OpenAI was newly cited as a Microsoft liability in latest Microsoft earnings call. Inevitable realization.
“There’s obviously concern about the durability, And I know maybe there’s not much you can say [about OpenAI’s 45% share of Microsoft’s backlog of future sales], but I think everyone is concerned about the exposure,” opined one analyst.
https://www.bloomberg.com/news/newsletters/2026-02-04/microsoft-s-deal-to-provide-computing-to-openai-raises-alarms
Some striking changes among HNW Chinese in latest survey of the country's mass affluent:
• Chinese wealth is becoming younger and faster
• Real estate losing favor to gold
• Consumption shifting from ownership (fewer watches and cars) to more experience (travel, education, health, etc)
• AI assistants are normalized, not experimental
• Elite cognition increasingly mediated by AI
Source: Hurun China Luxury Consumer Survey
https://mp.weixin.qq.com/s/EZZtlFcp8Pqz71KTIcN3Qg?click_id=121
Kimi 2.5, the cheap, popular, and impressively capable latest model from Chinese company Moonshot, shows fairly clearly that it was trained extensively on Claude 4.5 output. While this can be defended against, it is hard, and again reminds that, for all the capex, there is no real moat in LLM capability.
Betting against the Canadian real estate market's neverending rise has been among the great widowmaker trades in the world, up there with the yen carry trade. It is showing increasing signs of stress, however, as the immigration-driven condo-flip Ponzi in Toronto finally reverses. Check the data.
What’s behind the slowdown in Toronto’s condo market
https://www.bankofcanada.ca/2026/02/whats-behind-the-slowdown-in-torontos-condo-market/