Brendan Ruberry

Asian chipmakers led a global tech selloff amid growing concerns about the sustainability of the AI investment boom. Samsung and SK Hynix saw significant stock drops in Seoul, while TSMC reported a 36% quarterly sales increase, highlighting ongoing demand for AI computing.

Global EV sales are expected to reach 23 million in 2025, an 11% increase from the previous year, driven by the Iran war's impact on demand for cheaper electric mileage. Falling lithium-ion prices and rising gas costs have accelerated the shift to EVs, though China's domestic sales declined while exports rose by 73%. In the US and UK, EVs offer significant fuel cost savings over gas vehicles.

Donald Trump will celebrate his 80th birthday with a UFC fight and motocross competition at the White House. The event aims to counter recent political setbacks but risks distracting from midterms, according to analysts. The New York Times and Semafor report mixed reactions, noting potential energizing effects on supporters versus voter exhaustion.

A strong El Niño event is causing record-breaking heat in Western Europe and India, leading to energy grid strain, blackouts, and health risks. Rising temperatures are exacerbating global energy price pressures, with concerns about increased demand in China, the world's largest LNG buyer.

Chinese men are increasingly spending on self-care products like skincare and fragrances as more delay marriage and live alone. This reflects a broader trend of increased male consumption in China, with 2025 showing an 11.4% year-over-year increase in online spending per male consumer and men becoming the majority of Singles' Day shoppers. The phenomenon is linked to workplace competition and parallels Western 'looksmaxxing' trends.

NextEra Energy is acquiring Dominion Energy in a deal creating the world's largest utility, driven by surging AI-related energy demand. The combined entity would lead globally in renewables and battery storage while powering major data centers, though regulators may scrutinize it as potentially too large to regulate.