Motivic Pontryagin classes and hyperbolic orientations

We introduce the notion of hyperbolic orientation of a motivic ring spectrum, which generalises the various existing notions of orientation (by the groups GL, SLc, SL, Sp). We show that hyperbolic orientations of eta-periodic ring spectra correspond to theories of Pontryagin classes, much in the same way that GL-orientations of arbitrary ring spectra correspond to theories of Chern classes. We prove that eta-periodic hyperbolically oriented cohomology theories do not admit further characteristic classes for vector bundles, by computing the cohomology of the etale classifying space BGLn. Finally, we construct the universal hyperbolically oriented eta-periodic commutative motivic ring spectrum, an analogue of Voevodsky's cobordism spectrum MGL.