market

The rental market is so broken in Spain that more and more tenants are facing a reality: record overcrowding

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In Spain he increasingly lives more lonely people. And every time he lives more people crowded also. I know: it sounds contradictory, but that is the curious reality drawn by the studies that are in charge of ‘x-raying’ the country’s homes. As paradoxical, counterintuitive and even ironic as it may be, statistical observatories such as the INE or Eurostat confirm that while a part of Spain is forced to live in overcrowded conditions, sharing a house or even fourththe number of single-person households is growing at such a speed that in a few years they will probably be the most common in Spain. That tells us a lot about how the country, its society, the economy and (also) the residential market are changing. Overcrowded Spain. Among its many functions, Eurostat is responsible for reviewing every year how the overcrowding data from the different countries of Europe. Said like this, the concept ‘overcrowded’ may sound subjective, but its technicians have a clear guideline to distinguish what is (and what is not) a home. ‘overcrowded’. In general terms, a home is considered saturated when it does not have a room for each couple, for each adult or for each two young people of the same sex. In Spain that is a reality they deal with more and more people. Especially if we talk about people who live in rented houses. A percentage: 9.5%. The data from Spain leave two clear readings. The first, positive one, is that in our country the overcrowding rate It is much lower than that of other European nations. At a general level (if we take into account all types of housing, owned and rented, both in the free and regulated markets) Eurostat calculates that 9.5% of the population Spanish resides in ‘overcrowded’ houses. Although in practice this is equivalent to millions of people, it is far from the 16.8% average of the 27 EU countries or the ratio of states such as France (10.8%), Italy (24.3%), Portugal (12.7%) or Germany (11.7%). That’s the positive part. The negative part is how the indicator has evolved. In Spain the overcrowding rate has not stopped growing in the last five years until it is at its highest level in the last decade. For reference, in 2018 marked 4.7% and in 2016 it was at 5.4%. The EU average has advanced at a much slower pace. In fact, it has been practically stagnant for years. around 16.8%a value somewhat lower than that recorded in 2016, when it was around 18%. A tenant problem. The Eurostat data They reveal something else: although there is no market that escapes overcrowding, not everyone suffers from it equally. Its incidence is especially high when we talk about people who reside in homes rented at market prices. That is, without taking into account protected housing. In that case the overoccupation rate shoots up to reach 20.5%. What does that mean? That a fifth of Spanish tenants who have rented houses on the free market live in what Eurostat considers overcrowded conditions. Once again, the figure is below the EU average (23.8%) or the rate of nations such as Italy, but it exceeds the indicators for France (18.6%), Germany (18.3%) or the Netherlands (8.3%). And again too stands out for its evolution. Beyond the comparison with the rest of the EU, the reality is that this 20.5% is considerably above the 12.5% ​​in 2016 and represents the highest value since at least 2014. Spain General overcrowding rate Overcrowding rate among tenants in the free market 2016 5.4 12.5 2017 5.1 12.4 2018 4.7 12.8 2019 5.9 16.3 2020 7.6 18.8 2021 6.4 15.4 2022 6.6 14.9 2023 7.6 17.5 2024 9.1 20 2025 9.5 20.5 What is the reason for this increase? A sum of factors, as stated this week The Country in an analysis on the increase in overcrowding in Spain. One of those (crucial) elements is how the housing market has performed in recent years. Idealistic reveals that in general the price of rents has almost doubled in the last decade, at least if we talk about nominal values (without taking into account the effect of inflation): from €7.7/m2 in April 2016 we have gone to €15/m2. In highly stressed markets, such as the one from Palmathat increase has been even more pronounced. The increase in housing prices (extended to both the rental and purchase markets) directly influences the behavior of families. Not only does it limit the options that those looking for housing can choose from, it also complicates emancipation and assume the rent of an apartment without sharing expenses. Not to mention that the imbalance between supply and demand can lead some landlords to opt for renting single rooms and makes it difficult for families who, after growing up (due to reunification or the birth of children) aspire to a larger apartment. A more populated country. There is another key factor. The increase in the overcrowding rate coincides with the general growth of the Spanish registry. According to the INE, at the beginning of 2026 they resided in the country 49.57 million people. Not only is this 440,000 more than a year before, it also represents “the maximum value in the historical series,” in words of the INE. This growth is also supported by immigration, which broke its own record. In January, the foreign-born population exceeded the ten million of people. Why is it important? Although inflation may have led some families to rent part of their homes to make mortgage payments more bearable, it is not unreasonable to think that this increase in migration explains in some way the rate of overcrowding. The economist José García Montalvo remember in The Country that the foreign population tends to group together in support networks and part of the migrants who arrive in Spain choose, at least at first, to settle in the homes of people they already know. “So where three live, five end up living,” he illustrates. In any case, the phenomenon … Read more

Folding bicycles are the market niche to be exploited. And there is someone who knows this better than anyone: Lidl

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Leave the house, get on the bike, take a train, get back on the bike and get to work. This is what is called intermodal mobility, in which two or more means of transport are taken to reach a destination in the shortest time possible in the most efficient way possible. It is everyday life for thousands of European citizens and it is, without a doubt, one of the big bets of governments and city councils throughout our continent. Because burning liters of fuel loaded into a five-seater vehicle that occupies more than four meters in length and more than one and a half meters in width is, of all things, less efficient in a city. In that work for intermodalitythe electric scooter has gained decisive weight in recent years. The boom in this product has forced countries like Spain to adapt certain regulations to assimilate its arrival. In our country, the DGT has been forced to define this vehicle as an object that You must go on the road or bike pathshaving to leave the sidewalk. The electric scooter, in fact, has overshadowed another key market niche in intermodal mobility: the folding bicycle. This means of transport is highly efficient because it allows travel to a public transport station, easy transport of the vehicle and the possibility of storing it in a very small space at our destination. At the moment, the folding bicycle is a vehicle that is still difficult to see in our cities but there are those who trust in its possibilities: large stores. From the supermarket to work There are reasons to use the electric scooter over the folding bicycle but, lately, the latter is beginning to gain in importance over the former. And the electric scooter is being banished from public transport after a handful of fires that were difficult to put out that led to severe problems in transportation in cities like Madrid. The folding bicycle is a good solution because it is usually a light product but also has the advantage of being able to fold enough to leave it in most of the jobs. It is also a good option for those who travel in a caravan but do not want to drag a large bicycle into the center of cities or towns. It is not easy to find data that clearly points to the penetration of folding bicycles because most statistics do not discriminate the data between this and any other type. Despite this, there are analysts who point out that the market is going up and that its growth will be just over 7% until 2034. The growth, point out in this reportaims to be extraordinarily high in large US cities, with increases of more than 30%. However, this is also because they are cities where car culture is still much more rooted than in Europe. Netherlands, Hapon, and Belgium They are the most repeated countries when talking about this type of bicycles. And the combination between Bicycle and public transport are very entrenched in areas where this means of transport and the train are combined daily. In fact, it is one of the reasons why The Netherlands has more bicycles than inhabitants And a good number of citizens have two bicycles that they park at the train station next to their home and another in the city where they work. In bikepormadridfor example, explain well the problems of cycling when the station is very busy and the space to travel with it is limited. And in both cases, the time it takes to find a space in the gigantic Danish or Dutch car parks and the limitations on moving them inside the car can discourage their use. That is why the folding bicycle is a very interesting alternative which has the advantage of being able to move easily, an incentive to have only one vehicle and, above all, for countries where Spain often lacks the safe and well-conditioned spaces to store bicycles yes they have them in other parts of Europe. Large stores are aware of the market niche that the folding bicycle still represents. Surfaces like Lidl either Carrefour They bet on it with options for less than 1,000 euros and Decathlon remains the undisputed leader when it comes to offering options, with bicycles from just over 200 euros to more than 2,000 euros. The true differential point of the electric bicycle is 1,000 euros and below. Figures collected by Cyclosphere they point out that the demand The number of bicycles has cooled in Spain in recent years and those focused purely on urban mobility are the ones that have fallen the most. Here, The electric scooter has done a lot of damage to the bicycle and that is why the range of less than 1,000 euros is the most interesting because when the customer spends more money they usually opt for other options such as electric, road or mountain bikes. The great advantage of the folding scooter, as we said, compared to the electric scooter is that its transportation and storage capacity at the destination is very similar but, in addition, the cyclist has the greater stability of the bicycle. A clear advantage in terms of security. But it can also be taken on public transport, a space that is increasingly closed to electric scooters. Photo | Rex Lovic and Mateus Jud In Xataka | There are scooters that go fast, there are scooters that go very fast and then there are scooters like The Turbo: at 160 km/h

US sanctions have left its current market share at 0%

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In just two years Nvidia has gone from leading the GPU market to artificial intelligence (IA) in China to not sell practically anything in this country. In fact, Jensen Huang, the CEO of this company, has confirmed just a few hours ago now Its market share in this Asian nation is 0%. This dramatic scenario for Nvidia is the result of two decisive strategies of the governments of China and the United States. Early October 2024 the Chinese Administration sent to its AI companies a recommendation asking them to use chips produced in China as much as possible. Ten months later this recommendation became a requirement. And the Chinese Government is already forcing state-owned data centers throughout the country to use at least 50% Chinese integrated circuits in their servers. The Administration led by Xi Jinping has made this decision because it can afford it. And it is that It already has three very clear alternatives to Nvidia: Cambricon Technologies, Huawei and Moore Threads. This panorama has led Jensen Huang to decide to openly criticize the US export policy. AND has done it on several occasions during the last few years. The head of Nvidia is not enough to be the most attractive option for his Chinese customers; It also has to deal with the decisions of the US Government. US sanctions on China are destroying Nvidia Jensen Huang holds that the US will not protect its technological hegemony by blocking AI chip exports; According to this executive, what Donald Trump’s Government must do is ensure that the American AI ecosystem is dominant worldwide. The current scenario proves him right, but at the moment nothing indicates that the US Administration is going to bet on its strategy. At least not in a consistent way from a practical point of view. And the US Department of Commerce does not give the slightest respite to American AI chip designers. When these companies receive an order from one of their Chinese clients must apply for an export license to this government entity and indicate which GPU they intend to send to China, their specifications and which client is going to use them, among other relevant information. The Office of Industry and Security is also responsible for carrying out investigations into the tariffs deployed by the Administration led by Donald Trump. Once the bureaucracy has been put in place, Department of Commerce technicians analyze export applications in the framework established by current regulation and approve or deny the sale of integrated circuits to China. This is the usual procedure, so there is nothing new up to this point. However, Nvidia, AMD and other American AI chip designers face a very serious problem: the Commerce Department takes several months to process their export licenses. The staffing of the Department of Commerce has been drastically reduced in recent months, and in the current context this scenario represents a very serious problem. The Industry and Security Office of this entity is not only responsible for processing export licenses linked to AI chips; is also responsible for carrying out tariff investigations deployed by the Administration led by Donald Trump. And with fewer personnel than in 2024 and 2025 it cannot cope. According to Bloombergthe Office of Industry and Security has lost 101 employees in recent months, which represents a 19% reduction in staff compared to what it had in 2024. Curiously, the staff specifically dedicated to developing standards linked to the semiconductor industry and reviewing applications for export licenses has decreased by 20%, although at the moment it has not emerged what is the reason for this staff drain. Be that as it may, during 2025 the Office of Industry and Security took an average of 76 days to resolve export requests, but this period is increasing in 2026. Very bad news for Nvidia and AMD. Image | NVIDIA More information | Tom’s Hardware In Xataka | The US remains committed to stopping China. Now it has targeted the second largest Chinese chip manufacturer

Back Market makes it a little easier for us to renew tablets

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Apple devices are by far the hardest to find at a good discount. For this reason, any way we can get an iPhone or iPad at a good price is always welcome. One of the stores that makes this easier for us is Back Marketwhich has a very large catalog of refurbished devices. The best? That now all their iPads will have an extra 5% discount. We will tell you more about this promo. The price could vary. We earn commission from these links A promo that will only be available from May 4 to 10 Let’s go in parts. This new promo is as simple to explain as it seems: from May 4 to 10 we will have an additional 5% discount when purchasing an iPad at Back Market. The only requirement we have to access this promo is that we do a purchase of more than 100 eurossomething we are going to do with almost any Apple tablet we buy. And beyond the price, what do Back Market iPads offer? The entire catalog of this store is made up of refurbished devices, but with 24 months warranty. In addition, we will have a 30-day free trial in which we can see what the device offers and, if it does not convince us, return it. All without forgetting that shipping is free and that we can even finance our purchases. Let’s take as an example the iPad Air with M2 chip launched in 2024. This, in ‘Excellent’ condition and in its 11-inch version with 128 GB it is available right now for 443 euros. If we wait for the promo to start, then we can get it for 420.85 euros. It is a very interesting option if you are looking for an iPad Air at the best price and you don’t mind not having a more modern version. It’s just an example, but the same applies to the rest of the iPads you have in Back Market. You just have to access to the section of these tablets in the store and choose the one that best suits you. The good thing is that you have models of all kinds: from the latest iPad 11 even a 2022 iPad Pro. Some of the links in this article are affiliated and may provide a benefit to Xataka. In case of non-availability, offers may vary. Images | Pedro AznarApple In Xataka | Best iPhones. Which one to buy and recommended models based on budget, tastes and quality-price In Xataka | Best tablets. Which one to buy and 8 recommended models for all pockets and needs

Anthropic is one step away from being worth as much as Samsung. And what the market is buying is not Claude

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Anthropic, the company behind Claude, is exploring a new round of financing that would value it at more than 900,000 million dollars. If it closes, it would surpass OpenAI as the world’s most valuable AI startup. Altman’s company set its needle at 862 million last month. The figure more than doubles the 350,000 million it had in February. In just two months. Why is it important. The valuation no longer reflects Anthropic’s sales. It responds to a bet on what the company can become in five years or a decade: a provider of something resembling an essential service. Anthropic bills Claude for subscriptions and accesses to its API. That business exists, grows quickly and has reasonable margins. But it does not by itself justify a valuation that is close to that of Samsung, the Korean megalodon that manufactures everything from the chips we carry in our pockets to the ships that cross the ocean. The context. What the market is buying with Anthropic, and as often happens in the stock market, is not the present, but a hypothesis: that a very small handful of laboratories will control the foundational layer on which the software of the next decade will be built. And that Anthropic will be one of those few. And it will do so in a very profitable way. The logic, on the other hand, is the same that led to overvaluing telecos during the bubble dotcom or to the electric companies at the beginning of electrification. Whoever owns the basic infrastructure sets the rules. Google has already committed 10 billion to the previous valuation, with another 30 billion conditional on objectives. Amazon has put in 5 billion and plans to inject 20,000 more. An IPO could come before the end of the year, around October. Between the lines. That Google and Amazon, two of the largest cloud companies in the world along with Microsoft, finance a company that also sells through them says a lot about how they understand the moment. They are ensuring supply, it is not just an investment in a supplier. It is the difference between buying shares in an oil company and buying a field. Anthropic is, for these hyperscalersa deposit. Yes, but. The hypothesis has its cracks. The models are commoditizing faster than it seemed a year ago. The technical difference between Claude, ChatGPT and Gemini It is measured in nuances, not in generational leaps. If foundational AI ends up being a commodity (something like electricity or water coming out of the tap), current valuations are unsustainable. If it ends up being an infrastructure with network effects and high barriers to entry (something like an operating system), they may even fall short. The market is paying for the second hypothesis. Time will tell. The money trail. Anthropic recently announced, with restrained fanfare, Mythosa model capable of detecting and exploiting vulnerabilities in critical software. The company deemed it “too dangerous” to release and has only given it to a closed group of companies for internal testing. Even so, it has been accessed by unauthorized users. That is exactly the reason why some investors pay these figures: such a model is not sold but granted. And whoever decides to whom it is granted has regulatory power de facto that not even a Samsung, at least outside of South Korea, has ever had. The big question. What happens if the bet goes wrong? A valuation of 900 billion means that Anthropic has to generate, at some reasonable point, revenues in the order of tens of billions a year with very high margins. It is possible. But it was also important for Cisco to maintain its 2000 valuation, and it has needed 26 years to tie. The difference is that this time the buyers of the bet are the companies themselves that depend on the result. This reduces the risk of a sharp correction. And he postpones it. In Xataka | There is a thing called “Ornn price index”, it is out of control and it is bad news for everyone Featured image | Xataka

The chip industry has its own Lego black market. ASML created it by accident

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Rick Lenssen works as a data analyst at the Dutch company ASML and builds Lego models on the weekends. It could have remained there, a mere hobby shared with his children if the company that employs him did not design and manufacture the lithography machines necessary to produce microchips, one of the key elements of current technology and one of the key suppliers of TSMC, Samsung or Intel. Now, his Lego designs imitating the original machines reach four-digit figures on eBay. 380 million in 851 pieces. It appeared in the ASML online store at the end of November 2024: a Lego model called TWINSCAN EXE:5000, measured 35 centimeters long and cost $227.95. It reproduced the high numerical aperture extreme ultraviolet (High-NA EUV) lithography machine that the company delivered to Intel in late 2023 and that allows chips to be printed from its 2 nanometer node. The actual equipment weighs 165 tons, has more than 100,000 parts and had to be transported in three Boeing 747s. The Lego set reproduced it in the style of the popular toy brand, it included a purple ray that represented ultraviolet light and a minifigure with the full clean room suit that technicians wear. The product sheet, perhaps anticipating what was to come, already warned that multiple orders from the same customer would be cancelled. Brick Lenssen. This is the nickname given to Rick Lenssen, a 39-year-old company employee who became interested in Legos. by chanceafter taking his children to a toy fair in the Netherlands. His first personal project was an exact replica of the ASML campus in Veldhoven: two years of work, 2,500 euros out of his pocket and 25,000 pieces, with details as obsessive as the peregrine falcon that nests on a roof of the complex, accompanied by a pigeon that, according to him, acts as food. He designed everything first on the computer and assembled it in the attic of his house. Where do I put this. Lenssen then encountered a drama that will be familiar to any Lego fan: what to do once you finish building the set. He offered it to the campus itself, but they didn’t want it. Lenssen wrote to ASML’s CEO on a Friday night, and within hours he wrote back saying he loved the set. To get the model out of the attic, it had to be dismantled piece by piece (like the real ASML machines), and company workers loaded it into a van. Today it is the first thing visitors see when they arrive at the company’s reception. It’s official. The jump to merchandising officer arrived later, with a model of the skyline of the campus in charge of promoting an internal app, and then the two models of machines. He was not the first: Jeroen Ottens, an ASML engineer who had worked at Lego, I had modeled a previous version. The cheapest model in the current range, the TWINSCAN NXE:3400C, at $166.70, was not born as a commercial product either: it started as internal training tool before becoming a special edition open to the public. It took Lenssen a few weeks to design the current two sets, one with a 61-page instruction manual. Your only compensation is a copy of each model. Employees only. The sales policy is one unit per person and verified ASML email is mandatory. For weeks, some fans managed to place orders bypassing that restriction due to a security hole in networks, and measures had to be taken: in December 2024 ASML began canceling orders from buyers without an actual corporate email. The EXE:5000 file even disappeared and can only be consulted today through the Wayback Machine. The same corporate email restriction covers the rest of the merchandising of the company, yes, much less coveted: sweaters, mugs, pins and Christmas decorations. eBay fever. Of course, speculation was not long in coming, as It usually happens with Lego sets that disappear from the market. Individual sets of those designed by Lenssen have been seen for $600, while the complete collection reaches $4,500. Before closing that section of the store, ASML sold 1,355 units of the latest model (there are 44,000 company employees, possibly not all of them interested in building with toy blocks). Although the comparison is absurd, only six of the real machine have been sold. In Xataka | The great fear of the US is that ASML’s UVP machines will continue to arrive in China. So he is going to intensify his trade war

The Iran war has disrupted the jet fuel market. So Lufthansa has canceled 20,000 flights

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The war in Iran has punished many sectors, but few have been as shaken as aviation. First for the closure of much of the Middle East airspace, causing the worst crisis that airlines have suffered since the pandemic, and later due to fear of an escalation in the price of flights. Now to these fears we have added another one that is already taking shape: the cancellation of thousands of servicesconvicted of the scarcity of jet fuel. Lufthansa just demonstrated How serious is that threat? The (other) hangover of the Iran war. That the war in Iran threatens to impact airports around the world is nothing new. In fact he already did it in its first barswhen Tehran launched a series of attacks on the rest of the Persian Gulf countries that they blocked part of the region’s air traffic and hubs as important as the terminals in Doha or Dubai. Over the last few weeks, however, two major threats have been taking shape, especially considering that we are on the verge of summer and the international flow of tourists. has been growing for years: that the war skyrocket the price of flights or (even worse) that forces Cancel services. Checking the grills. Proof of how real (and well-founded) these fears are is that between March and April several airlines have acknowledged that they will have to retouch their grills. On March 17 for example Reuters revealed that SAS, a Scandinavian company, planned to cancel a thousand flights due to the rise in fuel prices. Delta Airlines, Air Canada, Cathay Pacific either Air New Zealand They have taken similar measures, tweaking their operations. Even the Dutch KLM has had no choice but to suspend 160 services scheduled for April. One figure: 20,000 flights. If there is a company that has shown how critical the situation is, it is the German Lufthansa, one of the largest airlines of the world. Financial Times (FT) has advanced that the company will cancel around 20,000 flights between May and October to save fuel, which represents one of the biggest cuts in the sector to adapt to the war in Iran. To be more precise, the German company will eliminate 120 daily flights starting next week and will dispense with those routes departing from Munich and Frankfurt that are not profitable. Trimming will be applied well into the fall. “The price has doubled”. “In total, about 20,000 short-haul flights will be eliminated from the program through October, equivalent to approximately 40,000 metric tons of jet fuel, the price of which has doubled since the outbreak of the conflict with Iran,” explains the company, which has confirmed the cancellations coinciding with a summit of the EU focused on war. Click on the image to go to the tweet. Fuel for six weeks. Lufthansa’s decision is much better understood if one takes into account the latest wake up call of the International Energy Agency (IEA), which a few days ago warned that the jet fuel reserves that Europe manages guarantee operations only in the short term. The notice came from the mouth of the organization’s executive director, Fatih Birol, who took advantage an interview with the Associated Press to warn of the coming panorama. “We are in a critical situation and this will have serious consequences for the global economy. The longer this continues, the worse it will be for economic growth and inflation around the world. Some countries may have more energy than others, but none, absolutely none, is immune to the crisis,” Birol reflected. before stopping at the specific case of Europe and the aeronautical sector: “We have perhaps six weeks of jet fuel. Is it the only warning sign? No. Apart from Birol or the trickle of cancellations announced by airlines such as KLM or Lufthansa, there are other indicators that reveal the extent to which the sector views its jet supply with concern. The EU is already being considered impose a mandatory fuel distribution, in an effort reminiscent of that deployed during the pandemic. Not only that. In Brussels it is already spoken to look for alternative supply sources, such as jet fuel produced in the US, or the release of strategic reserves. Click on the image to go to the tweet. Tickets 24% more expensive. In the United Kingdom, airlines have asked also to the authorities to relax noise regulations or reduce taxes on flights to address supply shortages. It makes sense considering how the war is impacting prices. The BBC has disclosed a study by the consulting firm Teneo that estimates that the conflict is already being felt in air fares: on average, it estimates that the cheapest tickets are 24% more expensive than a year ago, which is explained both by the price of fuel and the route diversions caused by the war. A percentage: 40%. If the war in Iran has served anything, it is to understand (remember, rather) the strategic role that the Strait of Hormuz plays in global supply chains. Its waters not only circulate the fifth part of the world’s oil and LNG, as well urea moves for fertilizer, helium for technology industry…and (exactly!) good part of aircraft fuel. It is estimated that more than 20% of the jet fuel transported by sea last year was channeled through the strait. If we talk about Europe, that percentage is even bigger. The war has not only hit that traffic, strangled by the closure of Hormuz, it has also paralyzed supplies from Kuwait, heavy weight of the sector, and has led other countries to apply protectionist policies. For example, China it did not take long to prohibit exports of diesel, gasoline and jet fuel. As if all of the above were not enough, kerosene itself and its nature complicate the picture: Fuel cannot be stored for long without degrading, making their supply chains more sensitive to disruptions like those caused by war. Are these all warning signs? No. With summer just around the corner and a million-dollar … Read more

In London someone has paid 310 million for the most expensive house in history. It is proof that the luxury market has no ceiling

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In the world there are expensive houses (increasingly), very expensive houses and then houses within reach only of the greatest fortunes on the planet, like the one that has just been sold in London for a whopping 270 million poundsabout 310 million euros at the exchange rate. The figure is shocking in itself (it is the same that has been paid in other parts of Europe to build a stadium), but it becomes even more interesting when another detail is known: everything indicates that it is the most expensive home sold to date in an operation of that type, focused on a single residence. To get the keys, its new owner, an influential British businessman, had to beat three royal families from the Middle East. What has happened? that the real estate market premium has just reached one of those milestones that sound almost like science fiction, at least among ordinary mortals. The British press has revealed that a wealthy businessman in the country has closed the purchase of the most expensive home sold to date. And “more expensive” can be understood in a literal sense. Although it is not easy to talk about world records in a sector in which properties do not always go on the market nor are operations advertised, the Bloomberg agency slide which is probably the largest sale in history centered on a property of its type: a single single-family home. It is not crazy if you take into account that the transaction was signed for 270 million pounds, about 310 million euros. Some sources raise the figure to more than 315 million. What is the housing like? The property is called Providence House (formerly Gordon House) and is a huge 19th century mansion located in the Chelsea neighborhood of west London. The plot once housed the residence of the British Prime Minister Robert Walpolebut for years it has belonged to Nick Candya London businessman linked to the brick sector and the Reform UK party. Beyond its privileged location, in the heart of one of the most expensive cities on the planet, the house surprises with its figures: the house stands on a plot of two acres (just over 8,000 m2) with a lake and swimming pool and Georgian style decoration. Media like Financial Times they need which has a private cinema with IMAX screen, greenhouse and the second largest garden from the center of London. It is only surpassed by the one surrounding Buckingham Palace. Who bought it? The buyer is Sunel Setiya, co-founder of Quadrature Capitala trading firm that according to Bloomberg data obtained a profit of 411 million pounds in the financial year ending January 2025. Although with Providence House he has broken all the molds, this is not the first time that Setiya has made headlines for his taste for luxury homes… and his enormous generosity in paying for them. In his day he already paid 110 million pounds for a penthouse in One Hyde Park. And that the property, of around 1,300 m2lacked interior divisions and required works. The Times details which on this occasion has had to pay more than 31 million pounds for property tax alone. The operation certainly marks a before and after in the British real estate market. The most expensive house sold in the United Kingdom before Setiya took out his checkbook was the mansion known as 2-8A Rutland Gate, awarded in 2020 for £210 million to Hui Kan Yan, founder of the Chinese developer Evergrande Group. Click on the image to go to the tweet. And who sold it? Nick Candy, another British tycoon who shares Setiya’s taste for exclusive homes. In fact, he has a penthouse in the same complex that is also for sale for around £175 million. Nick and his brother Christian are known in the sector for the development of the complex One Hyde Parkmade up of 86 apartments and duplexes in the heart of Knightsbridge. Beyond their taste for luxury homes, Setiya and Candy are at opposite poles on an ideological level. The first (Setiya) is a important donor of the Labor Party and dedicates large sums of money through his company to fighting climate change. Nick Candy however is a prominent figure of Reform UK, Nigel Farage’s far-right party. Have there been more interested parties? Ideological differences do not seem to have been an obstacle to closing the operation. In fact, to become the new owner of Providence House Setiya had to prevail over three Middle Eastern royal families also interested in the luxurious London mansion. Given its characteristics (and amounts), the operation was carried out outside the market. The operation represents a lifeline for the luxury residential market in London, which, as remember Five Daysis not going through its best moment. According to LonRes, 2025 was the second time since 2011 that no sales of more than £50 million were closed and in February transactions worth five million (or more) suffered a year-on-year drop of 55%. The puncture coincides with a tax change that directly affects properties. Image | Jaanus Jagomagi (Unsplash) In Xataka | If the question is whether house prices will rise forever, London has the answer. And it is a warning for Madrid

South Korea overtakes China as ASML’s largest market. Sanctions are already changing the world

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In the first quarter of 2026, South Korea has accounted for 45% of ASML salesthe Dutch manufacturer of lithography machinery without which no advanced chip exists. China, which until now led the same ranking with 36%, has fallen to 19%. The order of the semiconductor world has been inverted in the duration of a ‘Q’. Why is it important. ASML is the only company on the planet capable of manufacturing extreme ultraviolet (EUV) lithography machinesessential to produce chips less than 7 nanometers. Whoever controls access to ASML controls, to a large extent, which countries can manufacture elite semiconductors. That is why the figures for the first quarter of 2026 are not just another balance sheet but a way to understand the geopolitical map in real time. Or at least with “only” three weeks of latency. In figures: South Korea: 45% of ASML sales in Q1 2026 (up from 22% in the previous quarter). China: 19% (up from 36%). Taiwan: 23% (up from 13%). ASML’s total net sales in the quarter: €8.8 billion. Net profit: 2,760 million euros (+17% year-on-year). Sales forecast for 2026, revised upwards: between 36,000 and 40,000 million euros. The context. The United States has been building a sanctions architecture for years designed to disconnect China from access to advanced semiconductor technology. ASML, a Dutch company but with technology whose development has also involved American and British partners, stopped selling its EUV machines to China years ago. In 2023 added restrictions on more advanced DUV/UVP systems. What the first quarter data show is that this fence already has measurable effects on real sales flows. Between the lines. South Korea’s jump is not explained only by the Chinese fall. Samsung and SK Hynix They are in full race to build high-end memory capacity (the type of chip that powers AI data centers), and both companies have accelerated their orders for EUV machines. SK Hynix has committed nearly 12 trillion won (about 8.2 billion euros) in EUV lithography equipment for its Cheongju and Yongin factories. And Samsung, for its part, has placed a bulk order for approximately 20 EUV machines as part of a larger purchase of 70 systems for its P5 plant in Pyeongtaek. The underlying message is that the demand for AI is already sold in advance. According to ASML CEO Christophe Fouquet, customers in the memory segment have already exhausted their capacity for the entire year. Supply will not meet demand in the foreseeable future and prices continue to skyrocket. Main loser? China, without access to EUV, has been using older DUV systems for years and multiple exposure techniques to approach the 7 nanometer nodes. This translates into chips that are more expensive to produce and have lower yields. Companies like SMIC, ChangXin or Yangtze Memory Technologies operate under increasing financial pressure: the more exposures you need to compensate for the absence of EUV, the worse the production economics. The big question. Can China build its own ASML? There are prototypes in development and the ambition to achieve mass production of EUVs before 2030 is public and no one hides it. That doesn’t mean we can take it for granted: neither Nikon nor Canonwho have dominated lithography for decades, have managed to develop EUV systems. ASML is where it is because it spent years working to achieve it, and it also did so with a very well-coordinated ecosystem: Carl Zeiss optics, specialized laser technology, thousands of components from suppliers around the world… Replicating that from scratch, under sanctions, in less than five years, is a titanic task even for a country of 1.4 billion inhabitants and an excessive ambition. Yes, but. The restrictions, in fact, have not sunk China, but have forced it to adapt. SMIC produces 7 nanometer chips using alternative techniques, although at higher cost and on a smaller scale. The pace of state investment in semiconductors has not slowed down. And the fact that several engineers who have worked at ASML have ended up in Chinese projects has raised alarms on the other side of the Pacific. China has built its current position on a long-term mindset. The sanctions close the shortest path, but that does not mean that other paths do not exist. In Xataka | China prepares a 2nm AI chip to end NVIDIA’s dominance. Your problem is how you are going to manufacture it Featured image | ASML

The CNMV has tested AI to invest in the stock market for ten months. The conclusions are very revealing

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In recent months there has been a recurring discourse that we see on social networks and that sell us again that “get rich quick” message. That message is “use AI to invest in the stock market.” The interesting thing comes when we see how the CNMV has published a study in which it has precisely attempted to analyze that premise. Although this organization warns of the risks of investing with AI, there is another important message in the conclusions: LLMs are not bad investors per se. They are bad at following vague instructions, which is just how most people use them. The CNMV study. Two researchers from the CNMV, Ricardo Crisóstomo and Diana Mykhalyuk, have published a study methodologically serious (but imperfect) and very interesting: they used four AI models for ten months live, from April 2025 to January 2026. They chose ChatGPT, Gemini, DeepSeek and Perplexity as models. The process was simple but demanding: each month they asked each model to identify the five stocks in the Ibex35 index with the best expected performance (to buy) and the five with the worst expected performance (to sell short). Then the real result was measured at the end of the month, and here there was no historical data selected just because: the real market was the only arbiter of all the functioning of the models. The models evolved. One of the most significant aspects of the study is that its creators recognized a methodological problem that was difficult to avoid: during those ten months, the versions of the four models were updated several times. The Gemini of April 2025 was not the same than that of January 2026for example, and that could influence the results. The researchers commented that it was impossible to know with certainty whether an improvement or deterioration in performance was due to the prompt strategy, market conditions in that period, or simply because the model changed. The prompt is everything. Three were also tested prompt types very different, and that gave rise to conclusions that were neither alarmist nor did they create false expectations: they were “it depends.” Thus, their results showed that everything depended on the type of supervision that these models had: If the LLMs were asked generic questions such as “What stocks should I buy?”, they failed repeatedly. There were computational errors, incorrect interpretations and also the famous hallucinations of chatbots. Curiously, the only one that made a profit was ChatGPT. The problem is that people who use AI to invest probably use this mode of action. But if prompts prepared with iterative reviews and human supervision at each step were used, Perplexity achieved a monthly return of 3.5% on the IBEX35. Gemini and ChatGPT also improved their behavior if given more precise instructions, and DeepSeek was the worst ranked overall. There is another finding: when models receive official regulatory documentation or business results reports, their predictive accuracy improves significantly. The LLMs they reason better on concrete and verified facts than generating analysis from scratch on information that they themselves search for on the web. financial hallucinations. The CNMV study points out that financial markets are especially demanding for AI models because they require complex processes. They have to retrieve and collect information dynamically, they have to reason in multiple steps, they have to be numerically precise, and they have to know this market, and all in real time. Chatbots are trained to generate “convincing” textsso the incentive here is that the investment recommendation “sounds good” even though it is completely wrong. The confidence with which AI models present incorrect financial analysis is proportional to the risk they pose to those who use them without checking whether what they say makes sense. In short: do not trust AI to invest right off the bat. The Reddit user’s experiment was equally striking, but hardly conclusive. Source: Reddit. The Reddit experiment. A Reddit user named Blotter-fyi rode in November from 2024 a platform called Rallies.ai which gave several AI agents access to real-time financial data and money to make stock market operations. Four months later, with the S&P index down 7% since the start, five of the models are outperforming that index, although only two have positive returns in absolute terms. The author himself was the first to warn that four months are insufficient to reach a conclusion: it could be luck, the market or simply the prompt. Nof1’s experiment was fascinating, but it made it clear that AI models don’t typically make money investing in crypto. Source: Nof1. Nof1 and crypto fascination. Another particularly striking experiment was the one that the company nof1.ai made with its Alpha Arena. He put six AI models to compete, gave them 10,000 real dollars each and gave them two weeks to trade cryptocurrency derivatives without human intervention. The most striking result was not who won, but who lost: GPT-5 ended with more than 25% losses and Gemini with close to a negative 40%. Meanwhile, the Chinese models Qwen and DeepSeek dominated in terms of good performance. They iterated with other models, 32 in total, and of all of them only six achieved a positive return: the rest lost money. Grok-4.20 was the big winner ahead of GPT-5.1 and DeepSeek v3.1. Maybe you shouldn’t just let AI invest for you. The conclusions after these experiments are clear. Four months of a model outperforming the S&P index in a bear market does not prove that AI is a good investor. Only in that specific period, with that specific marketthat model made decisions that turned out to be less bad than those in the index. To see if this makes sense takes years, multiple market conditions, and many instances of the same experiment running in parallel. The same happens with Nof1 – especially short – and with a more serious and methodical process like that of the CNMV, which was also surrounded by events whose impact on the final result was uncertain. Faced with so many unknowns, the conclusion seems clear: … Read more

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