The British right is starting to fracture on the Ukraine issue. Where once they would reliably be called upon to paint themselves blue and yellow and raise a whip-round down the dog & duck    for more MANPADS – now, as the endgame approaches, a group of the plugged-in are leaving the big tent. The civil war that follows may be its own Donbas. 

Meanwhile, further evidence is in that US firms are quietly reorienting their capital expenditure away from data centres and chips, and towards efficiency gains. Some say this is down to the DeepSeek effect. So will the hardware lite business model this implies end up driving a slow puncture into Silicon Valley?

Finally, have you heard of the Trump Put? A backstop against the crazy risks the Trump regime might be running. One that relies entirely on assuming that at some point the government intervenes to arrest a Wall Street bloodbath. It worked in the Greenspan era. But is this a bungee cord without a tether?