If f:S′→S is a finite locally free morphism of schemes, we construct a
symmetric monoidal "norm" functor f⊗:H∗(S′)→H∗(S), where H∗(S) is the pointed unstable motivic homotopy
category over S. If f is finite \'etale, we show that it stabilizes to a
functor f⊗:SH(S′)→SH(S), where
SH(S) is the P1-stable motivic homotopy category over
S. Using these norm functors, we define the notion of a normed motivic
spectrum, which is an enhancement of a motivic E∞-ring spectrum. The
main content of this text is a detailed study of the norm functors and of
normed motivic spectra, and the construction of examples. In particular: we
investigate the interaction of norms with Grothendieck's Galois theory, with
Betti realization, and with Voevodsky's slice filtration; we prove that the
norm functors categorify Rost's multiplicative transfers on Grothendieck-Witt
rings; and we construct normed spectrum structures on the motivic cohomology
spectrum HZ, the homotopy K-theory spectrum KGL, and the algebraic
cobordism spectrum MGL. The normed spectrum structure on HZ is a
common refinement of Fulton and MacPherson's mutliplicative transfers on Chow
groups and of Voevodsky's power operations in motivic cohomology.Comment: v5: final version, to appear in Ast\'erisque. v4: added computation
of the 0th slice of the sphere spectrum over Dedekind domains (Theorem B.4).
v3: section 9 updated with geometric fixed points. v2: added section 6.2 and
appendix B; section 13 rewritten with more example