Financial Times

Despite ceaseless Trumpian talk of ending the world’s wars, it’s not quite that easy

Delivery start-ups finally get the K-shaped economy they need

Now could be the ideal environment for a service pandering to wealthy urbanites and in need of gig workers

The AI boom is not a bubble

Valuations may be spectacular and a bust could come — but while there’s exuberance there is no mania or irrationality

AI upheaval shows little sign of lessening

If the boom continues its blistering pace through 2026, the stresses could start to show

Tech groups shift $120 billion of AI data centre debt off balance sheets

Creative financing helps insulate Big Tech while binding Wall Street to a future boom or bust

America’s risky bet on hydrocarbons might hurt it in the AI race

US strategy could be costly in terms of higher electricity prices, increased water stress and potential food insecurity

Apollo cuts risk, stockpiles cash in preparation for market turmoil

Marc Rowan tells investors firm is positioning itself for when ‘something bad happens’

Prediction markets and the casino mentality of 2025

Financial gamification has upended traditional patterns of trust and oversight

From colonising Mars to measuring with Mars Bars — addressing your wilder monetary queries

In the latest of his Christmas columns, the FT’s Undercover Economist fields some of your most outlandish proposals, and concludes that there is no such thing as a stupid question

Two views of AI and Big Tech

How much has changed?

The worried investor’s guide to 2026

While markets were buoyant this year, volatility is never far away

Mexico’s tariffs on China show the rise of Trump’s trade template

Such measures wouldn’t be necessary if Beijing ran anything like a normal, balanced economy

Why the ‘stablecoin supercycle’ could rewire banking

Some technologists believe more than 100,000 such payment systems could swamp the world within five years

The four ‘O’s that shape a bubble

And what this test tells us about the artificial intelligence wave

FT Person of the Year: Jensen Huang

The Nvidia chief executive has been the driving force behind the massive AI boom which has the capacity to reshape the global economy

Howard Marks: Is it a bubble?

Given that the growth of demand for AI is so unpredictable, there can be no doubt investor behaviour is speculative

Investors bet Fed, ECB headed in opposite directions on rates

Higher borrowing costs expected in Australia, Canada and euro area could leave Federal Reserve as an outlier in 2026

There’s a black hole where central banks’ theory of inflation should be

Old assumptions about expectations and targets can no longer be relied upon

How executive pay went galactic

Elon Musk’s $1tn incentive plan supercharges a long history of rewards driving up executive pay

The essence of economics

Why write about markets at all? 

Ruchir Sharma: The best time to buy quality stocks is now

A generational opportunity in otherwise bubbly markets

Is China winning the innovation race?

Once the world’s factory, Beijing’s relentless focus on R&D means the country has become the world’s laboratory 

OpenAI partners amass $100bn debt pile to fund its ambitions

Cloud companies and developers rely on lossmaking start-up to repay huge loans