Terry Wiseman of Macquarie says rising French bond yields signal doubt over deficit control. Market pressure prompts spending cuts, which call protesters out demanding more spending. Street unrest then hurts GDP and tax revenue, putting more pressure on bonds; he calls it a doom loop.
Scott Galloway says France promised older people they would never sacrifice and immigrants they would become French; it kept the first promise and broke the second. Young people express the dissatisfaction. He warns America faces similar instability from $1.5 trillion annual transfers to the wealthiest generation.
Trump signed an order waiving new Russia sanctions two days before they took effect, and Putin proposed a Trump-Xi summit to discuss ending the war without inviting Zelensky. Separately, Ukraine lost Starshield speed after Musk reportedly pitched the slowdown and Trump agreed; both denied responsibility, and Scott called them traitors to the West.
Financial historian Liakit Ahmed tells Ed that data centers resemble railroads because the key risk is debt-financed overbuilding. Until recently hyperscalers funded construction from earnings, but scale pushed them into opaque debt, including Nvidia effectively lending to customers; token prices are falling and financing could tighten.
Liakit Ahmed says Satya Nadella got the wrong end of the stick: each railroad or tech company tries to be careful, but the sum of their individual decisions creates overbuilding. Slowing down would cede market share, so collective action is required to prevent overbuilding but unlikely in this competitive situation.
Business Insider reported Amazon is buying Nvidia server racks faster than it can install them, with some sitting in a warehouse. Ed Zitron estimates roughly half of AI chip sales by dollar value are unused and argues hyperscalers are overburdened; investors may soon demand they cut capital spending.
Ethan Mollick says people underestimate what existing AI systems can do; large-scale change does not require future development. He worries business and investors treat AI only as an investment, missing changes from ubiquitous low-cost intelligence, and urges leaders to decide how to augment rather than replace labor.