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Tech investors are facing a new form of disruption. This investment cohort has historically paid little attention to macroeconomics, as ever-improving product features and innovative growth strategies have driven investment returns in high tech far more than things like aggregate growth and inflation. But artificial intelligence -- and its enormous capital requirements -- are ripping up this script. The proposed spending on AI infrastructure by established tech companies in the coming years is eye-watering. In 2025 alone, big tech firms including Amazon, Microsoft, Alphabet, Meta and Apple are projected to spend over US$200 billion on capex -- almost double what they shelled out in 2021, the year before the generative AI chatbot ChatGPT debuted. The increase in capex is almost entirely due to efforts to build out generative AI capabilities. This highlights the key difference between the AI investment surge and the high-tech boom of the prior two decades: investment today is focused more on hardware than software -- and hardware is obviously more capital-intensive. If the economy slows and business prospects for these tech companies deteriorate, their executives will likely think twice about these ambitious -- and entirely discretionary -- spending plans. This complicates investors' calculations of the likely returns that can be expected from this nascent technology. In the first two decades of this century, software engineers disrupted one industry after another with business models that were nimble, scalable, and had low fixed costs. A small group of whip-smart entrepreneurs bootstrapped their start-ups, found quick success with early prototypes, and then made a series of strategic pivots. Think Amazon, Netflix, and many social media companies. Fast forward to the age of generative AI, and the storyline has changed dramatically. The new business model typically revolves around very smart, complex and expensive machines that require a tremendous amount of energy to run and often take a long time to build. For example, the Taiwanese semiconductor giant TSMC's Arizona foundry cost US$40 billion, and commercial production won't commence until 2025, four years after construction began. Importantly, investment in AI is typically expected to take years to pay back. In the meantime, many factors could negatively impact the value of AI infrastructure, including concerns related to business confidence and cost inflation, as well as regulatory hurdles and geopolitical tensions that influence where companies can do business. This means tech investors can no longer easily ignore top-down concerns. AI start-ups, unlike their counterparts in software, are also often very capital intensive, making them highly sensitive to market conditions and access to funding. Most of these young companies rely on private capital, which many venture capitalists have been eager to supply in recent years. Investments in AI and machine learning, a related field, accounted for nearly half of all VC funding in the United States in the first half of 2024. And these investments have often been enormous. In October, OpenAI raised $6.6 billion in equity capital from eight investors and another $4 billion in debt financing from nine lenders. The average size of these checks is over half a billion dollars. Checks of this size can be written at a time when the S&P 500 is hitting new record highs, the US economy is growing above trend, and inflation is heading downward. But what happens when the economy inevitably softens and public stock prices dip? Or what if the cost of capital in the US remains elevated? AI start-ups may then find it more challenging to fund their ambitious visions, which could, in turn, stall the pace of growth and innovation in the broad AI ecosystem. This, of course, could reduce demand for the AI infrastructure that big tech companies have invested hundreds of billions of dollars in. Hardware businesses also exhibit more cyclical characteristics than software. That's because they can't rely on continuous adjustments to meet shifts in customer demand, given the substantial inputs and manpower needed to create new products. Consider that $3.5 trillion-plus chipmaker Nvidia has now adopted a "one-year rhythm" for new products, doubling the speed from its previous product release cadence. This means these companies are subject to traditional inventory cycles: when demand exceeds current supply, inventory is drawn down, and prices rise, and vice versa. Hardware businesses, unlike nimble software companies, will thus struggle to scale their capacity up or down at short notice. So both the volumes and prices of hardware will typically fluctuate, subject to economic conditions. It's notable that semiconductor sales have been positively correlated with manufacturing PMIs for decades. This relationship started breaking down in 2022 as AI euphoria really took off. If historical patterns hold, this could mean the boom in global semiconductor sales is overdue for a correction. That's just one example of why tech investors may need to become as macro-aware as the rest of the investment community. Reuters Taosha Wang is a portfolio manager at Fidelity International.wowjili win 。

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USC QB Miller Moss enters transfer portal after losing starting job to Jayden Maiava

Suspect in the killing of UnitedHealthcare’s CEO struggles, shouts while entering courthouse ALTOONA, Pa. (AP) — The suspect in the killing of UnitedHealthcare’s CEO struggled with deputies and shouted while arriving for a court appearance in Pennsylvania a day after he was arrested at a McDonald’s and charged with murder. Luigi Nicholas Mangione emerged from a patrol car, spun toward reporters and shouted something partly unintelligible while deputies pushed him inside Tuesday. At the brief hearing, the defense lawyer informed the court that Mangione would not waive extradition to New York but instead wants a hearing on the issue. Mangione was denied bail. Brian Thompson, who led the United States’ largest medical insurance company, was killed last Wednesday as he walked alone to a Manhattan hotel for an investor conference. From wealth and success to murder suspect, the life of Luigi Mangione took a hard turn Luigi Nicholas Mangione was apparently living a charmed one: the grandson of a wealthy real estate developer, valedictorian of his elite Baltimore prep school and with degrees from one of the nation’s top private universities. Friends at an exclusive co-living space at the edge of touristy Waikiki in Hawaii where the 26-year-od Mangione once lived widely considered him a “great guy.” Pictures on his social media accounts show a fit, smiling, handsome young man on beaches and at parties. Now, investigators are working to piece together why Mangione diverged from a path of seeming success to make the violent and radical decision to gun down UnitedHealthcare CEO Brian Thompson in a brazen attack on a Manhattan street. Key details about the man accused of killing of UnitedHealthcare's CEO The 26-year-old man charged in last week’s killing of UnitedHealthcare’s CEO in New York City has appeared in a Pennsylvania courtroom. Luigi Nicholas Mangione was arrested Monday after a worker at a McDonald's in Altoona, Pennsylvania, notified police that he resembled the suspect in last Wednesday's killing of Brian Thompson. While being led into court to be arraigned Tuesday, Mangione shouted something that was partly unintelligible but referred to an “insult to the intelligence of the American people.” During the hearing in Hollidaysburg, Mangione was denied bail and his attorney said Mangione would not waive extradition. DA suggests unusual idea for halting Trump’s hush money case while upholding his conviction NEW YORK (AP) — Prosecutors are trying to preserve President-elect Donald Trump’s hush money conviction as he returns to office, and they're suggesting various ways forward. One novel notion is based on how some courts handle criminal cases when defendants die. In court papers made public on Tuesday, the Manhattan district attorney’s office proposed an array of options for keeping the historic conviction on the books. The proposals included freezing the case until he’s out of office, or agreeing that any future sentence wouldn’t include jail time. Another idea: closing the case with a notation that acknowledges his conviction but says that he was never sentenced and that his appeal wasn’t resolved because of presidential immunity. There's no immediate response from Trump's lawyers. Middle East latest: Israel bombs hundreds of sites across Syria as army pushes into border zone Israel says it bombed more than 350 military sites in Syria during the previous 48 hours, targeting “most of the strategic weapons stockpiles” in the country. Israeli Prime Minister Benjamin Netanyahu said the wave of strikes was necessary to keep the weapons from being used against Israel following the Syrian government’s stunning collapse. Israel also acknowledged its troops were pushing into a border buffer zone inside Syria, which was established after the 1973 Mideast war. However, Israel denied its forces were advancing Tuesday toward the Syrian capital of Damascus. Life in the capital was slowly returning to normal. People celebrated for a third day in a main square, and shops and banks reopened. Donald Trump is returning to the world stage. So is his trolling NEW YORK (AP) — President-elect Donald Trump’s recent dinner with Canadian Prime Minister Justin Trudeau and his visit to Paris for the reopening of the Notre Dame Cathedral were not just exercises in policy and diplomacy. For Trump, they were also prime trolling opportunities. Throughout his first term in the White House and his recent campaign to return there, the Republican has dished out provocative, antagonizing and mocking statements. Now that’s he’s preparing to return to the Oval Office, Trump is back at it, and his trolling is attracting more attention — and eyerolls. Report on attempts to kill Trump urges Secret Service to limit protection of foreign leaders WASHINGTON (AP) — A congressional task force looking into the assassination attempts against Donald Trump during his presidential campaign is recommending changes to the Secret Service. These include protecting fewer foreign leaders during the height of the election season and considering moving the agency out of the Department of Homeland Security. The 180-page report was released Tuesday. It constitutes one of the most detailed looks so far into the July 13 assassination attempt against Trump during a campaign rally in Pennsylvania and a second one in Florida two months later. South Korea's ex-defense minister is formally arrested over brief imposition of martial law SEOUL, South Korea (AP) — South Korea's previous defense minister has been formally arrested over his alleged collusion with President Yoon Suk Yeol and others in imposing martial law last week. Kim Yong Hyun resigned last week and has been detained since Sunday. He is the first person arrested in the case. Prosecutors have up to 20 days to determine whether to indict him. A conviction on the charge of playing a key role in rebellion carries the maximum death sentence. Kim is accused of recommending martial law to Yoon and sending troops to the National Assembly to block lawmakers from voting on it. Homes burn as wind-driven wildfire prompts evacuations in Malibu, California MALIBU, Calif. (AP) — Thousands of Southern California residents are under evacuation orders and warnings as firefighters battle a wind-driven wildfire in Malibu. The flames burned near seaside mansions and Pepperdine University, where students sheltering at the school’s library on Monday night watched as the blaze intensified. Officials on Tuesday said a “minimal number” of homes burned, but the exact amount wasn’t immediately known. More than 8,100 homes and other structures are under threat, including more than 2,000 where residents have been ordered to evacuate. Pepperdine University on Tuesday morning said the worst of the fire has pushed past campus. It was not immediately known how the blaze started. More beans and less red meat: Nutrition experts weigh in on US dietary guidelines Americans should eat more beans, peas and lentils and cut back on red and processed meats and starchy vegetables. That's advice from a panel of nutrition experts charged with counseling the U.S. government about the next edition of the dietary guidelines. The panel did not weigh in on the growing role of ultraprocessed foods that have been linked to health problems or alcohol use. But they did say people should continue to limit added sugars, sodium and saturated fat in pursuit of a healthy diet. Tuesday’s recommendations now go to federal officials, who will draft the final guidance set for release next year.

LOS ANGELES (AP) — Southern California quarterback Miller Moss is entering the transfer portal after losing the Trojans' starting job last month. Moss made his announcement on social media Monday. Moss started the Trojans ' bowl victory last season and their first nine games this season before coach Lincoln Riley replaced him with Jayden Maiava in early November. “Being a USC Trojan was a lifelong dream of mine,” Moss wrote. “Putting on the cardinal and gold and competing on behalf of my teammates and school is something I will forever take pride in. I poured everything I have into this — body, heart, mind and soul — and am humbled by and proud of what my teammates and I accomplished.” Moss, who was born in Los Angeles and went to high school in the San Fernando Valley, signed with USC before Riley arrived at the school. Moss also stayed with the Trojans after Caleb Williams transferred from Oklahoma to rejoin Riley, and he served as Williams’ backup for two seasons before getting his chance to play with six touchdown passes in last year's Holiday Bowl. Moss completed 64.4% of his passes this season for 2,555 yards with 18 touchdowns and nine interceptions. After a spectacular 378-yard performance to beat LSU in the Trojans' season opener, Moss didn't play poorly as a starter, but he also wasn't a difference-maker while USC stumbled to a 4-5 record. Moss threw seven interceptions in his final five starts before losing the job to Maiava. The Trojans went 1-4 in that stretch under Moss, who plays as a more traditional pocket passer while Maiava has the mobility usually favored for quarterbacks in Riley's spread offense. “Looking towards the future, I'm unwaveringly committed to becoming an even better quarterback and leader, and to achieving this at the next level,” Moss wrote. Moss has already graduated from USC, putting him in the portal as a graduate student. USC (6-6) is headed to a lower-tier bowl game again to finish this season, its third under Riley. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

Joe Burrow's home broken into during Monday Night Football in latest pro-athlete home invasion

NoneElon Musk has corrected himself after falsely accusing fellow billionaire Jeff Bezos of pre-election day conduct that Bezos himself took to X (formerly Twitter) to deny. Posting from the Trump -owned Mar-a-Lago resort in Florida , Musk stated that he had learned that Bezos predicted Vice President Kamala Harris would emerge victorious on election day, and that Bezos had further discouraged peers from investing in businesses owned by Musk. "Just learned tonight at Mar-a-Lago that Jeff Bezos was telling everyone that @realDonaldTrump would lose for sure, so they should sell all their Tesla and SpaceX stock," wrote Musk on Wednesday night. Update: The ETH (~$10 M) has been returned and we expect that the USDC will be returned later today. We thank the white hats for their vigilance and integrity. The Bug Bounty Program will reward the white hats with a 500 K bounty. The bridge will undergo an audit before it is... Bezos responded to the post. "Nope. 100% not true," wrote the chairman of Amazon. A community note was also added to Musk's initial post, indicating that it contained an allegation Bezos denied. Musk then responded, admitting his mistake. "Well, then, I stand corrected," he replied. White hack? Are you sure guys? He took too long to return the funds. Anyway the criticality in your Smart Contract was detected by @TheArkhivist Team one hour before it happened. https://t.co/t3myBRrWhs Musk and Bezos have frequently been embroiled in public back-and-forths over the past couple of years. In 2022, Bezos took to X to comment on Musk's takeover of the app, then Twitter. "Did the Chinese government just gain a bit of leverage over the town square?" he wrote in a post. Musk was one of Donald Trump's biggest supporters throughout his campaign for the presidency leading up to the 2024 election, with his PAC giving the President-elect at least $200 million in total. Bezos himself caused uproar when he ended the Washington Post tradition of endorsing a presidential candidate, reportedly thwarting the efforts of the newspaper he owns to support the Democratic Party. Originally published by Latin Times

The cohesiveness of a community really stands out when blazing embers are blasting across the neighbourhood, according to a Vancouver Island emergency planning officer. Erin Stockill of Saanich saw it firsthand when a large under-construction condo complex caught fire during this week's windstorm and neighbouring residents were removed from their homes in the wee hours of Nov. 20. “We really encourage people to get to know their neighbours,” Stockill said. “We certainly saw the importance and difference it can make to know your neighbours and support them.” The structure fire didn’t come with a warning, but the windstorm did. With rapidly improving information and technology, the heads-up on extreme weather comes earlier and earlier. Even as some Island residents awaited the return of power or opening of roads, a second wind alert for Vancouver Island sent some into a new tizzy. The second bout expected to arrive Friday (Nov. 22) promises to be weaker than the first, with winds peaking in the 80 km/h range, said Yimei Li, meteorologist with Environment and Climate Change Canada. The latest low pressure is less intense than the previous, she said, noting it should be relatively quiet for a few days, though temperatures are dipping. Overnight lows are anticipated near 0 C for Nov. 26. Experts suggest using the days where the weather is a little better to hazard hunt in the yard; perhaps packing up the patio furniture before it starts to blow and look at trees that may need a little TLC after a dry summer or extra wet fall. “Take advantage and do that now,” Stockill said. She wants folks to reflect on the moments ahead of the bomb cyclone that recently raged across the coast, leaving more than 320,000 BC Hydro customers without power at its peak. “What items could I have had at home that would make me feel more prepared and more resilient?” Stockill said. “Take those little steps toward preparedness for a power outage and you’re more ready for a larger event.” As fall slides into winter, Stockill recommends residents identify a bad-weather buddy, making those connections while the sun shines, so both parties are ready when it gets gross, or worse. “That’s a free way to take steps toward preparedness,” she said. “Make those connections now, especially if we’re looking at snow in the coming winter months.” Autumn in Greater Victoria has been wetter than normal according to Li’s data. From Sept. 1 to Nov. 18, the University of Victoria weather station saw 225 mm of rain, 24 per cent above normal, Victoria Gonzales saw 210 mm of rain, 36 per cent above normal, and there was 246 mm of rain at the Victoria International Airport, four per cent above normal for the same period in previous years. Forecasters say a wetter, colder winter is on the horizon. That likely means snow. “With a La Nina year, there’s always the possibility there could be some snow. We don’t always get snow for the South Coast but for La Nina years it’s more likely because it’s colder and wetter,” Li said. While there’s no snow anticipated at the moment, snowflakes have appeared in the forecast for parts of Vancouver Island and temperatures are expected to dip into that territory. People should start planning early and register for municipal alert programs or apps. They should also pay attention to provincial alerts that warn of expected flooding, tsunami and now even earthquakes. Those are free. Another item on the preparation agenda is sitting down and creating a family plan. “We all know we're in a time where the cost of living is astronomical and there can be hesitation to take steps toward preparedness because of costs,” Stockill said, a proponent of thrifting and re-purposing where possible. Start small, she suggests, following checklists and supports online. Find some of the Saanich supports at saanich.ca and find federal preparedness tips at getprepared.gc.ca .None

Wounded Bangladesh protesters receive robotic helping hand

NEW YORK , Nov. 21, 2024 /PRNewswire/ -- S&P Global Market Intelligence has released a report today highlighting the convergence in public and private credit markets. The newly published Public and Private Markets Outlook: Converging on Credit is part of S&P Global Market Intelligence's Big Picture 2025 Outlook Report Series. In this new report, S&P Global Market Intelligence's capital markets analysts highlight how public and private credit markets have become increasingly intertwined in 2024, and why we expect this trend to continue in 2025. Public debt markets have grown, but not at the expense of the $1.5 trillion private markets, which continue their rapid expansion. " It may be no coincidence that the fall in Credit Default Swap (CDS) credit events aligns with the growth in provision of private credit. Many companies now have recourse to lines of credit from private sources to an extent not seen in previous cycles. This trend is likely to continue in 2025 but may raise questions about the transparency and measurement of credit risk in private credit funds, where the exposure is ultimately shifted," said Gavan Nolan , Executive Director at S&P Global Market Intelligence. Key highlights from the report include: To request a copy of Public and Private Markets Outlook: Converging on Credit , please contact press.mi@spglobal.com . S&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. About S&P Global Market Intelligence At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction. S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence . Media Contact Amanda Oey S&P Global Market Intelligence +1 212-438-1904 amanda.oey@spglobal.com or press.mi@spglobal.com View original content to download multimedia: https://www.prnewswire.com/news-releases/sp-global-market-intelligences-new-outlook-report-shows-the-convergence-of-public-and-private-credit-markets-and-expects-the-trend-to-continue-into-2025-302313385.html SOURCE S&P Global Market Intelligence