Tuesday, November 18, 2025

"A.I. Models Can Exhibit Human-Like Gambling Addiction Behaviors: Study"

From Observer, November 17:

The study found that large language models (LLMs) displayed high-risk gambling behaviors, especially when given more autonomy. 

Human gambling addiction has long been marked by behaviors like the illusion of control, the belief that a win will come after a losing streak, and attempts to recover losses by continuing to bet. Such irrational actions can also appear in A.I. models, according to a new study from researchers at South Korea’s Gwangju Institute of Science and Technology. 

The study, which has not yet been peer-reviewed, noted that large language models (LLMs) displayed high-risk gambling decisions, especially when given more autonomy. These tendencies could pose risks as the technology becomes more deeply integrated into asset management sectors, said Seungpil Lee, one of the report’s co-authors. “We’re going to use [A.I.] more and more in making decisions, especially in the financial domains,” he told Observer. 

To test A.I. gambling behavior, the authors ran four models—OpenAI’s GPT-4o-mini and GPT-4.1.-mini, Google’s Gemini-2.5-Flash and Anthropic’s Claude-3.5-Haiku—through simulated slot games. Each model started with $100 and could either continue betting or quit, while researchers tracked their choices using an irrationality index that measured factors such as betting aggressiveness, extreme betting and loss chasing.

The results showed that all four LLMs experienced higher bankruptcy rates when given more freedom to vary their betting sizes and choose target amounts, but the degree varied by model—a divergence Lee said likely reflects differences in training data. Gemini-2.5-Flash had the highest bankruptcy rate at 48 percent, while GPT-4.1-mini had the lowest at just over 6 percent....

....MUCH MORE 

As noted a few weeks ago:

"Will AI ever win its own Nobel? Some predict a prize-worthy science discovery soon"
I don't see why not, especially the Peace or Literature prizes. Throw in the Econ. thingamajig and I'd take even odds over a forty-year time frame.

I mean the darn things are already at the level where they are asking to open margin accounts.... 

Bloomberg's Matt Levine speculated "The Robots Will Insider Trade

For us humans:

November 2022 - Prudent Bet Sizing And The Best Quote About FTX, Bankman-Fried and Caroline Ellison (to date)

June 2011 - Dreamtime Finance (and the Kelly Criterion)

I've been meaning to write about Kelly for a couple years and keep forgetting. Today I forget no more.
In probability theory the Kelly Criterion is a bet sizing technique used when the player has a quantifiable edge.
(When there is no edge the optimal bet size is $0.00)

The criterion will deliver the fastest growth rate balanced by reduced risk of ruin.
You can grow your pile faster but you increase the risk of ending up broke should you, for example bet 100% of your net worth in a situation where you have anything less than a 100% chance of winning.

The criterion says bet roughly your advantage as a percentage of your current bankroll divided by the variance of the game/market/sports book etc....

And many, many more. If interested use the "search blog" box, upper left. 

"Washington D.C. benchmarks Netherlands dementia village model"

<Insert government-by-gerontocracy joke here>

From Korea's ChosunBiz, November 11:

Washington, D.C. explores Dutch-style community hubs to support dignity and daily life for people with dementia 

Washington, D.C., is pushing a senior care system modeled on Hogeweyk in the Netherlands, known as the world’s first “dementia village.” As dementia cases surge with an aging population, it is an attempt to shift from medical-centered care to community-based care that focuses on quality of life.

According to the Washington Post on the 10th, at the “Urban Aging Symposium” recently held in Washington, D.C., health authorities, developers and dementia experts gathered to discuss the direction of housing policy for older adults. The case that drew the most attention there was Hogeweyk. This village in the Netherlands is an innovative model that views dementia not as a disease but as “a stage of life,” designed so that residents can continue daily routines and maintain social relationships.

About 188 people with severe dementia live in 27 dwellings in Hogeweyk. Each dwelling has live-in caregivers, nurses and an activities support team, and residents cook together, tend gardens and shop at a supermarket in the village. Medical intervention is minimized, and the core is to respect the patient’s own daily life. Co-founder Eloy van Hal said, “Care is only 5% of the day, and the remaining 95% is about life and happiness.”

The model has now spread to places such as Canada and Australia, and Serenbe in Georgia has adopted a similar structure in the United States. In Washington, D.C., a plan is under discussion to include a dementia village in the city-supported redevelopment of the Fletcher-Johnson Middle School site. Developer Osama Suaidi, who leads the project, said, “Facility-centered dementia care lacked human warmth,” and noted, “If we provide quality meals, housing and social interaction, we can also reduce the burden on public health care costs.”

The nonprofit Iona Senior Services also separately proposed to the council a hybrid-style dementia village for low-income older adults. Korean American head Jun Bang requested a budget of $3 million, explaining, “The goal is a structure where people live at an adult day health center during the day and receive care in a group home at night.” The council approved only $850,000 of that, but Bang said, “Dementia is not something to fear but a reality everyone will face,” and continues to push the project.

Experts said Washington, D.C., has little choice but to consider adopting the “dementia village” model because it has the highest dementia incidence rate in the United States.... 

....MORE 

<insert apology for gerontocracy joke here> 

Rabobank: The Polycene and the Monocene

From Rabobank's Michael Every via ZeroHedge, November 18: 

The Boundaries Dividing Political, Monetary, Fiscal, Trade And Other Policies Are Gone 

For over a decade our global strategy has warned the ‘liberal world order’ would collapse. Now, the New York Times’ Tom Friedman, in ‘Welcome to Our New Era. What Do We Call It?’, shares that “For the past few years, I have had to ask myself a question I never asked before in my life: What should we call the era we’re living in today?” He’s running with ‘The Polycene’, which in Greek means “There’s so much going on that a ‘Monocene’ focus on data won’t help.”

In markets stocks, tech, crypto, and even gold are down. Japanese 20-year JGB yields just hit the highest since 1999, prompting a meeting at 15:30 Japan time today between PM Takaichi and BOJ Governor Ueda – but what can be done endogenously that doesn’t smash either the JGB market or JPY? There are also warnings over private credit - yet we also continue to see circular-investing / vendor-financing mega deals in the AI space.

In geopolitics, the USS Ford has arrived in the Caribbean: what does that mean for Venezuela, as Chile is expected to see a US-friendly shift in its presidential election? In Asia, the US pulled a missile system from Japan as the Beijing–Tokyo row over Taiwan deepens despite the latter’s attempts to deescalate. In Europe, Berlin and Paris may scrap a planned joint fighter as France plans to supply Ukraine with 100 Rafales, upping the ante with Russia; Brussels warns the EU’s proposed €140bn Ukraine loan could have a “knock-on” impact on financial markets; Poland says a rail explosion there was an “unprecedented act of sabotage”; and the FT warns ‘The scramble for Europe is just beginning’, where “as the EU struggles to defend its interests, outside powers play divide and rule,” putting a new spin on ‘DM = EM’. In the Mid-East, the UN Security Council backed Trump’s plan for postwar Gaza, as the US intends to sell F-35 fighter jets to Saudi Arabia, whose more cash-strapped MBS will visit the White House today for arm twisting on expanding the Abraham Accords.

As military spending surges, the fiscal picture is worrying. Russia is raising VAT by 2 percentage points. The US is talking $2,000 cheques for working families paid for by tariffs. France still hasn’t agreed a budget. Germany is about to splurge on arms. Canada is borrowing far more, but not for that. The UK just saw market volatility over suggestions taxes wouldn’t be raised when the market had previously disliked the idea that they would. China is rolling out stimulus. Japan’s PM also wants fiscal stimulus… to lower inflation.

Supply chains are geopolitically squeezed. Both GM and Tesla say they won’t use Chinese parts in the US. German is freezing out Huawei and will bring in new tech controls aimed at China. The Dutch-Chinese Nexperia row rumbles on, and a new row has started. The US still hasn’t formally secured the China rare earths deal it wants. Positively, India says a US trade deal is closer after agreeing to take much more US LNG. Negatively, the US just warned Europe over trade foot-dragging, and the Chair of UBS has talked to Scott Bessent about moving the bank to the States.

Affordability remains a key issue in the West: there’s a Trump summit on it today. The situation is similar in other DM – and worse in EM. House prices are sky high: the average age of a US home buyer has risen to 59(!) A top Aussie banker says housing heat is raising concerns and calls to ‘Put the brakes on’ follow a record A$40bn investor blitz into property as everyone --but the central bank-- predicted would follow RBA rate cuts. Moreover, the AFR warns ‘China’s debt shock is coming. Our high house prices won’t protect us’, and “Australia’s economy isn’t ready.”

The threat of AI job losses is soaring. That’s as MAGA politicians are demanding transparency on AI job losses, where “Protecting US workers collides with need to outpace China”, and ‘Notices of Impending Layoffs by US Companies Surged in October’ (Bloomberg). Yet Elon Musk states his robots could end poverty and provide universal high incomes. So, what’s next: mass unemployment or ‘abundance’ or both? Which central bank has either in their models?

Political populism keeps rising. Mamdani won in New York. Trump has been forced to agree to release the Epstein files, as a far-right (and libertarian) ‘America First’ faction challenges MAGA. In Australia, the Nats/Libs Coalition is down sharply in the polls after it dropped a commitment to net zero and says it wants much lower immigration, as populist One Nation surges. In the UK, the Reform party says it would cut off benefits for EU citizens and slash overseas aid to save £25bn: the UK press says the police are preparing for civil war. On Friday, PM Takaichi announced she may change the corporate code to force Japanese firms to invest more or pay higher wages rather than return profits to shareholders. In Nepal, Indonesia, and Mexico Gen-Z protests just tried to bring down their governments. Again, central banks can’t capture this – but may be captured.

Indeed, D.L. Jacobs argues the Fed’s Miran aims to challenge the foundations of US monetary policy “because the world [Fed] forecasts are trying to measure no longer exists.” Keynesianism emerged in the Great Depression of the 1930s; monetarism with the Great Stagflation of the 1970s; hyper-neoliberalism in the post-Cold War 1990s; central bank QE in the post-GFC 2000s; and Miran argues the Treasury and Fed de facto merged in the 2020s so “The pretence of central bank independence has collapsed. Monetary policy is now politics conducted by other means.” And the US faces a panoply of (geo)political challenges....

....MUCH MORE 

As the philosopher said:

Well, I woke up this morning
And I got myself a beer
Well, I woke up this morning
And I got myself a beer 

The future's uncertain and the end is always near 

Roadhouse Blues, Morrison, Densmore, Manzarek, Krieger, 1970  

"Data centers are concentrated in these states. Here’s what’s happening to electricity prices"

From CNBC, November 14/17:

Electricity prices are surging, voters are growing angry, and the artificial intelligence industry’s data centers are increasingly a target for blame with U.S. mid-term elections on the horizon.

Residential utility bills rose 6% on average nationwide in August compared with the same period in the previous year, according to the U.S. Energy Information Administration.

The reasons for price increases are often complex and vary by region. But in at least three states with high concentrations of data centers, electric bills climbed much faster than the national average during that period. Prices, for example, surged by 13% in Virginia, 16% in Illinois and 12% in Ohio.

The tech companies and AI labs are building data centers that consume a gigawatt or more of electricity in some cases, equivalent to more than 800,000 homes, the size of a city essentially.

Virginia has the highest concentration of data centers in the world. Democrat Abigail Spanberger won the state’s recent governor’s race in a landslide by campaigning on cost of living. Spanberger put at least part of the blame for rising electricity prices on data centers, promising to make tech companies “pay their own way and their fair share” of the escalating costs.

The governor’s race could be a harbinger of political headwinds for the AI industry’s data center buildout with the mid-term elections just a year away and Democrats zeroing in on affordability as their central issue. In Washington, some Democratic senators are targeting the close relationship that President Donald Trump has developed with the leaders of the major tech companies and AI labs.

Sen. Richard Blumenthal of Connecticut and Sen. Bernie Sanders of Vermont took aim this week at what they described as the White House’s “sweetheart deals with Big Tech companies,” accusing the administration of failing to protect consumers from “being forced to subsidize the cost of data centers.”

“The techlash is real,” said Abraham Silverman, who served as general counsel for New Jersey’s public utility board from 2019 until 2023 under outgoing Democratic Gov. Phil Murphy.

“Data centers aren’t always great neighbors,” said Silverman, now a researcher at Johns Hopkins University. “They tend to be loud, they can be dirty and there’s a number of communities, particularly in places with really high concentrations of data centers, that just don’t want more data centers.”

Virginia, Ohio and Illinois....

....MUCH MORE 

"The A.I. Prompt That Could End the World"

From the New York Times, October 10:

May 20 2025: "Elon Musk says AI could run into power capacity issues by middle of next year"

From CNBC, May 20:

  • Elon Musk said AI data centers could face power capacity issues the middle to end of next year.
  • Musk said his artificial intelligence startup xAI is building a gigawatt-size data center outside Memphis, Tenn.
  • A gigawatt is equivalent to the power capacity of the average nuclear plant in the U.S. 

Elon Musk said Tuesday that artificial intelligence development could run into power generation problems by the middle of next year, as the technology industry builds increasingly large data centers.

Musk told CNBC in an interview that his artificial intelligence startup xAI is planning a gigawatt-size facility outside Memphis, Tenn. He said the facility would be complete in six to nine months. A gigawatt is equivalent to the power capacity of the average nuclear plant in the U.S., according to the Department of Energy.

Musk said AI faces three major limitations as it scales up: chips, transformers and power generation. Transformers are used to ramp down the voltage of electricity produced by power plants so it can used by computers.

“As we solve the transformer shortage, there will be the fundamental electricity generation shortage,” Musk told CNBC’s David Faber. “My guess is people are going to start hitting challenges with power generation maybe by the middle of next year, end of next year.”

Alphabet’s Google unit warned in February that the U.S. is facing a power capacity crisis as the U.S. races against China to achieve dominance in AI. Google started looking into nuclear energy after realizing renewables were potentially causing instability on the grid, said Caroline Golin, Google’s global head of energy market development. The output of wind and solar is dependent on weather conditions....

....MUCH MORE 

Previously on electrical transformers: 

March 2025 -  "This Essential Element of the Power Grid Is in Critically Short Supply" 
Elon Musk has been prophesying this for the last couple years. And here we are....

"Royal Mail owner gets £4.5bn stake in French oil giant" (TotalEnergies' pivot to electricity)

From The Telegraph, November 17:

Billionaire will sell half of his Eastern European power business for shares in TotalEnergies 

The billionaire owner of Royal Mail is to become one of the biggest shareholders in French oil giant TotalEnergies in a deal worth €5.1bn (£4.5bn).

Daniel Křetínský is poised to become Total’s fourth biggest shareholder after striking a deal to sell half of his Eastern European power business EPH to the French company in exchange for shares.

The Czech billionaire will get 4.1pc of shares in Total, one of the biggest oil firms in the world.

Under the terms of the deal, a newly launched joint venture will take control of a selection of EPH’s gas and biomass-fired power plants and battery developments in Britain, Ireland, Italy, France and the Netherlands.

Total is hoping to bolster its position in some of the world’s most profitable electricity markets at a time when power demand is expected to surge because of the build out of data centres.

Total said the new power plants will also give it a way to make higher profits from its business exporting liquefied natural gas (LNG) into Europe from the US, by providing it with a new network of power plants to supply.

EPH will continue to fully own its commodities business, its transmission infrastructure business, its Slovakian power generation company and the remainder of its central European assets.

The deal comes as the oil and gas industry rolls back its focus on net zero and comes as a vindication of Mr Křetínský’s contrarian push to buy up fossil fuel assets across Europe.

Patrick Pouyanné, Total’s chief executive, said: “This acquisition marks another major milestone in TotalEnergies’ strategy to build an integrated electricity player in Europe.”

Mr Křetínský added: “Through our shareholding in TotalEnergies, we are implementing our strategic ambition to diversify and reduce our geographic exposure, which is currently concentrated in the EU and UK.”

Mr Křetínský is worth almost £8bn and best known in Britain as the first foreign owner of the Royal Mail in its 509-year history. The Czech businessman also owns a 27pc stake in West Ham United and a 10pc stake in Sainsbury’s....

....MORE 

Recently on the power pivot:

November 12 - French Oil Supermajor TotalEnergies agrees renewable power deal with Google for Ohio data centres

And earlier:

June 2025 - French Tech: French Supermajor "TotalEnergies to Collaborate with Mistral AI to Increase the Application of Artificial Intelligence in its Multi-Energy Strategy"  

May 2022 - French Oil Major, Total, Puts Another $2.4 Billion Into Wind and Solar

Capital Markets: "Equities Wish it were Turn Around Tuesday as Rout Continues and No Relief for the Yen"

From Marc to Market:

Overview: A sell-off in equities is continuing while the foreign exchange market is quiet with the greenback confined mostly to narrow ranges. It is firmer against most currencies, though the dollar bloc is the most resilient today. The dollar reached a new nine-month high against the yen. Despite some escalating rhetoric from the MOF, the market is pushing the dollar higher amid concern about the new fiscal package the government is set to unveil shortly and heighten tensions with China. Emerging market currencies are under pressure, and the Turkish lira is at new record-lows. 

All the large equity markets have sold off today. The main indices Japan, South Korea, and Taiwan were hit for more 2-3%, while Hong Kong and Australia were tagged for almost 2%. Europe's Stoxx 600 is off about 1.3%, the most since early September. It is the fourth consecutive drop. US index futures are down around 0.25%. Benchmark 10-year yields are lower outside of Japan. European yields are mostly less than a basis point lower, while the 10-year US Treasury yield is down about three basis points to slightly below 4.10%. Gold slipped through $4000 for the first time in a week but recovered to around $4050 in Europe. December WTI is consolidating within yesterday's range (~$59.30-$60.45) and is knocking on $60 from below in late European morning turnover. 

USD: The Dollar Index is fraying the upper end of last Thursday's range (~99.00-99.60), which has confined activity....

....MUCH MORE 

"‘Sell Japan’ Trade Emerges as Fiscal Worry, China Tensions Weigh"

From Bloomberg, November 17:

Japanese stocks and government bonds extended losses on Tuesday, as sentiment cooled on concerns about a diplomatic spat between Tokyo and Beijing and fiscal health at home.

The Nikkei 225 index fell 3.2%, the biggest drop since April 9, while the yield for the 40-year government bond jumped as much as 8 basis points to 3.68%, its highest level since the securities debuted in 2007.

“There’s rising uncertainty about government finances, as well as nerves around Japan’s relationship with China,” said Tomo Kinoshita, global market strategist at Invesco Asset Management Japan Ltd. “Overall market sentiment is worsening, and it’s fueling a ‘sell Japan’ movement,” he added.

Read: Japan Bond Rout Deepens on Fears Over Takaichi’s Fiscal Package

Longer-maturity government bonds tumbled as investor worries deepened that a coming economic package from Prime Minister Sanae Takaichi would strain the nation’s public finances.

Concerns about lofty tech valuations also weighed on Japanese stocks with AI-related stocks dragging down the Topix, with SoftBank Group losing 7.5%. Cablemakers Furukawa Electric, Sumitomo Electric and Fujikura were among the Nikkei’s worst performers, with chip-gear makers Ibiden and Shift also weak.

“Both Japan and the US are showing signs of a cycle-through in AI-driven markets,” said Naoki Fujiwara, senior fund manager at Shinkin Asset Management. With retreating expectations for US rate cuts and deteriorating China-Japan relations, the prevailing view is that the bull market has ended for now, he said.

Japanese and Chinese senior diplomats are set to meet in Beijing on Tuesday to discuss growing tensions around Prime Minister Takaichi’s recent comments on Taiwan, NHK reported....

....MORE 

Monday, November 17, 2025

"How to Not Get Kidnapped for Your Bitcoin"

From the New York Times, November 17:

Escaping zipties, hiring bodyguards and other practical lessons in self-defense for crypto traders, after a series of gruesome crimes spooked the community. 

Pete Kayll, a musclebound veteran of Britain’s Royal Marines, had an unusual instruction for the Bitcoin investors gathered in Switzerland in late October.

“Just bite your way out,” he told them.

It was the final day of a weekend-long cryptocurrency convention on the shore of Lake Lugano, near the Italian border. A small group of investors had lined up in a conference room to have their hands bound with plastic zipties. Now they were learning how to get them off.

“Your teeth will get through anything,” Mr. Kayll advised. “But it will bloody well hurt.”

Most people don’t go to an international crypto conference expecting to learn how to gnaw through plastic. But after hours of panels devoted to topics like Bitcoin-collateralized loans, these investors were looking for something more practical. They wanted to know what to do if they were grabbed on the street and thrown into the back of a van.

It was precisely that kind of situation that the investors in Lugano were desperate to avoid. They had gathered for a daylong “counter-kidnapping” workshop that was scheduled for the end of the Plan B conference, an annual Bitcoin gathering sponsored by Tether, one of the world’s biggest crypto firms.

The workshop’s organizer, Alena Vranova, an entrepreneur based in Prague, has conducted extensive research on wrench attacks, compiling data on the disturbing pattern of abductions.

“We have a surging epidemic of physical violence against crypto people,” Ms. Vranova said in an interview. “We are at one kidnapping and extortion per week. That’s quite brutal.”

Arguably the most gruesome assault came in January when David Balland, a founder of the crypto hardware firm Ledger, was kidnapped with his wife from their home in France. The attackers cut off one of Mr. Balland’s fingers and circulated an image of the mutilated appendage, demanding ransom paid in crypto. Part of the ransom was paid, and the local police located Mr. Balland and his wife after a 48-hour search.

The case had a disturbing resonance for Ms. Vranova, who helped start Trezor, a competitor to Ledger that develops hardware devices for the secure storage of cryptocurrencies.

“If they can take the co-founder of a hardware wallet, they can take anyone,” Ms. Vranova said.

In February, Ms. Vranova founded Glok, a business that is developing an app that crypto investors can use as a kind of panic button. It’s one of a number of countermeasures that have gained traction in the crypto world, as security firms rush to profit from the panic, offering bodyguards and other “white-glove protection” services.

Before the workshop, Ms. Vranova led a short seminar at the Plan B convention center in Lugano, where she flipped through a gruesome PowerPoint detailing one abduction after another. To a rapt audience of about 100 Bitcoin enthusiasts, she described an assault in Spain in which an executive was held captive in his home, pepper-sprayed, handcuffed and beaten by attackers who wanted access to 25 million euros in cryptocurrency....

....MUCH MORE 

With bitcoin having traded below $90,000 earlier today, the headline urgency may be falling but it is still wise to be aware of the risks. As a side note, I've not heard of anyone being kidnapped and tortured for their CryptoKitties

Also, don't anger German pensioners or dentists. See March 2023's:
"Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured"
I'm thinking he had it easy compared to the advisor who was kidnapped and tortured by a bunch of German retirees. Or the stockbroker who was kidnapped and tortured by a client dressed in a Santa suit....
Possibly of interest:

Finally, having made your escape, here's an approach slightly different from the U.N./EU tactics:
"Dealing with Pirates (and terrorists) Russian Style 

"China Dials Back Budget Spending by Most in Over Four Years"

 From Bloomberg, November 17:

China’s broad fiscal spending slumped in October by the most since at least 2021, crippling a key driver of investment and economic growth.

The combined expenditure in China’s two main budgets — the general public account and the government-managed fund book — tumbled 19% in October from a year earlier to 2.37 trillion yuan ($334 billion), according to Bloomberg calculations based on data released by the Ministry of Finance on Monday.

It was the steepest slide since comparable data started in early 2021, while the value of money spent was the least since July 2023. Goldman Sachs Group Inc. said its proprietary “augmented fiscal deficit” metric narrowed last month, indicating that budget policy “turned less supportive of growth.”

The plunge reflects an evolution of government policies and underlines waning fiscal support for the world’s second-largest economy, which lost steam across the board last month.

Investment, a large part of which is driven by budget expenditure, posted an unprecedented decline in October, adding to a drag from sluggish consumption and weaker foreign demand.

The “data suggest that the meaningful deceleration in government spending growth, together with a larger portion of incremental spending being spent on repaying corporate arrears — rather than investment projects — may have significantly weighed on headline fixed-asset investment growth,” Goldman economists including Lisheng Wang wrote in a note.

Infrastructure-related spending under the general public budget, including outlays on transportation, water conservation and urban and rural community affairs, fell almost 26% on year last month to 361.6 billion yuan, according to Bloomberg calculations based on the Ministry of Finance numbers....

....MUCH MORE 

On top of that Chinese household borrowing is dropping. From Caixin, Nov. 17:

China’s Credit Growth Weakens as Households Cut Back on Debt 

And in other news: "China’s first flying car factory begins trial production, mass delivery set for 2026..."

From the state-directed, outward-facing propaganda organ, Global Times, November 12:

XPENG Aridge has begun trial production at its flying car plant in Guangzhou, marking the launch of the world's first mass-production line for flying cars. Its factory's debut model — a modular "Land Aircraft Carrier" that combines a ground vehicle with a detachable air module — has completed its first trial assembly, with mass production and deliveries expected in 2026, the Global Times learned from the company on Wednesday.

"XPENG Aridge aims to begin mass production and delivery of its flying car in 2026," Zhang Xuehui, the company's brand communications director told the Global Times on Wednesday....

....MUCH MORE 

"OpCore plans €4bn data center at former EDF coal power plant outside Paris, France"

From DatacenterDynamics, November 17: 

Firms in exclusive negotiations over site 

The site of a former coal-fired power plant outside Paris, France, could be converted into a €4 billion ($4.64bn) hyperscale data center.

EDF, France’s state energy provider, and data center firm OpCore, have entered exclusive negotiations about the project, which would be built at the former Montereau-Vallée-de-la-Seine power plant located 75km (46.6 miles) southeast of Paris. The coal power station closed in 2004.

News of the deal was first revealed by James Chéron, vice president of the Ile de France regional government, back in July.

The partners said the data center would have a capacity of “several hundred” megawatts. The 20-hectare land parcel has an authorized grid connection of up to 700MW....

....MUCH MORE 

"Beyond fission: Where China is getting with small modular and fusion reactors"

From Pacific Forum, November 13:

On Oct. 13 of this year, the PRC state media outlet CPNN, reported that China is pulling ahead in advanced nuclear power technology development with the launch of the large-scale production “Hualong One” (also known as HPR1000). As it develops, China not only aims to tackle the transmission bottleneck in the south, but also to export to countries like Pakistan as the PRC’s “business card” to the world.

China’s dual goals of localization and export orientation have long defined its nuclear strategy. Led by state-owned giants such as the China National Nuclear Corporation (CNNC), Beijing has invested heavily in domestic innovation while aggressively expanding into overseas markets. Beijing has sought to expand its reactor sales to markets such as Argentina and the United Kingdom, while also securing control over upstream uranium resources. CNNC’s 2019 acquisition of Namibia’s Rössing Uranium Mine, one of the world’s largest open-pit uranium operations, underscored China’s growing dominance across the nuclear value.

Beijing’s policy support for state-owned enterprises has enabled it to build a vertically integrated nuclear industry, driving rapid advances in small modular reactors (SMRs), fourth-generation technologies, and nuclear fusion research (the Artificial Sun). Furthermore, intensifying US–China competition is reshaping global nuclear exports and deepening the geopolitical risks of dependence on Chinese nuclear systems.

From domestic reactors to global reach

Domestically, China has achieved a remarkable industrial build-out. Since adopting pressurized water reactor (PWR) technology in 1983 under the Key Points of Nuclear Energy Development Policy, China’s nuclear roadmap has followed a three-step strategy: start with thermal reactors, advance to fast breeder reactors, and ultimately pursue nuclear fusion. The CNP-300, China’s first domestically designed PWR, was the first unit completed in the 1990s and began operation at the Qinshan Phase I plant. This model later became China’s first export reactor, installed at Pakistan’s Chashma Nuclear Power Plant.

Subsequent Qinshan projects, such as the CNP-600 and CNP-650, marked clear improvements in reactor capacity and design. The National Nuclear Power Development Plan (2005–2020), approved by the State Council in 2003, formally set the course for transitioning from second- to third-generation reactors—spurring the development of the HPR1000 and advancing China’s capabilities in both nuclear and conventional island design. China is now largely self-sufficient in reactor design and construction and is pursuing a closed nuclear fuel-cycle as part of its long-term strategy.

Meanwhile, CNNC’s Linglong One (ACP100) SMR is the world’s first land-based small modular reactor (SMR). The reactor began development back in 2010 as part of China’s 12th Five-Year Plan for Energy Science and Technology Development (国家能源科技“十二五”规划) and became the first SMR to pass the final safety review by the International Atomic Energy Agency (IAEA) in 2016. The construction of the reactor started in 2021, and the equipment installation and reactor and outer containment dome building were completed in 2025. On Oct. 16 the reactor finished its first cold testing, confirming its proper installation, and is now scheduled to enter commercial operation in 2026.

Apart from the advancement in SMR deployment, China also demonstrates its capacity for building the fourth-generation nuclear reactor. The High Temperature Gas-Cooled Reactor (HTR-PM) constructed by China National Nuclear Corporation and China Huaneng Group in Shidao Bay is the world’s first fourth-generation nuclear reactor to enter commercial operation. The reactor uses TRISO as fuel, which is enhanced to withstand higher temperatures and enables higher fuel efficiency. Due to the high temperature operation, it uses helium as a coolant. The self-development of the high-temperature gas-cooled reactor technology was initiated in the Medium- and Long-Term Plan for Science and Technology Development (国家中长期科学和技术发展规划纲要) published in 2006. In 2012, the reactor construction started, and it began commercial operation in 2023.

The success back home and IAEA approval of its technology encouraged China to expand its advanced reactor exports to new markets in Southeast Asian countries, in addition to Pakistan, Argentina, and the UK. China started to explore nuclear cooperation in Southeast Asia in 2015, when the China General Nuclear Power Group signed a cooperation agreement with the Association of Southeast Asian Nations to train nuclear professionals from its member countries. Since 2022, the China-ASEAN Forum on Peaceful Uses of Nuclear Technology has been held annually, and the focus has shifted from training and research cooperation to how China exports its technology and builds nuclear power plants in Southeast Asia. CNNC signed a Memorandum of Understanding (MOU) with the Indonesian National Research and Innovation Agency, and the Chinese government also signed MOUs with Thailand and Malaysia on nuclear power cooperation. SMRs are specifically mentioned in the Indonesian and Thai deals....

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How Silicon Valley is preparing for the jobless AI future it’s creating

From the New York Post, November 14:

Silicon Valley is preparing for the future it’s creating.

As AI eliminates white-collar jobs — dozens of tech firms have announced layoffs in the last month — the idea of universal basic income (UBI) is once again gaining momentum among tech’s biggest names, including Sam Altman, Elon Musk and Andrew Yang.

Yang — a tech investor who notably advocated for UBI when he ran for president in 2020 — told me he believes the need for regular cash payments to all citizens, no strings attached, has never been greater.

“The case for universal basic income or getting money into people’s hands just gets stronger all the time as AI gets faster and faster. The models double in power about every seven month,” he said. “Entry-level white-collar jobs are increasingly going to get gobbled up.

Last month saw the most job cuts in any October in more than 20 years according to Challenger Data. It came on the heels of tens of thousands of layoffs over the past few months, largely due to AI replacing workers.

CEOs have privately conceded to me that the cuts are just beginning with many planning to lay off more than half of their workers in the coming year or two. One source even fretted that he didn’t know how his teenage children would find entry-level work when they graduated college....

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Also at the Post (possibly related):

Missouri sports betting pre-launch live updates: Latest offers, promos and news  

Inside the extravagant lives of the NJ bookie moms caught up in Mafia-linked betting ring  

Capital Markets: "Downgraded Chances of Fed Cut Next Month Help Underpin the Greenback"

From Marc Chandler at Bannockburn Global Forex:

Overview: The US dollar is slightly firmer against most of the G10 currencies, with the Antipodeans, leading the move with around 0.25% losses. Rising tensions between Japan and China, coupled with shift in expectations away from a Fed cut and a BOJ hike next month keeps the dollar within strike distance of JPY155, where $1.4 bln in options expire today. The euro is straddling the $1.16 area, where options for around 485 mln euros expire. The nearly flat performance of the Swedish krona and Canadian dollar put them atop the G10 performers heading into the North American session. Emerging market currencies are also mostly softer today, including the Chinese yuan, despite the PBOC setting the dollar's fix at a new low for the year today.

Equities ae mixed. In the Asia Pacific region, Japan, China, and Hong Kong markets fell, while the other large bourses advanced, led by a nearly 2% gain in South Korea. Europe's Stoxx 600 is off for the third consecutive session, while the S&P and Nasdaq futures are 0.20%-0.45% higher. Japanese bond yields rose with the 10-year yield rising to a new multi-year high near 1.74%. Benchmark 10-year rates are mostly lower in Europe. Fitch upgraded Greece's rating to BBB (from BBB-) late Friday, and the yield is off nearly two basis points today. Moody's review Italy at the end of this week, and an upgrade is possible. The 10-year US Treasury yield is 2-3 bp softer, near 4.12%. After falling 2% before the weekend, gold is consolidating in a roughly $4050-$4105 range. December WTI is also consolidating today within the pre-weekend range. It tested $58 last Thursday and is struggling to sustain a foothold above $60.

USD:
The Dollar Index held the 99.00 level in the last two sessions and, although it settled below the 20-day moving average ahead of the weekend, it settled near session highs. It reached nearly 99.50 today....

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"Norway's Wealth Tax Unchains a Capital Exodus"

“the art of taxation consists in so plucking the goose as to obtain the largest 
possible amount of feathers with the smallest possible amount of hissing.”

attributed to  Jean-Baptiste Colbert, Controller-General of Finance (1668-83) under Louis XIV of France.

From CitizenX, October 5, 2025

Norway's wealth tax increase, expected to raise $146M, led to a $448M net loss as $54B in wealth left the country, reducing tax revenue by $594M. 

The mass departure of Norway's billionaires has transformed into an unprecedented exodus, as the nation's tax administration grapples with one of Europe's most demanding wealth tax and income tax rates. Last year marked a watershed moment in this capital flight, with more than NOK 600 billion in assets leaving the country as high-net-worth individuals increasingly opted for tax havens over their homeland....

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"Power: The answer to and source of all your AI datacenter problems"

From The Register, November 15: 

Digital Realty CTO Chris Sharp weights impact of densification on the datacenter and the rise of the AI factory 

Interview In the datacenter biz, power is the product. You either have it or you don't, Chris Sharp tells El Reg.

The CTO of colocation provider Digital Realty explains that without power, there are no servers, no storage, no GPUs, and none of those AI tokens that have Wall Street in a frency. But power isn't only the limiting factor in the US and much of the world, it has also upended the way datacenters are designed and built.

Over the past few years, GPU servers have transitioned from air-cooled machines that didn't require much if any additional work to deploy in a typical datacenter to something more reminiscent of the bespoke HPC clusters built by the likes of Cray, Eviden, or Lenovo.

This change didn't take place overnight. Nvidia's Ampere generation of GPUs introduced in 2020 didn't really require a fundamental shift in the company's approach to cooling or thermal management, Sharp told us.

But in the intervening years the winds were changing. GPU servers were not only growing more power hungry but were in now in high demand, and deploying them was no longer as simple as racking and stacking servers.

The chief constraints: power and density. In the past five years we've gone from air-cooled systems that might pull 6 or 7 kilowatts under load to liquid-cooled rack-scale behemoths with more than 120 kW of compute on board.

"More times than not, customers are like, 'Okay, I broke through, and I'm free of the supply constraint, I have my chips,' and I have to say: slow down; there's a lot of other things you're going to need," Sharp said.

For X amount of GPUs you now need so many switches, storage servers, power delivery units, and coolant distribution units. In the case of Nvidia's densest systems, existing datacenters may not even be able to support the physical load.

"Silicon innovation is going to be hampered by the permanence of concrete in the datacenter," Sharp said. "There's a potential to have bought your infrastructure, and you do not have a place where it goes"

There are a lot of colocation providers that can't handle this level of densification, or, if they can, that doesn't mean they're prepared to support the next generation of compute platforms, he adds.

This is a problem for hardware vendors like Nvidia and AMD, who believe that as Moore's Law slows and advancements in silicon density and energy efficiency become fewer and further between, the best path forward is packing larger and larger chips closer together.

Today, Nvidia's rack systems are hovering around 140kW in compute capacity. But we've yet to reach a limit.  By 2027, Nvidia plans to launch 600kW racks which pack 576 GPU dies into the space one occupied by just 32....

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Reality bytes. 

"Scammers Find ‘Jurisdiction of Choice’ in Singapore"

From PYMNTS.com, November 16:

Singapore’s status as a financial hub has also made it a popular destination for scammers.

That’s according to a report Sunday (Nov. 16) by the Financial Times (FT), which said authorities in the city-state are engaged in an ongoing “game of whack-a-mole” with fraudsters, seeking vulnerabilities to exploit.

“The problem Singapore faces is that as a trading nation, it is built around inflows and outflows — its success makes it vulnerable to money laundering,” Rory Doyle, head of financial crime policy at compliance software company Fenergo, told the FT.

“Singapore’s geographical location and reputation within Asia make it a jurisdiction of choice for regional criminals,” added Chengyi Ong, head of Asia-Pacific policy at Chainalysis.

Highlighting the issue, FT said, is last month’s seizure of assets linked to Cambodia’s Prince Group, identified by British and American authorities as a “transnational criminal empire,” operating investment scams.

In that case, the U.S. government seized $15 billion in bitcoin and charged alleged ringleader Chen Zhi, a 37-year-old Chinese-born Cambodian national, with conspiring to commit wire fraud and money laundering. 

Chen and his cohorts are accused of running a widespread international criminal empire, forcing trafficked workers at scam compounds in Cambodia to steal billions of dollars from victims around the globe. From there, the group allegedly laundered the proceeds through entities throughout Asia and offshore financial centers....

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Probably related:

November 11 - "South-east Asia digital economy to surpass US$300 billion in 2025, rides AI wave"

November 9 - "Singapore Introduces Mandatory Caning For Scamming Offenses"

"Jeff Bezos Creates A.I. Start-Up Where He Will Be Co-Chief Executive"

From the New York Times, November 17:

Called Project Prometheus, the company is focusing on artificial intelligence for the engineering and manufacturing of computers, automobiles and spacecraft. 

Jeff Bezos, the founder of Amazon and one of the world’s wealthiest people, is throwing his money and time into an artificial intelligence start-up that he will help manage as its co-chief executive.

The company, called Project Prometheus, is coming out of the gates with $6.2 billion in funding, partly from Mr. Bezos, making it one of the most well-financed early-stage start-ups in the world, said three people familiar with the company who spoke on condition of anonymity because details have not yet been made public.

This is the first time Mr. Bezos has taken a formal operational role in a company since he stepped down as chief executive of Amazon in July 2021. Though he is deeply involved in Blue Origin, a competitor to Elon Musk’s SpaceX, his official title at the space company is founder.

Since leaving Amazon, Mr. Bezos has received as much attention for his personal life as his businesses, including an extravagant celebrity-filled wedding in Venice earlier this year. He has also become more closely involved in Blue Origin and has shown increasing interest in the race to build artificial intelligence.

His new company now firmly plants him in the middle of that competition. Project Prometheus is entering an increasingly crowded A.I. market, with smaller companies trying to carve out niches in a race with industry giants like Google, Meta and Microsoft and pioneering companies like OpenAI and Anthropic. 

The new company has until now kept a low profile, and when it was started is not even clear. Project Prometheus is focusing on technology that dovetails with Mr. Bezos’ interest in taking people to outer space. The company is focusing on A.I. that will help in engineering and manufacturing in a number of fields, including computers, aerospace and automobiles. It is unclear where Project Prometheus will be based.

Mr. Bezos’ co-founder and co-chief executive is Vik Bajaj, a physicist and chemist who worked closely with Google’s co-founder Sergey Brin at Google’s X, a research effort often called “The Moonshot Factory.” Google X produced a wide range of ambitious projects, including Wing, a drone delivery service, and the self-driving car that became Waymo.

In 2015, Dr. Bajaj was among the founders of Verily, a research lab dedicated to the life sciences that, like Waymo and Wing, is operated by Google’s parent company, Alphabet.

Three years later, Dr. Bajaj co-founded and became chief executive of Foresite Labs, an effort to incubate new A.I. and data science start-ups. He recently left that job to focus on Project Prometheus, according to the three people who spoke on condition of anonymity.

Project Prometheus is among a wave of companies focused on applying A.I. to physical tasks, including robotics, drug design and scientific discovery. This year several prominent researchers left Meta, OpenAI, Google DeepMind and other big A.I. projects to found a company called Periodic Labs, which is focused on building A.I technology that can accelerate new discoveries in areas like physics and chemistry.

Last year, Mr. Bezos invested in Physical Intelligence, a start-up that is applying A.I. to robots.

But the $6.2 billion in funding behind Project Prometheus potentially gives it an advantage in the expensive race to build A.I. technologies. Earlier this year, Thinking Machines Lab, founded by a group of former OpenAI employees, raised $2 billion in funding....

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