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Tech investors are facing a new form of disruption. This investment cohort has historically paid little attention to macroeconomics, as ever-improving product features and innovative growth strategies have driven investment returns in high tech far more than things like aggregate growth and inflation. But artificial intelligence -- and its enormous capital requirements -- are ripping up this script. The proposed spending on AI infrastructure by established tech companies in the coming years is eye-watering. In 2025 alone, big tech firms including Amazon, Microsoft, Alphabet, Meta and Apple are projected to spend over US$200 billion on capex -- almost double what they shelled out in 2021, the year before the generative AI chatbot ChatGPT debuted. The increase in capex is almost entirely due to efforts to build out generative AI capabilities. This highlights the key difference between the AI investment surge and the high-tech boom of the prior two decades: investment today is focused more on hardware than software -- and hardware is obviously more capital-intensive. If the economy slows and business prospects for these tech companies deteriorate, their executives will likely think twice about these ambitious -- and entirely discretionary -- spending plans. This complicates investors' calculations of the likely returns that can be expected from this nascent technology. In the first two decades of this century, software engineers disrupted one industry after another with business models that were nimble, scalable, and had low fixed costs. A small group of whip-smart entrepreneurs bootstrapped their start-ups, found quick success with early prototypes, and then made a series of strategic pivots. Think Amazon, Netflix, and many social media companies. Fast forward to the age of generative AI, and the storyline has changed dramatically. The new business model typically revolves around very smart, complex and expensive machines that require a tremendous amount of energy to run and often take a long time to build. For example, the Taiwanese semiconductor giant TSMC's Arizona foundry cost US$40 billion, and commercial production won't commence until 2025, four years after construction began. Importantly, investment in AI is typically expected to take years to pay back. In the meantime, many factors could negatively impact the value of AI infrastructure, including concerns related to business confidence and cost inflation, as well as regulatory hurdles and geopolitical tensions that influence where companies can do business. This means tech investors can no longer easily ignore top-down concerns. AI start-ups, unlike their counterparts in software, are also often very capital intensive, making them highly sensitive to market conditions and access to funding. Most of these young companies rely on private capital, which many venture capitalists have been eager to supply in recent years. Investments in AI and machine learning, a related field, accounted for nearly half of all VC funding in the United States in the first half of 2024. And these investments have often been enormous. In October, OpenAI raised $6.6 billion in equity capital from eight investors and another $4 billion in debt financing from nine lenders. The average size of these checks is over half a billion dollars. Checks of this size can be written at a time when the S&P 500 is hitting new record highs, the US economy is growing above trend, and inflation is heading downward. But what happens when the economy inevitably softens and public stock prices dip? Or what if the cost of capital in the US remains elevated? AI start-ups may then find it more challenging to fund their ambitious visions, which could, in turn, stall the pace of growth and innovation in the broad AI ecosystem. This, of course, could reduce demand for the AI infrastructure that big tech companies have invested hundreds of billions of dollars in. Hardware businesses also exhibit more cyclical characteristics than software. That's because they can't rely on continuous adjustments to meet shifts in customer demand, given the substantial inputs and manpower needed to create new products. Consider that $3.5 trillion-plus chipmaker Nvidia has now adopted a "one-year rhythm" for new products, doubling the speed from its previous product release cadence. This means these companies are subject to traditional inventory cycles: when demand exceeds current supply, inventory is drawn down, and prices rise, and vice versa. Hardware businesses, unlike nimble software companies, will thus struggle to scale their capacity up or down at short notice. So both the volumes and prices of hardware will typically fluctuate, subject to economic conditions. It's notable that semiconductor sales have been positively correlated with manufacturing PMIs for decades. This relationship started breaking down in 2022 as AI euphoria really took off. If historical patterns hold, this could mean the boom in global semiconductor sales is overdue for a correction. That's just one example of why tech investors may need to become as macro-aware as the rest of the investment community. Reuters Taosha Wang is a portfolio manager at Fidelity International.

Extended interview: Selena Gomez In this web exclusive, singer-songwriter-actress-entrepreneur Selena Gomez opens up to correspondent Tracy Smith about her experiences graduating from Disney Channel programs to her latest film, “Emilia Pérez,” and her series “Only Murders in the Building”; how rejection fueled her ambition and subsequent success; her revealing documentary, “My Mind & Me,” in which she discusses her physical and mental health struggles; and of life beyond social media.Titans S Julius Wood suspended 6 games for PEDs

Allegiant will resume service between Lehigh Valley, Denver. Find out when.In making the annual selection, Dictionary.com ’s lexicographers analyzed a wealth of data—including newsworthy headlines, search engine results and social media trends—to identify words that captured pivotal moments in 2024. Dictionary.com aspires to empower people to express themselves, make connections, and find opportunities through the power and joy of language. (PRNewsfoto/IXL Learning) In making the annual selection, Dictionary.com ’s lexicographers analyzed a wealth of data—including newsworthy headlines, search engine results and social media trends—to identify words that captured pivotal moments in 2024. Dictionary.com aspires to empower people to express themselves, make connections, and find opportunities through the power and joy of language. (PRNewsfoto/IXL Learning) Brainrot, brat, extreme weather, midwest nice and weird round out the shortlist SAN MATEO, Calif. , Nov. 25, 2024 /PRNewswire/ -- Dictionary.com , the world's leading digital dictionary, today announced its 2024 Word of the Year: demure . Traditionally used to describe reserved or modest individuals, demure has taken on an expanded meaning this year to signify refined and sophisticated appearances or behaviors. "As remote work fades and in-person experiences become the norm again, the subtle art of personal presentation has taken on renewed importance," said Steve Johnson , Curriculum Design Manager of the Dictionary Media Group at IXL Learning . " Demure captures this cultural shift with a modern twist: a word that once carried traditional, often limiting connotations has been reimagined to celebrate understated elegance and suavity. Its evolving meaning gives people a way to express quiet confidence—embracing modesty and charm as intentional, empowering choices . " In making the annual selection, Dictionary.com 's lexicographers analyzed a wealth of data—including newsworthy headlines, search engine results and social media trends—to identify words that captured pivotal moments in 2024. The word demure dominated the cultural zeitgeist, with its usage in digital media surging a remarkable 1,200% between January and August. This meteoric rise is largely attributed to Jools Lebron, a content creator who popularized the phrase "very demure, very mindful" in a series of TikTok videos illustrating how to embody the term in professional, travel and social settings. The social media buzz surrounding demure sparked a similar spike in search interest. In the 11 months before Lebron's videos, there was no notable trend in Google searches for the term, but interest surged 14-fold by August 2024 . At its peak, searches for demure on Dictionary.com were 200 times greater than their previous rate. While the initial trend has cooled, the word remains five times more popular on Dictionary.com than it was before its breakout moment. Alongside demure, Dictionary.com 's lexicographers identified five additional words that shaped the cultural conversation in 2024, rounding out this year's shortlist. Read more about Dictionary.com 's 2024 Word of the Year at http://dictionary.com/e/word-of-the-year/ . About Dictionary.com Words define every aspect of our lives, from our ideas to our identities. Dictionary.com aspires to empower people to express themselves, make connections and find opportunities through the power and joy of language. With 96 million visitors each month, Dictionary.com is the premier destination to learn, discover and have fun with the limitless world of words and meanings. The brand helps you make sense of the ever-evolving English language so you can put your ideas into words—and your words into action. Press Contact Joslyn Chesson IXL Learning press@ixl.com View original content to download multimedia: https://www.prnewswire.com/news-releases/dictionarycom-names-demure-as-the-2024-word-of-the-year-302315735.html SOURCE IXL LearningUnited Rentals Inc. stock underperforms Friday when compared to competitors despite daily gains