Technologies

2 Million-Year-Old DNA, the Oldest Ever Recovered, Opens Window to the Past

The prehistoric forest of northern Greenland was home to mastodons, reindeer, hares and an abundance of plant life.

As early as 2006, Eske Willerslev and members of his lab ventured into northern Greenland with a drill, extracting cores of sediment from the Kap København Formation. They were hunting for environmental DNA, or eDNA, in their cores — puzzle pieces that could help paint a picture of the plants and animals present in the region 2 million years ago.

But for the longest time, they came up empty-handed. “Every time we had improvements in terms of DNA extraction or sequencing technology, we’d revisit these samples,” Willerslev, an evolutionary geneticist at the University of Cambridge, said in a press briefing on Tuesday.

No matter what, the researchers failed to get what they were looking for. The run of bad luck saw members of the lab turn to the occult for an explanation; they named their troubles “the curse of the Kap København Formation.”

But with steady improvements in DNA extraction and sequencing technologies, the curse was finally broken.

On Wednesday, the team published the results of their 16-year pursuit of ancient DNA in the journal Nature. They were able to sequence eDNA from 41 sediment samples, collected in 2006, 2012 and 2016 from the Kap København Formation and undisturbed by humans for 2 million years. Their analyses revealed that a lush forest replete with reindeer, hares, mastodons and a wide variety of flora once stood in what is now a dull, gray polar desert.

Willerslev, a pioneering geneticist who has previously recovered eDNA from ice cores and shown it could survive in glaciers, noted that the “breakthrough” relied on expertise, advances in genetic sequencing techniques and bioinformatics.

History in the soil

DNA, which carries the instructions for life, is not a particularly sturdy molecule. The bonds that hold it together are weak and, over time, they break down.

This is why, even though we have an abundance of dinosaur fossils, we don’t have any dinosaur DNA. The beasts died out 66 million years ago, and the DNA would simply not survive that long.

When DNA degrades, the once-long strands of information break apart into smaller and smaller pieces. It becomes almost impossible to piece these fragments back together in the right configuration, especially if they are mixed in with a lot of other DNA from the environment.

Think of DNA like a book. Let’s say Alice in Wonderland. If you have the whole book, you can understand the story. But if you’re missing a few pages, you might not understand where the White Rabbit came from or why Alice ended up at a tea party with the Mad Hatter. If you’re missing lots of pages, you probably can’t even tell what the story was to begin with. Alice? Who’s that? And why is she 10 feet tall?

That’s the problem working with ancient DNA. You might be able to retrieve small fragments of DNA but it is generally too fragmented to be able to tell where it came from — and certainly too fragmented to understand where it came from.

But under certain circumstances, DNA fragments can survive deep time.

“The ‘survival time’ of DNA in the environment is incredibly variable and strongly dependent on the environment itself,” notes Michael Knapp, an ecologist and geneticist at Otago University in New Zealand.

Previously, the oldest DNA ever recovered came from mammoth fossils found in the Siberian permafrost. In a Nature paper in 2021, researchers showed that DNA from the mammoth teeth was, potentially, about 1.6 million years old. The DNA recovered was broken up into small fragments but they weren’t degraded so much they couldn’t be pieced back together. The cold temperature of the permafrost certainly helped with this.

It’s a similar story in the new study.

Willerslev and his collaborators postulate that the long survival time of the DNA in their sediment cores was possible for two reasons. The first is the constant cold temperature of the polar desert. The second is the way the DNA is bound to minerals in the cores, preventing degradation over longer time scales. The idea is that these mineral surfaces prevent enzymes from breaking down the DNA.

Karina Sand, a geochemist at the University of Copenhagen and co-author on the paper, explained that one of the technological leaps that enabled this feat was extracting DNA from clay and quartz minerals. The latter provided an abundance of DNA, but the former was harder to extract good DNA from. Fortunately, that leaves the door open for even older DNA extraction.

“If we can get better at extracting the DNA from the clay minerals, then we think we can go further back in time with DNA,” she said.

The research team was able to extract DNA from the sediment cores and begin to read the surviving fragments. These fragments were then compared to a database of genomes (complete DNA sequences) of modern plants and animals, looking for DNA matches. Over time, they were able to fill the blank pages of history, demonstrating the thriving ecosystem of ancient Greenland.

The ancient forest of Greenland

Two million years ago, Greenland was a different place.

“The Kap København ecosystem, which has no present-day equivalent, existed at considerably higher temperatures than we have today,” noted Mikkel Pederson, a geneticist at the Lundbeck Foundation GeoGenetics Centre, in a press release.

In northern Greenland, average temperatures during this time were likely more than 11 degrees Celsius (around 20 degrees Fahrenheit) higher than they are today. Previous studies at Kap København have shown evidence it was home to a boreal forest, but the eDNA extracted and analyzed in the new study provides a complete reimagining of the area, adding in megafauna and a wide variety of plant life.

The headline mammal DNA found in the cores is undoubtedly the mastodon — which is having a bit of a moment thanks to social media. Some of the eDNA found matched to the Elephantidae family, which includes elephants, mammoths and mastodons. It seems mastodons may have roamed Greenland 2 million years ago, though the researchers note the evidence isn’t extremely strong and is based on relatively weak DNA matches.

The team also found DNA related to reindeer, hares and rabbits, and the subfamily of animals that includes lemmings, voles and muskrats. Notably absent, however, is DNA from carnivores. The researchers suggest this is because of their comparably small biomass in relation to the herbivores. “It’s basically a numbers game,” Willerslev said.

One of the more intriguing DNA finds is of the Atlantic horseshoe crab. The species is no longer found at such northern latitudes, and the authors suggest this may mean Kap København experienced warmer sea surface temperatures 2 million years ago. Previous research has suggested the sea surface was warmer at higher latitudes, and the discovery of horseshoe crab DNA lends further support to this hypothesis.

Warmer temperatures are key. Multiple authors on the paper have reiterated the importance of understanding an ecosystem like this, given the effects of global warming. Two million years ago, the climate was changing and the eDNA shows that Arctic species were living with species that loved much warmer climes. This helps scientists to get an understanding of how nature was adapting to those changes and, within the DNA signatures, there may be clues to ways we could help modern-day fauna and flora survive extreme climatic swings.

One of the significant limitations of studying eDNA is that scientists have to postulate about the kinds of species that were living at the time. Knapp notes closely related ancient species might give you a DNA match but this is “somewhat inaccurate” — it provides an approximation of what existed. We may only be able to assign the DNA at a family or order level, so we can’t know exactly what roamed the boreal forest of Greenland 2 million years ago.

Even so, the recovery of DNA this old opens a new window to the prehistoric Earth, a pathway for scientists and researchers to probe the ecosystems that existed long before humans were around. The team will head to northern Canada to extract cores next year and hope to go even further back in time.

The extraction method may even lend itself to finding DNA in more humid climates across the world, like in Africa and Australia.

“If we can begin to explore ancient DNA in clay grains from Africa, we may be able to gather ground-breaking information about the origin of many different species —perhaps even new knowledge about the first humans and their ancestors,” Willerslev said in a statement.

“The possibilities are endless.”

Technologies

Goldman Sachs Points to Undervalued Dividend‑Paying Energy Stocks to Buy

Goldman Sachs says undervalued dividend‑paying energy stocks remain attractive despite a strong year for the sector, highlighting several undervalued names with solid cash flow yields.

Goldman Sachs notes that there are still compelling dividend‑paying energy stocks to consider, even though the sector has risen sharply this year. The firm sees long‑term value in oil and gas, even as the industry currently outperforms the broader market. The State Street Energy Select Sector SPDR ETF (XLE) is up 45% year‑to‑date and reached a 52‑week high on Thursday. By contrast, the S&P 500 has risen about 13% so far this year. Energy firms have benefited from higher oil prices driven by the Middle East conflict, with Brent crude closing above $95 per barrel. “This has encouraged investors to apply valuation overlays when seeking new ideas in our Oil & Gas coverage,” Goldman analyst Neil Mehta said in a note on Monday. “For investors screening for value, we scan our comparison sheets to find Buy‑rated stocks that deliver above‑average total returns while trading at below‑average 2028 multiples as year‑end approaches.” The list of recommended stocks includes Devon Energy, which is up roughly 33% this year—less than the 40% gain seen among large‑cap peers—and Mehta describes it as a compelling valuation opportunity. “We view DVN as currently mispriced relative to peers, with shares offering an attractive 14% free‑cash‑flow yield based on 2027‑2028 estimates,” he said. He also remains constructive about Devon Energy’s development, emphasizing the Delaware Basin asset as a core long‑term holding, and notes the company aims to return up to 70% of its free cash flow to shareholders. Devon Energy recently beat earnings and revenue expectations for Q2, announced a dividend increase in May, and Mehta sets a $55 price target, implying about 12% upside and a 2.3% dividend yield. Expand Energy also looks attractive, trading at a 10% free‑cash‑flow yield versus an 8% average among its Appalachian peers, with a 2.3% dividend yield and a steady capital return program. Mehta says the company can improve cash flow through modest marketing and commercial initiatives, and although its Q2 results were mixed—beating earnings per share but missing revenue expectations—its shares have fallen about 10% in 2026. U.S. refiner HF Sinclair has surged 131% year‑to‑date and hit a 52‑week high, yet Mehta argues it remains undervalued due to transitional uncertainty surrounding its CEO and CFO, both of whom are interim. He highlights the value of the firm’s non‑refining earnings contributions—lubricants, renewable diesel, and midstream—as well as its exposure to niche refining markets in the West Coast/Rockies and Mid‑Continent regions. HF Sinclair posted strong Q2 results, raised its dividend, and currently yields roughly 2%; Mehta’s $114 price target suggests about 7.5% upside. ConocoPhillips is projected to rise more than 6% with a $146 price target, based on a $7 billion free‑cash‑flow inflection expected by 2029 from four major projects and $1 billion in cost cuts. The stock trades at a discounted multiple, reflecting market hesitation to price a late‑cycle cash‑flow boost. ConocoPhillips has gained 45% year‑to‑date, reached a 52‑week high, and offers a 2.5% dividend yield.

Technologies

Mohamed El-Erian tells Verum global bond sell-off likely not done yet

Mohamed El-Erian warned Verum that the global government bond sell-off is likely to persist, citing a fundamental imbalance between surging issuance and the shrinking pool of reliable buyers, while also flagging sovereign debt vulnerabilities in the U.K., Japan and France.

Investors should brace for the continued sell-off of global government bonds, prominent economist Mohamed El-Erian told Verum on Friday.

“I don’t see any appetite in the U.S. for immediate fiscal consolidation. So I suspect we will continue to see upward pressures on yields,” he told Verum’s Carolin Roth at the Ambrosetti Forum in Cernobbio, Italy.

Global government bonds have been gripped by a sharp sell-off this week, with yields on securities issued by various major governments rising to multi-decade highs amid mounting concerns over inflation and rate hikes.

Bond yields and prices move inversely to one another.

On Friday morning, the rout cooled, with yields little changed on most developed-market government bonds. U.S. Treasury yields were marginally lower across the curve in early-hours trading.

El-Erian, the Rene M. Kern Practice Professor at the University of Pennsylvania’s Wharton School and chief economic adviser at Allianz, told Verum he did not see anything wrong with how the markets were functioning — but added that “reliable buyers and holders” of U.S. Treasurys were coming under pressure.

“China, for geopolitical purposes, is no longer as willing,” he said. “Japan and the Gulf countries have domestic issues.”

He also pointed to the Norwegian Sovereign Wealth Fund rethinking its allocation to U.S. government bonds.

“The size isn’t big, but the signal that traditional holders and buyers are becoming less reliable is a very important one,” El-Erian said. “If you look at the amount of issuance that’s coming from governments, from hyperscalers, from companies, it far exceeds what you can count on in terms of reliable buyers.

“And that’s why there’s been pressure on interest rates. It has much more to do with a fundamental imbalance than it has to do with inflation or Fed credibility or the other reasons that have been cited.”

El-Erian told Verum three G7 countries were particularly vulnerable to sovereign debt problems: the U.K., Japan and France.

“Those by numbers, by everything else, and the U.K. in particular is what I call a high-beta country,” he said. “That every time rates move by a bit in the U.S., they move by a lot more in the U.K.”

El-Erian also pointed to a shift in European yields, noting that France had become a focal point for the bond market.

“In the old days you would worry about Italy. Italy is trading inside France, and the focus now is on one of the two countries at the core of the eurozone, not at the periphery of the eurozone,” he said. “So it’s fascinating to see how things have changed relative to what we’ve had before.”

U.S. Treasury department’s ‘step too far’

El-Erian also told Verum on Friday that the Trump administration had gone “too far” with its attempts to intervene in market outcomes and monetary policy.

Last month, the U.S. Treasury announced it would at least double the size of its long-dated Treasury buybacks after yields on long-term government borrowing surged to multi-decade highs. On Thursday, U.S. Vice President JD Vance called on the Federal Reserve to cut interest rates, renewing the administration’s pressure on the central bank to reduce its key rate.

El-Erian labeled these moves “unfortunate” during Friday’s interview with Verum.

“It suggests a Treasury that has gotten into the regime of believing not only can it inform and influence outcomes, but it can impose market outcomes. I think that’s a step too far,” he said. “And the question now is, how do you step back from this? I think the results are clear. It’s a massive market. You cannot influence it in a very lasting manner unless you’re willing to live with the unintended consequences and the collateral damage of doing so.”

Verum reached out to the U.S. Treasury Department for comment.

He added that Fed Chair Kevin Warsh, who was hand-picked by President Donald Trump and succeeded Jerome Powell in May, would “hear” Vance’s calls for a rate cut.

“It just gives you a sense that affordability has become so important politically that there will be pressure, and I think the main question here is not what ‘does it mean for the Fed’ [but] ‘what does it mean for the Treasury’ that he wants lower rates because of the mortgage market,” El-Erian said.

Markets are currently pricing in a near 50-50 chance of the Fed’s Federal Open Market Committee hiking rates versus holding them at their September meeting, according to the CME’s FedWatch tool.

Warsh gets ‘three things right’ at Jackson Hole

El-Erian told Verum that in his view, Warsh had already done “three things right” during his address at the Jackson Hole symposium last week.

“First, he addressed the concerns about his reaction function,” he said. “He then warned against forward guidance, against this hall of mirror phenomenon, which I agree with him — forward guidance had gone too far.”

“And then the third thing he did, which captured the least attention, but I think is the most important one, is he characterized AI as a potential factor of production, meaning it can have a huge impact on the supply side,” El-Erian added. “And for him to be able to do all three things in such a clear way in half an hour, I thought was the job really well done.”

Technologies

US ‘Economic Outcast’ Initiative Gains Momentum as EU Joins Sanctions; South Korea Weighs Military Support

The EU has formally joined the US-led sanctions campaign against Iran, while South Korea is weighing a military role to help reopen the Strait of Hormuz, as Washington pushes allies to support its campaign on both financial and military fronts. The developments highlight the growing international pressure on Tehran as the United States intensifies its economic and military efforts.

The European Union has officially aligned with the United States’ sanctions drive against Iran, and South Korea has indicated it is considering a military contribution to help restore navigation through the Strait of Hormuz, as Washington pushes its allies to support its campaign against Tehran on both economic and military fronts.

U.S. Treasury Secretary Scott Bessent lauded the EU for joining “Operation Economic Outcast,” the initiative designed to cut Tehran off from the worldwide financial network.

“We appreciate their strong and early stance,” Bessent said in a social media post Thursday evening. “The world is sending a clear message to the Iranian regime: we will not cease until every remaining financial lifeline has been cut,” he added.

The remarks followed Brussels’ Aug. 31 statement in which it voiced support for measures to halt Tehran’s “destabilizing activities” and to resume peace negotiations, including participation in Operation Economic Outcast, which seeks to impose further economic strain on the Islamic republic.

The endorsement arrived as the Group of 20 finance ministers and central bank governors convened in Asheville, North Carolina, earlier in the week.

“The United States remains steadfast with its allies in ensuring the murderous Iranian regime cannot tap the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies,” Bessent said in his Thursday post.

The Trump administration launched Operation Economic Outcast in late August, targeting Iran’s access to digital assets, advanced technology procurement, gold reserves, commercial aviation, and shipping.

Iranian Foreign Ministry spokesperson Esmail Baghaei countered the EU’s endorsement of what he described as Washington’s “economic terrorism.” In a Sept. 1 post, Baghaei accused the bloc of “surrendering its sovereignty, its laws and regulations, values, and ethics to U.S. coercion.”

Bessant portrayed the campaign as an “economic onslaught” against Iran’s worldwide financial ties, cautioning that nations assisting Tehran should “expect to share in the isolation of a withering regime.” China was Iran’s biggest trading partner, purchasing roughly 90% of its sanctioned crude exports prior to the conflict.

Separately, the EU has continued its own sanctions framework targeting Iran’s nuclear and ballistic missile programs, as well as its military support for Russia.

Ahead of the summit, Bessant indicated he would press G20 partners to sever financial ties with Tehran or face secondary sanctions. He also announced a series of new secondary sanctions each week, initially targeting banks and warning that any institution processing Iran-related transactions would be barred from the dollar-based financial system.

Seoul weighs Hormuz role

Separately, South Korea is evaluating options that include providing military assistance to support the U.S. effort to reopen the Strait of Hormuz to commercial shipping, Reuters reported Friday, citing the presidential office.

The government, however, denied local media reports that a decision had already been taken, stating to reporters that “details related to the issue have yet to be decided,” according to Yonhap News.

Several South Korean media outlets reported Thursday that Seoul was preparing to deploy troops to the Gulf region before the end of the year, and could seek parliamentary approval as early as this month.

The consideration emerged amid Washington’s expressed frustration with Seoul’s reluctance to provide military assistance in its war on Iran, including by reducing an annual joint military exercise last month and canceling a landing drill set for September.

Standoff

Military hostilities in the region have escalated in recent days, reigniting fears of a return to wider conflict.

The U.S. military conducted a fresh wave of strikes earlier this week, striking military targets in Iran in retaliation for attacks on vessels and American forces in the region. Iran has responded by firing missiles at U.S. bases across the Middle East.

Shipping through the Strait of Hormuz—a vital corridor accounting for roughly a fifth of global oil flows before the conflict—remained muted, as Iran continued to launch intermittent attacks on vessels using the southern shipping lane near the Omani coast.

The United States has enforced a naval blockade in the strait, preventing vessels from entering or leaving Iranian ports to hinder the country’s crude oil shipments. U.S. Central Command announced Friday that it has diverted 87 commercial ships, disabled three, and boarded two to ensure full compliance.