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A small group of tech giants has invested over $1 trillion in a technology that is failing to generate profits Artificial intelligence (AI) is booming, but behind the hype lurks a threat of a financial bubble. There is rising unease about how a small group of companies fund the technology though circular deals that boost their market value, which is far greater than the profits the industry generates. OpenAI, the owner of ChatGPT, has secured AI computing agreements with Nvidia, AMD and Oracle that could together exceed $1 trillion in value. Nvidia, which describes itself as the world’s leader in AI computing, took part in 52 venture investment deals involving AI companies in 2024, and has completed 50 more by the end of September last year. Some experts warn that the deals are actually a small group of closely linked companies that invest in one another, creating what they describe as circular financing. One example cited involves Nvidia announcing a $100 billion investment in...

The Hungarian PM has rejected the EU-proposed loan for Ukraine, which he says will burden European taxpayers Hungarian Prime Minister Viktor Orban has lashed out at what he called a “Brusselian war plan,” accusing the EU trying to force member states to finance Ukraine at the expense of their own citizens. The European Commission on Wednesday formally presented a €90 billion ($105 billion) loan package for Kiev for 2026 and 2027, to be raised against the EU’s common budget after member states failed to agree on using frozen Russian assets for the purpose. The controversial proposal – which Hungary, Slovakia and the Czech Republic have rejected – would allocate around two thirds of the money for weapons for Kiev, with the remainder covering its budget gap. Brussels has urged member states to approve the scheme swiftly so that the first tranche can be disbursed by April. Posting on X, Orban wrote that “money does not grow on trees” and that “Ukrainians are demanding $800 billion fro...

WASHINGTON — U.S. Senator Lindsey Graham strongly criticized efforts in the Senate to advance a War Powers Resolution that would limit President Donald Trump’s authority to conduct military operations, warning that the move could undermine national security at a time of rising global instability. Speaking during a televised interview, the South Carolina Republican argued that the War Powers Act, passed in 1973, represents an unconstitutional attempt by Congress to encroach on the president’s role as commander-in-chief. Graham said every president since its passage has rejected the notion that lawmakers can override executive military decisions, noting that U.S. presidents have conducted more than a hundred military operations without prior congressional approval. According to Graham, Congress already has mechanisms to challenge a president’s military actions, including cutting off funding or pursuing impeachment if laws are broken. Allowing lawmakers to directly restric...

The White House engages global commodity trading giants, such as Vitol and Trafigura, to navigate the complexities of marketing Venezuelan oil due to their unparalleled dominance in international logistics. While the U.S. government prioritizes American oil majors for production roles, they rely on the specialized networks of these European trading houses to physically move crude and stabilize supply chains during geopolitical shifts. Understanding the Strategic Context The involvement of independent trading houses in high-level government meetings highlights a critical distinction in the energy sector: the difference between extraction and distribution. A common misconception is that major oil producers (like Chevron or ExxonMobil) handle every aspect of the oil lifecycle equally. In reality, while American majors excel at drilling and refining, the intricate "plumbing" of the global market—shipping, storage, and arbitrage—is often dominated by European trading firms. When t...

  OTTAWA – Conservative Party leader Pierre Poilievre on Monday urged the federal government to fast-track approval of a West Coast oil pipeline , warning that recent U.S. actions in Venezuela could undermine Canada’s position in the North American heavy crude market if Ottawa fails to act swiftly. Poilievre called on the Liberal government to commit to a 60-day approval timeline once a formal pipeline application is submitted, arguing that Canada risks losing market share in U.S. refineries as Venezuelan oil production potentially rebounds under renewed American oversight. Venezuela seen as renewed competitor Venezuela holds the world’s largest proven oil reserves, estimated at more than 300 billion barrels , but years of sanctions, mismanagement and underinvestment have left its energy sector severely degraded. Analysts say that with sufficient capital and political stability, Venezuelan output—currently around 1.1 million barrels per day —could double or even triple ove...

WASHINGTON – Chevron Corp. is in discussions with the Trump administration over a possible expansion of its U.S. license to operate in Venezuela , a move that could allow the company to restore crude exports to levels seen before Washington tightened restrictions last year, according to U.S. and Venezuelan officials familiar with the talks. The negotiations come as the United States seeks to reassert control over Venezuelan oil sales following the capture of President Nicolás Maduro , reshaping the country’s energy trade while keeping revenues under close U.S. oversight. An expanded license for Chevron would mark the most significant adjustment so far to sanctions enforcement since the political upheaval in Caracas. Push to revive exports Under its current authorization, Chevron has been limited to exporting roughly 100,000 barrels per day of Venezuelan crude, far below earlier volumes. U.S. officials say an expanded license could allow the company to return to previous export ...

  MEXICO CITY – Mexican President Claudia Sheinbaum said on Wednesday that Mexico has not increased its oil shipments to Cuba , despite growing scrutiny over regional energy flows following recent developments in Venezuela . Speaking at her daily press conference, Sheinbaum stressed that exports to the island remain consistent with historic levels , even as Mexico has emerged as a more visible crude supplier amid declining Venezuelan deliveries. Her comments come as energy markets and governments reassess supply chains after the capture of Venezuelan President Nicolás Maduro , an event that has raised uncertainty over the future of Venezuela’s oil exports , long a key source of fuel for Cuba. “No additional shipments” “There is no increase,” Sheinbaum said, according to official transcripts. “What Mexico sends to Cuba is what it has historically sent, whether through contracts or humanitarian arrangements.” She acknowledged, however, that Mexico has become an important suppli...