Markets drunk on expectations and hype will believe what they want to believe – but as bubbles pop and truths are exposed, then sentiment can shift suddenly. Yesterday’s market darlings become today’s scams. Who knew? Relax. The sun will come up tomorrow. Enjoy the show.

Headlines about a deepening stock sell off, the rising “fear” gauge, and unsustainable valuations, are dominating the news flow. Relax. End of the world market crashes happen all the time. Sit back and enjoy the show. Get your buying boots ready.

Is the AI bubble bursting? Who will be the survivors and losers? Or is it more fundamental – US AI firms talk of spending billions, but what is China is doing AI better and cheaper? If China wins the AI race, then it will confirm more than just the waning of the American century. It will fundamentally shift valuations.

What will the future look like? Many Porridge readers fear Technofeudalism – where a new aristocracy of big tech will replace democracy and make serfs of us all. What might it look like…?  

This morning’s meeting in Busan, Korea was short and sweet. Goal achieved - the global meltdown that would have followed a rare-earth embargo by China has been avoided. What is more interesting is how it could change the current power set-up in Washington as Scott Bessent and Marco Rubio increasingly take centre stage.

The AI Bubble floats on a wave of Confidence – confidence the global economy needs it, the USA will lead it, the hyperscalers and AI firms can afford it, energy is not an issues, and competition from China, tech evolution and quantum are not future problems. All the market sees is opportunity. We've been here before.

Western economies are dependent on functional tech. Yesterday’s Amazon outage suggests the resiliency of tech infrastructure is creaking, raising multiple issues about dependency and costs. Could a shift in how companies secure against Tech vulnerabilities see the MAG3 firms at the core of global tech infrastructure hit?

What if we are completely wrong about AI? A revolution in how tech is being innovated across the economy is clearly happening –  but what if we’ve got the winners and losers wrong? What if we’ve misjudged how AI will evolve as companies and individuals innovate AI solutions for themselves, seeking to preserve their data sovereignty and control of  their systems?

The Age of Steam was perhaps the most influential technological paradigm shift since the innovation of agriculture. Railways and Steam Ships made the World smaller and fostered global growth and industrial innovation – leading to where we are today, perhaps on the cusp of the next big leap forward; AI technologies (although I would argue they are just the evolution of computing!)

Sir Tim Berner-Lee’s autobiography, “This Is For Everyone” is a delight. In a world that is increasingly riven and polarised - largely through the deliberate misuse of the tools his web protocols enabled - his calls for a polite reset will likely fall on deaf ears… There is simply too much money to be made monetising the passions and addictions that drive social media – which is why we ultimately may need to regulate Big Tech and the Web.