---
title: "𖣂📈 The next evolution: AI regulation & AU’s Medicare breach; TNE outside of the box; REE webinar"
description: "HOMODEUS RESEARCH WEEKLY BRIEF · 29 September 2026 Research | Videos | Podcasts | LinkedIn | Follow on X AI regulation Hi, Following from last week’s topic du jour of AI apocalypse, MIT Tech Review discusses how breathless claims about AGI and new capabilities fall apart pretty quickly under scrutiny . We all know AI is becoming more capable; the real question is whether humanity can save us from itself? Australia is at least trying to do so with harsh laws after Medicare’s breach a few days ear"
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source: "Homodeus Research"
id: "5afa162c-1791-40ea-8e6f-e28a4d546780"
report_type: "weekly"
published_date: "2026-09-29"
lead_analyst: "Wei Sim"
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modified_date: "2026-10-05T20:28:47.925Z"
---
# 𖣂📈 The next evolution: AI regulation & AU’s Medicare breach; TNE outside of the box; REE webinar

Published 2026-09-29 by Wei Sim.

HOMODEUS

**RESEARCH**

WEEKLY BRIEF   ·   29 September 2026

[Research](https://homodeus.one/research) | [Videos](https://homodeus.one/research/videos) | [Podcasts](https://homodeus.one/research/podcasts) | [LinkedIn](https://www.linkedin.com/company/homodeus-research/) | [Follow on X](https://x.com/homodeus_rsrch)

AI regulation

*Hi,*

*Following from last week’s topic du jour of AI apocalypse, MIT Tech Review discusses how *[breathless claims about AGI and new capabilities fall apart pretty quickly under scrutiny](https://www.technologyreview.com/2026/09/22/1144867/dont-be-fooled-summer-ai-hype/)*. We all know AI is becoming more capable; the real question is whether humanity can save us from itself? *[Australia is at least trying to do so](https://www.abc.net.au/news/2026-09-26/nik-cubrilovic-legal-action-over-openai-medicare-hack/107195416)* with harsh laws after *[Medicare’s breach](https://www.afr.com/politics/federal/pm-demands-answers-after-rogue-openai-agent-hacks-medicare-20260924-p6101l)* a few days earlier.*

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| OpenAI CEO Sam Altman during a U.N. Security Council meeting on artificial intelligence at the U.N. General Assembly in New York City a bcNEWS | Anthony Albanese in New York this week. He has demanded answers from OpenAI’s Sam Altman about how a rogue agent circumvented security blocks to access Australian data. AFR |

**Idea of the week:*** ****TechnologyOne’s (ASX:TNE)**** share price has seen near-term softness, in our view being driven by off-cycle reporting and a catalyst-rich reporting season. Over the last week, we’ve seen both *[Kumul](https://itbrief.com.au/story/kumul-consolidated-holdings-adopts-technologyone-plus)*as well as *[several Australian care groups](https://itbrief.com.au/story/australian-care-groups-adopt-technologyone-s-plus-ai)* adopt Plus AI. Kumul is Papua New Guinea's state-owned investment and asset management company. The contracts illustrate TNE’s ability to grow outside of ANZ and UK, and outside of their traditional sectors of Education, Government and Local Government.*

![](https://homodeus.one/api/email/assets/5a9a6838-3519-422c-b995-e5f5c96984df)

**WEBINARS**

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| --- |
| RareX (ASX:REE): Copper Porphyry Potential, Rare Earths & Mrima Hill |

**NEWS THIS WEEK**

- Lánluas to Support West Yorkshire Combined Authority’s Next Phase of TechnologyOne (ASX:TNE) ERP Improvement. Source: [TNE](https://erpnews.com/lanluas-to-support-west-yorkshire-combined-authoritys-next-phase-of-technologyone-erp-improvement/) HD View: This is from an original TNE contract signed in 2022-23, and is post go-live optimisation. Not lost biz for TNE or Power of One, it is the local gov ensuring they achieve best ROI on their investment thru 3rd party validation. This doesn't impact on TNE's SaaS+ revenues. Optimisation suggests that TNE will be WYCA's provider for the long haul.
- TechnologyOne’s (ASX:TNE) Plus has gone live Kumul Consolidated Holdings, making the Papua New Guinea state investor one of the first users of the system in the Pacific. Source: [IT Brief](https://itbrief.com.au/story/kumul-consolidated-holdings-adopts-technologyone-plus) | [Tech1](https://www.technology1.com/resources/media-releases/kumul-consolidated-holdings-goes-live-with-technologyone-plus-to-accelerate-ai-adoption) HD View: Kumul Consolidated Holdings (KCH), Papua New Guinea's state-owned investment and asset management company. TNE’sstory has been one focused on growth in AU and UK. Kumul illustrates that outside of these markets, the company also has other opportunities.
- TechnologyOne's (ASX:TNE) Plus AI adopted by Australian care groups: Several Australian aged care, community services and not-for-profit organisations have adopted or expanded their use of TechnologyOne's Plus artificial intelligence tool, including AnglicareSA, Southern Cross Care, Lutheran Services and PCYC Queensland. Source: [IT Brief](https://itbrief.com.au/story/australian-care-groups-adopt-technologyone-s-plus-ai)
- Imricor’s (ASX:IMR) NorthStar installed at first US customer. Source: [Imricor](https://imricor.com/blog/2026/09/22/rady-childrens-hospital-first-commercial-us-customer/) HD View: a subtle but important update. The announcement marks the completion of installation at Rady’s as first customer which was announced in July. This means IMR will recognise the revenues from the install which forms part of a standard ~$700k install in September 2026. As highlighted in our [recent report](https://homodeus.one/%E2%80%A2%09https:/homodeus.one/research/report/imricor-medical-systems-imr-ax-ready-to-rebound-company-report), we expect revenues to have troughed and will begin to rebound in the coming quarter

![](https://homodeus.one/api/email/assets/6a496c10-a554-4f09-b1a9-cdaa2a15cef0)

- Imricor’s (ASX:IMR) features in upcoming release of Scattered Denial. For the last 9 months, our cameras have captured an incredible array of emerging, disruptive technologies—advancements actively paving the path toward zero-radiation interventional suites. Source: [LinkedIn](https://www.linkedin.com/posts/scattered-denial_endtheleadapronera-activity-7508560793194356736--TO9?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAn2x3kBxNtsFoqnPx2QlAV_FCfrc-INEXM) HD View: we wrote about Scattered denial [recently](https://homodeus.one/research/report/the-next-evolution-scattered-denial-imr-tne-s-inaugural-technologyone-now-event-can-cu6-win-on-weekly) . This is an update to the series as technology in the space continues to evolve. Well worth watching!
- 4DMedical (ASX:4DX) When Chest CT Needs a Functional Layer. a new generation of CT-based software tools brings regional lung function into the workflow radiologists use every day – chest CT. Source: [The Imaging Wire](https://theimagingwire.com/2026/09/21/when-chest-ct-needs-a-functional-layer/)

![](https://homodeus.one/api/email/assets/5d19e39a-09b7-4630-a23f-42771e1eb10d)

- Oneview (ASX:ONE) Healthcare AI at the Bedside: Where the Future of AI Will Create Real Value. As AI becomes increasingly accessible, competitive advantage is likely to shift from models to implementation. Source: [Oneview](https://www.oneviewhealthcare.com/blog/healthcare-ai-at-the-bedside/)

![](https://homodeus.one/api/email/assets/0d61b2a9-3238-4897-ab8c-96cc06c850de)

- Local start-ups are loving Chinese AI (just don’t ask them about it). More than 18 months since DeepSeek’s launch sent a ripple of worry through Silicon Valley’s biggest artificial intelligence developers, Chinese platforms are slowly but surely going mainstream among Australian start-ups looking for the same computing power without the big price tag. Source: [AFR](https://www.afr.com/technology/local-start-ups-are-loving-chinese-ai-just-don-t-ask-them-about-it-20260922-p60zds) HD View: China seems a dirty word in AI, but the reality is Chinese open models are exactly that- open and they’re also great bang for buck. If looking for true sovereignty of your data and inferencing, open models are the way to go, and tech-savvy firms know this. Hence the growing market share of Open models. We see DecidrAI (ASX:DAI) and SCX.ai (ASX:SCX) as beneficiaries ofsuch trend. As of last updateOpen blended market share has reached 50% of Vercel, OpenRouter and Portkey token usage.

![](https://homodeus.one/api/email/assets/c0bbe045-aa55-4113-b1c6-d67ee5658bab) ![](https://homodeus.one/api/email/assets/529a3734-0724-4dd6-9a91-71fa1a5b2716)

- Imricor (ASX:IMR) The cost of radiation exposure can be life. We share this story in honor of Dr. Edward Diethrich. (1935-2017). Source [Youtube](https://www.youtube.com/watch?v=_RLHSvrQV0Y) | [LinkedIn](https://lnkd.in/p/gBriRVsU) HD View : Benefits of IMR’s technology areseeing a lot of industry support. Comments from both sources illustrate this. IMR states In today’s cardiology practice, no clinician should continue to sacrifice when a distinct pathway to a procedural environment without ionizing radiation exists. We agree (see [weekly on Scattered Denial→IMR](https://homodeus.one/research/report/the-next-evolution-scattered-denial-imr-tne-s-inaugural-technologyone-now-event-can-cu6-win-on-weekly) )

![](https://homodeus.one/api/email/assets/b33c81db-dd33-4e32-ba9c-a63ef871edf9)

- Alpha HPA (ASX:A4N) Product Marketing Update The announcement upgrades the South Korean ceramics customer's 1,400tpa LOI to a 1,700tpa MOU and Commercial Framework Agreement , following positive product test work.Source: [ASX](https://www.asx.com.au/markets/company/A4N) HD View: A4N’s lenders apparently require some combination of acceptable counterparties, qualification status, documentation and/or other customary project-finance conditions. In our view the commercial framework agreement could be the trigger to push the qualifying/qualified customer volume over the lender threshold. [Homodeus research on A4N](https://homodeus.one/research/report/alpha-hpa-a4n-ax-zero-not-all-9s-are-created-equal-foundation-research)

![](https://homodeus.one/api/email/assets/201814bc-f246-4df7-8e94-7cf1675abdde)

- Identifai Genetics (ASX:ID1) will float on October 13 at a market capitalisation of $38.4 million. ID1is an Israeli company aiming to harness artificial intelligence to screen unborn babies for hundreds of genetic anomalies.Source: [DailyMail](https://www.dailymail.com/wires/aap/article-16161673/ASX-debutant-aims-revolutionise-prenatal-screening.html?ns_mchannel=rss&ns_campaign=1490&ito=1490)
- Life360 (ASX:350) co-founder’s satellite start-up hits $2.3b valuation. Source: [AFR](https://www.afr.com/technology/life360-co-founder-s-satellite-start-up-hits-2-3b-valuation-20260924-p6103q) HD View: weestimate latest round values Hubble at ~US$60m vs. US$10m on Life360’s books.
- Global PE giant makes its move on IDP Education (ASX:IEL) amid immigration woes. It is unclear if Blackstone’s proposal was progressed enough to warrant disclosure to IDP shareholders or if the talks are still live. However, the $523 million company has called in long-term adviser Goldman Sachs to vet the inbound approach.Source: [AFR](https://www.afr.com/street-talk/global-pe-giant-makes-its-move-on-idp-education-amid-immigration-woes-20260922-p60zk0)
- Nscale founder Joshua Payne in line for near $500m IPO pay day. Australian entrepreneur Joshua Payne could make close to $500 million from the New York listing of Nscale if the data centre developer whose customers include Anthropic and Microsoft meets ambitious expansion goals as it heads towards a multi-billion dollar float. Source: [AFR](https://www.afr.com/technology/nscale-founder-joshua-payne-in-line-for-near-500m-ipo-pay-day-20260921-p60z30)
- More taxes, lower returns: Next 40 years will be harder for investors. The latest Intergenerational Report paints a grim picture for Australian investors: lower growth, higher risks, lower returns and more taxes. Source: [AFR](https://www.afr.com/chanticleer/more-taxes-lower-returns-next-40-years-will-be-harder-for-investors-20260921-p60z5h)
- AI will inflate healthcare costs before lowering them, Oz says. AI will “turbocharge” medical billing and drive up costs in the short term, CMS Administrator Dr. Mehmet Oz warned Wednesday. But he said the pain is worth it for long-term savings. Soure:[HC Dive](https://www.healthcaredive.com/news/ai-will-inflate-healthcare-costs-before-lowering-them-oz-says/831277/) HD View: As we’ve previously observed, this could become a longer-term headwind for AI in HC as reimbursements may eventually be moderated, but we don’t see this as a risk in 2027 at least.
- Telix (ASX:TLX) and ITM merge in $1.65B deal poised to expand radiopharmaceutical development and manufacturing. The deal will bring together a large-scale radioisotope manufacturing operation and a commercial radiopharmaceutical development platform. Source: [Radiology Business](https://radiologybusiness.com/topics/healthcare-management/mergers-and-acquisitions/telix-and-itm-merge-165b-deal-poised-expand-radiopharmaceutical-development-and-manufacturing)
- More radiologists now devoting their practices to interventional radiology, Medicare analysis shows. The team determined that the percentage of radiologists reporting that more than 90% of their work involved IR has nearly doubled since 2008, increasing from 4.1% to 8.8% in 2023. Source: [Rad Biz](https://radiologybusiness.com/topics/medical-imaging/interventional-radiology/more-radiologists-now-devoting-their-practices-interventional-radiology-medicare-analysis-shows) HD View: This could be meaningful for Imricor (ASX:IMR) over medium term as the company is explicitly funding products such as a biopsy catheter and other interventional tools, alongside development of NorthStar for use cases beyond cardiology in its next phase of growth.

**CALENDAR**

| Date \| Time | Time | Event | Company | Details |
| --- | --- | --- | --- | --- |
| 30th September 2026 | 11:00 AEST | Neurizon Therapeutics | ASX:NUZ | Link |

**COMPS TABLE**

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**Wei Sim (founder) – **[Book a meeting with me](https://calendar.app.google/TQU7cNMVzPXm35c29)
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