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The potential $2tn listing of AI startup Anthropic has set us thinking about who might win out in the AI wars. That’s an important question for investors.

Sheffield Wednesday's difficult season and the Japanese yen's recent weakness share a striking parallel — both have hit historic lows, before showing tentative signs of recovery with a little outside assistance. While short-term volatility remains inevitable for both, underlying fundamentals suggest that, over the long run, better days lie ahead.

AI enthusiasm is giving way to AI accountability, as investors ask whether the huge spending boom can turn promise into durable profits.

Markets are still waiting to be called, with bonds offering more cushion than before and investors rotating away from tech rather than heading for the exits.