Hype, substance, and what it means for investors

For a decade, bitcoin traded on its own calendar. Then it traded on the Fed's. This month, it rallied 30% through a rate hike, a failed bill and a 5% Treasury yield — the clearest sign yet that it is starting to trade on the Treasury's.

Athens is quietly becoming a new destination for Europe’s wealthy and financial elite. Tax incentives, stronger growth and a more credible market environment are now drawing fund managers as well as private fortunes.

“Don’t look for the needle in the haystack. Just buy the haystack!” John C. Bogle, 2007 the founder of Vanguard. The advice still holds. But the haystack has changed: ten stocks now make up 38% of the S&P 500.

Mapping the Swiss investment landscape

Why a more efficient model means more AI infrastructure, not less

$100bn in investment, $209bn in projected state revenue, 65 billion barrels of oil. The figures attached to the new US-Venezuela deal are as large as the uncertainty surrounding them.

Investors have always listened carefully to what CEOs and CFOs say. But the sheer volume of earnings-call transcripts made systematic analysis virtually impossible: investors could read individual calls, but not reliably extract and compare narratives across thousands of companies. AI changes that.

There is something unusual about this earnings season. Companies do not appear to have a demand problem. Increasingly, they are facing the opposite issue.

On 25 August 2026, a Chinese humanoid robot ran 100 metres in 8.86 seconds, faster than the fastest recorded human time, and then hit the padded finish barrier and fell. Three days earlier, at the same competition, another robot hit the barrier at the finish line and caught fire, unable either to stop itself or to put itself out. The first set of facts explains why investors have been piling into Chinese robotics stocks. The second explains why that enthusiasm may be running ahead of what the machines can actually do.