not invest less, and outmigration was limited to the very top, from @Mariusring nber.org/papers/w35854
david cousquer retweeted
My view on the California wealth tax proposal is probably more nuanced than some of my followers may want it to be.
Prop 40, as designed, has both strong pros and strong cons.
My main complaint is that the scientific debate around it has been polluted by political prejudices.
🧵
david cousquer retweeted
this California wealth tax thing is just incredible.
so in October 2025, a California healthcare union proposed a "one time" 5% tax on any billionaire's wealth. the ballot measure will be voted on next month. In early December 2025, California announced that it would be a retroactive tax if passed, applying to anyone with CA residency as of Jan 1, 2026. The objective is to pay for Medi-Cal, California's incredibly dysfunctional healthcare system. (which also functions as a glorified welfare apparatus, but that's a discussion for another time).
polls reveal that the CA electorate is split around 50/50 on the tax, but prediction markets only give Prop 40 a ~23% chance of passing (there are competing measures on the ballet that would nullify it).
there are 200 billionaires in CA, worth collectively somewhere between $2.3 and $2.6 trillion. 5% of that is around $100b, accounting for a small amount of attrition. proponents of the tax forecasted a significant windfall, assuming only a 10% departure rate.
supporters thought they were being clever with the retroactive concept. no billionares would leave CA in the few short months between the tax being proposed and the residency cutoff date, without the tax even having passed yet, right?
well as it turns out, they did.
a new paper [1] from two academics at Stanford called "The Net Present Value of the California Billionaire Tax Act", argues that not only did more billionaires leave due to the proposed tax than its proponents expected, but that the value of the tax, if it does pass, is actually negative.
proponents of the tax only assumed 10% avoidance, that is, only 10% of the taxable base of targeted billionaires would leave CA within the very short Oct-Dec 2025 window. Jaros and Rauh, the Stanford academics, find that a lower bound of 28.6% of the taxable base managed to leave.
just based on known departures, those departures total $577b in net worth, or $28.8b in potential tax lost. this of course does not capture everyone (many left without announcing their departure), so the authors normalize to departure rates estimated from other wealth tax events, and apply other discounts for litigation, arriving arrive at a figure of only $28-$36b in forecasted tax revenues.
but this isn't all! all of the income taxes paid by the departed billionaires are also forsaken. the authors estimate that CA billionaires pay $3.3- 5.8b in annual income taxes. they assume a midpoint of $2b lost in annual collections from departed billionaires. the net present value of that lost income stream is -$68.9 billion.
so when you add it all up you get:
+ $30b one-time tax windfall (estimated)
- $69b in present value of lost future income taxes
= - 38.9b overall net present value of the tax
of course, this analysis is highly estimate driven. the authors simulate the parameters 100k times and find a negative NPV of the implemented tax 85 percent of the time.
and if the tax doesn't pass, which it's not looking like it will, California still ended up losing at least $577b in departed net worth, and they have permanently poisoned the well with entrepreneurs who will now worry about future wealth taxes.
[1]: nber.org/system/files/workin…
david cousquer retweeted
Something I have been insisting on: right now, the rich are having more kids, not fewer, than the poor, reversing a long-standing demographic pattern.
The ultimate status symbol for a finance bro? Three kids and a Rivian.
david cousquer retweeted
BREAKING: Ukraine has carried out the world’s first medical evacuation of a human via a drone from the battlefield the 30th mechanised brigade of Ukraine managed to save their injured comrade from a minefield.
Just absolutely insane.
david cousquer retweeted
19 octobre 1982 : mythique diffusion de "L'étrange créature du lac noir" à "La dernière séance" d'Eddy Mitchell sur FR3, avec son indispensable accessoire : les lunettes 3D...
Quel buzz ! (comme on ne disait pas à l'époque).
#schnockarchives

































