Hi! Is it a bear? Is it a plane? A dozen flights were canceled at Japan's Yamagata Airport yesterday after a black bear was spotted on the runway — the latest instance of surging ursine encounters in the nation. Today we're exploring: |
- Big brain energy: AI data centers could surpass aviation in carbon emissions by 2030.
- Back in SPACtion: After their pandemic boom and bust, SPACs are slowly returning to Wall Street.
- Money moves: The UAE and the US are expected to see huge influxes of millionaires this year.
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By 2030, AI data centers could take a bigger share of carbon emissions than flights do currently |
The AI boom has come with a slew of side effects, but beyond social, geopolitical, and economic implications, the growing number of data centers used to power the tech could have a devastating environmental impact — and it might come sooner than we initially imagined. New forecasts from Accenture, reported by Axios on Wednesday, show that carbon emissions from AI data centers could increase 11-fold through the decade, accounting for a 3.4% share of total global CO2 emissions by 2030 in the "base case" scenario. |
That's a considerably greater share of total emissions than the entire aviation industry — a sector often admonished for its carbon footprint — notched at the last count, when the flying business took 2.5% of global CO2 emissions. It would also exceed the emissions contributed by both Germany (1.75%) and Saudi Arabia (1.58%) combined in 2022, per estimates from the IEA. |
Accenture's analysis offered some suggestions for making AI less resource-demanding, including utilizing "smart silicon," a term used to describe running AI workloads on "smarter, compute-efficient hardware and models," as well as integrating hardware and software to reduce the movement of data between memory and processors. Just a day later, Axios reported on new academic research also supporting the move toward AI power efficiency. In a Qualcomm-sponsored study, researchers at the University of California, Riverside, found that running AI directly on smaller devices like phones rather than the cloud could reduce the power consumption of queries by ~90%. Moving AI computing to specialized small devices, thus bypassing energy-guzzling data centers for simple tasks, has been hailed by the industry for some time now. But, even if tiny chips in smartphones are the solution to a tech-driven energy crisis, it'll be difficult to slow down the data center building spree of Amazon, Microsoft, OpenAI, and co. anytime soon. |
SPACs are back — maybe just with the same old playbook and players |
After a pandemic-era surge that ended in a wave of flameouts, Special Purpose Acquisition Companies (SPACs) — "blank-check" firms that raise money via IPO, then look to merge with a private company — are making a comeback. According to Bloomberg, US SPACs have raised $11 billion so far in 2025, more than 5x the total at this point last year, and now account for nearly two-thirds of all US IPO volume. Driving the revival are some familiar names. Goldman Sachs is reportedly returning to the SPAC business after a three-year pause, only with a more selective approach. Chamath Palihapitiya, once dubbed the "SPAC King," said last week he'll "probably" launch another, as he concedes his last run "wasn't a success by any means." Meanwhile, regulatory tailwinds may be helping, with new SEC Chair Paul Atkins signaling a potential rollback of the stricter rules imposed under his predecessor. However, cautionary specters from the 2020-21 SPAC frenzy are still looming large. |
Many of the pandemic-era cycle's high-profile SPACs have cratered since their IPOs, due to overhyped projections, rising interest rates, and tougher scrutiny. Palihapitiya's own deals — including Virgin Galactic, Clover Health, Opendoor, and Lucid— have mostly plunged 70% to 90% from their IPO prices (perhaps an explanation for why 71% of respondents in his recent X poll said he shouldn't return). QuantumScape, despite jumping 65% this week, remains far from its peak, having never generated revenue, while several others have been delisted. There are, of course, a few exceptions. Trump Media surged on political momentum despite its weak fundamentals; DraftKings has ridden the sports betting boom; and Hims & Hers has built buzz in telehealth — though it certainly looks a little under the weather as of late. Yet many of the old problems persist. SPACs are once again chasing the hyped sectors du jour, like crypto, quantum, and autonomous vehicles, and over 90% of completed SPAC deals now trade below their IPO price, per Reuters. |
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A record number of millionaires are upping sticks this year |
As the world's millionaire count continues to tick up — with the global millionaire population rising by more than 684,000 to ~60 million in 2024, per UBS estimates — it follows that a growing number of seven-figure club members are moving to pastures that would better help keep them in the green.
Earlier this week, Henley and Partners released its annual Private Wealth Migration Report for 2025, which outlined that 142,000 millionaires, the highest number ever recorded, are expected to gain citizenship in another country this year. By 2026, this number is expected to rise to 165,000. According to Henley, this "mass movement of millionaires" marks the largest voluntary transfer of capital in modern history. With this comes a "profound shift in economic influence," as regions with large inflows of millionaires enjoy new pools of investable wealth.
But which countries are expected to see the most new millionaires in 2025 — and which are high-net-worth individuals turning their backs on? |
The United Arab Emirates (UAE), home to burgeoning cities like Dubai and Abu Dhabi, is forecast to see 9,800 millionaires gain residency there in 2025, per the report. The UAE's Golden Visa program, world-class infrastructure, and, of course, zero income tax are all listed as reasons why it's now the world's most sought-after wealth haven — though it's worth noting that ongoing conflict in the Middle East may affect these figures.
The US is in second, predicted to gain 7,500 new high-net-worth individuals this year, having taken notes from the UAE's wealth immigration playbook. As reported by Forbes, the increase is largely due to the EB-5 Immigrant Investor Program, as well as Trump's in-development $5 million Gold Card visa program.
The biggest loser of wealthy individuals? The UK. Previously a hub for Europe's ultra-wealthy, the UK is anticipated to lose a massive 16,500 millionaires this year, collectively holding ~$92 billion worth of assets. This exodus builds on a mounting outflow of millionaires that the country has seen post-Brexit: Henley estimates that, since 2016, the UK has lost a whopping ~28,800 millionaires. |
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- We're so back: The S&P 500 opened at a new intraday record high this morning for the first time since February.
- Anna Wintour, longtime editor-in-chief of American Vogue, is stepping down from her role after 37 years.
- Epic Games' Fortnite players who were charged for unwanted items will receive refunds from the Federal Trade Commission totalling more than $126 million.
- Tough love: Bumble is laying off 30% of its staff to cut costs following years of sagging revenue growth.
- 83% of Americans said they haven't paid for news in the past year — with nearly half citing the abundance of free news sources as the main reason, per Pew Research.
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| Off the charts: Which soaring Chinese toy company's 67% profit margins from last year are still snatching headlines, as one of its collectible figures has become a full-blown cultural hit? [Answer below]. |
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