Two states now let citizens spend metal instead of dollars. It is the closest thing to Hayek's competing currencies this country has ever attempted — and it arrives just as Congress has quietly conceded his central point.
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The yield on the 30-year U.S. Treasury bond rose to its highest level in nearly 20 years.
‘It takes 29 years to bring a mine online’
Data: Axios research; Chart: Sara Wise/Axios Chinese AI lab DeepSeek released a powerful new coding model Friday that charges pennies for vast amounts of code — the latest sign that some of the smartest software on Earth is rapidly becoming a commodity . Why it matters: Tech giants are pouring hundreds of billions of dollars into the computing infrastructure powering the AI revolution. Yet the intelligence that infrastructure produces is getting cheaper by the week. Zoom in: DeepSeek is the same Chinese startup that ignited a market meltdown last January by showing it could build a world-class AI model with far fewer resources than its U.S. rivals. - Its newest model, V4 Flash, performs close to the level of Anthropic's Claude Opus…
Data: Axios research; Chart: Sara Wise/Axios Chinese AI lab DeepSeek released a powerful new coding model Friday that charges pennies for vast amounts of code — the latest sign that some of the smartest software on Earth is rapidly becoming a commodity . Why it matters: Tech giants are pouring hundreds of billions of dollars into the computing infrastructure powering the AI revolution. Yet the intelligence that infrastructure produces is getting cheaper by the week. Zoom in: DeepSeek is the same Chinese startup that ignited a market meltdown last January by showing it could build a world-class AI model with far fewer resources than its U.S. rivals. - Its newest model, V4 Flash, performs close to the level of Anthropic's Claude Opus…Open
The United States has enough coal for the next 600 years, according to a new geological survey.
A new federal report has highlighted the massive coal reserves beneath federally managed lands in the United States, emphasizing the potential for centuries of industrial production and energy security . PULSE POINTS WHAT HAPPENED: The United States has enough coal for the next 600 years, according to a new geological survey. DETAIL: According to the country’s Geological Survey , the United States has enough coal to provide energy for the next 600 years. This includes 4.2 billion short tons linked to active mines and an additional 356 billion short tons beneath federally managed public land. The Department of Interior’s estimate, which was published on Thursday, assumes that all coal reserves are used. Wyoming dominates the nation…Open
Ornn, an Andreessen Horowitz-backed startup, raised a $33 million seed round to build a marketplace for trading the computing power that underpins today's AI boom, similar to what exists for oil traders. Why it matters: Investors increasingly want to trade compute like a commodity, betting it could make the historically expensive AI buildout more sustainable and efficient. Catch up quick: Commodity markets let companies use futures contracts to lock in prices for volatile raw materials. - Think airlines locking in jet fuel prices or manufacturers hedging metals prices, which helps them reduce the risk of price fluctuations. - But AI companies don't have an equivalent market for compute, a problem the 20-something founders of Ornn and a…
Ornn, an Andreessen Horowitz-backed startup, raised a $33 million seed round to build a marketplace for trading the computing power that underpins today's AI boom, similar to what exists for oil traders. Why it matters: Investors increasingly want to trade compute like a commodity, betting it could make the historically expensive AI buildout more sustainable and efficient. Catch up quick: Commodity markets let companies use futures contracts to lock in prices for volatile raw materials. - Think airlines locking in jet fuel prices or manufacturers hedging metals prices, which helps them reduce the risk of price fluctuations. - But AI companies don't have an equivalent market for compute, a problem the 20-something founders of Ornn and a…Open
ChatGPT By David DeMay The Hare Economy reorganizes the candy factory.
Income growth is accelerating — supporting consumer spending — while inflation is rising even beyond the energy-price shock. Why it matters: That combination, shown in new data out Thursday morning, creates a complex reality for Kevin Warsh's young Federal Reserve chairmanship . - It's good news for the economy's underlying resilience, but it raises fresh questions about whether interest rates are exerting as much downward pressure on demand as Fed officials may believe. What they're saying: "The U.S. consumer is not cracking," Olu Sonola, an economist at Fitch Ratings, wrote Thursday morning, adding that the oil price shock has not derailed consumer spending. - "Headline inflation may be nearing a peak as energy prices fall, but…
Income growth is accelerating — supporting consumer spending — while inflation is rising even beyond the energy-price shock. Why it matters: That combination, shown in new data out Thursday morning, creates a complex reality for Kevin Warsh's young Federal Reserve chairmanship . - It's good news for the economy's underlying resilience, but it raises fresh questions about whether interest rates are exerting as much downward pressure on demand as Fed officials may believe. What they're saying: "The U.S. consumer is not cracking," Olu Sonola, an economist at Fitch Ratings, wrote Thursday morning, adding that the oil price shock has not derailed consumer spending. - "Headline inflation may be nearing a peak as energy prices fall, but…Open
Modest reactions in the oil and financial markets as Iran and the U.S. met in Switzerland for a first round of talks aimed at making a temporary cease-fire permanent.