America is experiencing a productivity miracle

SummarySouth Korean data centre Elice closed a third below its IPO price despite retail demand exceeding 400 times the allocation, as the KOSPI fell almost 4%. CoreWeave slipped another 3% in pre-market trading. Brent crude topped $111 a barrel amid persistent Middle Eastern concerns. South Korean data centre company Elice’s (0158S0) stock market debut added to nervousness surrounding artificial intelligence investments on Tuesday, as investors further questioned whether spending on infrastructure will deliver sufficient returns. The Seoul-based neocloud provider closed at 60,500 won ($45.57), down over 30% from its 90,500 won offer price. The IPO raised $151 million at a valuation of roughly $755 million, according to Bloomberg. The slump followed a retail offering oversubscribed more than 400 times. The weak debut accompanied another sell-off in South Korean equities. The KOSPI dropped almost 4% to finish at 5,552, with Samsung Electronics falling around 3% and SK Hynix losing roughly 4%. Pressure has extended into U. S. pre-market trading, where CoreWeave (CRWV) fell another 3%.

October alone has witnessed the shelving of three separate flotations planned for data-center providers, backed by AI powerhouses like Nvidia, Blackstone and SoftBank. Investors are not convinced of…

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Josh Allen reached another milestone in his NFL career, but his life away from football is equally impressive—including the real estate portfolio he shares with his actress wife, Hailee Steinfeld.

Open this photo in gallery:Prime Minister Mark Carney attends a Forever Canadian rally in Edmonton on Oct. 16. John Ulan/The Canadian PressThings fall apart; the centre cannot hold. The best lack all conviction, while the worst are full of passionate intensity. You may remember those lines – William Butler Yeats, 1919 – from high-school English. They should really be on today’s political-science curriculum. In Germany, political parties and voters are running for the extremes. Something similar is happening in France, where politics is increasingly dominated by the far-left La France Insoumise and the far-right Ralliement National. Last weekend’s unprecedented explosion of pillage and looting has made a lame-duck centrist government look more impotent than ever, six months before national elections. In Britain, the head cheerleader for the own-goal of Brexit – the far-right Reform party – spent most of the past year at the top of the polls. The Labour Party recently moved back into the lead, but under a Prime Minister whose popularity is born of a doomed promise to avoid the upset of vigorous action against economic and fiscal crises. This isn’t centrism; it’s a sleeping pill.

JPMorgan Asset Management projects Bitcoin (BTC) will outperform stocks and gold over the next decade, but cautions that its volatility makes it unsuitable for diversifying portfolios for now. On Monday, JPMorgan published its 2027 Long-Term Capital Market Assumptions report, projecting a 10% annualized return for Bitcoin, compared with 7.5% for large-cap US stocks and 5.5% for gold. The projections are part of JPMorgan’s annual outlook covering more than 200 assets to help investors plan their portfolios. “At the moment, we do not make a case for Bitcoin as a diversifier in portfolios due to its unstable market correlations,” the report said. “We see Bitcoin as a speculative asset and a hedge against monetary easing.”JPMorgan’s projected Bitcoin returns compared with traditional assets. Source: JPMorganJPMorgan projects double-digit Bitcoin gains or lossesJPMorgan’s bull case puts Bitcoin’s annualized return at 16.6%, while its bear case projects an annualized loss of 11.2%. The calculations considered BTC supply growth relative to money supply, its potential role alongside gold and network adoption.