investment

OpenAI has taken its first step towards Latin America. Behind it there is an investment of 25,000 million in Argentina and many questions

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For almost any country in Latin America and the world, a company like OpenAI announcing a multi-million dollar investment sounds like a golden dream. It is not only the most influential company on the planet in artificial intelligence, but also one of the pacesetters in the industry. Its arrival promises jobs, economic movement and global visibility. But, as with any large-scale project, it also has doubts: energy consumption, water use or the sustainability of a data center of hundreds of megawatts are not minor issues. Argentina, at least on paper, has been chosen to attempt that leap. The announcement of the Argentine Government It is based, at least for now, on a single document: a letter of intent signed between OpenAI and the local company Sur Energy. The text, published on October 10, 2025, mentions an investment of “up to $25 billion” for a data center of “up to 500 megawatts,” under the Incentive Regime for Large Investments (RIGI). The location of the project is not specified nor are deadlines or construction phases detailed, which keeps it in a preliminary stage. The Argentine president met at the Casa Rosada with representatives of OpenAI last week Silences that weigh. There are details that attract attention. A multimillion-dollar announcement, linked to the expansion of OpenAI in the region, and yet neither its CEO nor the company itself have communicated it through their official channels. That they have not done so does not invalidate the project, but it does mark a distance with the institutional enthusiasm on the Argentine side. In this type of operations, communication is usually part of the message. Here, for the moment, it is conspicuous by its absence, at least on the side of the American startup on its website and social networks. The plan: AI factories at scale. Stargate is not an isolated project, but the name that OpenAI uses for its global infrastructure program. Its objective is to build a network of data centers capable of supporting cutting-edge artificial intelligence models, the technology that gives life to tools such as conversational chatbots or image generators. In the case of OpenAI, those models are the ones hidden behind products like ChatGPTbased on systems such as GPT-4 either GPT-5. The plan began to take shape months ago, when the company announced an ambitious infrastructure project in the United Stateslater expanding it to other countries. Interior of Stargate 1, the first large-scale data center developed under OpenAI’s own program Power, density, permissions. Data centers for artificial intelligence operate in another league. They concentrate massive training on GPUs with industrial-level consumption and an energy density much higher than that of a conventional data center. Each room requires advanced cooling systems capable of constantly keeping the temperature under control. And, although permits and licenses are required as in any facility of this type, its scale and technical requirements make building one of these projects a much more complex and lengthy process. {“videoId”:”x8jpy2b”,”autoplay”:false,”title”:”What’s BEHIND AIs like CHATGPT, DALL-E or MIDJOURNEY? | ARTIFICIAL INTELLIGENCE”, “tag”:”Webedia-prod”, “duration”:”1173″} RIGI and financing: promise vs contract. As we say, the project is covered by the Incentive Regime for Large Investments, a tool created by the Argentine Government to attract foreign capital through tax, customs and exchange advantages. In practice, the RIGI facilitates the conditions so that a large-scale project can be financed, but it does not guarantee that the investment will materialize. Patagonia sounds loud, it’s not official. On paper, there is no defined location. Neither the Argentine Government nor OpenAI have mentioned Patagonia in their statements. Even so, the name of the local company that appears in the letter of intent, Sur Energy, fuels the idea that the project could be developed in the south of the country. The president of Argentina, Javier Milei, with the CEO of OpenAI, Sam Altman, in May 2024 Climate and design: allies or burden. If the southern hypothesis gains strength, it is also for a technical reason: the climate plays in its favor. Colder areas allow you to operate with less cooling energy and take advantage of outside air, something that reduces costs and emissions. In parallel, the availability of water continues to be a decisive factor. The new artificial intelligence campuses, aware of this risk, are adopting cooling systems that minimize the use of water resources. We will have to wait to know the option chosen by OpenAI. When the network or the water say no. The location of a data center does not depend only on the weather or tax incentives. Factors such as the electrical grid or the availability of water can mark the success or failure of a project. Mexico, for example, is one of the largest technology hubs in the region, but even there a Microsoft data center ran into the limitations of the national network. and had to resort to gas generators. In Chile, Google saw its plan blocked due to excessive water use. They are reminders that it is not enough to have space: you need infrastructure. In Xataka In the nineties, no one saw how the Internet would starve factories. Thirty years later, AI is doing the same thing From exclusivity to autonomy. For years, OpenAI’s infrastructure depended almost entirely on Microsoft. In 2019, the Redmond company invested 1 billion dollars and became your exclusive cloud partner. Over time, that alliance grew to exceed 10 billion, consolidating Azure as the platform where the company’s models were trained and executed. However, OpenAI has been seeking greater operational autonomy. The Stargate program responds precisely to that idea: having its own computing resources and diversifying its technological dependence. From paper to concrete. For now, it all depends on the next steps. For the initiative to move forward, a definitive contract between OpenAI and Sur Energy, the presentation of environmental studies and electrical interconnection licenses will be necessary. The financing scheme and long-term energy agreements will also have to be defined. Only with these pieces in place can we speak of a real work. Until then, … Read more

Clean energy investment already bends fossil fuels

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There is an old narrative that states that the energy transition is a chimera, and that clean energies can barely be a complement to a system that will necessarily remain anchored in fossil fuels. But the data tell a very different story. We are living energy transformation faster in historyand money is the clearest proof of it. Short. World energy investment for all 2025 is estimated at 3.3 billion dollars. According to the International Energy Agency2.2 of those billion are destined for clean energy technologies and infrastructure. Two thirds of the investment. Just a decade ago, this proportion was unthinkable. It is invested in energies without emissions almost double what is invested in fossil fuelsa reality that shows that financial markets have chosen a clear side. The star king. The greater transformative force This transition is photovoltaic solar energy, with a global investment of 450,000 million dollars planned by 2025. This leadership is not accidental. Solar panels have gone from being the option for becoming the most economical way to generate electricity in much of the planet. Each dollar invested solar technology generates 2.5 times more energy that a decade ago. In 2015, the investment ratio between clean energy and fossil fuels was 2 to 1. in 2024, That relationship reached 10 to 1in large part thanks to the collapse of the prices of the photovoltaic components. An imminent sorpasso. The growing domain of renewables is not only reflected in investment, but also in their role in the Mix. In 2025, renewables They will overcome coal as the first source of electricity in the world. Coal will fall below 33% in the energy mix for the first time in a century, and renewables providing more than a third of the global generation. For now, it is not a homogeneous change. The bulk of the investment is concentrated in developed economies and in China, which in 2024 mobilized more than 625,000 million dollars in clean energy. Emerging markets and developing economies barely represent around 15% of world expenditure on clean energy. But the projection is global: starting from a very low base, the investment in these other regions has grown 50% since 2020. The beginning of the end for fossil fuels. The formula is simple: as the renewables become cheaper and more efficient, they move to fossil fuels. A few months ago, United Kingdom closed its last coal central. Its emissions have already fallen more than 50% compared to 1990. In 2025, for the first time, coal generated less than half of Poland’s electricity. Although the path to total decarbonization still has enormous challenges (such as the modernization of electrical networks, which remain a bottleneck, As we have seen clear in Spain), Renewables have reached a turning point, at least in the face of investors. The combination of solar, wind and battery storage is increasingly cheaper and reliable. The adoption, which was slow at the beginning, is now an exponential curve. Image | IEA (CC by 4.0) In Xataka | Forget the industrial revolution: the fastest energy change in human history is happening now

Microsoft has just made the greatest investment in its history. And not in Openai, but in an unknown Dutch company

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Nebius Group, an unknown company based in Amsterdam, has signed a surprising multiannual agreement worth $ 19.4 billion with Microsoft. It is in fact the largest investment ever made by the firm of Redmond, and the question, of course, is why. What is Nebius Group. The company was founded in 1989 as Yandex NV, Yandex’s legal matrix, the well -known search engine that was a rival of Google in Russia. After the invasion of Ukraine by Russia, Nebius Group Yandex sold to a group of Russian investorschanged his name to the current one and focused on a key segment: that of artificial intelligence. Data centers to power. Specifically, in the field of servers and data centers. Since then Nebius Group has been dedicated to providing cloud infrastructure for companies that develop and run AI models. Your rivals They are companies such as Coreweave, Crusoe or Lambda Labs, which are a step below the “hyperscators”, Aws, Azure, Google Cloud or Oracle. The agreement. In it Document registered in the SEC The US indicates that Nebius will yield the computing capacity of the GPUS of its data centers in varisa phases this year and the one that comes, and that the total value of the contract will be 17.4 billion until 2031, with an option for Microsoft to extend those services worth 2,000 million additional dollars. Microsoft cloud reinforcement. The agreement will allow Microsoft to access the computing resources available to Nebius in its Vineland Data Center (New Jersey, USA). It is a movement clearly for solve the shortage of resources that is coming when managing AI workloads: more and more users make use of this type of technology and Microsoft current data centers have a limited capacity. More than OpenAi. The operation is even greater than the one that Redmond’s firm He did in Openai Estimated at $ 13,000. This alliance has allowed Microsoft to have exclusive access to OpenAi’s models and reuse them in the form of its Copilot platform. Meanwhile, Openai has been able to use the Microsoft infrastructure to train and serve those same models to the general public. Nebius rises to the beast in the stock market. The agreement has triggered the value of Nebius’s shares, which had already folded their value in what we had been, but after the news They have grown 60%. The effect is contagious, because one of its srival, Coreweave, has also risen 5% in the stock market without having made any announcement: it has simply become possible candidate for Microsoft or any other large company to invest in its services soon. European taste centers. Although it has roots in Russia, Nebius seems to want to leave that past behind to settle definitively in the European Union. The company current account with five data centers: three operations (Helsinki, New Jersey and Kansas City) and two in development (Keflavik, in Iceland, and Paris). The focus on the installation of data centers in European territory is clear, as these last two projects in full development demonstrate. Another great “European” unicorn. After the creation of its Data Center in Paris – which will presume to have N200 N200 chips – Nebius announced its intention to invest more than 1,000 million dollars in mid -2025 in its AI infrastructure in Europe. Its new data centers in Paris and Iceland demonstrate that vocation, and the company is managing to capitalize on that commitment to AI. It is undoubtedly one of the last protagonists of the European technological scene, which little by little begins to raise alternatives. Freepik did it in Spainthey have done it Mistral and ASML with its unique agreement This week, and now Nebius does. Image | Nebius In Xataka | The ASML-Mistral alliance reveals the European plan B: if we cannot manufacture chips, we will at least control how they are manufactured

Scale AI investment has put the two ‘goals’ at war

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In June, he invested 14.3 billion dollars in Scale AI and for the walked signed his CEO, Alexandr Wang. He made him an owner and lord of his brand new Superintelligence Division, in addition to surrounding him with a team of engineers With salaries of elite athletes. The movements have been so exaggerated and convulsive that they are having important side effects. The 100 million club. Mark Zuckerberg He shook the foundations of the AI ​​industry in early June, when he began to rob their rivals the best AI engineers. He offered them Salaries of hundreds of millions of dollars And soon companies like OpenAi confirmed that Someone had “cast at home”. The signings of high -level managers, such as Nat Friedman (Exceo de Github) or Daniel Gross (co -founder of Safe Superintelligence with Ilya Sutskever) confirmed that series of unusual movements. Sudden resignations. Among the signings was Ruben Mayer, who had already worked with Wang in Scale AI. Two months later Mayer has left the company, According to nearby sources. The executive worked five years in Scale AI, but soon discovered that he was going to work in an area outside the development unit of the Superintelligence Model. He has claimed that he was “very happy” with his experience in goal, but has decided to leave the company “for a personal matter.” He has not been the only one to take that step. The two “Goals”. That resignation is joined by others that occurred in recent weeks. According to Wiredat least three researchers have abandoned the company. Two of them returned to Openai, where they had previously worked, while the third, Rishabh Agawal, has not made clear Your destiny. The huge changes that the team has undergone has made adaptation to the new situation difficult. The two “goals” – before the signings and the one now – are having problems to get perfectly. But there is even more. Scale Ai Flaquea. The team that is working on the development of the superintelligence, called TBD Labs, is in turn collaborating with data labeling companies such as Mercor and arises, which are in turn competing of Scale AI. It is something strange considering that goal had already invested billions of dollars in it – although there was no talk In that agreement of exclusivities—, but sources close to the company indicate In TechCrunch That the quality of Scale AI labeling is low and prefer to work with these two firms. The situation of the company co -founded by Wang has changed. After the agreement with Meta, both Openai and Google indicated that they would stop working with her. Shortly after Scale ai He said goodbye 200 of its employees, although the new CEO, Jason Droge said they would compensate with hiring in other areas of the company. Much mess and a restructuring. Having signed all that talent has its good part, but it also has can complicate the goal organization chart. It is what seems to have happened according to all these data, and in fact target announced internally A restructuring of all that division. Four different subdivisions have been created, which will be led by Wang. Other senior managers will report to it, but those movements also caused some finishing employees before the “galactic signings” have ended up leaving the company to go to firms such as OpenAi, Cohere or Figma. Of the open to a closed model. The arrival of Wang has coincided with an apparent change of approach, they pointed out In nyt. Although goal was a pioneer to bet on ia open source models as callthe company seems to be exploring now other possibilities. For example, those of using third -party AI models on their platforms —Chatgpt in WhatsApp? – or even license “closed” models of other companies. But beyond that, the company is valuing to work In a closed model as their main rivals are doing in the AI ​​segment in the US. OpenAi, Google or Anthropic precisely adopted that strategy from the beginning, and it seems that in the finish line they want to have their own alternative. Image | World Economic Forum | Anthony Quintero In Xataka | Nvidia has become the most important company in the world. His problem is that he has all the eggs in the same basket

41,000 years ago, our ancestors survived an investment of the poles. We already know how they cope with this change

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About 41,000 ago, planet Earth became a much more hostile place than it is now. He magnetic shield that protects us from solar wind and Cosmic radiation It weakened until almost disappearing, and the magnetic poles, those references that the compasses use, abandoned the Arctic and Antarctica to roam all the globe. This event, known as the Laschamp excursionhe plunged the planet into An unprecedented radiation environment for almost two millennia. Our ancestors lived differently. The Homo sapiens I know They expanded by Eurasiaand the Neanderthals In their last millennia of existence, they lived under a very different sky. A new and revolutionary study published in Science Advances The space environment of the Earth has first rebuilt in 3D During this chaotic period. The results not only show us what the planet was like, but they offer fascinating clues about how our ancestors could have survived and even prospered. A broken magnetic shield and auroras about Ecuador. The Earth’s magnetic field is like an invisible shield generated by the planet’s liquid iron core. It protects us from a constant flow of charged particles emanating from the Sun. without it, The atmosphere would be swept and life on the surface, bombarded by harmful radiation. During the Laschamps event, This shield weakened until it reached just 10% of its current force. According to the simulation of the team led by Agnit Mukhopadhyay, this had two spectacular consequences related to the magnetosphere and the poles. The magnetosphere contracted dramatically. The protective bubble that surrounds us shrunk almost half of its normal size. At its weakest point, the limit of this shield (the Magnetopause) was only 15,500 km from the surface, a dangerously close distance. The poles went crazy. He Magnetic axis More than 75 degrees leaned. This caused the Earth’s magnetic field to become “multipolar”, with several North and South weak poles distributed by the planet, a configuration More similar to Uranus or Neptune than to that of our current land. Logically they had consequences. The most visible consequence of this magnetic chaos was the migration of the auroras. Normally confined to the polar regions, the lights of the north and the south expanded and wandered throughout the globe. The simulation shows that the Auroral oval moved from the Arctic, passing through Western Eurasia, until it reaches northern Africa. At the same time, in the southern hemisphere Las Auroras moved over Australia and New Zealand. In the peak of the event, the auroras were probably a global phenomenon, visible from almost any point on the planet. Adapt or die. See auroras From the Sahara it may sound poetic, but the reality was much more bleak. Those lights meant that the “open field lines” were no longer only on the uninhabited poles. They covered regions densely populated by prehistoric humans such as Europe. This implied a much greater exposure to Ultraviolet radiationwith all its associated hazards such as burns, skin cancer, eye damage or even fetal development problems. This is where the study connects geophysics with archeology in a fascinating way. The researchers point out that the Laschamps event coincides with notable changes in human behavior, which could be interpreted as adaptations to this new and radiant world. Appearance of custom clothing. The Homo sapiens From the Auriñaciense culture they developed tools such as bone needles and scrapers, associated with the manufacture of tight clothing. This clothes, unlike the simple skins or layers that are believed to use the Neanderthals, offered a Much more complete protection against UV radiation without sacrificing mobility. This innovation could have conferred on sapiens A competitive crucial advantage. Generalized ocher use. The ocher, a mineral pigment of iron oxide, becomes much more common in the archaeological sites of this era. It is known that ocher is an effective topical sunscreen. Its extended use could have been a direct response to protect the skin. The Boom of Rock Art. The event also coincides with the appearance of some of the first cave paintings known figuratives. The hypothesis is that, to protect themselves from radiation, humans spent much longer within caves, which could have encouraged the development of this cultural and symbolic expression in the safety of the gloom. The inevitable: the disappearance of the Neanderthals. This fact occurred just at the end of this period and that is why it was almost safely A multifactorial process. However, this study suggests that its possible inability to adapt to high levels of radiation, in contrast to the cultural innovations of the Homo sapiensit could have been another factor in its decline. If it occurred today, it would end up in Apocalypse. Although a geomagnetic event like Laschamps is not imminent, the Earth’s magnetic field It has weakened around 10% in the last 180 years and The magnetic north pole is moving at a record speed. If a similar event occurred in our current society, we would face an apocalypse. A weakened magnetic shield would leave our completely exposed communications and GPS satellites. The global electricity would suffer massive overloads that would cause generalized and lasting blackouts. And all this would be added to an alteration in the atmosphere that could lead to very important climatic changes. A look at the future of our planet. The Laschamp excursion study is not just a window to our deep past. It is a warning about the fragility of our world and a reminder that Earth is a dynamic and sometimes violent system. 41,000 years ago, our ancestors survived thanks to their ingenuity. Today, our survival would depend on a technology that, ironically, would be the first to fall. In Xataka | Amputations, cannibalism and dehumanization: the most violent and extreme killing of prehistory happened 4,000 years ago

Younger millionaires have found a more profitable investment than the S&P500: Pokémon’s letters

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Some years ago, YouTuber Logan Paul hit the nail With a formula for financial success: nostalgia + business = the new art. Take an element of your childhood, add a collecting component and the Business is assured. Ask Nintendo with their Pokémon cards. More and more young millionaires are betting on Pokémon cards as a form of investment away from the whims of bags and values that, to date They were considered refuge. It is a trend that we already saw with the Hermès bagsand now he is also emerging with the letters Pokémon collectibles. The power of nostalgia. The attractiveness of these letters not only lies in nostalgia, but also in their ability to generate benefits that exceed those of large stock market rates. Pokémon card fever is sweeping and leaving record figures in its path, such and As publishes Fortune. Collectible articles have always been likely to achieve surprising quotes, especially when they evoke memories of childhood. Pokémon’s letters, which are already approaching their thirtieth anniversary, have conquered young investors looking for more than investing in traditional actions. According to Cardder data, collectible card assessment portal published by Fortunethe annual average profitability of Pokémon letters is increasing almost 46%, exceeding the profitability of very powerful actions such as Nvidia or the average annual profitability of the S&P 500 stock market index, which is 12%. A consolidated and booming market. Since its launch in 1999, They have been manufactured more than 75,000 million pokémon cards. After a first decade of settlement, the market began to value these cards as authentic collectible assets, comparable to classic comics. According to Cardder data, the Japanese animation series cards have been revalued at 3,261% in the last 20 years. Only during the pandemic, the boredom of collectors caused the profitability of the letters to increase by 500%, as published by what was published by Business Insider. AND, according to The AthleticPokémon and Magic letters would have displaced part of the business of collectible sports cards. Almost three decades later, this business model continues to generate about 1,000 million dollars a year. Shortage increases the price. The success of Pokémon letters has generated unusual situations in retail trade. Great chains like Walmart and Target were forced toimitate the number of units By user due to high demand and violent incidents related to the purchase of cards. Pokémon’s letters have reached be the objective of theftwith thieves sneaking in stores and floors in the purest mission style impossible to get a booty of letters valued at several thousand dollars. The last one, without going any further, happened on July 12 at a Massachusetts store, where A thief took pokémon letters valued at $ 100,000. Celebrities and the attractiveness of investment. The fever for investment in Pokémon cards between millennials and the Z generation has grown even more thanks to the interest of celebrities Like elrubius either Justin Bieberwho have paid thousands of dollars for some of them. Famous youtubers such as Logan Paul have brought this passion to the extreme. In 2022, Paul He got the Guinness record When buying the most expensive Pokémon letter in history, for which paid 5.27 million dollars. “This card cost me more than my ranch. My 84 acres ranch,” Paul said. Capital and organized crime The value of Pokémon letters has reached such magnitude that even organized crime groups in Japan have used them To bleach capitalssimilar to what happens with works of art. The ease of transporting and selling these letters abroad makes them an attractive instrument for illegal activities, confirming that the phenomenon of Pokémon cards transcends Simple collecting And it has become A financial asset With global impact. In Xataka | Millionaires found in the luxury watches a refuge value. Now the bubble has exploded Image | Wikimedia Commons (Romer Jed Medina), Unspash (Omid Armin)

Altman’s plan to attract private investment to OpenAI has stayed halfway. It’s a victory for Elon Musk

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Openai has conquered a place at the forefront of artificial intelligence (AI) with products such as Chatgpt and GPT-4O. But there is a detail that escapes in many conversations: It is still a startup. It is several times smaller than Microsoft or Google and faces an existential challenge that does not have so much to do with its products, but with money. That challenge has its own name: its peculiar organizational structure. The openai part that generates income, directed by Sam Altmanis controlled by a non -profit organization. This unconventional model has aroused doubts among investors. Altman proposed to restructure the company to attract more private capital and accelerate the path to a General Artificial Intelligence (AGI). The problem is that this plan has just received a blow. A difficult governance to sell. The Board of Directors has decided to maintain control from the non -profit entity, after opening conversations with the general prosecutors of California and Delaware. These authorities monitor the legal status of organizations of this type and could have blocked change. The announcement has made it public Bret Taylor, president of the Board, In an official statement from OpenAI. A victory for Musk. Elon Musk had sued Openai for that attempt at reorganization. He assured that the company had diverted from its initial purpose of developing a safe and oriented the good of humanity. The decision to preserve the original supervision partially reinforces its argument: the structure remains, at least for the moment. New model, but with the same control. Despite the other way around, Openai maintains another important change. It is expected that its commercial organization will operate as a public benefit corporation (PBC). The difference is that, instead of separating itself from the non -profit organization, it will continue to have the last word. Now they are negotiating how that supervision will be articulated, but everything indicates that it will be the non -profit organization that designates the members of the Board of the New PBC. This could hinder future financing rounds. Because in this OpenAi, which has not managed to transform completely, interest is not measured only into dividends, as investors would like. Outstanding image | Sam Altman (X) + Photoshop | Ted Conference In Xataka | Silicon Valley has an obsession with “Todismo”: they begin by dominating a sector and then wanting to dominate them all

In times of fall in stock market, a luxury investment has become a “shelter”: bags

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In times of financial uncertainty, generalized falls In stock markets around the world and the dollar losing credibility as a reference currency, investors seek refuge values ​​to protect their assets. The gold It used to be the safeguard In times of crisis, but a new trend has gained strength in recent years: the Investment in luxury articlesespecially exclusive bags such as Hermès Birkin. Get out of the bag to get into the bag. The attractiveness of these high -end bags signed by Hermes, Louis Vuitton Or Chanel not only resides in its exclusivity and status, but also surprise by their profitability. While actions and gold experience ups and downs, Birkin bags have demonstrated a constant revaluation of their value in the second -hand market. During periods of financial volatilityluxury bags, and in particular Hermès Birkin, has positioned itself as an asset of investment at levels of artthe high -end watches or the Classic luxury cars. According to the report of Art Market Researchin the last two decades, luxury bags have gone from being an accessory to what is now “the only category of collecting women centered.” Scarcity marketing. This investment model is sustained thanks to something as basic as the law of supply and demand. Hermès, like most luxury brands, applies a deliberate scarcity strategy with a very limited production of their pieces in which, curiously, It is the brand who chooses What products sell to your customers. The high demand for these articles causes waiting lists among their clients that can reach six years. The perception of exclusivity increases the desire for the product, which causes automatically revalue in the second -hand market when leaving the store. This is a phenomenon quite common In markets. For example, we live it after launch of the Sony PS5when these consoles arrived with counts to stores and doubled their price in the second -hand market or, at another level, with The Purosangue Ferrari. More Birkin, less gold. The Birkin de Hermès, is considered one of the best investments in the world of luxury, even surpassing traditional assets such as art or gold in terms of profitability and stability. A 2020 study Prepared by Credit Suisse and Deloitte, he revealed that the value of the Birkin increased 38% on average that year, far exceeding the performance of the S&P 500, which grew 16.3% in the same period. A study Baghunter compared the value of Hermès’ bags with respect to the S&P 500 and gold since 1995. The results showed that the financial behavior of the Birkin was much more stable and profitable than the stock market index and the value of gold, with a less volatile market and greater interannual returns. While the S&P 500 offered an average annual return of 8.65%and gold just 1.9%, the Birkin registered an average annual increase of 14.2%. A second -hand birkin: from 9,000 to $ 200,000. As with the market of the Collection luxury watchesthe high demand for certain editions of Birkin has generated spectacular revaluation. A Birkin de Hermès costs between $ 9,000 and $ 12,000, but can reach prices of up to $ 200,000 In auctions or specialized platformsdepending on its rarity, state and materials. In 2015, a pink crocodile skin birkin was sold by a record of $ 223,000, consolidating the reputation of these bags as high performance investments. The most expensive birkin ever auctioned was a Birkin 30 Himalayas with diamonds, than It reached a price of $ 450,000 in 2014. The Chinese offensive: the true value of the Birkin. In a context of commercial warfare like the current one, the boom of the Birkin as an investment has not been exempt from controversy. After the imposition of tariffs by the Trump administration, Chinese influencers networks They have started a campaign To demystify the value of these bags. During the last days, Tiktok and X They have filled with videos of these Chinese influencers directing directly to the customers of these brands by analyzing the manufacturing costs in China. The message indicates the manufacturing price of a Birkin of Hermès around $ 1,400, while luxury brands sell their bags for a price up to ten times higher than its real cost, feeding the perception that there is a speculative bubble around these luxury items. In Xataka | A rare 900,000 clock has marked the end of moderation in goal: Mark Zuckerberg and his fondness for expensive watches In Xataka | Nicolas Puech: Hermès’s Swiss Millionaire who wants to leave a gardener with Spanish ties as the only heir Image | Hermes

Trump tariffs have caused the Big Tech debacle in the stock market. And propose a slowdown in investment in AI

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Apple shares closed almost 224 dollars yesterday. When the session is opened in Wall Street they will have fallen suddenly and porrazo more than 7%, up to 208 euros. That collapse will be the greatest among the Big Tech, but all of them They will be affected Notably for Tariffs announced by Donald Trump. And that makes another danger derived: that of investment in AI. Big tech fall to lead. As they point out In CNBCApple will leave more than 7% more to open the session in the US Stock Exchange, but others will also have very notable falls. Nvidia fell 4%”After-Hours” (after the closure of the markets), Tesla 4.5%, Alphabet, Amazon and goal between 2.5%and 5%, and Microsoft 2%. Thus Apple’s actions closed yesterday, and so they will begin the session at Nasdaq today. Source: Google Finance. Tariffs everywhere. Falls are due to tariffs announced yesterday by Donald Trump. The US president indicated that these import taxes would be “a declaration of economic independence” for his country. Base there will be 10%tariffs for all imports, but certain countries will be especially punished: China will have 34%tariffs, Vietnam of 46%, the EU of 20%, Taiwan of 32%, and Japan of 24%. The US is the great world importer. The huge consuming machine that is the United States makes the country the largest importer around the world. According to the Department of Commerce in 2024, the country spent 4.1 billion dollars in goods (3.3 billion) and services (814,000 million) imported. With these measures precisely wants countries that export more to the US to pay extra for being able to do so, but it can cause a dangerous domino effect. What about AI. Projects such as Stargate raise a colossal investment of 500,000 million dollars To create AI data centers in American field, and here the importance of semiconductors is evident. The United States will need to import chips and other components and materials to create these centers, and manufacturers such as NVIDIA or TSMC will precisely be affected by tariffs. Or continue to manufacture outside the US and pay tariffs or They create factories on American soil to avoid them, something that for example TSMC is already working. Tariffs with the point of sight in AI. In fact, a good part of the components and GPUS necessary to create these data centers are imported from Taiwan, Mexico and China, which are three of the countries that will be punished by tariffs. The punishment for these imports is remarkable, and can lead to a slowdown in the development of AI. Investments in danger. The investment in data centers is colossal by the Big Tech, and we have the example of Amazon that plans to dedicate most of its 2025 capex of 100,000 million dollars In these developments. How will tariffs condition that investment? Difficult to know, but both for Amazon and for the rest there are now new problems to make investment. That are added that perhaps They were oversized first of all. Image | Gage Skidmore | Microsoft In Xataka | The USA hits China again with a double purpose: to stop the development of its hypersonic superorders and missiles

Large technological ones begin to turn with their investment in data centers

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Everything was frenzy in the data centers segment a few weeks ago. The Big Tech fought to see What is the one that was spent more money facing the theoretical (and inevitable?) AI revolution. Microsoft was one of the champions of this bet, but the panorama is changing, and there are those who talk about how the segment has been oversized. 2 GW less. As indicated In BloombergMicrosoft has abandoned its plans to create several new data centers in the US and Europe. The joint power of these projects would be 2 GW according to analysts of the TD Cowen firm, and the reason attributed to the decision is singular: now it turns out that there is an excessive supply of clusters dedicated to artificial intelligence. Or what is the same: there will be enough data centers dedicated to AI. There is already talk of a “bubble of data centers”. Joe Tsai, president of the Chinese group Alibaba, He warned these days precisely from the potential existence of a bubble of data centers for ia. To this millionaire fever for these ambitious projects begins to seem indiscriminate, and highlighted how in some cases there may be no clear clients to direct those resources. Plan to invest 52,000 million dollars in data centers, but within three years, therefore therefore of the 100,000 million dollars of Amazonthe 80,000 of Microsoft, the 75,000 Alphabet or the 65,000 finish In a single year. An exaggerated demand is being screened. This manager also spoke of the hypothetical investment of 500,000 million dollars of the Stargate project. “I think, in a way, people are investing anticipating the demand they are seeing today, but they are projecting a much greater demand (of which there may be).” China in fact accumulates unfortunate data centers. In Microsoft they relax their strategy. Redmond’s firm, said these analysts, has made this decision shortly after loosen ties with OpenAicompany in which it has invested around 13,000 million dollars. That will cause the company led by Sam Altman to go to cloud services of other partners. Google and Meta take the opportunity. The withdrawal of these projects assumes that Microsoft has annulled some of those contracts and postponed others. Interestingly Google and Meta seem to have taken advantage and have appropriated some of the projects that Microsoft has abandoned in Europe. The details of the projects from which the firm has been withdrawn are not known, and neither if that change of plans could affect projects already signed such as data centers They are already announced in Aragon. We already have enough. A Microsoft spokesman indicated in a statement to Bloomberg how the company has already made a significant investment. “While we may reduce or strategically adjust our infrastructure in some areas, we will continue to grow strongly in all regions,” he explained. “This allows us to invest and assign resources to growth areas for our future.” In recent times we are also seeing how climbing no longer compensates so much, and GPT-4.5 is a good demonstration of it. What about ambition. At the beginning of the year we knew that Microsoft expect to invest 80,000 million dollars throughout fiscal year 2025 in the construction of new data centers. These intentions are maintained according to their spokesman, but they hope that the growth rate should slow down the next fiscal year, and the efforts will focus on filling those server data centers and other equipment. In Xataka | The B300 GPU is the new Nvidia beast for Ia. And we already know what prepares for 2026 and 2027

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