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Index-tracking funds are on ⁠track to ​buy a large chunk ​of the shares sold in SpaceX’s record $75 ​billion offering. ​With more than half the ‌U.S. ⁠market now invested by hands-off managers, benchmarks are ​distorting ​markets. ⁠It’s a recipe for buying ​high and ​selling ⁠low.

As pandemics, wars and ⁠trade standoffs shake ​the world, JW ​Mason and Arjun Jayadev argue in “Against Money” ​that a deeper ​belief is crumbling: that ‌economies ⁠can be measured by adding up money. The change ​can ​reshape ⁠how countries manage inequality, ​pensions and supply ​chains.

Businesses ​may spend $680 bln on ⁠models, agents ​and more next ​year. Unlike predictable software subscriptions, pay-as-you-go AI bills ​are volatile. ​A correction looms for OpenAI ‌and ⁠its peers. But cloud computing shows the market ​can still ​grow ⁠even as CFOs try ​to rein in ​costs.

Blackstone, Apollo and peers ⁠face an ​exodus from fast-growing ​funds that channel everyday investors into illiquid ​loans. Better ​matching assets with liabilities and ‌clarifying ⁠iffy pricing could help the $232 bln market ​but ​could ⁠dent returns or growth. The ​trade-off is ​worth ⁠it.

The European Commission is ​investigating the Chinese retailer’s $2.6 bln offer for fridge-to-TV seller ‌Ceconomy. Intervention looks hard to square with a crowded consumer electronics sector. The odd target suggests the EU will cast a wide net in its ​attack on foreign subsidies.

CATL and Tencent may invest $2 ‌bln to become the startup’s largest external backers. Both want to use AI to hone their products. ​DeepSeek could become a major customer. And ​Beijing will be happy for the support ⁠of domestic champions. That makes it a ​step up from past dud bets.

In nixing ‌Kyndryl’s €100 mln plan to buy Solvinity, the government effectively likened Washington to Beijing when it comes ​to data protection. Transatlantic clashes over tech ​sovereignty made the timing tough. The ⁠decision also signals new hurdles for globetrotting ​American CEOs.

Headcount growth at the $190 bln energy-to-retail group is slowing ​sharply, partly as an ​investment binge for its energy ⁠business fades. But a ​chronic skills shortage will push ​India Inc toward faster AI adoption. That will turn the hiring ​squeeze into a deeper, ​structural slump.

Freshly crowned ‌as the world's top wealth hub with $2.9 trln of flows, that status is at risk from China’s ​fresh scrutiny of outbound money. AIA, ​Pru, StanChart and HSBC shares slipped. Long-tolerated ⁠grey zones are narrowing. Growth hinges ​on how much opacity Beijing permits.

At two mega tech ‌confabs this week leaders from Nvidia and Intel lavished praise on the island’s role in global supply chains. As AI moves from the cloud to local devices, Taiwan's importance will grow. And with GDP set to expand 10%, Taipei also can boost spending on defense.

Wall Street seems a mere passenger on ​the rocket-maker’s flight to ​a $75 bln debut. Fixing the ⁠offer early at $135 a share ​skips price discovery. Index buying ​and Elon Musk’s aura serve as propulsion. The risk is that ​others copy the launch ​sequence but lack the hype to lift ‌off.

With 70% of ‌Europe's cloud and AI market controlled by US hyperscalers, politicians worry that their access to ​vital tech could be severed by ​a 'kill switch'. New legislation aims to drive ⁠demand for sovereign alternatives. It’s a ​noble blueprint but needs funds to make ​it work.