Luma AI Unveils Ray3 Modify: Redefining Video Transformation

by THEFUTURE.TEAM

December 18, 2025

Innovative AI Model Transforms Video Editing

Luma AI, the a16z-backed leader in AI video and 3D modeling technology, has introduced its latest innovation, Ray3 Modify. This groundbreaking model allows creators to modify existing footage by using character reference images that faithfully preserve the original performance. By specifying start and end frames, users can seamlessly generate transitional footage, elevating the creative process.

Preserving Authentic Performance

Ray3 Modify addresses a critical challenge in visual production: maintaining the integrity of human performance amidst digital transformation. According to Luma AI, the model ensures that key elements—such as motion, timing, eye line, and emotional delivery—are retained, enabling creative studios to incorporate human actors within AI-modified scenarios. This capability is essential for studios aiming to produce consistent and high-quality brand or creative content.

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Expanding Creative Possibilities

Beyond preserving performance, Ray3 Modify empowers creators by facilitating detailed character transformations. Users may provide a reference image to transform an actor’s appearance, retaining crucial details like costumes, likeness, and identity across the shoot. Additionally, by offering start and end frames, directors can meticulously control transitions and character behavior, ensuring smooth continuity between scenes.

Strategic Industry Implications and Funding Momentum

In a statement, Amit Jain, co-founder and CEO of Luma AI, emphasized that the development of generative video models has historically been challenged by issues of control. “Generative video models are incredibly expressive but also hard to control. Today, we are excited to introduce Ray3 Modify that blends the real-world with the expressivity of AI while giving full control to creatives,” Jain explained. The model is now available via the company’s Dream Machine platform.

This release follows significant market developments, including Luma AI’s recent funding surge. A fresh $900 million funding round, led by Saudi Arabia’s Humain and witnessed by investors such as a16z, Amplify Partners, and Matrix Partners, underscores the high stakes in the AI-driven visual content arena. Furthermore, Luma AI’s strategic plans include building a 2GW AI cluster in Saudi Arabia, reinforcing its commitment to expanding technological capabilities and market reach.

Conclusion

With Ray3 Modify, Luma AI is setting a new benchmark in the integration of AI with video production. By offering unprecedented control over digital transformations without compromising on performance authenticity, the new model positions the company at the forefront of an industry undergoing rapid evolution.

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Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

by THEFUTURE.TEAM

November 5, 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

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Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal Measure	January–September 2025	January–September 2026
Total revenue	€11,353.9 million	€12,091.8 million
Total expenditure	€10,186.2 million	€10,482.1 million
Government surplus	€1,167.6 million	€1,609.7 million
Surplus as a share of GDP	3.0%	4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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