reality

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

Meta and Google talk about nuclear fusion for the future; The short-term reality is that they are pulling natural gas

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Silicon Valley has an undeniable gift for selling the future. If one listens to the great technological leaders, Artificial Intelligence will soon be powered by energy sources worthy of a science fiction novel. Goal just signed an agreement to obtain solar energy directly from satellites in space, while figures such as Sam Altman, CEO of OpenAI, They assure that nuclear fusion It is the great “silver bullet” that will save the sector. However, it is enough to look down from the stars to the earth to find a much smokier reality. To feed the insatiable “energy monster” that AI has unleashed, big technology companies are turning to the technology of the past. As explained from Axiosthe race to dominate artificial intelligence is accelerating at such a dizzying pace that the industry’s ambitious climate goals are taking a discreet backseat. Today, the world’s most sophisticated cloud is being built on a foundation of fossil fuels. The numbers speak for themselves. Far from nuclear fusion laboratories, the actual infrastructure being built in the United States tells a story based on natural gas. Meta’s case is perhaps the most graphic, as detailed in Bloomberg, US utility Entergy Corp. has had to increase its capital spending plan by almost a third, reaching $57 billion, to build 10 new natural gas plants dedicated exclusively to powering the new data campus Hyperion of Meta in Louisiana. This gigantic complex will require more than 7 gigawatts of power, the equivalent of the output of seven large nuclear reactors. Google, the historic champion of clean energy, is not far behind either. An investigation by the market intelligence firm Cleanview has brought to light Google’s partnership with the company Crusoe Energy to develop a huge data center in Texas named “good night“. The project includes a 933-megawatt gas plant built outside the traditional electrical grid. The end of the green utopia? The environmental impact of this installation is not minor, how to explain Guardianthe plant will emit up to 4.5 million tons of carbon dioxide per year. To put it in perspective, this exceeds the annual emissions of the entire city of San Francisco or is equivalent to putting 970,000 additional gasoline cars on the roads. Given this, Google’s official position is cautious. Chrissy Moy, company spokesperson, does not deny the project before the mediaalthough it clarifies that, although they are linked to the campus, they still “do not have a contract in force” to acquire energy from said gas plant. How have they developed in oil pricethe origin of this sudden gas rush is that data centers are putting local power grids under unprecedented pressure, causing consumers to bear the cost of this increased energy competition. To overcome the slow expansions of the public network and the endless waiting lists for permits, Wired points out that data center developers They are choosing to generate their own energy “behind the meter” (off-grid). And in that fast and private strategy, gas is king. Their green mask falls off. This is a serious blow to Silicon Valley’s green image. As you remember GuardianGoogle was once a pioneer in promising net zero emissions by 2030. However, the company itself has had to admit that its carbon emissions have increased by 48% in the last five years due to data centers. Now, those environmental objectives have been internally downgraded to the category of climate moonshots (speculative projects very difficult to achieve). The underlying problem is purely physical. As he reflects Impakterenergy—not chip shortages—is emerging as the real bottleneck for AI. Traditional renewable sources are intermittent, and large language models require devouring electricity 24 hours a day. A systemic problem that is already raising blisters in Washington. The return to natural gas is not an isolated anecdote of a couple of companies. There are currently about 100 gigawatts of gas-fired power in development in the United States destined for data centers alone. Microsoft just signed a deal with oil giant Chevron in Texas, and permits for OpenAI’s Project Jupiter in New Mexico suggest it could emit up to 14 million tons of greenhouse gases annually (triple that of Google’s project). Faced with this fossil avalanche, Democratic senators such as Whitehouse, Van Hollen and Heinrich have sent letters demanding formal explanations from leaders of Meta and OpenAI for putting the country’s climate commitments at risk. The industry defends itself by arguing that it is a necessary evil. Cully Cavness, president of Crusoe, explained that natural gas it is a critical “bridge” and the only power source available today capable of scaling at the pace AI demands. Next-generation clean alternatives will take decades. Meta’s promising agreement to receive solar energy from space will not have a pilot satellite until 2028and its commercial viability is not expected, at best, until the 2030s or 2040s. The same happens with commercial fusion reactors: they will not dump a single watt into the grid well into the next decade. The great paradox of AI. Business magazines celebrate the financial success of this revolution. In their profiles of the most influential companies, TIME relates how Google, under Sundar Pichai, has reached a $4 trillion market value driven by its advances in AI, while Mark Zuckerberg celebrates record ad revenue on Meta by promising systems that will soon “understand the unique personal goals” of each user. Silicon Valley promises that this same Artificial Intelligence will one day help us solve humanity’s great challenges, including climate change itself. But the current paradox is inescapable: in the real world of 2026, to train the most brilliant and avant-garde artificial mind ever created, human beings still inevitably need to set natural gas on fire. Image | Photo by Tasos Mansour on Unsplash Xataka | Solving the mystery of the red balls on high-voltage cables: a simple way to save lives

They believed they had found jobs in large companies. In reality they were being deceived: this is how the trap works

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Looking for a job is already hard enough without having to be suspicious of every message that arrives in your inbox. And yet, that is exactly what the campaign that has warned about proposes. NordVPN: a trap set up to look like a real opportunity. We are not talking about a clumsy email or a sloppy website, but rather something much more refined, with names like Meta, Disney, Coca-Cola or Spotify as a claim. That’s the key to everything: they play with the illusion of those who believe they may be on the verge of an interview or a new job, when in reality they are entering into a fraud. The investigation alerts of a campaign of phishing specifically aimed at job seekers. The attackers have set up an attack chain in several phases that impersonates large brands and seeks to take the victim to a very specific point: a false login screen with which they intend to keep their Facebook credentials. Let’s see in detail the strategy of these cybercriminals. The mechanics behind fraud that imitates real selection processes It all starts with cold recruitment emails, carefully written and with a professional tone that seeks to resemble real human resources communications. It is not a minor detail that some of these shipments are made through legitimate services such as Google AppSheetbecause not only can that help you avoid spam filters, it also helps make the scene more believable to the person on the other end. The trap, at least at the beginning, is not presented in a crude way, but with a very careful appearance. From there, one of the most peculiar pieces of the entire chain appears: the so-called “HUB” domains. According to the investigation, these are pages that do not show their most sensitive content to anyone who enters directly. If a security analyst or an automated system visits that domain without coming from the specific link included in the email, what they find is a generic website, with hardly any visible activity. The truly important part is only activated when the visit arrives from that specific reference, which acts as a key and reveals the next step of the deception. The next move of the campaign is to give the victim exactly what they expect to see after a convincing recruitment email: a website that looks like a job portal. The research explains that, after that first access, the user lands on a intermediate domain which simulates a legitimate job offer portal and where you can consult positions that seem real and associated with the company whose identity they are impersonating. The more the scene resembles a normal job search, the easier it is for the person to interpret everything that comes after as a logical part of the same process. Campaign replicates legitimate job pages and uses Facebook login as hook The decisive moment comes when the victim clicks on “Request” or “Send request”. That click does not open a job form or a next phase of the supposed selection process, but rather a phishing page that asks you to log in with Facebook to continue. That’s where the trap stops insinuating itself and begins to execute its true purpose. All of the above was designed to lead to that exact point, one in which the request may seem like another simple verification within the application, when in reality what is being delivered are the account credentials. The supposed job opportunity was nothing more than the decoration of an operation with a much more specific purpose. According to the research, the final objective is steal Facebook credentials and thus obtain access to the victim’s account, with the possibility of also compromising other services connected to it. That’s why it’s a good idea to stick with a practical idea: before entering any credential, you should check the URL carefully, check that you are on the official domain, and be wary of any strange login. Images | Xataka with Grok | NordVPN In Xataka | AI is crucial for the US military. So he’s naming OpenAI and Palantir leaders as lieutenant generals

What did Nietzsche mean by “we contradict an opinion when in reality what we find unpleasant is the tone”

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I’m not sure how to write this so as not to be unpleasant, but Nietzsche was right. Yeah, he had a weird mustachehe was loaded with opium and loved to take long walks in the Alps; but he was right. At least when it comes to one of his most apparently innocuous, but most radical ideas: that it often doesn’t matter if someone is right or wrong, that we make the decision to agree with them beforehand, that what matters most to us is the tone, the forms. The rest, although it doesn’t hurt to admit it, doesn’t matter. 150 years after Nietzsche, cognitive science has proven him right. What did Nietzsche mean…? In 1878, in the midst of a break with Wagner and Schopenhauer, Friedrich Nietzsche published ‘Human, too human‘. It was his first book of aphorisms and in it he abandons romantic aesthetics and sets out to find a new way of observing the world. In that book, the Austrian philosopher makes a complete x-ray of the psychological junk of human beings. “Opinions are born from passions,” he says in aphorism 637. “Convictions are more dangerous enemies of the truth than lies,” he writes in 483. But the one that interests us is 303. Where Nietzsche discovered confirmation bias. “Often, we contradict an opinion when in reality what we find unpleasant is only the tone in which it was expressed,” says that aphorism. And that sounds a lot like what modern cognitive science calls ‘confirmation bias‘: the tendency to search for, interpret and remember information in such a way that pre-existing beliefs, expectations or hypotheses are reinforced. First we form an idea from the tone of the person speaking to us and then we justify it. Simple, clean and perfectly confirmed by the evidence. Ultimately, what Nietzsche did is anticipate many of the ideas that Kahneman and Tversky They earned him the Nobel Prize. But that matters little, what matters is what we can learn. And, under that sullen and savage reputation, Nietzsche has a lot of useful ideas. This intuition, without going any further, has a direct and everyday application: when someone addresses us with a tone that we perceive as aggressive, condescending or arrogant, our brain activates defense mechanisms that prevent us from rationally processing the content. We do not evaluate what they tell us, we evaluate how they tell us. Reactanceconfirmation bias and post-hoc rationalization: the perfect combo to act automatically without paying attention to reasons or consequences. In the same way, Nietzschenian reflection helps us think about how we address others. And that is worth it. Image | Xataka In Xataka | “A place of joy with pain”: the phrase that summarizes the Aztec philosophy to be happier in this life

OpenAI promised them they would be happy selling hype and memes. Until reality hits

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The news of the weekend is Sora’s closure. What was once the platform of the hype Regarding video creation, he says goodbye, leaving agreements behind millionaires with giants like DisneyOpenAI’s promise to be one of the big players in text to video, and doubts about the company’s strategy. The bet on hype. For some time now, OpenAI’s strategy has been to create hype, be the protagonist in the conversation, and wait for the user to assimilate its proposal. The problem? It is a strategy that worked in its initial phases, when OpenAI played practically alone. We saw it with Sora: the launch was the most talked about on networks, television and practically all media. Months after its launch, there was no way to use the app without VPN outside the United States (and in a very controlled way through its app in countries such as Canada, Japan, Korea or Vietnam) and was still in the experimental phase. The closure. Sora hasn’t lasted even two years. It was born in February 2024 and says goodbye in March 2026. What was born as the reference model for video creation remained a half-baked experiment, while Chinese giants or Google itself with their models I see They advanced and landed their models on the plane that really matters: the one that allows the average user to access it. The competition tightens. OpenAI promised them happiness two years ago, when ChatGPT had hardly any rivals and companies like Anthropic were in their early product stages. But photography has changed in just a few months: Claude is becoming, with almost daily iterations, the most complete chatbot (it is already much more than that). Gemini has been starting to eat his toast for a year. China is absolutely unleashed launching spectacular video models like Seedance 2.0. AI solutions are no longer promises and hype: they are rapid and controlled launches, integrated into platforms that any average user can access. If you don’t integrate, you don’t win. Seedance 2.0 has not even been running for three months and already It is beginning to be integrated into editing programs such as CapCut. AIs like KlingAI have been integrated into gigantic platforms like HighsfieldAI for months. Releases that materialize a few days after seeing the light, and that lay tangible foundations for the state of AI in text to video. OpenAI assumed that a minority of professionals would be willing to pay for the more expensive versions of GPT to access Sora. The reality: the competition is managing to create much superior mass-use tools, and OpenAI cannot afford tools like Sora. The money is on the other side. Sam Altman need to redefine the strategy. For the moment, he wants double the company’s workforcecenter everything in one superapp that reduces catalog and he has his eyes on Spud. This is the name given internally to the next great AI model they are preparing, one aimed at making OpenAI finally a profitable company. After years without a fixed direction, and with its rivals eating its toast, OpenAI faces its most complex stage: one in which selling hype is not enough. In Xataka | Sora’s closure is a sign: OpenAI takes a step back in the AI ​​race to completely recalibrate

Elon Musk often promises impossible things like Terafab. The problem is that sometimes he manages to turn them into reality.

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It was up to Elon Musk to revolutionize the automotive industry with Tesla and the electric car. Probably no one believed he could do it. Then he did the same with the aerospace industry with SpaceX, and that was more of the same: it seemed impossible. It may be many things, but the truth is that although Elon Musk promises many things and does not always fulfill them when he says (hello autonomous car), has achieved unimaginable things. That’s why when you talk about Terafab, maybe we should give it a chance. Because this seems almost as impossible as his other feats. Terafab and Musk’s master plan. On Saturday night, from a power plant that has not been used for a long time, Elon Musk advertisement the last of the components of its master plan: Terafab. The objective is to create a chip factory in which Tesla, SpaceX and xAI will collaborate. According to Musk, this plant will be capable of manufacturing between 100 and 200 GW of computing capacity per year on earth, but it will reach 1 TW in space. The problem, as always with Musk, is distinguishing what part of the plan is engineering and what part is theater and fireworks. He doesn’t do it just because. At that event, the magnate explained that semiconductor manufacturers do not produce enough chips for their AI and robotics needs. And since TSMC and the rest of the manufacturers cannot meet Musk’s demand, he has proposed manufacturing them directly. You need them for your robotaxis and your humanoid robots, Optimuswhich he hopes will end up multiplying by 10 or 100 the production rate of his cars. But it also needs chips so that xAI can compete in the field of AI, and SpaceX needs them for its satellites. That is, it actually needs a lot of chips. Many. Chips from space. At Terafab they intend to create two types of chips. On the one hand, there will be those intended for autonomous vehicles or Optimus robots. On the other, the chips that already have their own name, D3, and that will be designed specifically for space, with products that use them that work in low Earth orbit and are powered by solar energy. For Musk, the idea “becomes an obvious decision”: there will come a point where putting payload into orbit is so cheap that host data centers in space It is cheaper than doing it on land because solar energy is practically unlimited there. Too many unknowns. Everything was very nice and promising, but once the speech and promises were over, the questions began. Building a state-of-the-art semiconductor factory is a colossal challenge. It’s not just a matter of money: it’s that advanced chip manufacturing is in the hands of three companies around the world (TSMC, Samsung and Intel), and requires photolithography with UVE technology which is only manufactured by the well-known Dutch company ASML. And here’s the thing, that Musk: Did not announce any agreement with ASML It has not shown orders that demonstrate that it will have these equipment He has not named a technological partner for the project No estimated dates or calendar have been given. And he hasn’t talked about the budget either. It’s all a gigantic unknown. The most ambitious vertical integration in tech history. On several occasions Musk repeated how at Terafab they intend to cover the entire development, manufacturing, packagingtesting and improvement in the same facilities. If we fulfill that promise, we would be facing another unprecedented achievement, because the semiconductor industry has been doing just the opposite for decades: hyperspecialization by different suppliers: some design, others manufacture, others package… Musk wants to do it all, and if he succeeds he will become a direct rival for Samsung or TSMC, which a priori he would no longer need. Promises and realities. This project seems especially diffuse, but with Musk anything is possible, as we have said. In recent years, yes, we have seen how several of his ideas or they have failedor they have been delayed, or they have been left in no man’s land. The robotaxis still haven’t arrived, the Cybertruck arrived late and it’s not settingand companies like The Boring Company or products like Solar Roof have had less reach than they promised, at least for now. Terafab seems like another impossible project from Musk. We’ll see if it ends up not being so. Image | tesla In Xataka | 8 years ago Elon Musk launched a Tesla Roadster into space: it continues to orbit and was mistaken for an asteroid

Shopping centers seemed condemned to agony. The reality is that they do not stop growing with million-dollar investments

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The outlook looked bad. Very badly. The competition from online commerce, the change in consumer habits, the pressure that platforms such as Netflix or Amazon Prime were beginning to exert on cinemas and (as a cherry on top) the blow that the pandemic dealt to crowded spaces led some analysts back in 2020 to announce the “apocalypse of the “retail”. The ‘shopping center’ model, so prosperous in its day, seemed exhausted. After all… Who would want to go shopping with Amazon or pay for a movie with Netflix at home? Time has shown that those predictions were wrong. Apocalypse of retail? Today it may sound strange, but there was a time (not so long ago) when could be read frequently about the “apocalypse of the retail” in the press. Not all analysts saw it clearly and there were even who warned that the formula, imported from the United States, was not transferable to a market like the Spanish one, much less dense than the American one, but the logic seemed overwhelming: with the ecommerce growing and platforms like HBO or Amazon stomping in leisure, weren’t shopping centers doomed? The answer is no. On the contrary. A magnet for large investors. In 2025, the sector already showed signs of its good health by starting the year with five purchase and sale operations or transfers underway that amounted, in total, to about 1 billion euros. That was the first proof that shopping centers still awaken investor appetite, but that attraction appears to have strengthened. elEconomista.es publishes today a chronicle in which he slips that, a priori (and at the expense of what occurs at a macroeconomic level) the sector is aiming for a year of record investments. To be more precise, the newspaper speaks of operations worth about 3 billion of euros, an estimate that comes from the Colliers company. Beyond the forecasts and predictions, the data already closed for 2025 confirm that large commercial areas are experiencing a moment that has little to do with an economic “apocalypse.” In 2025 they will monopolize 59.5% of all the investment directed at retail, which translates into 1,484 million euros out of a total of 2,494 million. Not only is this a high figure, it far exceeds the capital allocated to other popular commercial formats, such as retail parks (352 million euros), small stores (524 million) or supermarkets (135 million). Is it the only sign? No. There is more. And they confirm that investors seem increasingly willing to bet on commercial areas in search of profitability. Its investment flow has been chaining increases for several years, which has allowed it to go from 406 million which it managed in 2022 to 1,484 million in 2025. Furthermore, the map of large stores continues to expand throughout the country. a few days ago The Newspaper revealed that, if nothing goes wrong, by 2028 Spain will add 28 new commercial parks with a total gross leasable area (GLA) of around 626,079 square meters. To these are added eight planned shopping centers that will reinforce the commercial park with 308,500 m2. Going down to detail. The list includes projects as ambitious as Valdebebas Shopping (Madrid), Infinity (Valencia), Breogán Park (A Coruña), Sur Córdoba Shopping (Cordova), Promenade Lleida (Lleida) or Metropolitan (Madrid), among others. “The majority of the spaces planned for the next three years are 20,000 m2 or less, that is, small or medium-sized, so their promotion and development is easier,” explains Eduardo Ceballos, from the Spanish Association of Shopping Centers and Parks (AECC). Greater than what was invested in new facilities are the funds dedicated to renovations. A percentage: 6%. That capital flows to shopping centers is no coincidence. According to shared data by the AECC in February, the sector closed 2025 with growth in both visits and billing. Specifically, the association estimates the increase in footfall in shopping centers and parks at 2.4% and a 6% increase in sales. Translated into hard and fast figures, that means 1,995 million consumers and just over 58,500 million in sales. The increase was largely possible thanks to restaurants (+10.8%), followed by the sale of clothing and accessories (+6.9%). Pre-pandemic levels. In AECC internal code assures having registered 32 purchase and sale operations of shopping centers and parks for a total of 2,000 million euros, which places the industry at 2018 levels, prior to the pandemic. The operations carried out by Bonaire, Parque Corredor, Intu Xanadú, Espacio Mediterráneo and Ballonti stand out above all. According to calculations by the sector’s employers’ association, right now in Spain there are around 592 shopping centers totaling 16.9 million m2 of GLA, a figure that is explained by the creation in 2025 of 132,000 m2 thanks to five new projects. Why this interest? The big question. If the factors that not so long ago made analysts fear an “apocalypse of the retail“have not disappeared (on the contrary, the ecommerce keeps growing), why are new shopping centers still opening? Why in 2025 have we visited them more often and spent more money on them? Why the hell do they attract million-dollar investments? For Ceballos One of the keys is the format’s demonstrated ability to adapt to local markets. At the end of the day, large stores continue to play with the trick of combining commerce, hospitality and leisure, also adapting to each market, which explains why the centers hold out while other more rigid surfaces (in the case of hypermarkets) they are in the doldrums. In full reinvention. Another key is that commercial centers and parks have not stood idly by. Maybe the context has changed, but they they have also done itespecially in the most disputed markets, where it is not unusual to find areas that have pivoted towards a clear commitment to luxury, big brands, the outlet concept or the leisure and restaurant offering. Increasingly, shopping centers are becoming less “commercial” and more “experiential.” What they seek is to guarantee experiences, to show themselves as spaces to be lived, marking distances with … Read more

Micron knew that the RAM crisis was going to be great for them. The reality that has gone even better

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As it could not be otherwise, the companies that are benefiting the most from the RAM crisis They are precisely those that have the product and, therefore, they are the ones that set the price. Micron is one of those few companies that is profiting from the excessive demand of this key component for any gadget, a demand caused by the AI ​​fever. The figures from its latest financial report have even exceeded expectations. Although there are some nuances to comment on. Let’s go to trouble. What has happened? Micron just published the results of its second fiscal quarter with numbers that have left analysts speechless. Its revenues have almost tripled those of the previous year, reaching $23.9 billion, well above Wall Street estimateswho expected about 20,000 million. Earnings per share have skyrocketed to $12.20, compared to the $9 projected. And for the third quarter, the company anticipates revenue of approximately $33.5 billion, almost ten points above what the market expected. Those who share the benefit. Artificial intelligence has changed everything in the memory market. The data centers that power AI models require massive amounts of high-performance memory, and the available supply cannot meet that demand. Micron, together with Samsung and SK Hynix, forms the trio that controls practically the entire supply world of high-bandwidth memory (HBM) chips, which are basically one of the key components to run the long-awaited NVIDIA GPUs. Those who buy at any price. Micron’s own CEO, Sanjay Mehrotra, counted to CNBC that the company can only cover between 50% and two-thirds of what its main clients need. Put another way: there is a queue of buyers willing to pay whatever it takes, and Micron simply doesn’t have RAM for everyone. According to SK Group President Chey Tae-won, the global shortage could last another four to five years due to structural bottlenecks in semiconductor production. What’s coming Aware that what is happening now will not last forever, Micron is investing at a speed that has made the market nervous. The company plans to exceed $25 billion in capital spending in 2026 alone, and has already announced that in 2027 that number will rise another $10 billion. Among other operations, it has closed purchasing a plant of Taiwanese Powerchip for $1.8 billion, which will begin producing DRAM wafers in the second half of 2027. The company has also started mass shipments of its new HBM4 memory of 12 layers, which will be directed to the new Vera Rubin platform from NVIDIA. Precisely how much NVIDIA will depend on Micron for this new generation compared to its rivals is the big open question for all investors. Everything is going well for them, but the shares are going down. There has been a bit of a cold reaction in the stock market, as shares have fallen around 5% in the session after the results, despite the fact that the numbers have beaten all forecasts. The reason is the same thing that happened with NVIDIA a few weeks ago: When expectations are very high, even good results can disappoint. From Goldman Sachs they counted that the value could move in a narrow range in the short term after a “very solid quarter with guidance well above consensus, in a context of already elevated expectations.” That has not prevented banks like Wells Fargo or Barclays from updating their upward forecasts to $550 and $670 per share, respectively. The big photo. Micron has accumulated a revaluation of more than 60% so far this year, and has become the most profitable value on the PHLX (Philadelphia Semiconductor Index). Mehrotra affirms that Micron is “the invisible layer that powers AI today.” But it seems that the company is slowly losing that cloak of invisibility. In Xataka | NVIDIA has been pining for months to sell its H200 to China: it just received the news it was waiting for

If the oil apocalypse becomes a reality, Spain has known for years how long it can last: 92 days

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Faced with the logistical blockage of Hormuz that threatens to drown the global economy, the International Energy Agency (IEA) has decided to press the red button. The organization has proposed the largest release of oil reserves in its history: about 400 million barrels. To put it in context, this figure is more than double the 182 million barrels that were injected into the market in 2022 after the Russian invasion of Ukraine. Spain, as a member of the IEA, will not be left out. How to collect Europe Pressthe vice president and minister for the Ecological Transition, Sara Aagesen, has confirmed our country’s support for this plan. If the proposal is approved unanimously, Spain will contribute to the market the equivalent of about 12 or 12.5 days of its national consumption. The Spanish bunker. All this movement leads us to the big question: how much margin does Spain really have if the situation becomes entrenched? Legally, there is a global obligation to maintain minimum security stocks equivalent to 92 days of sales or computable consumption. According to calculations of The CountryAdding all the capacities, the country has about 105 days of autonomy. This safety mattress works through a mixed system: The Corporation of Strategic Reserves of Petroleum Products (CORES) must maintain 42 of those dayswhile the remaining 50 days are maintained directly by the industry. Currently, CORES custody more than 5.4 million cubic meters of stocks. It’s not just crude oil. To be truly useful in a crisis, CORES reserves are composed by 54.4% diesel, 29.2% crude oil and 6.0% kerosene. stocks They are strategically distributed by Spanish geography. The Levante area accounts for 44.8% of the total, followed by the central area with 19.2% and the northern area with 17.7%. The objective of these reserves is not to replace normal long-term supply, but to inject fuel into the market to stop sudden price increases and buy vital time to reorganize logistics and trade routes. We can’t relax. Just because we have a margin of three months does not mean that we are invulnerable. Spain is a country with almost absolute foreign energy dependence. In 2024, national oil consumption was 1,322,492 barrels per daybut own production barely reached 76,947 barrels. Our net crude oil imports represent more than 100% of our consumption. Furthermore, our economy she is addicted to black goldespecially to move. The transport sector is responsible for 71.1% of the final consumption of petroleum products in Spain, with diesel/diesel being the undisputed king, accounting for 61.1% of that consumption. The Iranian asphyxiation has a crack. Saudi Arabia and the United Arab Emirates have activated a logistical “antidote” capable of rescuing up to 7 million barrels per day. The main asset is East-West Pipelinean oil pipeline connecting eastern Saudi fields with the Red Sea port of Yanbu. The machinery is already in motion, there is already an “army” of at least 25 supertankers sailing towards Yanbu to load this crude oil. Adding to this effort is the United Arab Emirates pipeline, which provides up to 2 million additional barrels directly to the Gulf of Oman. The refinery factor. But the macroeconomy hits a wall, Saudi oil pipelines transport crude oil, not diesel. As analyst Arne Lohmann Rasmussen warns, the real danger is the deficit of distillates. If Europe does not have enough refineries to process that oil in time, the desert pipelines are of no use. This is where the CORES bunker win the game. The 54.4% of already refined diesel that Spain stores is the only thing that guarantees that the trucks do not stop. In short, the Saudi “antidote” prevents total collapse, but our reserves buy the 100 days of peace necessary to avoid seeing the pump in the clouds. If diplomacy fails, not even the bunker will avoid the historic scare. Image | Volgotanker Xataka | The price of oil has plummeted overnight. The one at the gasoline pumps will remain the same

We thought that the rearmament of Europe was about recruiting soldiers. In reality what Defense needs are welders

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After the excesses of the Trump Administration in matters of international politics, Europe and, especially Spainhas decided recover your industry of armaments, allocating millions to its rearmament policy. He Rearm Europe Planendowed with 800,000 million euros, has skyrocketed orders to the Spanish defense industry. However, although money is already flowing to manufacturers and orders accumulateproduction chains cannot be accelerated if there are not enough technicians to operate the machinery. The defense sector has been trying to fill vacancies without achieving it, and the problem is getting worse. The hope for this rearmament comes from the hand of the Vocational Training as a quarry for the new talent that the main companies in the sector are already raffling off. A new labor market. The rearmament of Europe is changing the labor market in Spain, and it is doing so faster than many imagined. Defense companies have been looking for technicians for months without finding them, and the problem is not going to be solved only with university engineers. According to the report ‘Metal in Figures’ published by the Spanish Confederation of Metal Business Organizations (Confemetal), the average affiliation to Social Security in the sector reached 828,446 people in January 2026, which represents an interannual increase of 1.2%. The average affiliation during 2025 stood at 826,061 workers, 1.6% more than the previous year. These data outline a rising sector that still does not reflect the impact of the European rearmament plan. European rearmament triggers demand for technicians. According to data of the Spanish Association of Defense, Security, Aeronautics and Space Technology Companies (Tedae), the Spanish defense industry It is made up of about 580 companies and generates around 75,100 direct jobs, with Madrid, Andalusia and the Basque Country concentrating close to 80% of national turnover. All companies in the sector share the same problem: there are not enough technicians to cover their production lines and qualified professionals already have a job in one of them. For those who have put the view of recent graduates of Vocational Training, and in improving the conditions for young people to acquire the training that they will then put into practice in the defense industry. Currently, large companies in the sector they already count with a high percentage of staff coming from FP, exceeding 30% and in some cases even more than half of its workers. ​The profiles most sought after by the sector. The Metal Foundation for Training, made up of Confemetal, CCOO Industria and UGT FICA, participated in the Aula 2026 fair identifying the two FP degrees that concentrate the greatest demand: Senior Technician in Electrotechnical and Automated Systems and Machining Technician. The first deals with the installation, programming and maintenance of electrical and control systems on land, naval and industrial platforms, while the second is key in the manufacturing of precision components for armored vehicles, weapons systems and drones. ​These degrees already train young people every year, but the problem is that there are not enough students choosing them, despite the demand of the sector. Héctor Aguirre, managing coordinator of the Metal Foundation for Training, explained this disconnection: “Young people do not associate certain sectors with the metal industry, such as defense or space, when in reality they are cutting-edge fields where they work with cutting-edge technology.” ​More than 350,000 jobs and competitive working conditions. Beyond the segment dedicated to the defense industry, the problem of the shortage of qualified labor extends to the entire metal industry, which includes automotive, steel, aeronautics and machinery manufacturing. According to Confemetal, companies will need fill more than 350,000 positions of work in the coming years, a figure that turns the technical talent gap into one of Spain’s main industrial challenges for the next decade. The salary conditions of the sector are a solid argument to attract candidates. The average salary of a metal worker exceeds 2,000 euros net per month, with salary review clauses linked to the CPI. In 2025, contract salaries grew by an average of 2.6%, and the sector’s collective agreements also include life insurance, disability coverage and retirement benefits. These are conditions that young people do not yet associate with making a component for a submarinean armored vehicle or an anti-aircraft defense system, but they are there, waiting for those who choose that professional career. In Xataka | The talent shortage has become chronic to an extreme point: 75% of companies cannot find what they are looking for Image | Flickr (copsadmirer@yahoo.es), Unsplash (Jimmy Nilsson Masth)

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