Good morning . Anthropic’s new AI model just got spookier. NASA astronauts prepare for splashdown. And reading retreats are all the rage. Listen to the day’s top stories . — Angela Cullen Market Snapshot S&P 500 Futures 6,866.00 +0.0% Nasdaq 100 Futures 25,274.00 +0.1% Bloomberg Dollar Spot Index 1,199.70 +0.0% Market data as of 07:02 AM ET. Data is subject to provider delays. Scott Bessent and Je...
Good morning . Anthropic’s new AI model just got spookier. NASA astronauts prepare for splashdown. And reading retreats are all the rage. Listen to the day’s top stories . — Angela Cullen Market Snapshot S&P 500 Futures 6,866.00 +0.0% Nasdaq 100 Futures 25,274.00 +0.1% Bloomberg Dollar Spot Index 1,199.70 +0.0% Market data as of 07:02 AM ET. Data is subject to provider delays. Scott Bessent and Jerome Powell summoned Wall Street CEOs to warn of potential cyber risks from Anthropic’s latest AI model and others, people familiar said. They want to make sure banks are taking precautions to defend their systems. Mythos is so powerful that Anthropic has limited its release to just a handful of tech and finance firms, including Amazon, Apple and JPMorgan. They’re part of “Project Glasswing,” which will work to secure the most important systems before similar AI models become available. Spooked? One Anthropic employee said Mythos “should feel terrifying.” Iran latest: Donald Trump demanded that Tehran reopen the Strait of Hormuz, increasing pressure ahead of peace talks due to start in Pakistan tomorrow. Stocks took a breather , while oil rose amid little sign of increased traffic through the waterway. Treasuries were on track to snap a four-day run of gains as investors await US inflation data this morning, the first to reflect fallout from the war. Here’s how Trump’s second big shock to the world economy since he returned to the White House might affect interest rates around the globe. And this is the price US consumers may pay . Volodymyr Zelenskiy’s top negotiator sees Ukraine nearing a peace deal with Vladimir Putin. While efforts to end Europe’s longest conflict since World War II have yielded few results, Kyrylo Budanov expressed optimism in an interview that the talks are grinding toward a settlement. Ukraine’s former top military spy said he believes Russia also wants to stop the war. Separately, Zelenskiy said Ukraine would receive financial, energy and technical ...
Ares Management Corp. is planning a significantly smaller flagship US direct lending fund than its previous record-breaking vehicle of $33.6 billion to speed up deployment of capital, according to people with knowledge of the matter. The Los Angeles-based firm, one of the world’s biggest private credit managers, is sounding out investors about the planned fund ahead of a formal launch sometime in ...
Ares Management Corp. is planning a significantly smaller flagship US direct lending fund than its previous record-breaking vehicle of $33.6 billion to speed up deployment of capital, according to people with knowledge of the matter. The Los Angeles-based firm, one of the world’s biggest private credit managers, is sounding out investors about the planned fund ahead of a formal launch sometime in the summer, said the people who asked not to be identified discussing confidential talks. The preliminary total target size is expected to be closer to $20 billion. The expected size of the new vehicle, Ares Senior Direct Lending Fund IV, underscores how the $1.8 trillion private credit market is adapting to a prolonged downturn in private equity dealmaking and concerns over rising credit risks. A representative for the US firm declined to comment on the new fund. Major alternative asset managers such as Ares, which are responsible for driving much of the sector’s growth, are now also contending with a retail investor base that’s grown increasingly wary of underwriting standards and the disruption from artificial intelligence. Speaking recently at a conference in Phoenix, Ares Chief Executive Officer Mike Arougheti said he hoped that “rational minds prevail” on the day that another of the firm’s vehicles — the $10.7 billion Ares Strategic Income Fund — capped withdrawals at 5% of shares after redemption requests reached 11.6%. Read More: Ares, Apollo Cap Private Credit Withdrawals as Exodus Grows Still, a smaller target size means a faster timeline for funds like Ares to raise and deploy capital, the people said, adding that plans are at an early stage and can change. Away from retail, there are also signs that appetite from institutional investors remains largely robust. Ares earlier this year raised $9.8 billion and $7.1 billion for opportunistic credit and credit secondaries strategies, respectively. The previous fund from Ares was the largest institutional direct lendin...
Welcome to Going Private , Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we crunch the date on private markets’ exposure to software amid fears about the rise of artificial intelligence. But first we take a look at Jamie Dimon’s thoughts on private equity and IPOs. If you’re not already on our list, sign up here . Have feed...
Welcome to Going Private , Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we crunch the date on private markets’ exposure to software amid fears about the rise of artificial intelligence. But first we take a look at Jamie Dimon’s thoughts on private equity and IPOs. If you’re not already on our list, sign up here . Have feedback? Email us at goingprivate@bloomberg.net Dimon’s Surprise Jamie Dimon ’s comments about private credit lacking rigor in its valuations grabbed plenty of attention this week, but less heed was paid to his thoughts on the private equity managers that own many of the companies that borrowed from direct lenders. “With stock markets at all-time highs in recent months, it is a little surprising that private equity firms, which own close to 13,000 companies, have not taken greater advantage of healthy markets to take their companies public,” the JPMorgan Chase Chief Executive Officer wrote in his annual letter to shareholders. Private equity investments are now typically held for seven years, he pointed out, double the previous norm. That’s important because assets held for more than six years are considered potentially stranded, meaning they’re at risk of write downs due to declining performance or a lack of new funds available for reinvestment, according to With Intelligence , an alternative investment data provider owned by S&P Global . Its data suggests median holding periods are 5.4 years. Sponsors are holding onto assets for longer because many managers failed to hedge their borrowing costs during the cheap money era, leaving them exposed when central banks began rapidly increasing interest rates in an attempt to moderate inflation. Higher debt costs meant many companies could not find buyers or be floated on the stock market at valuations that the sponsors deemed acceptable. Limited distributions from disposals to investors in the earlier vintages has also made new fund...
Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Ian King reports on Nvidia Chief Executive Officer Jensen Huang’s latest pitch to take the long view on the benefits of artificial intelligence. Tech Across the Globe Intel’s win : Alphabet’s Google committed to using future generations of Intel’s data center chip and sai...
Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Ian King reports on Nvidia Chief Executive Officer Jensen Huang’s latest pitch to take the long view on the benefits of artificial intelligence. Tech Across the Globe Intel’s win : Alphabet’s Google committed to using future generations of Intel’s data center chip and said it would work with the semiconductor maker on custom designs. OpenAI’s edge : OpenAI told investors it has “rapidly and consistently” added more computing capacity than its leading rival, Anthropic, giving it an advantage in the competition for AI products. Iran’s internet blackout : SpaceX’s Starlink satellite terminals, smuggled into Iran, have helped some residents connect to the outside world after the regime shut down access to the web. Revalued SiFive Inc. raised $400 million in a funding round that valued the chip startup at $3.65 billion as part of its efforts to gain a bigger share of the market in AI data centers. Investors, led by Atreides Management, included Nvidia, Apollo Global Management and Point72. Many questions Jensen Huang , a central figure in the artificial intelligence explosion, used a video appearance this week at the HumanX conference in San Francisco to embark on a topic that’s currently top of mind for him: urging business leaders to ignore the yearnings of the market and take the long view of the technology. Be open-minded about the potential of AI and patient in waiting for benefits that can be measured, the Nvidia chief executive officer said during a conversation with conference organizer Stefan Weitz. This admonition is rooted in Huang’s belief that the widespread adoption of AI is a unique event that’s akin to the Industrial Revolution. We’re just at the beginning of that massive change and we shouldn’t allow near-term goals to obscure the big picture, he argues. “I would err on being more playful, on being more open-minded, on being les...
US equity futures waver after a seven-day rally as investors look ahead to peace talks between the US and Iran and CPI data. Ukraine's top negotiator with Russia says he sees progress toward a potential peace deal with the Kremlin. US Treasury Secretary Scott Bessent and Fed Chair Jerome Powell meet with bank CEOs to discuss the risks of Anthropic's new AI model. Priya Misra of JPMorgan Asset Mana...
US equity futures waver after a seven-day rally as investors look ahead to peace talks between the US and Iran and CPI data. Ukraine's top negotiator with Russia says he sees progress toward a potential peace deal with the Kremlin. US Treasury Secretary Scott Bessent and Fed Chair Jerome Powell meet with bank CEOs to discuss the risks of Anthropic's new AI model. Priya Misra of JPMorgan Asset Management discusses the upcoming inflation data. (Source: Bloomberg)
Loss Protocol by Paul McAuley; Night Babies by Lucie McKnight Hardy; Honeysuckle by Bar Fridman-Tell; Japanese Gothic by Kylie Lee Baker Loss Protocol by Paul McAuley ( Gollancz , £22 ) In a Britain racked by the effects of climate change, about 50 years from now, Marc Winters’ quiet life as a ranger on a nature reserve in Essex is about to be disturbed. Counter-terrorism officers arrive to questi...
Loss Protocol by Paul McAuley; Night Babies by Lucie McKnight Hardy; Honeysuckle by Bar Fridman-Tell; Japanese Gothic by Kylie Lee Baker Loss Protocol by Paul McAuley ( Gollancz , £22 ) In a Britain racked by the effects of climate change, about 50 years from now, Marc Winters’ quiet life as a ranger on a nature reserve in Essex is about to be disturbed. Counter-terrorism officers arrive to question him about events from eight years before, when a cult his sister Izzy was part of had self-immolated. He’d hardly been aware of this group of “deep dreamers”, who thought they could change the world through a sort of mental time travel enabled by psychotropic mushrooms. But now both government agents and deep dreamers alike think Izzy must have passed some vital information to her brother, whether he knows it or not. With no idea of the existential danger he faces, Marc sets out to investigate. Beautifully written, blending close attention to the natural world with hallucinogenic dreams and a mind-boggling premise, this is an eco-thriller like no other from one of Britain’s best SF writers. Night Babies by Lucie McKnight Hardy ( John Murray , £18.99 ) When their house is flooded, Astrid and her husband take the refuge offered by her friend Flora in the Brecon Beacons. Astrid was particularly affected by the flood, which damaged paintings intended for her first solo exhibition at a prestigious London gallery. The old chapel her friend is renovating becomes her new studio. But instead of working to salvage her portraits, she becomes obsessed with painting the landscape of lake and sky. She tries to shrug off her bad dreams, strange physical sensations, missing items and the dirty, child-sized handprints on the walls, but disturbing facts about the chapel’s history emerge, and she’s not the only one affected by what appears to be a malevolent haunting. She’s haunted, too, by memories of a student art trip to Florence, a significant turning point in her friendship with Flora...
Pushing his winsome songwriting into rootsier territory with a little help from co-producer MJ Lenderman, the New Yorker’s debut album is primed to soundtrack your summer From New York City, New York Recommended if you like The Clean, This is Lorelei, The Feelies Up next Debut album Hercules out 10 July Tracey Nelson’s self-titled 2025 debut EP was one of the year’s best lesser-heard gems: Five tr...
Pushing his winsome songwriting into rootsier territory with a little help from co-producer MJ Lenderman, the New Yorker’s debut album is primed to soundtrack your summer From New York City, New York Recommended if you like The Clean, This is Lorelei, The Feelies Up next Debut album Hercules out 10 July Tracey Nelson’s self-titled 2025 debut EP was one of the year’s best lesser-heard gems: Five tracks of sparkling, winsome indie-rock that recalled classic antipodean jangle bands the Clean, Twerps and Dick Diver. Tracks such as New Years Flowers and Just Shoot Me Now suggested that Austin Noll – the NYC-based singer-songwriter behind the project – was a classicist with a keen sense for bright melodies and self-deprecating one-liners. Continue reading...
Ever Andrés Mercado won a World Press Photo award for his work on the Manacillos festival, which takes place among the Afro-descendant community of Yurumanguí. Here he talks about the ancestral ritual and why it’s so important Every year, hundreds of Afro-Colombians climb into wooden boats and set sail down the Yurumanguí River. They navigate dense rainforest, scramble through mangroves, and battl...
Ever Andrés Mercado won a World Press Photo award for his work on the Manacillos festival, which takes place among the Afro-descendant community of Yurumanguí. Here he talks about the ancestral ritual and why it’s so important Every year, hundreds of Afro-Colombians climb into wooden boats and set sail down the Yurumanguí River. They navigate dense rainforest, scramble through mangroves, and battle charging river currents, to disembark about 12 hours later in the remote village of Juntas. It is here that they reunite and gather for an ancestral ritual: the Manacillos festival. People living in the Juntas village of Yurumanguí use the festival as a way to unite and attract more people who, for years, had to flee the territory. Continue reading...
Jack Wilshere’s promotion chasers take on Stockport in Sunday’s Vertu Trophy final with renewed momentum Spring has arrived, and along with sunshine, budburst, bluebells and nesting birds something else is stirring in a previously gloomy corner of Bedfordshire, something nourishing and warming, novel but also faintly familiar: hope. “The last couple of years it’s been a really tough place to be,” ...
Jack Wilshere’s promotion chasers take on Stockport in Sunday’s Vertu Trophy final with renewed momentum Spring has arrived, and along with sunshine, budburst, bluebells and nesting birds something else is stirring in a previously gloomy corner of Bedfordshire, something nourishing and warming, novel but also faintly familiar: hope. “The last couple of years it’s been a really tough place to be,” says James Shea, Luton’s longest-serving player. “We’ve lost a lot of games and once you get used to losing it’s hard to turn it around. And you can see we’re starting to turn it around. If you’d said when we were in the Premier League that we’d be in League One in 18 months’ time, people probably would have laughed at you. It’s been a combination of everything – things have gone against us, and we’ve been everyone’s biggest game … Momentum can work both ways, and we had momentum in going down. Hopefully we’ve turned that around and hopefully we’re on the way back up.” Continue reading...
Tania Warner and her daughter were detained in Texas facilities deemed ‘unsafe and degrading’ When Tania Warner and her seven-year-old daughter, Ayla, were released after nearly three weeks of detention by US Immigration and Customs Enforcement (ICE) , the Canadian mother’s joy at regaining her freedom was tempered by the knowledge of the many families who remained incarcerated. “They were wonderf...
Tania Warner and her daughter were detained in Texas facilities deemed ‘unsafe and degrading’ When Tania Warner and her seven-year-old daughter, Ayla, were released after nearly three weeks of detention by US Immigration and Customs Enforcement (ICE) , the Canadian mother’s joy at regaining her freedom was tempered by the knowledge of the many families who remained incarcerated. “They were wonderful people. I just loved them and I cried so hard when I left, I just wanted to take them all with me,” she said. Continue reading...
American fried chicken chain Popeyes made a comeback in Beijing on Friday, as its first new store in the city drew long queues of diners more than 20 years after the brand closed its original Beijing outlets in 2002 and exited the Chinese market in 2003. Building on its initial return to China in 2020, the chain was now ready to accelerate its expansion this year, as consumer tastes had evolved si...
American fried chicken chain Popeyes made a comeback in Beijing on Friday, as its first new store in the city drew long queues of diners more than 20 years after the brand closed its original Beijing outlets in 2002 and exited the Chinese market in 2003. Building on its initial return to China in 2020, the chain was now ready to accelerate its expansion this year, as consumer tastes had evolved significantly and it was bullish about growth potential fuelled by young consumers, it said. Analysts...