Experts Warn of Unknown Dangers in Viral Peptide Craze
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Experts Warn of Unknown Dangers in Viral Peptide Craze
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Morgan Stanley hails rare ‘reindustrialization renaissance’ of AI economy
The artificial intelligence (AI) revolution is rewriting the rules of the American economy, but rather than ushering in a golden age of consumer prosperity, it is sparking a massive, resource-heavy infrastructure boom that could leave the everyday worker behind.
According to a newly released strategic report from Morgan Stanley Wealth Management, the market has entered a “GenAI-capex-powered” era that represents a rare shift away from consumption-led growth and toward an investment-led “reindustrialization renaissance.” The catch is it’s very unlike previous technological revolutions—such as the internet, personal computers, or mobile devices.
The current generative AI (GenAI) wave is “not obviously consumer-centric yet,” according to Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management. Instead, the build-out is deeply rooted in the physical world to support massive computing needs.
Shalett’s team noted data-center-related investment already accounted for a staggering 25% of annual GDP growth in 2025, and is expanding at a pace that is multiples of forecasted real GDP growth. This immense scale requires trillions of dollars of investment that will ripple through physical markets, directly impacting real estate, construction, power and electricity generation, and industrial metals. The firm argues this dynamic is catalyzing a multiyear period in which “investment dominates consumption as the growth driver amid economic rebalancing.”
About those humans
While this infrastructure build-out is a boon for industrial metrics, the outlook for humans is markedly less rosy. Morgan Stanley warns of “transformational risks to the labor market” brought on by the GenAI diffusion.
The report describes prospects for the U.S. consumer as ultimately “unremarkable,” weighed down by “depressed sentiment, job anxiety, a low 3.6% savings rate, and rising indebtedness and credit delinquencies.” Furthermore, the firm predicts consumption growth will likely stall due to a lackluster job market, aging demographics, and slow population growth, leaving the populace trapped within “K-shaped economic dynamics” that exacerbate inequality, referencing the meme over the last five years that leaped from finance Twitter and into reality, with the wealthy and working class representing branching lines on the “K,” rather than a “V-shaped” or “U-shaped” financial recovery.
Interestingly, this new paradigm is also forcing a harsh reality check on tech titans. For years, U.S. indexes have been dominated by “asset-lite, recurring-revenue tech business models” that enjoyed near-zero marginal costs and ever-expanding margins. However, the GenAI revolution is fundamentally different. It is a “cash-hungry R&D arms race” with marginal-cost economics, meaning as tech companies add subscribers, they must simultaneously spend vastly more on precious “compute” capacity.
Consequently, these former asset-lite darlings are transforming into “capital-intensive, cash-flow-hungry businesses.” Morgan Stanley bluntly states that for these hyper-scalers, “the era of multiple expansion based on seemingly ever-expanding profit margins is likely over.”
Bank of America Research chief equity strategist Savita Subramanian has sounded similar alarms about tech’s move away from an asset-lite model, while Silicon Valley executives are waking up to the fact AI may have ended the tech industry’s profits gravy train, and even automated most coding work.
Ultimately, Morgan Stanley’s vision of 2026 and beyond is one of profound economic realignment. The GenAI revolution may not be delivering a consumer utopia, but it is fueling a global, capex-driven infrastructure boom. It is an era in which heavy machinery, power grids, and data centers reign supreme, fundamentally suggesting that, at least for now, the AI boom is far better for computers than it is for humans.
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
Why Cash Flow Matters Early in a Doctor’s Investing Journey
For a long time, I thought I was doing everything right.
I was making good money. I was saving aggressively. My retirement accounts were growing, my net worth was climbing year after year, and from the outside, things looked exactly the way they were supposed to.
And yet, there was this constant, low-level anxiety that never really went away.
Not panic. Not burnout-level crisis. Just a quiet hum in the background.
It showed up when I thought about cutting back at work. It showed up when contracts changed or hospital politics shifted. It showed up when I imagined stepping away, even briefly, and wondered how tight things would feel.
At the time, I didn’t have the language for it. Looking back, it’s obvious.
I had a growing net worth, but I had no margin.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial, legal, or investment advice. Any investment involves risk, and you should consult your financial advisor, attorney, or CPA before making any investment decisions. Past performance is not indicative of future results. The author and associated entities disclaim any liability for loss incurred as a result of the use of this material or its content.
The Question Most Doctors Don’t Ask Early Enough
There’s a question I wish I had asked myself much earlier in my career. I didn’t read it in a book or hear it at a conference. It just surfaced one day when I was feeling particularly worn down.
If I stopped working tomorrow, how long would my life feel okay?
Not retirement-age okay.
Not spreadsheet okay.
Emotionally okay.
When I answered honestly, the answer surprised me. It wasn’t very long.
That realization was uncomfortable, because on paper, I was “winning.” I was doing exactly what high-income professionals are taught to do. And yet, my lifestyle was still completely dependent on my next shift.
That was the moment I started to understand something that most physicians don’t hear early enough.
Net worth and freedom are not the same thing.
The Financial Path Most Doctors Are Put On
Most physicians are given a very similar financial script.
Work hard. Save aggressively. Max out retirement accounts. Let compound interest do its thing. Retire someday, maybe even chase early retirement.
There’s nothing wrong with that advice. I still follow many of those principles. Long-term investing matters. Growth matters. Planning for the future matters.
But here’s the part that often gets left out.
Net worth is a future-facing metric. It’s designed to reward patience, not presence.
It doesn’t care if you’re exhausted. It doesn’t care if your kids are growing up fast. It doesn’t care if medicine feels heavier than it used to.
Net worth is excellent at telling you where you might be decades from now. It’s terrible at helping you live your life right now.
Why a High Net Worth Can Still Leave Doctors Feeling Stuck
I hear this all the time from physicians.
“On paper, I’m doing really well. I just don’t feel free.”
When you look closer, the story is usually the same. Most of their wealth is locked up.
Retirement accounts they can’t touch without penalties. Home equity that doesn’t pay monthly bills. Market gains that only matter if they sell.
So even with an impressive net worth, their lifestyle is still one hundred percent dependent on their next paycheck.
That’s a fragile place to be, even if it doesn’t look that way from the outside.
And it explains why so many doctors feel trapped despite doing “everything right.”
The Moment Cash Flow Finally Made Sense to Me
I remember the first time cash flow actually changed how I felt.
It wasn’t dramatic. It didn’t replace my income. There was no big announcement or bold career move.
It was small.
Just enough that one month, I realized something had been paid for without me working more.
The feeling that came with that surprised me.
It wasn’t excitement. It wasn’t pride.
It was relief.
For the first time, a small piece of my life wasn’t directly tied to my time in the hospital. That’s when it really clicked for me.
Cash flow doesn’t need to be big to be powerful. It just needs to be real.
What Cash Flow Really Buys Doctors Early On
Early in your investing journey, cash flow isn’t about getting rich. It’s about buying margin.
Margin in your schedule. Margin in your decisions. Margin in your nervous system.
When even a small portion of your expenses is covered by passive income outside of medicine, something shifts internally. You’re not as desperate. You’re not saying yes out of fear. You stop feeling like one bad contract or one bad year could derail everything.
That sense of optionality changes how you show up at work and at home. It changes how you think. It changes how you plan.
And none of that shows up on a net worth statement.
The Psychological Benefit No Spreadsheet Captures
This is the part that rarely gets talked about.
Cash flow changes your relationship with medicine.
When you’re not fully dependent on your paycheck, you practice differently. You tolerate less nonsense. You advocate for yourself more. You stop internalizing every bad policy or bad shift as a personal failure or personal threat.
Ironically, many physicians become better clinicians when they’re less financially cornered.
Fear is a terrible long-term motivator.
Cash Flow vs Net Worth Is About Sequence, Not Sides
This isn’t an argument against building net worth. It’s not anti-stocks, anti-retirement accounts, or anti-long-term growth.
It’s about sequence.
Early on, cash flow stabilizes your life. Later, growth accelerates your wealth.
Most doctors do this in reverse. They chase net worth first and hope freedom magically shows up later. Sometimes it does. Often it doesn’t, at least not when it matters most.
Cash flow early creates breathing room. Growth later creates legacy.
Both matter, but the order matters more than most people realize.
If you want examples of where early cash flow can come from, look at vehicles like real estate syndication, private credit, or ways to passively invest in real estate that are designed to produce income, not just appreciation.
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How Financial Freedom Actually Starts for Physicians
Freedom almost never arrives all at once.
It shows up quietly.
One expense covered. One shift dropped. One boundary enforced without fear.
That’s how gradual freedom begins. Not with a dramatic exit from medicine, but with decreasing dependence on it.
This is why cash flow matters so much early in a doctor’s investing journey. Not because it makes you wealthy overnight, but because it gives you back control while you’re still living your life.
And over time, those small steps add up to something that looks a lot like financial freedom and eventually financial independence.
A Better Question to Ask Yourself
Instead of asking only, “How big is my net worth?” try asking something different.
How much of my life is supported without my time?
Even a small percentage matters.
Because freedom isn’t binary. It’s built in increments.
And those increments can change how your life feels long before you ever hit a big number on a spreadsheet.
The Real Reason Most Doctors Start Investing
Most of us weren’t chasing money.
We were chasing control. Time. Presence. The ability to choose.
Cash flow is often one of the first places that choice shows up.
And once you feel that shift, even in a small way, it’s very hard to unsee what’s possible.
Were these helpful in any way? Make sure to sign up for the newsletter and join the Passive Income Docs Facebook Group for more physician-tailored content.
Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
Further Reading
Karen Petrou, founder of Federal Financial Analytics, dies
WASHINGTON — Karen Petrou, co-founder and managing partner of Federal Financial Analytics and a luminary of financial policy, died Saturday afternoon of liver cancer after a brief illness. She was 73.
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Petrou wielded an outsized presence in Washington economic and regulatory circles, cultivated over the course of decades in the industry and through countless
In a policy sphere riven with smart people, Petrou stood apart. Her distinctive guiding light was to improve the lives of people far removed from finance or power, even if her policy prescriptions might not align with the political valence of her audience. Petrou could be an intimidating presence; she did not suffer fools, though she encountered many. But to Washington insiders, she was something of an oracle — what she offered, to anyone who could keep up with her, was either incontrovertible fact or a sage opinion. Whether anyone listened was up to them.
Petrou was born in 1953 and grew up in Briarcliff Manor, a suburb of New York City, and excelled academically. But as she told
“I was already used to people thinking I wasn’t supposed to be where I was,” she told Washington Monthly. “That was good combat training.”
Petrou earned an undergraduate degree in Political Science from Wellesley College and studied briefly at the Massachusetts Institute of Technology before earning her Master’s Degree in Political Science from the University of California, Berkeley. She began her career at Bank of America in 1977 working as a “corporate political scientist,”
“Most of it was, you had the post-colonial powers, with a tremendous amount of corruption, but [making] efforts at growing their economies and therefore trying to entice global banks,” Petrou said in a 2020 interview. “And you really have to say … ‘How long is this despot going to make it versus the one who’s trying to kill him?’ Those kinds of analyses.”
She parlayed her experience into the private practice she co-founded, Federal Financial Analytics, in 1985. While her experience in banking proved valuable, a project involving housing resulted in a chance introduction to Basil Petrou, a housing expert who would later become her husband. The two were married in 1995; Basil, the other managing partner of Federal Financial Analytics, died of cancer in 2021.
“Housing finance brought us together,” Karen
While not a lobbyist or advocate, in her later career she took aim at the Federal Reserve’s post-crisis financial policy positions — both in its monetary and regulatory capacities — as unfairly benefiting the wealthy at the expense of the poor.
Her 2021
By setting interest rates so low for so long and buying assets — not just Treasurys, but mortgage-backed securities and an array of commercial paper and other non-traditional assets during the COVID pandemic, for the express purpose of aiding markets and firms that assumed outsized risk — the Fed, Petrou argued, had not only failed to broaden prosperity after 2008, but also was the primary driver of the widening inequality we have experienced since that time.
“I’m among the Americans who got angrier and angrier from 2010 to 2020 as America became increasingly unequal while well-intentioned policy-makers assured us that, as the Fed likes to say, the U.S. economy was in a ‘good place,'” Petrou wrote. “The central bank touted its ultra-low interest rates as a boost to the wealth effect, but all they meant to the vast majority of American households was no hope of saving for the future. Most of the debt they used to get by also remained very, very expensive.”
Petrou was also a driving force behind efforts to establish financial instruments that could fund “translational research” to find cures for blindness and other ailments. Translational research is the costly and financially risky stage of medical research that develops promising laboratory experiments into safe and effective treatments for people, but the cost and risk involved in those treatments prevents investors from pledging the funds to develop them.
Petrou advocated for the
Petrou said in a 2019 white paper that the advent of “green bonds” by the World Bank in the mid-2000s jump-started investments into renewable energy research that primed the pump for those technologies to become cost-competitive with fossil fuels, obviating the need for continued subsidy over time.
“Despite the widely-shared goal of reducing fossil-fuel dependence and global warming, funds for sustainable energy-and-environmental programs were scarce until the World Bank guaranteed the first of what we now call green bonds in 2007,” Petrou said. “Depending on how the market is measured, it has grown since then to at least $580 billion in total issuance through 2018. The reason for these hundreds of billions is not that sustainable finance suddenly got safer, but that the World Bank guarantee encouraged other governmental backstops that reduced risk to the point that institutional investors believed that their fiduciary duties were satisfied along with their own personal hopes of a greener, cooler planet.”
Barb Rehm, Senior Managing Director at IntraFi and former Editor-in-Chief of American Banker, said Petrou’s intellectual power and credibility cut a unique figure in financial services policy.
“One of the things I think I appreciate most about Karen was her independence,” Rehm said. “She didn’t tell banks what they wanted to hear. She told them what they needed to hear.”
Petrou was an active member of the Cosmos Club in Washington, D.C., a board member of the Fidelco Guide Dog Foundation, and chairperson of the Foundation Fighting Blindness — the organization driving the Bio Bond initiative. She is survived by her brother, Stephen Dolmatch.
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The Financing Strategy Many New Investors Overlook
This article is presented by Figure.
One of the most asked questions by rookie investors is, “How do I grow my portfolio if my income is low or unstable?”
Obviously, if your real estate investing is a side gig and you have substantial regular income, this isn’t for you. You already know that you have the option to go down the traditional mortgage route to buy your next investment property.
But if you are self-employed and your income is variable, you likely won’t qualify for a traditional mortgage loan. Assuming that you also, at this point, don’t have access to equity in your own home to take out a loan, your options are beginning to look very limited.
But that’s because you likely have never explored the DSCR loan route. Its eligibility criteria are fundamentally different from ordinary mortgage products. All you need is one investment property that is generating rental income. If your property can pay for itself, you may qualify for a loan—even if your personal finances say otherwise.
Here’s what every serious investor should know about DSCR financing.
What Is a DSCR Loan?
A DSCR (debt service coverage ratio) loan is a type of mortgage specifically angled at real estate investors because it allows the applicant to borrow against a rental property’s cash flow as opposed to the borrower’s income.
This can be especially useful for investors whose income documentation may not meet traditional mortgage requirements, such as self-employed individuals or those with variable income.
Rather than relying solely on traditional income documentation, the lender will zoom in on your rental property’s ability to meet its debt obligations. How? By comparing the property’s income to its debt burden.
Basically, they will want to see if the total net operating income per annum exceeds the total loan repayments. This is the basis for the simple formula lenders will use as a factor in deciding whether to approve the DSCR loan: annual net income, divided by annual debt service payments (principal and interest payments, property taxes, and homeownership association fees). This is the DSCR ratio.
The Importance of a Good DSCR Ratio
A good ratio is crucial for getting approved for a DSCR loan.
What is considered a good debt service coverage ratio? Most lenders prefer a DSCR of 1.25 or higher, as it indicates stronger cash flow. However, some lenders—including Figure—may accept DSCRs as low as 1.0, depending on other factors like credit score and property type.
Let’s imagine you have a property with an annual debt obligation of $100,000, an annual rental income of $150,000, and annual expenses of $40,000. That leaves you with a net operating income (NOI) of $110,000, which, when divided by the annual debt obligation, gives you a ratio of 1.1—might be too low to qualify for a loan with most lenders.
Once you understand your DSCR and are considering a loan, remember that the loan is taken out against the property’s rental income. If, for whatever reason, you experience a dip in rental income, you will need those cash reserves to cover the payments, while still meeting all your existing debt obligations.
It is essential to do your calculations right when figuring out if you’ll qualify for a DSCR loan: Always subtract all relevant expenses, including repairs and maintenance/management fees, from your NOI before you get to working out the ratio.
If you’re getting a low ratio, you may want to look into ways of increasing the rental income or reducing your expenses before applying for a DSCR loan.
Common DSCR Loan Misconceptions
There is one piece of fundamentally good news for investors who have a property or properties generating a steady rental income. Chances are you can utilize this underused loan strategy to expand your portfolio. And, for investors whose personal finance history works against them on mortgage applications, DSCR loans can be a valuable solution.
However, there are a few details to be mindful of to maximize your chances of success:
Less paperwork doesn’t mean no paperwork.
It’s true you likely won’t need to fetch tax returns and pay stubs. However, proof of rental income isn’t the only thing you’ll need. Lenders will want to know the current market value of the property, so you’ll need to get an appraisal done. To lessen this burden, consider lenders that use automated valuation models (AVM) and can do this digitally.
Give it time.
You will typically need at least 12 months of rental income to prove the property can be borrowed against.
Ensure you have a downpayment.
For purchase transactions, DSCR loans typically require a down payment of approximately 20% to 30%, depending on credit profile, property type, and underwriting criteria. Because these loans are designed for investment properties, minimum equity contributions are often higher than for owner-occupied traditional mortgages.
Borrowers should ensure they have sufficient capital to meet down payment and reserve requirements before applying. While some investors explore additional financing options, such as a home equity loan or line of credit (HELOC), to access liquidity, taking on additional debt can increase overall financial risk and reduce cash flow. Any such decision should be carefully evaluated in light of total debt obligations and long-term investment strategy.
Final Thoughts
A DSCR loan is an underused financing strategy every real estate investor should be aware of. If you have even a single property that’s generating healthy, stable rental income, you have a potential lifeline for your portfolio expansion.
DSCR loans are typically easy to apply for, can take less time to get approved than traditional loans, and take your personal income out of the equation—crucial for the self-employed investor. Do your calculations diligently, and you could get the financing you need to grow your portfolio at your pace.
If you’re ready, Figure has loans to suit many investor needs. With their DSCR loan, you could get approved for up to $1,000,000 (1) in days, not months. Their HELOC is even faster—you can get approved in five minutes, and funding in as few as five days (2).
©2026 Figure Lending LLC
Figure Lending LLC dba Figure 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org. Equal Opportunity Lender.
For general customer support, call (888) 819-6388 Monday – Friday, 6am – 9pm PT, Saturday – Sunday, 6am – 5pm PT (excluding holidays).
Figure DSCR is available in AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, ID, IN, KS, KY, LA, MA, MD, ME, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, PA, SC, SD, TN, TX, VA, WA, WI, WV and WY with more states to come.
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Equal Housing Opportunity
- Figure’s DSCR loan amounts range from a minimum of $75,000 to a maximum of $1,000,000. Your maximum loan amount may be lower than $1,000,000, and will ultimately depend on home value, lien position, credit profile, verified rental income amount, and equity available at the time of application. We determine home value and resulting equity through a full field appraisal.
- Figure’s HELOC approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
Inside India’s AI Summit: Robot fraud, gridlocked roads, shirtless protests, and an AWOL Bill Gates
Yoshua Bengio, like many participants of India’s AI impact Summit, was running late.
By 6 p.m., the New Delhi roads were too gridlocked for the deep learning pioneer, known as one of the “godfathers” of AI, to successfully make it to an event discussing the International AI Safety report he chaired. Instead, he delivered his address to the group gathered at the Canadian Embassy via a blurry video link.
“We were stuck in a roadblock for 45 minutes,” Bengio explained amid apologies, adding that he had to reroute to ensure he didn’t miss a dinner with the Indian Prime Minister. Bengio did, at least, make it to the dinner, unlike Sara Hooker, CEO of Adaptation Labs, who wasn’t quite so lucky.
“[I] got stuck in traffic getting back to the venue after I changed into gala attire,” Hooker said in a social media post. “Would have been honored to attend. But after 4 hours in traffic I was equally honored to sit down to really excellent room service at 11 pm.”
The logistical chaos was a fitting background for the week, which was a mix of investment announcements, gridlocked international diplomacy, and people stuck in actual traffic jams. India’s AI Impact Summit was the fourth in a series of global AI summits—following those held at Bletchley Park in the U.K., Seoul, and Paris—and the first to be held in the Global South. More than 20 heads of state, the CEOs of the world’s leading AI companies, and delegates from over 80 countries had gathered in New Delhi with the hope of forging a credible path for middle powers to shape the AI era, and to ensure that the technology’s benefits don’t remain concentrated among a handful of American and Chinese companies.
To its credit, the summit did deliver a diplomatic declaration that got 88 countries and international organizations to commit to inclusive AI development. It also produced a set of voluntary governance commitments for frontier AI companies and announced over $200 billion in investment. The execution, however, at points descended into farce.
Organized chaos
From the first day it was clear that the summit’s execution was unlikely to meet its lofty ambitions. New Delhi is infamous for its terrible traffic but, as attendees quickly learnt, when various heads of state or important global business leaders need to navigate around, the police close the roads completely to help speed the VIPs through the city. This practice, known locally as “VIP movements,” may be fine when just one or two VIPs is in town, but it causes hours-long traffic jams when a summit brings dozens and dozens of heads of state and global CEOs to the city at once. The result was that speakers, delegates, and journalists were stranded across the city, often missing meetings and speaking events.
In one more amusing moment, hotel guests waiting in the lobby of Delhi’s Imperial Hotel were shuffled into a cramped corridor to make way for an incoming VIP—only for a second security guard to come running over, insisting that two of the men now squeezed into the corridor were his VIPs from America and needed elsewhere. (These protests fell on deaf ears and no one moved for at least 10 minutes.)
The closed roads had the worst knock-on effects for the delegates, with some attendees describing walking miles through Delhi to get out of the conference, with no taxis available and no shuttle services in place.
The summit’s main venue was also overcrowded and chaotic. People complained of long queues, over-crowded rooms, poor communication infrastructure, and a bizarre and ever-changing entry policy. One attendee said she travelled three hours through the traffic only to be left waiting in an entry queue for another two hours. Many complained of a “VIP culture” at the summit that left people feeling like third-class citizens.
Stolen devices, a shirtless protest, and a fake robot dog
On the first day, exhibitors also said they were thrown out of the venue with no warning at around midday to accommodate a visit from India’s Prime Minister Narendra Modi. The gates were then closed to new and returning attendees until around 6 p.m., causing commotion outside the venue and leading to tense scenes between impatient attendees and police.
Dhananjay Yadav, the founder of India-based AI wearables company NeoSapien, had his display tech stolen from the exhibition hall during the chaos. He told Fortune that before leaving, he was assured it was a secure zone, but when a volunteer went to collect them after the gates reopened at 6:30 p.m., the devices were gone.
“It was disheartening,” Yadav said. “It’s just disappointing considering the effort I put into the event.” (He later said Delhi police recovered the devices after reviewing CCTV.)
It wasn’t the only drama seen in the expo hall, which was also the site of a shirtless protest and, in one of the more bizarre stories, an argument over a fraudulent robot-dog. Staff at the Indian university, Galgotias, had apparently been presenting a commercially available Chinese-made robot dog as their own creation at their booth. Government sources confirmed to Fortune that they had asked the university to leave the premises following the revelation.
Another source of eye-rolls among attendees was a lack of wi-fi and spotty phone service. Bharat Mandapam, the main venue for speakers and panels, apparently has unstable reception at the best of times, let alone when filled with hundreds of delegates. Strangely, the venue also banned items like keys, laptops, cosmetics, and earbuds from entry. These rules were enforced with various levels of stringency throughout the week, but several journalists complained of having to argue with security staff in order to bring in innocuous items such as laptops and cosmetics.
Missing speakers
The summit also suffered from scheduling hiccups. Several speakers complained that the times and locations of events had not been communicated with enough warning, and several panels appeared to go ahead with at least one speaker absent.
The summit lost two of its lead speakers—Jensen Huang and Bill Gates—at short notice. Nvidia CEO Huang canceled days before he was scheduled to speak; Nvidia’s South Asia managing director, Vishal Dhupar, later cited illness as the reason, and the company sent senior executive Jay Puri to lead its delegation in Huang’s place.
Gates pulled out just hours before he was due to deliver a keynote, with the Gates Foundation saying in a statement that the decision was made “to ensure the focus remains on the AI summit’s key priorities.” The withdrawal was surprising as the foundation had confirmed just days earlier that Gates was still planning to attend. Rumors about his attendance had been swirling throughout the week due to renewed scrutiny of his ties to the late financier and convicted sex trafficker Jeffrey Epstein—just weeks earlier, the U.S. Department of Justice had released emails revealing contact between Gates Foundation staff and Epstein, suggesting the two had participated in meetings following Epstein’s release from prison focused on Gates’ charitable ambitions. Gates has maintained that his dealings with Epstein were limited to discussions about his charitable work, and has said meeting him was an error of judgment.
Other awkward—and more viral—moments included OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei stealing the spotlight from Modi by refusing to hold hands for a photo op designed to be a show of unity and triumph. At a summit built around the idea of global cooperation on AI, two of the most powerful men in the industry apparently couldn’t quite bring themselves to touch.
Langley Federal Credit Union: 5%-10% Signature Cashback Visa Card ($100 Limit, Changes Monthly)
Update 2/22/26: I don’t believe we’ve ever mentioned this: for a while now, Langley has a signup bonus which offers 10% for the first 6 months, instead of the regular 5%. Seems that would max out as an extra $100 per month for 6 months – if you max out the spend at $2,000 per month in the chosen category ($100 regular + $100 bonus each month for 6 months). The categories for this month are your choice of one of these: Automotive services or Dining or Walmart & Target. (ht Jason and EastsideBK)
Update 4/22/21: The 5% categories are back again. March was gas and April is Department stores.
Original Post:
Langley Federal Credit Union offers the Signature Cashback visa card. This card is of interest because each month there is a category that earns 5% cash back, you can earn up to $100 per month in cash back. For November the categories are Grocery & Wholesale clubs. Here is a history of other months:
- July, 2019: Amusement parks, aquariums and museums
- May, 2019: Movies and Dinning
- April, 2019: Home improvement
- February, 2019: Dining
- January, 2019: Holiday travel
- December 2018: Gas
- October, 2018: Home improvement
- September, 2018: Grocery
- August, 2018: Back to school purchases
Anybody should be able to become a member of Langley FCU by paying a $5 fee to join one of the participating organisations.
Hat tip to reader Alex C
Have $1,000? These 3 Stocks Could Be Bargain Buys for 2026 and Beyond.
These businesses are strong, and the stocks seem to be on sale.
I like finding bargains. Of course, finding a good investing deal is more complicated than finding a bargain at the store. But good bargain stocks exist.
In my view, cosmetics company e.l.f. Beauty (ELF +3.17%), cybersecurity specialist Rubrik (RBRK 7.53%), and website pioneer GoDaddy (GDDY +2.17%) are three bargain stocks for 2026 and beyond. Allow me to give a brief investment thesis for each one.
Image source: Getty Images.
1. e.l.f. Beauty
Selling beauty products for eyes, lips, and face, e.l.f Beauty is taking market share in a recession-proof category. The company gains market share through low-priced products and a strong social media presence. Moreover, management keeps expenses in check, leading to an 11% operating margin, which is quite strong for a growth company.
Today’s Change
(3.17%) $2.89
Current Price
$94.02
Key Data Points
Market Cap
$5.6B
Day’s Range
$89.50 – $95.58
52wk Range
$49.40 – $150.99
Volume
96
Avg Vol
2.1M
Gross Margin
65.91%
E.l.f Beauty is guiding for about 22% year-over-year net sales growth in fiscal 2026 (which ends in March). Profits are expected to take a small step back due to tariff pressure. But that headwind could go away now that the Supreme Court has ruled on tariffs.
Tariffs will likely be a small speed bump for e.l.f. Beauty long-term. The company continues to gain new customers. And the stock trades at about 3.5 times sales, which is a good deal if e.l.f. Beauty continues growing at this strong pace.
2. Rubrik
I believe that cybersecurity threats are becoming increasingly sophisticated, making it more likely that bad actors will succeed at times. That’s why I like Rubrik’s business. It helps enterprises secure their data so that they can get back to business after a cybersecurity attack.
Today’s Change
(-7.53%) $-4.08
Current Price
$50.08
Key Data Points
Market Cap
$10B
Day’s Range
$49.80 – $55.34
52wk Range
$47.35 – $103.00
Volume
11
Avg Vol
4M
Gross Margin
79.05%
Enterprises seem to like this idea as well, as evidenced by Rubrik’s growth. As of October, the company had over 2,600 customers paying $100,000 or more annually. That’s about 600 more than the same time last year. Accordingly, its revenue growth is sensational, notching 48% revenue growth in the fiscal third quarter of 2026.
Rubrik is a relatively small player in the cybersecurity space. And it’s growing fast. But this hasn’t prevented management from taking profitability seriously. The company is on pace for roughly $200 million in free cash flow this year, which is remarkable for a company growing this fast.
Rubrik stock trades at just 8 times sales. Investors are hard-pressed to find a cheaper cybersecurity stock growing at this pace, which is why I think it’s a bargain.
3. GoDaddy
GoDaddy helps customers buy a web domain, build a website, and even build a business. It’s the slowest grower of these companies, with only 10% revenue growth in the third quarter of 2025. But it’s also the cheapest of the three, trading at only 15 times earnings, which is quite the bargain.
Today’s Change
(2.17%) $1.92
Current Price
$90.59
Key Data Points
Market Cap
$12B
Day’s Range
$88.06 – $92.21
52wk Range
$87.13 – $193.55
Volume
117K
Avg Vol
1.6M
Gross Margin
59.66%
The bargain valuation for GoDaddy stock is particularly advantageous here. Management is repurchasing shares, and a cheaper stock price helps it buy back more than it could have otherwise. Management has reduced the share count by 12% in the last three years.
GoDaddy is also using artificial intelligence to lower its operating expenses and stimulate growth with new products. Its ongoing growth and low valuation are why I call this a hidden-value stock. And it might be the best value of the three mentioned here.
Depending on the size of one’s investment portfolio, investing $1,000 in any of these three stocks could be a good move.