OPINION: The AI buildout is being financed on junk. S&P maps late-delivery penalties across 11 rated data centre projects: 8 are BB+ or below, 3 at B+.
In other words, delivery risk is the next AI stress point, and the bondholders are the ones holding the bag.
Apple up 4.4%. Nasdaq down 5%. October’s divergence is striking. Apple’s correlation with the Nasdaq has reportedly turned negative—a sharp contrast with six years ago, when it was close to 100%.
One of the index’s biggest names is moving in the opposite direction. With Apple’s earnings due today, that raises an interesting question:
Are investors starting to see Apple as an alternative to the AI spending race?
Winter is coming: EU storage sites turned to net withdrawals last week, with almost 0.4 bcm of gas taken out from storage sites since 28 October. this is in contrast with historic trends, with the five-year average showing positive net injections of 0.25 bcm for the same period.
Colder weather, together with lower wind power output and reduced LNG inflows, is increasing the call on gas storage sites, which are acting as a key flexibility provider and safety buffer over the heating season. it is obviously too early to draw any conclusions, but the sharp turn to storage draws shows how much the European market is at the mercy of weather conditions... and storage levels can deplete fast, especially in a context of limited LNG supply.
Hackers are shutting down Europe's supermarket fridges: around 700 in France, ~75 in Belgium, and a few in the Netherlands, Sweden, and Estonia
Source: randgroup (X)
Quantum technologies will develop in three horizons - McKinsey outlines how quantum is moving from early commercialization to large-scale economic impact
Horizon 1 (to 2025) Commercialization: Today, quantum is shifting from proof-of-concept experiments to paid co-development projects.
Horizon 2 (to 2035) Technological advantage: Companies that deploy quantum effectively could gain a clear competitive edge.
Horizon 3 (to 2040) Scaling: Quantum could impact large parts of the global economy and significantly augment AI capabilities.
Companies are already investing: one-third spend $10 million or more per year on quantum computing.
The world's switch to electric cars. 60 countries, about 72 million new cars a year.
Over the last 12 months, 19.8% of new cars were BEVs. The fitted model (exclusively dependent on past data) has BEV passing ICE in mid-2030 and reaching 50% a year later.
R&D SPENDING as a SHARE of GDP for 2010, 2018 and 2024 - Source OECD, November 2026
A few interesting developments:
- Israel remains the clear leader, increasing its R&D spending from 3.85% to 6.76% of GDP.
- South Korea climbed from 3.18% to 5.13%, securing second place.
- China rose from 1.68% to 2.69%, moving closer to major advanced economies.
- The United States increased from 2.71% to 3.44%, overtaking Germany by 2024.
- Japan reached 3.62%, while 🇩🇪Germany stood at 3.13%.
- Türkiye nearly doubled its R&D intensity, from 0.79% to 1.46%, although it remains below many OECD economies.
The broader picture: R&D investment intensity has risen across many economies, but the gaps between countries remain substantial. Note on data: OECD periodically revises historical data. Therefore, figures for the same year may differ from those shown in earlier versions of this chart or other publications. Countries without complete data for all three years were excluded.
NOTE: Figures represent gross domestic expenditure on R&D (GERD) as a percentage of GDP, not total R&D spending.
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Trading: TTF Natural Gas Hits 103, Gaining Nearly 5% on Tight Supply
The European gas benchmark extends its rally into critical pre-winter delivery periods as structural storage deficits materialize.
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