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Secretary-General of the Gulf Cooperation Council (GCC) Jassim Mohammed Al Bedaiwi stressed the importance of evaluating and developing the digital infrastructure of the General Secretariat and its affiliated organizational units, to keep pace with developments in this field.This came during a workshop held by the General Directorate of Digital Transformation and Information Technology, at the headquarters of the GCC General Secretariat, with the participation of the assistant secretaries and heads of organizational units at the General Secretariat.The workshop aimed to review the efforts implemented and discuss the strategic guidelines for the future operational model for digital transformation. This workshop comes in support of decision-making and aligning digital initiatives with the institutional work needs of the GCC General Secretariat. 

In December 2025, OpenAI marks ten years since its founding, closing a decade that fundamentally reshaped artificial intelligence and its role in society. What began in 2015 as a research-driven initiative focused on building safe and beneficial artificial general intelligence (AGI) has evolved into one of the world’s most influential technology platforms and a catalyst for a global AI race. Today, artificial intelligence is no longer experimental. It is embedded in everyday work, education, media, software development and government services, while competition between global technology giants has intensified. For much of its early existence, OpenAI operated largely within academic and developer communities. That changed decisively in late 2022 with the launch of ChatGPT, which introduced large language models to a global audience. Adoption was unprecedented. Within months, generative AI became a daily tool for writing, learning, research and coding. By 2025, OpenAI’s ecosystem, led by ChatGPT and its API platform is ,estimated to serve around 600 million monthly active users worldwide, making it the most widely used standalone AI service globally.OpenAI’s success, however, also ignited a broader transformation. Google rapidly scaled its Gemini platform by embedding AI across Search, Android and Gmail. Microsoft positioned Copilot as an enterprise standard by integrating AI directly into Office, Windows and cloud workflows. At the same time, specialised players such as Anthropic and Perplexity AI carved out strong positions in professional and research-oriented use cases. One way to make sense of today’s AI landscape is to view it in four broad layers:1. At the consumer level, AI has become part of daily life. Tools are commonly used for writing, learning, translation and search, with platforms such as ChatGPT and Gemini driving mass adoption and introducing hundreds of millions of people to AI-powered services. 2. At the professional level, AI supports more specialised knowledge work. Services such as Claude and Perplexity AI are built to handle long documents, structured analysis and source-based research, making them popular among journalists, analysts, researchers and legal professionals. 3. At the enterprise level, AI is embedded directly into organisational workflows. Microsoft Copilot and GitHub Copilot automate office tasks and software development, delivering measurable productivity gains across businesses, governments and public institutions. 4. Beneath all of these sits AI infrastructure — cloud platforms, large-scale computing capacity, data centres, application interfaces and national AI systems. Operated by companies such as OpenAI, Google and Microsoft, and increasingly backed by sovereign investment, this foundational layer enables everything built on top of it. Across these layers, a relatively small number of platforms now account for the majority of global AI usage. ChatGPT and Gemini lead at the consumer scale, Copilot dominates enterprise environments, and specialised tools serve professional niches. Together, they shape how artificial intelligence is used in practice today. The Middle East and North Africa (MENA) region has emerged as one of the fastest-growing AI adoption markets globally. High smartphone penetration, young populations and government-led digital strategies have accelerated uptake across the region. By 2025, MENA is estimated to account for 30-40 million monthly AI users, representing roughly 3-4% of global generative AI usage. While this is modest in absolute terms, growth rates exceed global averages, particularly in the Gulf Cooperation Council (GCC) countries. Within the region, Qatar stands out for its high level of adoption relative to population size. With an estimated 700,000 to 1 million monthly AI users, approximately 25-30% of Qatar’s population actively uses AI tools. This places the country among the top AI adopters per capita in the Middle East, alongside the UAE and ahead of several larger economies. AI usage in Qatar is strongest in education and research, government and smart city initiatives, media and bilingual content production, and finance and fintech. Beyond adoption, Qatar has also invested heavily in AI infrastructure, data centres and cloud capacity, positioning itself not only as a consumer of AI but as a regional enabler. As OpenAI enters its second decade, CEO Sam Altman has outlined a clear strategic shift for the industry: from chatbots to autonomous AI agents, from content generation to task execution, and from standalone tools to platforms that do real work. This transition signals the next phase of AI development, where trust, regulation, integration and economic value will define success. Ten years after its founding, OpenAI represents more than a single company’s journey. It reflects how rapidly AI has moved from research to mass adoption and now toward becoming core infrastructure for economies and societies. For Qatar and the wider MENA region, the opportunity ahead lies not only in using AI, but in shaping how it is governed, scaled and integrated into national development strategies. As OpenAI turns ten, the global AI race is no longer centred on Silicon Valley alone. It is global, multi-layered and increasingly strategic.

DPS-Modern Indian School alumnus, Talha Faiz (Batch of 2015), has been featured in the Forbes 30 Under 30–USA-2026 list for his pioneering work in artificial intelligence and the energy sector.After graduating from DPS-Modern Indian School, he pursued higher studies in the US, publishing research at the Massachusetts Institute of Technology (MIT) and earning a fully funded Master’s degree from Carnegie Mellon University’s Robotics Institute. His professional journey began in mechanical engineering, with organisations such as Qapco, Chiyoda, and Intertek, before he transitioned into computer science and contributed to cutting-edge projects at Samsung Research and Meta.Today, Faiz is the co-founder and CEO of Candid Intelligence, an AI-driven company partnering with leading energy and engineering organisations across the globe. Talha has expressed his willingness to guide DPS-Modern Indian School students and parents interested in exploring how artificial intelligence is transforming the energy industry, a statement added. 

Qatar National Vision 2030 serves as a blueprint for tech growth in the country that will further propel the success of its startup ecosystem, the chief executive of a Doha-based technology company has said.Michael Jordan, the CEO of Gem Soft, emphasised to Gulf Times that companies must align with Qatar’s national plan “rather than chase quick returns.”He emphasised that Qatar National Vision 2030 “is not just a slogan” but a framework. “If you look closely at that blueprint, in three to five years, Qatar is going to be one of the most booming ecosystems in the region,” Jordan pointed out.Asked to identify promising sectors that align with Qatar’s diversification strategy, Jordan cited medical research opportunities, citing the country’s health and medical institutions, as well as private institutions like Weill Cornell Medicine in Qatar (WCM-Q), among others.“That is an unbelievable opportunity,” noted Jordan, who also highlighted defence research and the broader research and development (R&D) space. “I don’t mean defence spending, but defence research. Every country is starting from the same place now. Everybody’s got to rethink how they’re going to approach these specific areas,” he said.Jordan stressed that Qatar’s focus on youth and education “is equally critical.” “Qatar’s focus on its youth and educational institutions is highly commendable and very important to me. As for its schools, we’re talking about some of the top universities both here and abroad,” he said.According to Jordan, companies are encouraged to engage with universities and interns here: "When a company is looking to expand, it's essential to connect with universities in Qatar and take on interns. By providing these young talents with opportunities, companies can foster growth and innovation," Jordan emphasised.Asked about unicorns and their impact on Qatar’s startup ecosystem, Jordan insisted that value creation must come first. “What is more important, the nomenclature of a unicorn or the fact that you have added value to the technological infrastructure of the country? If you add value, the money will come. But if all you’re shooting for is the money, then you’re ignoring the opportunity,” Jordan pointed out.Jordan also stressed that “trust is the foundation of business in Qatar.” He explained: “This is not a transactional society like North America or Western Europe. What’s important for people here is that they want to know who you are. People need to feel it, so one of the most important elements about business in Qatar is trust.”A Qatar Financial Authority-registered company, Jordan said Gem Soft is among the companies here that participated in the inaugural Web Summit Qatar. It also participated in the two-day World AI Summit Qatar, which concludes today.Jordan said the company chose Doha as its hub "precisely because Qatar’s long-term digital strategy aligns with its vision for sovereign and secure communication technologies."He explained that Gem Soft developed its fully sovereign, AI-assisted communication platform Gem Team “to directly support the ambitions of Qatar National Vision 2030 and help position the country as a regional leader in next-generation digital infrastructure.”Jordan stressed that Qatar’s commitment to innovation, security, and technological independence “is not just policy but a real catalyst for companies like ours to build, scale, and contribute to the nation’s future.” 

The US-Qatar Business Council Doha (USQBC Doha) and the AI Trust Foundation recently hosted a reception in Doha to welcome a 15-member US delegation comprising AI startup and tech CEOs, technology and AI governance attorneys, and civil society leaders.The delegation is in Doha as a planned initiative under the April 2025 Memorandum of Understanding (MoU) between USQBC Doha and the AI Trust Foundation. The visit will also include the delegation’s participation in the two-day World Summit AI MENA, which opens today (December 9) at the Doha Exhibition and Convention Centre (DECC).The reception builds on joint programming developed under the April 2025 MoU between USQBC Doha and the AI Trust Foundation, which advances cross-border collaboration on AI, responsible innovation, and bilateral trade and investment. Through the partnership, both organisations have convened a series of engagements bringing together leaders from technology, policy, and civil society to strengthen US-Qatar co-operation in emerging technologies.“The delegation’s visit to Doha is emblematic of the ongoing commitment between USQBC Doha and the AI Trust Foundation to foster private-sector-to-private-sector exchanges in the areas of emerging technologies between Qatar and the US,” said USQBC Doha managing director Sheikha Mayes Hamad al-Thani in her opening remarks at the reception.Leah Perry, vice-chair of the AI Trust Foundation, added: “Our partnership with USQBC Doha is about building bridges across the global AI ecosystem – bridges that support research and development, workforce upskilling, and ethical standards that enable trade, innovation and investment. This reception follows multiple collaborative forums we’ve hosted together that have created momentum; now is the time to deliver concrete, meaningful outcomes.”Justin Floyd, co-founder and CEO of Nasdaq-listed RedCloud Technologies, as well as AI Trust Foundation board member, who supported the reception as a strategic sponsor, emphasised Qatar’s strategic appeal to US technology firms: “Qatar is future-ready. Its market clarity and long-term vision make it an ideal partner for American technology companies scaling responsibly. RedCloud’s regional growth, including our recently announced AI-driven FMCG platform joint venture in Saudi Arabia, reflects the commercial opportunities we see across the Gulf.”Michael Jordan, CEO of Gem Soft and reception strategic sponsor, emphasised its timeliness: “Qatar’s Vision 2030 creates a decisive environment for responsible AI leadership, and Gem Soft is proud to contribute technologies that reinforce the nation’s position as a regional hub for trusted digital infrastructure.”Supporting this vision, Gem Soft’s AI-powered enterprise platform, Gem Team, delivers secure and scalable intelligence that strengthens operational performance across various sectors.The reception brought together policymakers, investors, entrepreneurs, and industry leaders to deepen private-sector collaboration on responsible AI, explore pathways for bilateral investment, and showcase US technology leadership in the region ahead of World Summit AI MENA.The USQBC Doha is a strategic platform for advancing bilateral commercial engagement between the US and Qatar. Positioned at the intersection of business, policy, and investment, USQBC Doha enables cross-border collaboration by providing institutional access, market intelligence, and targeted facilitation to stakeholders operating across high-impact sectors.The AI Trust Foundation is a Washington, DC-based nonprofit that promotes and bridges tech innovation with responsible AI through cross-sector partnerships, standards development, and capacity building. It convenes industry, legal experts, and civil society to advance ethical, scalable AI solutions that support economic growth and public benefit. 

The Qatar Financial Centre (QFC) recently hosted the ‘QFC Connect’, a flagship networking engagement that facilitates direct connection between QFC firms, key partners and national entities driving Qatar’s business growth. The event, themed ‘Empowering Growth through Collaboration’, focused on strengthening cooperation across the innovation and technology landscape. Welcoming more than 400 participants - including those from Invest Qatar, Qatar Development Bank (QDB), the Qatar Research, Development and Innovation (QRDI) Council, and Qatar Manpower Solutions Co (Jusour) - the event featured tailored sessions that examined growth opportunities, addressed shared challenges, and highlighted resources that enable businesses to expand across key markets. The QFC Connect forms part of its broader efforts to empower its growing community of firms through relationship-building, knowledge exchange, and greater ecosystem cohesion.By convening companies and national partners in one setting, it reinforced the collective ambition to advance innovation, attract global talent, and enable a more competitive and future-ready business environment in Qatar. “Serving the needs of our clients is a priority for the QFC, and we are continuously exploring new ways to deepen the value we provide. QFC Connect demonstrates this commitment. As Qatar’s economy continues to diversify, the QFC and its partners will keep opening doors to opportunities in investment, innovation, research, and talent development, enabling businesses to grow with confidence,” said Yousuf Mohamed al-Jaida, chief executive officer of QFC Authority. The QFC Connect complements its ongoing initiatives to create a more enabling business ecosystem in Qatar, from launching a company to running it successfully. The centre has introduced reforms to make doing business faster and more accessible, including a streamlined incorporation process, instant licensing for non-regulated activities and a 90% reduction in application fees. Most recently, QFC unveiled its platinum onboarding service, a new fast-track solution that enables one-hour incorporation for companies seeking speed and premium set-up experience.These initiatives lower entry barriers, strengthen the business environment, and underline QFC’s commitment to enabling global and local firms to establish, grow, and thrive in Qatar. 

OpenAI has announced that it's changing how ChatGPT's Voice mode works on the web and app.The company stated that as part of the update, users can interact with ChatGPT Voice directly within the ongoing chat, allowing users to see the transcript of conversations with OpenAI's AI model, as well as visual elements that illustrate what ChatGPT is talking about.It was added that, with the new update, users can now start a voice conversation by tapping the "sound waves” icon next to the text field. Unlike the previous interface, which relied on a separate design filled with moving circles, Voice mode is now integrated directly into the conversation itself, making it easier to switch between speaking and typing.This integration between visual elements and voice responses comes as a natural extension of ChatGPT’s multimodal capabilities. Users can already issue voice requests supported by images or video clips, and the model’s voice responses provide the same level of visual integration.

His Excellency the Minister of Communications and Information Technology, Mohammed bin Ali al-Mannai, held several high-level bilateral meetings with ministers, industry leaders, and accompanying delegations participating in the inaugural edition of MWC25 Doha which is being held for the first time in the Mena region, organised by GSMA in partnership with the Ministry of Communications and Information Technology.The meetings and discussions focused on enhancing co-operation in various fields, including developing technological innovation, fostering digital skills, and accelerating national digital transformation efforts. The meetings also explored potential joint initiatives to drive the digital economy forward and equip talent with the capabilities needed for the future.In this regard, HE the Minister of Communications met with Lebanese Minister of the Displaced Kamal Shehadeh. They discussed areas of co-operation.He also met with the senior leadership of VEON Group, including CEO Kaan Terzioglu. They explored opportunities for collaboration in digital innovation and future technologies.HE al-Mannai met with Director General of the Arab ICT Organisation (AICTO), Eng. Mohammed Ben Amor, and several AICTO officials. They discuss joint efforts to support regional digital progress. 

Doha's hosting of the MWC25 conference marks a major milestone for the mobile communications sector and reflects Qatar's advanced position on the global technology landscape, said Jawad Abbasi, head of Middle East and North Africa at the GSMA.Speaking to Qatar News Agency (QNA) ahead of MWC Doha 2025, scheduled to take place on November 25-26, Abbasi noted that the MWC is the world's leading platform for interaction among all stakeholders in the communications ecosystem, including the private sector, governments, and international institutions. He emphasised that the event plays a critical role in strengthening the sustainability of the communications sector, which he described as the cornerstone of the digital economy and modern economic development.Abbasi added that the GSMA, which organises the event, serves as the global umbrella for mobile network operators as well as technology providers and companies operating in this vital sector. He explained that mobile communications have become the primary channel of digital connectivity for billions of people worldwide, with mobile phones now serving as the main gateway to the internet for a significant portion of the global population. This reality, he noted, places on the Association a substantial responsibility to help bridge gaps in coverage and usage, ensuring comprehensive and equitable access to digital services for all communities.Abbasi stressed that Doha was chosen to host MWC25 — after being held in several major global cities — based on a number of strategic considerations. Foremost among these is Qatar's leadership in adopting advanced technologies, including 5G, fibre-optic networks, and next-generation digital solutions, as well as the country's exceptionally high access rates to these technologies. He added that Qatari telecommunications operators rely on cutting-edge digital systems that position Qatar at the forefront of innovation in the region.He highlighted that Qatar's advanced infrastructure — particularly its transport sector, including Hamad International Airport, an integrated metro network, and world-class conference facilities — combined with global connectivity through Qatar Airways, makes Doha an ideal destination for hosting major international conferences. Abbasi also revealed that MWC25 is expected to continue being held in Doha for years to come.He further emphasised the strategic importance of hosting MWC25 in the region, noting that global economic shifts increasingly point to the economic centre of gravity moving eastward. This gives the Gulf region — and Doha in particular — a unique advantage, making it an ideal global hub for major international events.He added that this dynamic reinforces Qatar's position as a regional centre of gravity for the digital economy and global technology conferences, which explains the GSMA's growing number of events in the region, including the M360 Mena conference, culminating in the establishment of MWC Doha as a permanent annual event.Abbasi said that MWC25 Doha will feature a diverse program, including a high-level ministerial agenda with the participation of governments, policymakers, and international organisations. This agenda will discuss optimal regulatory frameworks to ensure sustainable investment in telecommunications networks and support the sector’s long-term growth.He noted that the conference will focus on several key themes, including artificial intelligence and its applications across economic sectors, the deployment of 5G in industry, transportation, ports, and aviation, maximising the economic and social returns of digital investments, and exploring the future of 6G technologies.The conference will bring together around 300 exhibiting companies from around the world, offering an ideal platform for exchanging expertise and showcasing the latest technological innovations. Abbasi said the strong participation of global companies and institutions reflects rising international confidence in Doha's capabilities and its growing influence in the global technology landscape.He revealed that several agreements and memoranda of understanding will be signed during the conference, including a strategic agreement between the Ministry of Communications and Information Technology and the GSMA to establish a training centre for modern technologies in cooperation with GSMA Advanced. The centre aims to enhance knowledge transfer and capacity building in the Arab world and the Gulf region — an initiative described as a significant step toward supporting sustainable digital development.Regarding the expected timeline for 6G services, Abbasi said the technology remains in the research and development phase and is anticipated to be available to the general public between 2031 and 2032. He stressed that the current priority is to maximise the benefits of existing 5G technologies to ensure meaningful economic and social development outcomes. 

Beyond the TarmacAirports around the world are exploring new ways to improve security, ease congestion, and enhance the travel experience. One of the most promising innovations under consideration is the use of biometric digital ID technology to manage the segregation of international and domestic departing passengers. As airports become busier and travel rebounds globally, this technology could offer a more efficient and secure alternative to traditional methods. Recently, the International Air Transport Association (IATA) released a study showing substantial cost savings, operational efficiencies, passenger experience and sustainability gains can be made by using biometric digital ID technology to manage the segregation of international and domestic departing passengers at airports where they are currently separated by physical barriers. The Domestic and International Passenger Integration Programme (DIPIP) report was a joint effort with AtkinsRéalis, an engineering services and project management company. IATA’s Senior Vice President for Operations, Safety and Security Nick Careen said: “Regulatory requirements and technology limitations have meant that domestic and international departure passenger flows need to be physically separated at many airports. That’s no longer the case. Digital ID powered by biometrics can achieve the needed segregation without creating a physically separated flow with duplicated facilities which is inefficient and costly. “The study shows that segregating passengers with digital ID will lead to a better travel experience for travellers, reduce costs for airports and airlines, and maintain security and border control requirements. It’s a compelling case for a much-needed modernisation.” “The publication of this report is key in understanding how the concepts of digital identity and use of biometrics can play a significant role in improving passenger experience and creating substantial cost savings which will have benefits across the aviation sector. We have a strong working relationship with IATA and were delighted to work on this study, drawing on our own broad experience of integrating biometrics into the passenger journey,” said Gareth Vest, UK&I Aviation Market Director at AtkinsRéalis. The study quantified the following benefits from segregating departing passengers with biometric enabled digital ID. Improved passenger experience: Removing physical barriers between domestic and international departure flows will improve passenger satisfaction with simplified journeys and shorter processing times. Minimum connection times, for example, could be reduced by nearly 20% with the efficiencies gained. Cost savings: Shared facilities eliminate duplication in infrastructure, utilities, and staffing, reducing maintenance, operating, and construction costs for airports, airlines, and ground handlers. Case studies at major international airport identified up to a 11% reduction in airport staff costs, while a ground handing company estimated a $5.3mn annual saving at another leading airport. More efficient use of airport infrastructure: Enabling departing passenger flows to use the same physical space allows airports to serve more passengers within existing terminal footprints, optimising use of space and the services within it. Sustainability benefits: Consolidation reduces energy use and construction-related emissions. Operational flexibility: Shared facilities allow airports, airlines, and ground handlers to better manage fluctuating passenger volumes and deploy resources where needed. This is particularly important given that international and domestic departures often concentrate at different times during the day. “The savings quickly add up. A medium-sized airport serving 10mn passengers annually could save up to $80mn of future capital expenditure and considerable annual operational savings through the removal of duplicate facilities and improved operational flexibility, while reducing its annual carbon footprint by 18,000 tonnes — the equivalent of removing 4,000 cars from the road for a year. The case for change is clear. Managing departing passengers with digital ID instead of physical barriers delivers efficiency, emission reductions, and a smoother experience for travellers,” Careen noted. Biometric digital ID technology is certainly not a distant concept - it is becoming a central feature in the future of aviation. While privacy protections and regulatory frameworks remain crucial, the potential benefits for security, passenger flow, and operational efficiency are compelling. Analysts say that if adopted widely, the segregation of international and domestic passengers may one day happen not through barriers and manual checks, but through a smart, seamless, and highly secure digital system — quietly operating in the background from the moment the passenger enters the terminal!

By conventional indicators, the valuation of technology stocks has risen this year to take them into bubble territory. Valuations that reached multiples of forward earnings scarcely seen before indicated that they were priced for perfection. So a fall in valuations since mid-October was not a surprise.This dip may reflect caution and profit-taking. It may presage a bigger fall, or it may be a pause in a long bull market accompanying the AI revolution. The indicators are not all pointing in the same direction.So far, the stock market slide is just a correction. Markets fell in the first week of November. They nudged upwards in the week commencing Monday 10th, but then fell at the end of the week. The market as a whole remains at elevated levels compared with April, when there was a drop associated with President Donald Trump’s announcement on tariffs. To take just one example: Nvidia fell around 10% in the first week of November, but it was still around 60% higher than it was just six months earlier. The S&P 500 dipped to 6,700 on 14 November, which compares with a high of 6,920 but a low of 4,835 over the previous 12 months, and remains nearly 70% higher than November 2022. The dominance of large technology companies in aggregate market valuations has become pronounced. By the end of October, while the S&P had risen through most of the year, during that period some 397 of the stocks actually fell in value. Eight of the 10 biggest stocks in the S&P are tech firms. They account for 36% of the entire US market value, and 60% of the gains since April.Palantir Technologies, a business applications software specialist, reached a peak valuation of 230 times future earnings. In early November, it was revealed that prominent hedge fund manager Michael Burry took a $912mn position against Palantir, whose stock has fallen from over $200 per share to around $170, though remains more than 150% higher over the year. Mr Burry later closed his hedge fund Scion Asset Management.There has been an uneven pattern to the sell-off, following earnings reports in late October. Meta, the owner of Facebook, fell 12% over concern of its high investment levels in AI, given disappointing returns from its investment in virtual reality, though has recovered slightly. Alphabet, the owner of Google, rose 3%, though has since dipped by around 5%, and Microsoft fell by just 3%, then fell further before a partial recovery.Unlike the dotcom start-ups of 25 years ago, the tech firms have strong revenues and a sound business model. Their services extend far beyond AI, covering business application software and cloud computing. In the case of Amazon, it is a general retailer as well as a tech firm. A strong argument is that much of the investment in AI is from large, profitable companies with a strong cash position.The hyper-scalers, Amazon, Meta, Alphabet and Microsoft, all have strong underlying global businesses. The scale of the investment in data centres being planned has caused some investors to be concerned, however. Some tech firms have been issuing bonds; for example, in late October Meta announced a $25bn bond issuance to finance AI investment, following Oracle’s $18bn bond sale in September. In early November, yields on big tech firms’ bonds started to rise. Oracle’s stock suffered bigger falls in the middle of November, with investors concerned over debt, heavy reliance on OpenAI, negative free cash flow. It emerged that the outgoing CEO Safra Catz sold $2.5bn of Oracle shares this year.Also, 10 loss-making AI specialist start-up companies have between them been valued at nearly $1tn, while there have been patterns of circular financing, especially concerning OpenAI.Another dimension is that there is softening economic data from the wider economy. With the US government lockdown entering its second month, there has been no official jobs data since 5 September. Analysts and economics have been relying on private sources. Data from the private company Challenger, Gray and Christmas showed the highest level of October job lay-offs since 2003, while the payroll company ADP reported that US companies shed 32,000 jobs in September, the biggest fall in two and a half years.Earnings from mainstream businesses have disappointed. The stock of the popular restaurant chain Chipotle fell 13% in late October following disappointing quarterly results.The price of bitcoin has been unpredictable in recent weeks. It often rises in a counter-cyclical manner, increasing as stock market falls, but cryptocurrencies generally were off their highs at the time of the wider market correction. Bitcoin fell from around $125,000 on 7 October to just below $100,000 by mid-November. Many bitcoin investors are leveraged, and some forced, automated sales are likely to have occurred, accelerating and drop in price. Gold has fallen from a high of $4,400 per ounce to around the $4,100.The AI investment industry is one of the few sectors to be registering growth, so if technology firm leaders fall short of their ambitions, the impact would ripple outside the industry.Against that, the bearish commentators point to the relatively narrow foundation of asset price investment, and debt and macro-economic fragility in the higher-tariff era, a combination that compares unfavourably with the more benign macro-economic picture of 2000-2001.The emerging technology of AI comes during an extended period of cheap money and globalisation, including of retail investing, and rapid growth of private credit. The worldwide exposure of investors to US stocks are part of a highly inter-connected system. High levels of government debt limit the extent of any fiscal stimulus following a shock. A loss in market value of the same proportion as the dotcom crash would have a far bigger impact on the real economy. The economist Gita Gopinath has estimated that it would cause a loss of $20tn for US households, or 70% of GDP. Foreign investors might lose $15tn.There are two dimensions to risk assessment: Likelihood, and impact. The likelihood of an asset price collapse that is equivalent in proportional terms to that of the dotcoms would not appear to be high, although it is possibility. The impact would be seismic, and felt across the global economy.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Turbulence in technology stocks could ratchet higher in the coming week as investors react to the quarterly report from Nvidia Corp, the world's largest company by market value that is at the heart of Wall Street's artificial intelligence trade. On Thursday, the benchmark S&P 500 equity index gave up gains from earlier in the week, as uncertainty about the economic outlook and path for US interest rates undercut optimism over the end of the longest-ever US government shutdown. Investors remained skittish about vulnerability to technology shares, which stumbled this month on concerns AI exuberance has driven up valuations to expensive levels. With its AI chips, semiconductor giant Nvidia has been a bellwether for the theme that has lifted shares of an array of tech names as well as other companies involved in the vast infrastructure expansion to support AI use. Nvidia is the "epicentre" of the build-out of AI, so its results after the bell on Wednesday will be important to the tech sector as well as areas such as industrials and utilities, said Matt Orton, chief market strategist at Raymond James Investment Management. "If you don't see the growth that I think the market is expecting around Nvidia or the positive commentary that we are likely to get from Nvidia going forward, I think you're going to see more of a dent to those sorts of trades," Orton said. Nvidia shares have soared about 1,000% since the launch of ChatGPT in November 2022. This includes a year-to-date gain of nearly 40% that made Nvidia the first company to surpass $5tn in market value last month. That market heft means the stock's moves can sway equity indexes. Nvidia carries an 8% weight in the S&P 500 and a roughly 10% weight in the widely followed Nasdaq 100. **media[381893]** Analysts on average expect the company to post a 53.8% year-over-year rise in fiscal third quarter earnings per share, on revenue of $54.8bn, according to LSEG. Analysts have also been getting more bullish about the company's future performance, with expectations for the company's fiscal 2027 revenue rising 15% since late May to about $285bn currently, according to LSEG data. "The assumptions that the market is making are positive, it's getting priced into the stock, and how the company guides will be very important," said Melissa Otto, head of research at S&P Global Visible Alpha. Investors will also focus on commentary from Nvidia related to demand or spending trends. Capital expenditures from hyperscalers such as Microsoft and Amazon earlier in the reporting season indicated no signs of slowing in the build-out of data centres and other AI infrastructure. "You're not supposed to have any weakness given all the capital spending commitments from various companies," said Jimmy Chang, chief investment officer of Rockefeller Global Family Office. "Demand should still be looking pretty solid in the current environment." Nvidia's report is one of the biggest remaining market catalysts in 2025. The S&P 500 is logging a roughly 15% year-to-date gain, but Wall Street is wary of concerns stocks are in an "AI bubble." Investors appear to be bringing more scrutiny to AI investment announcements, said James Ragan, co-CIO and director of investment management research at DA Davidson. **media[381894]** "We're moving into a stage where investors are going to demand a little bit more proof of concept in terms of what are the returns, what are the cash flows," Ragan said. Aside from Nvidia's results, quarterly earnings from retailers are due in the coming week including from Walmart and Home Depot. There could also be a batch of economic data releases that were delayed during the shutdown. While the S&P 500 tech sector has struggled so far this month, other sectors are logging solid gains in that time, including healthcare, materials and financials. "There's a realisation that for investors, maybe that AI is not the only game in town," Ragan said.