Shares, bonds, currencies and commodities, and the companies behind them: what moved, why it moved and what the price is saying.
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Anthropic is preparing to go public, but is the market ready for its extraordinary cash flows, speculative financing and mountain of infrastructure commitments built in pursuit of ever more powerful AI? The US economy is now hoping Anthropic can eventually turn that promise into certainty, and the question is: how long will Wall Street wait?
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In 2013 there were 39 unicorns. Today there are over 1,300. But how many of them justify their immense valuations?
As governments and technology companies compete for increasingly expensive capital, rising bond yields are reshaping the cost of borrowing. Does the growing demand for debt means for governments, financial markets and the future of the AI boom.
Anthropic's Claude has identified a previously uncharacterised biological system. For biotech investors, the real breakthrough could be AI making the earliest stage of drug discovery much cheaper.
Private equity's hopes dating from 2025 have once again been simmered this year, and the liquidity reckoning could quietly rewrite how the industry raises and returns capital.
Rearmament has turned defence from an industry private capital avoided into one it is pouring money into, though Europe's governments are increasingly particular about whose money it is.
As 16% of global investable assets are expected to be tokenised in 2035, the question of what settlement asset to use for digital finance raise. From "atomic settlement" to challenging the status of SWIFT, Central Bank Digital Currencies（CBDCs）seems to be the most ideal currency for the future. If so then how should central banks of developed countries should change their policies to adopt this new landscape?
Britain's healthcare crisis is proving lucrative. As the NHS waiting list persists, investors are paying £1bn to bet on the future of private hospitals.
The AI equity surge is spilling into the bond market, keeping US Treasury yields higher than what many think can be sustained. The AI Hyperscalers are expected to spend $700 billion this year. With no sign of slowing capital expenditures, how much more can the bond market take?
Buyout firms have spent $182bn on UK-listed companies this year while the London Stock Exchange struggles to replace them. Behind the takeover wave sits a tax-driven surge in exits, much of it firms selling to themselves.
China’s leading AI models are approaching US performance despite a vast gap in measured private investment. The divergence suggests that financing structures, computing constraints and diminishing returns matter as much as headline spending.
Merck and Moderna's personalised melanoma vaccine has cleared Phase 3 and sent Moderna's shares to a record session. The harder question is whether a treatment built one patient at a time can ever be delivered at scale.
An allegory on leverage, from the mind of Leopold Aschenbrenner
Global private equity made zero new deals in mainland China in the first seven months of 2026, even as it raised record Asia funds for Japan and India. The retreat is structural, not cyclical, and none of the forces driving it are in reverse.
The race for electric vehicle dominance is entering a new phase. Tesla and BYD's contrasting strategies reveal a deeper question about where value in the automotive industry will come from next.
We have never produced so much clean energy, and renewables have never been so cheap or so popular, yet we are no closer to net-zero. This irony boils down to two words, supply and demand – and most of the narrative around renewable energy is centred on the wrong one.
The US supplies most of the world's blood plasma. Yet its policies raise hard questions about exploitation, dignity, and what happens when payment for plasma is banned.
Private Credit is one of the most rapidly expanding industries within private markets, with the Bank of England estimating a four-fold rise from 2015 to 2024. With the pressure of increased competition and potential reductions in interest rates, there is increased uncertainty around the future of the booming industry.
Offshore law firms have already sold stakes to private equity. US Big Law is watching, waiting for someone else to go first. The legal industry's long immunity to outside capital is ending, but the terms remain deeply uncertain.
Paper-market distortion; central bank hoarding; mercurial retail frenzies; and shifting macroeconomic tides. The modern gold market is driven by a tangle of contradictory forces meaning that making sense of this historic safe haven requires looking past the spot price to unravel the forces actually moving the metal.
Semiconductor stocks have recently fallen despite resilient commercial demand, raising questions about whether the selloff is a temporary correction or an early warning of a broader economic slowdown.