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Bob Vylan Frontman Deported From Germany for Chanting “Death to IDF” at Glastonbury

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Hanno Hauenstein
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Bob Vylan Frontman Deported From Germany for Chanting “Death to IDF” at Glastonbury


The frontman of British punk rap band Bob Vylan was denied entry to Germany, detained at the Berlin airport, and ultimately deported to the United Kingdom last month due to his pro-Palestine statements.

German federal police justified deporting the band’s vocalist on June 15, referencing a performance at the Glastonbury Festival in England in 2025 where Bob Vylan led a chant of “Death, death to the IDF,” or the Israel Defense Forces.

Authorities later revoked the entry ban against the singer, whose legal name is Pascal Robinson-Foster, in a letter in late July, but refused to explain why it had been rescinded — or how the decision to impose it had been made in the first place.

A police file on Robinson-Foster obtained by The Intercept alleges that he disseminated antisemitic narratives and Hamas propaganda that could “radicalise certain segments of the [German] population” and serve as “ideological justification” for terrorist groups or individuals. It also says that Robinson-Foster poses a threat to Germany’s public security and public order. Allowing him into the country would cause “considerable reputational damage” by creating the impression that Germany was making “no effort to prevent the spread of the propagated antisemitism and the associated calls to violence.”

The German Federal Police declined to answer detailed questions about the now-revoked entry ban, citing public security interests and data protection. In response to a list of questions about the decision-making process behind the ban, its legal basis, and why it was lifted, Bundespolizei spokesperson Nikolai Jaletzke told The Intercept the agency does not comment on individual cases, internal threat assessments, or inter-agency coordination.

“It’s frankly absurd to suggest that I’m a threat to German national security,” Robinson-Foster told The Intercept. “It’s equally absurd to claim that we spread propaganda on behalf of any proscribed organization.”

“It’s frankly absurd to suggest that I’m a threat to German national security.”

Bob Vylan’s Glastonbury performance last year drew widespread international attention at a moment when an increasing number of artists were speaking out against Israel’s destruction of Gaza. The performance — and the chant of “Death, death to the IDF” — also drew condemnation from politicians, including then-U.K. Prime Minister Keir Starmer, and several pro-Israel Jewish organizations. Germany’s antisemitism commissioner, Felix Klein, described the performance as “hate speech and incitement” and called on concert organizers in Germany to cancel Bob Vylan shows.

Following that performance, Robinson-Foster and his bandmate Wade Laurence George had their U.S. visas revoked. However, Germany is the first country to deny entry and deport a member of the band.

The documents reviewed by The Intercept concern only the implementation of the ban — not the decision-making process behind it. “Our position is simple,” said Alexander Gorski, the German lawyer representing Robinson-Foster. “There is a constitutional right to know the file on which such a decision is based.”

Following Robinson-Foster’s deportation, Gorski submitted a request with the Federal Police headquarters in Potsdam seeking both the deletion of the entry ban from Germany’s national register and access to the files underlying the decision. Soon after, federal police rescinded the entry ban without explaining why it had been lifted. The two-page response, reviewed by The Intercept, states that no additional information could be disclosed.

“It is, of course, good that the ban is now lifted,” Gorski told The Intercept. “But from a rule-of-law perspective, it is deeply problematic that someone can be barred from entering the country over a political statement that is not a criminal offence — and then be denied access to the files.”

“If an artist wants to comply with the law, they have to know what the rules are.”

Gorski filed a formal objection seeking access to the internal files that led to the decision. He argues that Robinson-Foster has a right to know the factual and legal basis on which he was barred from entering Germany — not only to challenge the lawfulness of the measure, but also to understand what conduct German authorities consider grounds for refusing entry in the future.

“If an artist wants to comply with the law, they have to know what the rules are,” Gorski said.

It’s unclear how a British musician who hasn’t been charged with an offense in either the U.K. or Germany came to be classified by German authorities as a threat to public security. British police previously closed an investigation into Bob Vylan’s Glastonbury performance, concluding there was “insufficient evidence to support a realistic prospect of conviction.”

“There is a lack of crime, not a lack of evidence,” Robinson-Foster told The Intercept in response. “It’s on the BBC. They can just go and watch it.”

“There is a lack of crime, not a lack of evidence.”

According to Gorski, the case is yet another example of a broader shift in the use of German migration law against pro-Palestine figures. Last year, Berlin authorities moved to deport four foreign residents over their participation in protests against Israel’s genocidal war on Gaza.

Gorski argues that German authorities are increasingly using immigration law “to silence unwanted voices” by preventing critics of Israel from entering Germany or removing them from the country. Similar concerns have been raised by others, including Thomas Oberhäuser, chair of the German Bar Association’s executive committee on migration law, who argues that immigration law is increasingly used for political ends.

Gorski pointed to previous cases involving the British Palestinian surgeon Ghassan Abu Sitta and former Greek finance minister Yanis Varoufakis, both of whom he has represented in similar proceedings. German authorities sought to prevent them from entering the country to participate in Palestine-related events.

Robinson-Foster told The Intercept that he traveled to Germany in June in a private capacity to visit friends and music collaborators ahead of the release of the band’s new album. Bob Vylan has toured Germany in recent years, and Robinson-Foster hopes to return soon. Even though authorities rescinded the entry ban, Robinson-Foster said the incident continues to shape his travel plans, saying it “opened a Pandora’s box.”

“It would seem as though the refusal of entry into Germany has now sparked this continued border confusion whenever we try to enter countries,” he said.

Since his deportation, Robinson-Foster said both he and his bandmate have been stopped for questioning at European borders. In one instance, Belgian border officials questioned the band’s drummer about the incident in Germany despite not having traveled there himself, Robinson-Foster said.

“We have shows that we are wanting to put on in Germany,” he said. “It’s a place that we’ve toured for the last five years. For us not to be able to connect with the people that support us there would be a shame.”

Anthropic is finding bugs faster than Microsoft can fix them

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IwPost
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Anthropic is finding bugs faster than Microsoft can fix them

On an afternoon in mid-May, dozens of Microsoft engineers and their managers gathered online and in a conference room at the company’s Redmond, Washington, headquarters to discuss Project Glasswing.

The tech giant was racing to fix weaknesses in its code that a new AI model known as Mythos was uncovering at an unprecedented clip. The AI behemoth Anthropic, which developed Mythos, had given access to select organizations that make software used by regular people, companies, and governments across the world. The goal was to find and fix the vulnerabilities before hackers and adversarial governments like China began using similar tools to find and exploit them for espionage and sabotage.

As the group settled in, one engineer asked the question that loomed over the meeting: Did Mythos “live up to the hype that Anthropic claimed it would have had?”

“Yes,” a manager responded, according to a recording of the meeting viewed by ProPublica.

The version being used by Microsoft, Claude Mythos Preview, was surfacing bugs faster than the tech giant could patch them, and engineers, the manager said, were now in “a mad dash” to close the gap.

One slide in that day’s presentation showed that in April alone, Mythos had uncovered 90 “critical” bugs and 141 “important” ones in SharePoint, Microsoft’s widely used collaboration software. In the first half of May it found even more.

“Please, please, please if your org has any April bugs, drive those down,” engineering manager Hans Andersen implored the group. They had roughly two weeks “to find as many things and do as much good as we can with this access.”

May 31, he explained, “is considered the day when the rest of the world will have caught up.”

The engineers on the call poked at that assertion, with one of them summing up the predicament: “So basically you’re saying if it’s released on June 1, then on June 2 the adversaries will have our bugs?”

Yep, one person responded. Yep, another echoed.

Ever since Anthropic kick-started a national conversation about the bug-hunting power of AI in April, when Project Glasswing was made public, national security experts predicted that the US would have a window of opportunity to fix flaws before adversaries would have similar models capable of discovering the same weaknesses. In late June, the international alliance of intelligence agencies known as the Five Eyes—whose members are the US, Australia, Canada, New Zealand and the UK—warned in an unusual joint statement that in a matter of months, that window would be closing. But the recording of the Microsoft meeting, along with internal documents reviewed by ProPublica, suggest the day of cyber reckoning may already be here.

Given the deluge of flaws Mythos has identified, Microsoft so far has focused on patching those it considers most dangerous, which are classified critical or important, according to the presentation as well as the company’s own public patch updates. The internal records indicate that Microsoft plans to eventually address “moderate”-severity flaws uncovered by Mythos. The documents made no mention of “low”-severity bugs.

The company’s approach reflects the triage system that is typical in the industry. Just as the sickest patients are the first to be treated in the emergency room, vulnerability triage prioritizes issues that are likely to cause the most damage if exploited by hackers.

But that strategy carries its own risk in this AI-powered bug-finding era, in which new tools are unearthing a record-breaking volume of weaknesses in the products we use every day. Mythos, for example, is able to chain together a string of bugs that build on one another, meaning that the low- and moderate-severity vulnerabilities that remain unpatched could create an opening to carry out devastating attacks.

“The problem now is that you can chain four low-level flaws, and that can equal a high severity,” said Vinh Nguyen, a senior technical adviser to Anthropic and a senior fellow for AI at the Council on Foreign Relations who formerly served as chief AI officer and chief data scientist at the National Security Agency. “If you’re Microsoft, the current triage strategy may be underpricing risks.”

In emailed responses to ProPublica’s questions, Microsoft stood by its approach, saying its triaging decisions are based on a number of factors, including exploitability and the impact on customers. The company presentation did not mention chaining, but a spokesperson told ProPublica that the technique “has long been considered as part of vulnerability assessment and risk analysis.”

Asked about the internal presentation and the then-looming May 31 deadline, the spokesperson downplayed its significance, saying that “accelerated targeting and exploitation of new vulnerabilities is not a new phenomenon.” That said, he added, the comments made during the meeting reflect how the company “feels a sense of urgency to help our customers at this time.”

“What was heard on that call and is true today is that security is Microsoft’s most important priority and teams across the company are prioritizing using AI to discover and remediate vulnerabilities as quickly as possible.”

Microsoft declined to answer questions about how many bugs engineers had patched since the presentation.

Anthropic declined to comment.

The internal Microsoft presentation and accompanying slides predicted that the group of staffers working on SharePoint, which is used by governments and businesses worldwide to manage data and documents, “will be busy for months,” first working through the highest-priority critical bugs, then tackling the important ones in August. Microsoft says vulnerabilities it categorizes as critical include so-called worms that can crash systems and spread malware as they race across computer networks. Important ones could result in “compromise of the confidentiality, integrity, or availability of user data” as well as the “availability of processing resources.” After those categories were cleared, the group would begin work on roughly 300 “moderate” bugs, according to the presentation.

While the internal documents reviewed by ProPublica do not include updates on the entire breadth of Microsoft’s offerings, they do give a sense of the scale of the problem. One document noted that, since the company started using Mythos earlier this year, it had collectively found hundreds of bugs that Microsoft categorized as either critical or important in popular products such as Microsoft 365, the Teams conferencing platform and the Copilot AI tool. As of mid-May, most of them had yet to be patched.

“They’re not profound and exotic, but they’re real,” Andersen, the engineering manager, said during the meeting. “And a lot of them are exploitable.”

It’s unclear whether hackers have exploited any specific bug identified by Mythos, but some have tapped AI to automate attacks and appear to be using Mythos-like tech to find and exploit weaknesses.

There have been outward signs of Microsoft’s internal struggle to deal with the growing list of bugs to be patched. Each month, the company publicly releases fixes for its software vulnerabilities in what’s known as “Patch Tuesday.” In June, it released patches for more than 200 bugs, which industry experts then said was an all-time high. But on July 14, the company blew through that record and released patches for more than 600 bugs. Only seven were categorized as low- or moderate-severity, one of which hackers were actively exploiting, according to Dustin Childs, leader of the Zero Day Initiative bug bounty program, which is part of cybersecurity company TrendAI. The rest were important or critical.

“Well folks. Here we are. The bug apocalypse has fully descended upon us,” Childs wrote in a blog post on July 14.

Microsoft told ProPublica that the overall volume of bugs “will not be plateauing for a bit,” but a spokesperson said the company has “invested heavily in both people as well as AI-powered triage solutions that scale quickly to handle the growing number of vulnerabilities.”

Given the new realities of the AI age, including the chaining capabilities, companies like Microsoft might need to rethink their entire approach to triage, said Nguyen, the NSA’s former AI chief. Rather than shunting what are now considered low-risk flaws aside, companies should be dedicating staff to developing and testing patches for the entire spectrum of vulnerabilities, he said. In other words, the cyber ER needs more doctors and nurses treating illnesses that are life-threatening as well as the minor wounds that could later turn deadly.

“There’s no alternative,” Nguyen said. “The patients are coming in fast and furious.”

Microsoft told ProPublica it’s “always going to be reevaluating and considering whether things that were previously lows or moderates be upgraded or thought about differently. With these AI systems, it makes us rethink some of these things. Across the industry, we’re all looking to see how drastic of a change it will be.”

Microsoft’s users may be particularly vulnerable. The popularity of its offerings, used the world over, makes it a frequent and lucrative target for hackers. In addition, many of its products contain “legacy” code. Developed decades ago using now-outdated technology, this code contains unaddressed flaws and contributes to what is known in the industry as “technical debt.”

But the challenge of fixing the flood of newly found bugs also extends to the rest of the software industry, and to open-source software code that is typically free to use and largely maintained by volunteers. Open source software underpins Internet infrastructure and is incorporated into much of the world’s modern technology, including products offered by major tech companies such as Microsoft.

“Nobody has really figured out how to deal with this, and everybody is casting around for what they need to do,” said J. Michael Daniel, a former cybersecurity adviser to President Barack Obama and the president of the Cyber Threat Alliance, a nonprofit organization focused on cybersecurity. “Our tech debt is coming due.”

Ben Edwards, a data scientist who specializes in managing software vulnerabilities, said the software industry was handling an “intense volume even before AI.”

“It was like drinking from a garden hose on the jet setting before, and now it’s like drinking from a fire hose,” Edwards said. “They might have had the teams that could handle that garden hose. Whether they can handle the fire hose is something else.”

Although the volume of vulnerabilities has grown over the years, Microsoft’s internal group responsible for fielding them, the Microsoft Security Response Center, has been perennially understaffed. Even before the crush of AI-identified bugs, the center fielded hundreds or even thousands of reports a month, pushing the group to its limits, ProPublica has reported.

The size of the center reflects Microsoft’s corporate philosophy: Plugging security holes is a cost center, while making new products is a profit center, former employees said. The company is loath to tie up its best engineers with making security patches—a cost center—instead of developing new products and features that will generate profits, ProPublica has reported.

Microsoft told ProPublica that it does not discuss internal staffing decisions but has made investments in recent years to “focus our teams on keeping our customers secure.” The company “continuously evaluates the staffing, processes, and technologies required to support security response and vulnerability management,” a spokesperson said.

According to the slides that accompanied the May internal presentation, Anthropic provided Mythos access to roughly 50 full-time Microsoft employees, with a goal to “harden critical services before publicly available models catch up.” A slide titled “What’s Next” predicted that the Microsoft Security Response Center would see continued case volume “as public tools catch up” to Mythos.

During the May meeting, one staffer appeared to take comfort in the belief that adversaries “don’t have the source code” that such an AI tool would scan for weaknesses. His colleagues, however, quickly corrected him. Portions of Microsoft’s code have, in fact, fallen into hackers’ hands over the years.

“It might not be this week’s source code,” one person said. “But they’ve got source code. It’s out there.”

In a statement to ProPublica, Microsoft downplayed the comment, saying engineers “design our security processes on the expectation that determined adversaries may gain access to code.”

Additional research by Doris Burke.

This story originally appeared on ProPublica.

4 ways wildfires generate tornadoes, lightning and other extreme weather, sometimes miles from the flames

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IwPost
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4 ways wildfires generate tornadoes, lightning and other extreme weather, sometimes miles from the flames

Thick smoke from massive wildfires has been spreading in North America and Europe once again in 2026. The health impacts of breathing this particle-filled air are becoming well known, but wildfires’ influence on the weather is less widely recognized.

We often think about weather controlling wildfires: Dry air, heat, wind and lightning determine when fires start and how quickly they spread. However, once a wildfire becomes intense enough, the relationship can flip. Instead of simply responding to the weather, the fire begins to create its own weather.

I study wildfires and air quality at the University of Texas at Arlington. Here are four key ways wildfires influence the weather around them:

1. Updrafts and fire tornadoes

Wildfires release a large amount of heat. As the air above the flames heats up rapidly, it becomes lighter than the surrounding air. As a result, the warm air rises.

This upward motion creates a powerful current of air known as an updraft. In some cases, the rising air becomes so strong that it begins to spin, forming a fire whirl, also known as a fire tornado.

What looks like a thin tornado of fire rising from a wildfire in the forest below.

Forestry officials captured this image of a fire whirl during the Douglas Complex fires in 2013 at Rabbit Mountain, Ore. Marvin Vetter/Oregon Department of Forestry, CC BY

The process is very similar to how a typical tornado forms, though fire tornadoes tend to be smaller and, because they feed off the heat, confined to the fire area.

2. Fire clouds and thunderstorms

The rising plume of smoke and hot gases also contains water vapor released from burning vegetation and the surrounding atmosphere. As the plume rises, the water vapor cools and condenses into tiny cloud droplets, forming a cloud directly above the fire.

Scientists call these clouds pyrocumulus, or fire clouds.

A large cloud looking like a thunderstorm rise above a canyon.

A pyrocumulus cloud rises above a wildfire in the Angeles National Forest in Southern California in 2012. Jeremy A. Greene/wikimedia Commons, CC BY-SA

As water vapor condenses, it releases additional heat, making the rising air even more buoyant. If the fire is intense enough and the atmosphere is unstable, the cloud can continue expanding upward into the upper troposphere. It may eventually develop into a pyrocumulonimbus cloud – a thunderstorm generated by the fire itself.

3. Fire-generated lightning

As the pyrocumulus cloud rises above the point in the atmosphere where the air temperature drops below freezing, cloud droplets begin to freeze, producing ice crystals, supercooled water droplets and graupel – a soft version of hail.

Collisions among these particles separate positive and negative electric charges within the cloud. Over time, the charge imbalance becomes strong enough to produce lightning.

Some of these lightning strikes can ignite new fires beyond the original fire perimeter, making firefighters’ jobs even harder.

Lightning strikes behind a mountain as smoke bellows from a wildfire in the foreground.

Lightning is a frequent cause of wildfires. Wildfire smoke can fuel storm clouds that generate more lightning, which can start new fires. AFP via Getty Images

In late July 2026, a severe wildfire near Saumos in southwestern France became intense enough to generate a pyrocumulonimbus cloud. Lightning from the storm ignited new fires outside the original burn area, allowing the fire to spread beyond its initial blaze.

4. Smoke can change weather downwind

Wildfire smoke can also affect weather far from the flames. Smoke can travel hundreds or even thousands of miles. Along the way, it can influence how clouds form and how lightning develops.

Smoke contains large numbers of tiny particles. These particles act as seeds on which water vapor condenses to form cloud droplets. Scientists call these seeds cloud condensation nuclei. When wildfire smoke arrives over a region, it increases the number of cloud condensation nuclei in the atmosphere. As a result, the same amount of water is divided among many more cloud droplets, making each droplet smaller.

Smaller droplets take longer to merge into raindrops, which can delay rainfall or shift it to another location downwind. This is one reason why forecasting precipitation becomes more challenging during major wildfire events.

A pyrocumulus cloud builds over the Gold Mountain Fire on July 26, 2026, in western Colorado. Sláinte Farms.

Scientists have also found that wildfire smoke can alter lightning patterns in downwind thunderstorms.

Under normal conditions, about 90% of cloud-to-ground lightning carries a negative charge, while positive-charge cloud-to-ground lightning is relatively rare. However, studies have reported unusually large numbers of positive-charge lightning strikes in smoke-affected storms.

Positive lightning is more powerful and damaging than negative lightning. It carries larger electrical currents, lasts longer and releases more energy. As a result, it is more likely to ignite new wildfires and can pose greater risks to people and infrastructure.

In some smoke-affected thunderstorms, positive flashes accounted for more than 40% of all cloud-to-ground lightning. In the most extreme cases, the fraction exceeded 90%, meaning that nearly all cloud-to-ground lightning was positively charged.

Living with fire and its consequences

The next time wildfire smoke turns the sky hazy, remember that the smoke is not simply drifting through the atmosphere – it is becoming part of the atmosphere.

Wildfires and their smoke can shape clouds, rainfall and lightning in ways we are only beginning to understand. As large wildfires become more frequent, living with them will require more than fighting fires. We must also learn to anticipate and adapt to their far-reaching effects on air quality, health and even the weather.

Why South Korean stocks just crashed

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IwPost
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Why South Korean stocks just crashed

Explaining stock market movements is always a little bit of a fool’s errand; no one really understands why stocks boom or crash on a given day or in a given week. Over the long run, the stock market displays lots of “excess volatility” — prices move up and down much more than is warranted by changes in earnings or other measures of fundamental value.

There are plenty of theories about why those swings happen, but it’s very hard to know which of those — if any — is in operation at any given time. And so although every big stock market movement is followed by lots of articles claiming to know why, you should take them all — including this one — with several grains of salt.

Anyway, having said all that…

The Korean stock market has been crashing for weeks now. Around March, Korean stocks went on an epic tear; the KOSPI index rose from around 5,000 to over 9,000. Then, just over a month ago, it all went into reverse, with the index falling back to around 5,500:

There are probably two stories regarding why this happened — one about fundamentals, and another about finance. In fact, this is typical for bubbles and crashes, not just in stocks but in every asset class.

There’s almost always some kind of connection to fundamentals — some story about how we’re in a new economy, followed by doubts about whether that story is really true, and so on. But the big market movements are almost always accelerated by purely financial factors — “noise traders” armed with piles of excess cash, opportunistic speculators looking to ride the wave of sentiment and so on.[1]

For Korea, the fundamental story was about memory stocks. Korean companies like SK Hynix and Samsung make a lot of the world’s computer memory. Under normal circumstances, computer memory isn’t a great business to be in — the technology is fairly commoditized, the industry is brutally competitive, it takes a LOT of capital to build the factories, and it’s very risky to make long-term bets on the evolution of memory technology.

But computer memory is really important for AI data centers. And so the AI boom kicked off the mother of all memory booms. Only a few companies had the scale to meet a large amount of this demand explosion, and the two biggest of these were in South Korea. SK Hynix’s operating profit went from under US$10 billion in the first quarter of 2025 to over $35 billion in the first quarter of 2026:

Source: Reuters

Hynix, which specializes in memory, briefly had a higher market capitalization than Samsung, simply because the memory boom is so huge. Korea’s exports rose over 70% in just one year; in fact, the country’s whole national GDP growth rate increased by a noticeable amount over the past two quarters, just because of this one product:

That’s a pretty strong fundamental story about why South Korean stocks should be worth a lot more. So it’s no surprise that the Korean stock market boomed as soon as people realized in early 2026 that AI technology is going to be extremely valuable. Here’s a thread about just how epic the runup in these companies’ stock prices was:

What happened?

Chipmakers SK Hynix and Samsung saw historic gains, rising +1,900% and +600% in one year, respectively.

These two stocks accounted for as much as 50% of South Korea’s stock market last month.

Never in history has growth at this scale happened so quickly. pic.twitter.com/LytoMqmbEt

— The Kobeissi Letter (@KobeissiLetter) July 29, 2026

What happened? Chipmakers SK Hynix and Samsung saw historic gains, rising +1,900% and +600% in one year, respectively. These two stocks accounted for as much as 50% of South Korea’s stock market last month. Never in history has growth at this scale happened so quickly.

This is where the financial story rears its head, though. A bunch of traders saw this enormous price rise and decided to buy into it.

You’d think a lot of these would be foreign, but international investors mostly avoided the boom (except for a few who bet big on Korean memory stocks). The most frenzied buyers were regular Korean people — the proverbial taxi drivers and teenagers.

These investors probably didn’t understand the fundamental story about AI and data centers and so on. Instead, they probably had extrapolative expectations — they see the price go up and up, and they figure stocks are just a “goer upper.”

As more and more buy in and the stock goes up more and more, the perception of a structural upward trend is only reinforced, causing yet more people to buy in. This isn’t the only explanation for coordinated “noise trader” buying frenzies, but it’s probably the most likely.

Normal people don’t have a lot of cash sitting around. But earlier this year, regular Korean people got the opportunity to effectively borrow lots of money to invest it in stocks, via the introduction of leveraged single-stock ETFs. When you buy a share in a leveraged single-stock ETF in SK Hynix, it’s like borrowing money to buy SK Hynix stock.

A whole lot of Koreans used leveraged ETFs and other borrowing methods to borrow huge amounts of money and buy lots and lots of Korean stocks — especially the memory company stocks that were driving everything.

Source: Bloomberg

There were some people selling — notably, foreign investors “taking profits” and getting out. But the noise traders overwhelmed all the selling pressure, and sent stock prices soaring.

Then something happened last month — either something fundamental or something financial. Hynix and Samsung are doing fine in terms of earnings growth, but it’s possible that something suddenly gave traders reason to doubt the overall story about the AI boom sending these companies’ profits to the moon.

The other possibility is that Korea simply ran out of hotheaded day traders willing to borrow more and more in order to bet on stocks, and the influx of cash naturally came to a halt.

Whichever it was, at that point the price faltered and began to fall. All that borrowed money accelerated the fall on the way down. When prices fall, leveraged ETFs have to sell some of what they hold.[2] When a bunch of leveraged ETFs do this at the same time, it pushes prices down, forcing others to sell.

In the meantime, people who had borrowed money to buy stock faced margin calls (or bankruptcy), forcing them to sell stock to raise cash. All of this created extra selling pressure, and so increased the rate at which Korean stock prices fell since late June.

Anyway, that’s the financial story. It’s a very old story — financial leverage plus unsophisticated new buyers plus a strong fundamental story often produces a bubble and crash, or exacerbates one that was already in progress. No wonder Korea is now moving — a little belatedly — to restrict leveraged ETFs.

But while financial factors affected the timing and the size of the stock price boom and bust, the fundamental story is more interesting. Fears of an AI bubble are quietly creeping back.

In 2025, as consumer chatbots struggled to find a market big enough to justify the kind of investments being made, there was a lot of talk about an AI bubble. One possibility was that AI revenues wouldn’t grow fast enough to justify the amount being invested in data centers. Another possibility was that AI companies wouldn’t have enough of a “moat” to make them consistently profitable.

In 2026, Claude Code exploded onto the scene, and everyone realized that AI had finally found “product-market fit.” We now know at least one thing that AI is incredibly useful for — writing computer code. Suddenly, an AI bubble seemed much less likely. Spending on AI was skyrocketing, and Anthropic — the new market leader — was successfully capturing much of the profits.

Cybersecurity and other zero-sum applications — where having the absolute best model can matter a lot — started to seem like the “moat” that AI had previously lacked. Suddenly, the giant data center construction boom seemed a lot more reasonable.

But slowly, doubts have begun to creep back in. AI is amazing at writing software, but writing software is different from selling it. So far, huge increases in coding productivity are translating into only minor increases in the amount of software being shipped:

Source: Demirer et al. (2026)

It’s possible that a significant fraction of the explosion in the use of coding agents is just “tokenmaxxing” — companies trying to use as much AI as they can, either to learn to use the tools, or perhaps just to look like they’re doing something. If so, we can expect a retrenchment and a temporary slowdown of AI spending growth.

It’s also possible that even the revenue growth we’ve seen isn’t enough to offset the enormous costs of the data center boom. Here’s a recent report from The Economist:

A back-of-the-envelope calculation finds that covering AI capex through identifiable AI income requires revenue on the order of $2.5trn per year, more than tech’s entire combined revenue today…Anthropic pulls in perhaps $75bn, annualised; OpenAI makes tens of billions; Google, via its AI model Gemini, and Microsoft probably get a bit less. SpaceX may have a few billion dollars’ worth of revenue from enterprise AI this year. Meta also makes a few bucks from AI. Add this up and you land at roughly $150bn a year. [emphasis mine]

AI revenue is growing very fast, but if these calculations are right, it’ll have to grow by 17x from where it is now in order to justify the capital being spent. In other words, even Claude Code isn’t enough; AI revenue has to accelerate even further, and while it’s perfectly plausible that it could do that, it’s a big question mark.

There’s also the possibility that the moat of companies like Anthropic is less invincible than it looked just a couple of months ago. A Chinese company called Moonshot AI has released a model called Kimi K3 that nearly equals the best available American models.

American companies are using cheap Chinese AI models more and more for daily tasks. If Anthropic and OpenAI lose the overall b2b market to cheap Chinese competition — which is undoubtedly supported, of course, by China’s usual blizzard of subsidies and government supports — there’s not much chance that they’ll be able to pay for the data center boom.

And at that point, there could be a big, big bust — similar to when railroads went under in 1873. Investors are probably already beginning to worry about this. It isn’t just Korean AI-related stocks that have taken a hit recently. Here’s Nvidia, which designs and furnishes the chips that run data centers:

And here’s Micron, America’s top memory chip maker:

And here’s Microsoft, a big part of whose business is installing AI data centers:

There are similar (if less dramatic) stories at Google and Amazon, who also run a ton of data centers.

Here’s Bloomberg’s story about the decline of the so-called “Magnificent 7” tech stocks:

Wall Street is growing increasingly concerned about the hundreds of billions of dollars Big Tech is spending on artificial intelligence…“The real problem is the amount of spend that’s going on,” said Ken Mahoney, chief executive officer of Mahoney Asset Management. “No one knows what the return on investment is.”…The selloff is coming as investors grow increasingly cautious about the massive sums that Big Tech firms are spending to build out their AI infrastructure. The Mag 7 index is now down 11% from a record reached in late May, erasing $2 trillion in market value.

So although South Korea’s epic stock crash was probably related to Korea-specific financial factors, it could also herald the return of the “AI bubble” story. AI is far and away the most important thing going on in the American economy right now, so any hint of a bubble is worrying.

Notes

1 For the best simple explanation of how financial markets can go haywire, I recommend the famous paper by DeLong et al. (1990). If you don’t feel like reading through a mathematical model, just ask AI to explain it to you in simple terms.

2 Usually, futures or options or some other derivatives tied to the value of the underlying stock.

Gaza hospital director warns of worsening humanitarian and health crisis

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Gaza hospital director warns of worsening humanitarian and health crisis

Dr Mohammad Abu Salmiya, director of Al-Shifa Medical Complex, warned on Wednesday that approximately 1.6 million people in the Gaza Strip are at risk of famine and malnutrition amid the continuing humanitarian crisis.

In radio remarks, Abu Salmiya said the at-risk population includes 74,000 children suffering from varying degrees of malnutrition and 25,000 pregnant women facing the risk of severe anemia. He warned that deteriorating conditions are placing increasing strain on Gaza’s healthcare system.

According to Abu Salmiya, rising rates of malnutrition and infectious diseases, combined with shortages of medicines and medical supplies and severe transportation constraints, are pushing the territory toward what he described as a complete health and humanitarian collapse.

He said hospitals continue to receive dozens of people killed or injured each day, including patients with complex injuries requiring specialized surgical care. Abu Salmiya added that some injured children have required amputations and said restrictions on the entry of essential medicines and medical supplies have further complicated treatment.

Abu Salmiya also reported that around 70 percent of ambulances in Gaza are out of service because of shortages of tires, spare parts, and lubricants, warning that this could severely disrupt the transport of patients, medical personnel, and the deceased between different parts of the territory.

He further stated that approximately 4,000 cancer patients are unable to receive chemotherapy and said medical teams are recording between four and five deaths daily among those patients.

In addition, Abu Salmiya said shortages of hormones and other essential medicines have affected kidney dialysis patients, while a lack of insulin pens for children with diabetes has resulted in increased admissions to intensive care units due to complications.

He called for urgent international intervention to facilitate the entry of medical and humanitarian assistance through Gaza’s border crossings, saying healthcare workers are increasingly unable to provide the treatment needed to save the lives of patients.

Actually, Starliner might fly into space this year

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Actually, Starliner might fly into space this year

When we last checked in on Boeing’s Starliner spacecraft in February, NASA was announcing that it had formally classified the 2024 crewed flight of the Starliner spacecraft as a “Type A” mishap, an acknowledgement that the test flight was a serious failure.

At the time, NASA Administrator Jared Isaacman said the space agency was working with Boeing to “fully understand the risks associated” with the Starliner spacecraft, and to remediate them. Starliner would not fly its next mission, a cargo flight to the International Space Station, until those problems were identified and remediated. He declined to put a date on the test flight.

However, it now appears this work is proceeding apace.

“Going quite well”

During a quarterly earnings call on Tuesday, Boeing Chief Executive Officer Kelly Ortberg offered some encouraging remarks in response to an analyst’s question about Starliner and other space projects at the company.

“The redesign of the Starliner deficiencies is going quite well, and we’re feeling pretty good about that,” Ortberg said.

The deficiencies he referred to primarily involve the vehicle’s propulsion system, which imperiled the flight of NASA astronauts Butch Wilmore and Sunny Williams to the International Space Station during Starliner’s first crewed mission. The astronauts had to be returned to Earth on a Crew Dragon vehicle in early 2025.

During the earnings call Ortberg suggested much of that work was completed, and that the primary issue now is scheduling a launch date with NASA for Starliner to ferry cargo to the space station to ensure there was an open docking port and astronaut time to unload the vehicle.

“We’ve got to work with NASA to align on the launches,” Ortberg said. “I don’t at this time anticipate that’s going to create a cost problem for us, but we do have some uncertainty here that we’ve got to work with NASA to get that put to bed, and we are working with them right now.”

An official confirmed to Ars that this is indeed the case, that the primary factor now for when Starliner launches is port availability on the space station. It is therefore possible that Starliner launches this year. If this cargo test flight goes well, and modifications to Starliner address the vehicle’s propulsion concerns, a crewed mission is possible in late 2027.

Further delays, Ortberg indicated during the call, would only further put Boeing into the red on the fixed-price contract the company signed with NASA in 2014 under the Commercial Crew program. To date Boeing has taken approximately $2 billion in charges due to delays in Starliner’s development, and the need for additional test flights after various software and propulsion failures.

Dragon’s dilemma

If Starliner were to come online in the next year or two, it would do so at an intriguing moment in crew access to low-Earth orbit.

As Ars previously reported, there are uncertainties about the availability of Crew Dragon in the 2030s, and more recently SpaceX has been telling industry officials that it plans to retire Crew Dragon (which flies on the Falcon 9 rocket) no later than 2030. This raises serious concerns for not just NASA, which may seek to fly to the International Space Station into the early 2030s, but also for planned private space stations intended to take its place. These companies are having difficulties negotiating crew transportation services as a result.

Crew Dragon is, for now at least, by far the preferred option. Not only has it proven to be reliable, the vehicle also offers the lowest cost due to its reusability and the fact that it flies on the Falcon 9 rocket.

Starliner, by contrast, has several disadvantages. Its Service Module, which houses all of the costly propulsion systems, does not return to Earth after each flight but rather burns up in the atmosphere. Sources said this expendable module costs tens of millions of dollars. There is also the fact that, after its initial run of NASA missions, Starliner will have no rocket following the retirement of the Atlas V vehicle. United Launch Alliance’s Vulcan rocket is an option, but there would be not-inconsiderable costs to human-rate the rocket, and it would be more expensive than a Falcon 9.

Could someone else acquire Starliner? Boeing did begin shopping some of its space assets, including Starliner, a year and a half ago. No sale has been closed however, and one person told Ars that it is because Boeing has been asking too high a price. One potential industry partner with deep pockets, Blue Origin, has instead decided to press on with development of its own in-house crew vehicle.

In a world where SpaceX seeks to retire Dragon in favor of Starship, and in which the space community is not yet comfortable launching humans on Starship, and in which Starliner is actually flying, things could get interesting.

One thing does seem clear. No matter what happens, the cost of human spaceflight into low-Earth orbit during the 2030s is going to be significantly more expensive than the cost in the 2020s, at least until Starship really takes off.

What does Infantino’s proposal to sell stakes in FIFA subsidiary entail?

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What does Infantino’s proposal to sell stakes in FIFA subsidiary entail?


FIFA plans to create a $20 billion subsidiary to run the World Cup and its other events, offering stakes of up to 20% in FIFA Forward Enterprise to external investors, in a heavily criticised proposal by president Gianni Infantino that would provide member associations with a dramatic increase ​in funding.

WHAT IS BEING PROPOSED

FIFA wants to create FIFA Forward Enterprise (FFE) — a separate subsidiary that would bundle together all of ‌FIFA’s money-making activities (broadcast rights, sponsorship, ticketing, licensing, and event delivery) into one commercially-focused company.

KEY NUMBERS

FIFA is valuing the new commercial venture at around $20 billion based on JPMorgan’s estimate.

FIFA would sell a minority stake (up to 20%) to outside investors while keeping majority control. FIFA is working with bankers at JPMorgan to raise billions of dollars by bringing in external ​investors.

FINANCIAL BENEFITS FOR MEMBER ASSOCIATIONS

If approved, each of the 211 member associations could unlock up to $40 million for the 2027-30 cycle: up ​to $20 million in a one-off Fast-Forward funding and $20 million in FIFA Forward development funding for the 2027-30 cycle.

This would ⁠continue increasing to $22m for the 2031-34 cycle and $24m for 2035-38.

HOW THE DECISION WORKS

Infantino says the decision on the new FFE subsidiary will be a fully ​democratic one and approval requires: (1) support from a majority (over 50%) of the 211 associations, and (2) FIFA Council sign-off.

INFANTINO’S ULTIMATUM

According to a letter seen by The ​Times from Infantino to member associations, if the plan is rejected, associations will receive the much smaller pre-planned increase from the Forward Programme, worth roughly $10m per association for the next cycle, as part of a $2.7bn total package rather than $10bn.

“Should you wish to proceed, this USD 10bn package will become available as of 1 January 2027, ushering in the ​next phase of our journey together,” Infantino wrote in the letter.

“In exchange, all that is required is your continued trust — everything else remains the ​same.”

The one-off Fast-Forward funding will only be available to those member associations who decide to participate and make their decision by September 19, 2026.

NO CHANGE TO FIFA GOVERNANCE ‌MODEL

Infantino says ⁠that the rights and obligations of member associations and the retention of FIFA’s existing governance structure will remain unchanged.

FIFA would retain a perpetual majority ownership of FFE, and would continue to have exclusive control over all competition-related matters.

REACTION AND CRITICISM

FIFA announced the proposal on Tuesday, following media reports detailing the plan, leading to criticism from governing bodies who had not been consulted or made aware of Infantino’s idea.

UEFA said the proposal “crosses a line that football’s governing institutions ​should never cross,” and “the soul and ​governance of football are not ⁠assets to trade — especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell.”

After learning of Infantino’s letter on Wednesday, UEFA released another statement.

“Today we have ​learned of FIFA’s deadline to associations to support their proposals or have the one-off payout offer withdrawn,” UEFA ​said.

“This says everything you ⁠need to know about this plan.”

CONCACAF said they “share the disappointment of many within our region and the game that this level of detail has been designed and shared publicly before any discussion with the relevant governance bodies and stakeholders has taken place”.

The English FA said they were “completely unaware of this proposal and ⁠have no substantive ​details, including what the proposition actually is, and what conditions are attached”.

Infantino’s predecessor Sepp Blatter ​told Reuters that “football belongs to no individual and to no institution. It belongs to the people”.

“If FIFA were transferred into a profit-oriented corporate structure, it would lose its soul,” he added, ​noting he would never have considered such a move while he was in charge.

Source:  Reuters

Netanyahu’s Trump meeting suggests his star is waning in Washington

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Netanyahu’s Trump meeting suggests his star is waning in Washington

Appearing increasingly isolated and weakened, Israeli Prime Minister Benjamin Netanyahu travelled to Washington this week, where he had a face-to-face meeting with Donald Trump – his eighth of the US president’s second term.

Netanyahu is desperate to revive his image as the closest ally of the most powerful man in the world, but his star has fallen dramatically in Washington since his last trip.

The US president has problems of his own, so he clearly had little appetite for a photo opportunity with a deeply unpopular Israeli leader widely blamed for convincing him to launch an unwinnable war against a state few Americans saw as a serious threat.

The war has already cost at least US$37.5 billion, a 15-25% increase in gasoline prices, persistent inflation, and the deaths of 18 American servicemen. After months seeking an invitation, Netanyahu got his opportunity while in Washington for the funeral of Senator Lindsey Graham, one of Israel’s staunchest supporters in Congress.

But even before the Israeli entourage departed for Washington, Trump was plainly irritated by Israeli briefings that Netanyahu intended to present him with intelligence concerning Iran’s deeply buried “Pickaxe Mountain” nuclear facility.

In an interview with Fox News, Trump dismissed the idea that Netanyahu could tell him anything new and appeared to lend credence to the view that Israel was trying to push him towards a prolonged campaign in Iran.

Trump also brushed aside Israeli concerns about his intention to sell F-35 fighter jets to Turkey, warning Netanyahu not to try to influence his decision. He then lavished praise on Turkish president, Recep Tayyip Erdogan and – in a dig at Netanyahu’s international isolation – added that “Turkey’s not a big fan of Israel, not a great fan of Bibi. But they’ve been great for me.”

The lack of fanfare surrounding this meeting underscores Trump’s frustration that he cannot extricate himself from their disastrous joint military enterprise in Iran. After being quietly ushered into the White House through a side entrance, there was no question-and-answer session with journalists – unlike many previous Trump-Netanyahu meetings.

Only minimal information has been released by the White House, and Trump has been conspicuously discreet about what was discussed.

Netanyahu under pressure

With an election looming at the end of October, Netanyahu is trailing in the polls behind rival contender, Daid Eisenkot. So his immediate attempt to put a positive spin on the meeting suggested how desperate he is for Trump’s political endorsement.

Shortly after the talks concluded, Netanyahu released a video message declaring, without explanation, that: “This was one of the best conversations I have had with our friend, US President Donald Trump.”

Trump and his war may be unpopular in America, but the opposite is true in Israel. Trump remains extremely popular there. So Netanyahu’s association with him, and the sense of protection this symbolizes in Israel, is a significant political asset.

The war is unpopular in the US because few Americans see Iran as a serious threat. Consequently, few care how the war ends so long as a ceasefire or peace deal brings prices down.

In contrast, the criticism Netanyahu faces from his own voters is that Israel has not finished the job and that he been forced to agree to a ceasefire which his critics argue has only emboldened Iran.

As recently as last week, Netanyahu’s team would have been buoyed that Trump appeared to be on the cusp of resuming major military operations against Iran. But the day before the meeting, Trump abruptly decided to halt military operations.

He appears to have done so for three reasons. Omani-mediated talks over the Strait of Hormuz, have reportedly been making progress.

Meanwhile senior US military commanders have warned the US president that the bombing campaign had reached the limits of its effectiveness and America’s stock of air defense interceptors were becoming dangerously depleted.

And the expansion of the conflict into the Red Sea, where attacks from Iran-backed Houthi rebels on Saudi shipping pushed oil prices back above US$100 a barrel.

Israel’s wishlist

Before he had even arrived at the White House, therefore, Netanyahu had been warned against trying to push Trump towards resuming major operations in Iran.

But the Israeli prime minister still has other items on his wishlist. This includes persuading Trump to support Israel’s refusal to withdraw its troops from Lebanon until Hezbollah’s military infrastructure has been completely dismantled.

But the leaked recording of Trump’s expletive-laden rebuke of Netanyahu at the beginning of June for refusing to heed his advice to de-escalate Israeli operations in Lebanon, suggests that this might also be a tough sell for the Israeli leader.

Netanyahu was once able to exploit Trump’s unpredictability and appeal to his instincts for self-aggrandizement. Now, he is a much-diminished figure in Washington, and his political interests seem to be best served by actions that Trump has identified as threats to his own.

He is now the one buffeted by Trump’s erratic decision-making and tendency to blame anyone but himself for failure. Shutting Israel out of negotiations with Iran, selling F-35s to Turkey and raising the prospect of a nuclear deal with Saudi Arabia all run counter to Israeli interests.

But Iran’s increasing boldness may yet play in Netanyahu’s favor. Tehran’s has rejected Oman’s proposal to share management of the Strait of Hormuz. It then launched strikes against a US military base in Jordan, despite Trump’s decision to halt military operations. The US and Saudi Arabia responded by attacking Iran-based militias in Iraq.

Iran’s refusal to abandon its core strategic objectives, and its apparent interpretation of Trump’s restraint as weakness, may ultimately give Netanyahu the renewed US involvement in the conflict he has been seeking.

Christian Emery is associate professor in international politics, UCL

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Saudi Arabia Taps Veteran Diplomat as Ambassador to Syria 

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Saudi Arabia Taps Veteran Diplomat as Ambassador to Syria 


[DAMASCUS] Saudi Arabia has appointed diplomat Ghazi bin Rafea Al-Enezi as its new ambassador to Syria, succeeding Faisal Al-Mujfel, in the latest step in the restoration of relations between Riyadh and Damascus. The process formally began in 2023 and gained further momentum following the fall of Bashar Assad’s regime in December 2024. 

Al-Enezi took the oath of office before Saudi Crown Prince and Prime Minister Mohammed bin Salman, on behalf of King Salman bin Abdulaziz, during a ceremony held in Jeddah on Tuesday. The ceremony included several newly appointed Saudi ambassadors to other countries. 

Faisal Al-Mujfel, the outgoing ambassador, oversaw the initial phase of the restoration of Saudi diplomatic representation in Damascus before being appointed the Kingdom’s ambassador to France. Earlier this month, Al-Mujfel presented a copy of his credentials to the French Foreign Ministry. 

Al-Enezi is regarded as one of Saudi Arabia’s leading experts on Syrian affairs. He previously served as director-general of the Saudi Foreign Ministry’s Department of Arab Countries and participated in several official visits and meetings concerning Syria. 

In May 2023, while holding the rank of minister plenipotentiary, Al-Enezi led a Saudi technical delegation to Damascus to discuss the technical and logistical arrangements for reopening the Kingdom’s embassy and resuming the diplomatic mission’s operations. 

Saudi Arabia closed its embassy in Damascus and withdrew its diplomats in 2012 in response to the Assad government’s violent crackdown on protests. 

After more than 11 years of suspended relations, Riyadh and Damascus agreed in May 2023 to resume operations at their diplomatic missions as Syria was readmitted to the Arab League. 

Saudi Arabia officially reopened its embassy in Damascus in September 2024, approximately three months before the fall of the Assad regime. Riyadh subsequently expanded its contacts with Syria’s new leadership while supporting efforts to restore stability and strengthen political and economic cooperation with Damascus. 

The selection of Al-Enezi, who was directly involved in the initial arrangements to reopen the embassy, reflects Riyadh’s desire to maintain continuity in its handling of the Syrian portfolio as relations between the two countries move from restoring diplomatic representation toward broader bilateral cooperation. 

 

 

 

 

Woman Dies After ‘Freak’ Wine Glass Accident at Party

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Woman Dies After ‘Freak’ Wine Glass Accident at Party


A 32-year-old woman who died after allegedly falling onto a wine glass during a dinner party is now at the center of a chilling death investigation after police said witness accounts did not add up.

Ilda Beatriz Goyochea died nearly a week after suffering a severe neck wound inside her home in La Rioja, a province in northwestern Argentina, according to Argentinian outlet La Voz. What was first described as a horrifying freak accident is now being investigated as a possible crime.

The incident reportedly happened during a gathering at Goyochea’s home. Witnesses initially claimed she fell onto a wine glass, causing the fatal injury. But attorneys for her family say the wound raises disturbing questions about what really happened that night.

According to the family’s attorney, Fernando Gabriel Brizuela, Goyochea suffered a straight cut to her neck measuring between three and four inches long.

“That characteristic would not be compatible with a wound caused by a broken glass, which normally produces an irregular cut,” Brizuela said.

The troubling detail appears to have pushed authorities to take the case more seriously. Two people who were at the dinner party were taken into preventative custody after a judge found contradictions in their statements about the incident.

The judge also ordered the Homicide Division of the La Rioja Police to investigate Goyochea’s death.

“An arrest warrant of this nature is never issued without solid grounds,” Brizuela said.

Still, an attorney for the suspects insists there was no attack and no motive. Lawyer Soledad Varas said the gathering was simply a night among longtime friends that ended in tragedy.

“It was a gathering of friends. They’ve known each other for years, and there were no prior conflicts between them,” Varas said.

Prosecutors, however, have argued that the absence of an obvious motive does not rule out criminal intent.

An autopsy is expected to play a key role in the case, especially in determining whether Goyochea’s neck wound could have been caused by broken glass or whether it points to something more sinister.

Goyochea was initially taken to a private clinic after the incident, but she was later transferred to a hospital because of the severity of her injuries. She died nearly a week later.

Her family is now demanding answers about what happened inside the home, including how long it took the other party guests to call for help after she was injured.

Investigators are also reviewing security camera footage from the area to determine whether anything suspicious happened outside the home on the night of the gathering.

For now, what began as a reported freak accident has turned into a disturbing mystery, with police trying to determine whether Goyochea’s death was truly the result of a shattered wine glass — or something far darker.

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