There were two very different worlds colliding in our stories this week.
The first is being built at extraordinary speed.
AI still has surprisingly few paying customers, yet demand for the infrastructure behind it is already exploding. The US and China are fighting over who controls the technology. And Britain is facing pressure to rebuild the industries needed to defend itself in an increasingly uncertain world.
Then there’s the old financial system.
Britain is preparing to put government debt on blockchain technology – albeit with the traditional financial establishment firmly in control.
And Japan, one of the biggest sources of capital in the world for decades, may be starting to bring its money home. If that accelerates, the consequences could ripple through government bond markets everywhere.
New technology. Old money. And an increasingly fierce battle over who controls both.
Here’s what you may have missed this week.
Monday, 5 October 2026
The AI “bubble” is missing 98% of its customers – by Sam Volkering
Just two in every 100 US homes pay for AI, yet demand for the chips powering it is already straining supply. Sam looks at what happens when paid AI adoption really takes off – and why he thinks the AI trade could have decades left to run.
Click here to read the full essay
When the iPhone launched in 2007, roughly what percentage of the world was already online?
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Tuesday, 6 October 2026
The real AI threat: China – by Jim Rickards
The AI race between the US and China is moving beyond chips, data centres, and frontier models. Jim looks at how China could weaponise US AI technology, why fears of rogue AI may benefit the industry’s biggest players, and where he believes the real threat lies.
Click here to read the full essay
In 1938, The Fleet Street Letter warned its readers that war was coming to Europe — and even identified September as the critical month. Since then, its readers have been warned ahead of Black Monday, the dotcom crash and the 2008 financial crisis. Today, Britain’s longest-running investment advisory is still looking for the “news behind the news” — and the investment opportunities others could be missing. Click here to discover what The Fleet Street Letter sees coming next. Capital at risk. It warned readers ahead of Black Monday. The dotcom crash. And the 2008 financial crisis. Now, nearly 90 years after it was founded, The Fleet Street Letter is still searching for the “news behind the news” — and the investment opportunities that could emerge from the next major turning point. Click here to discover what its editors are seeing now. Capital at risk. Britain’s Investment Letter Since 1938
What Does Britain’s Oldest Investment Letter See Coming Next?
Wednesday, 7 October 2026
Who rules the waves tomorrow… America or Britain? – by Sam Volkering
America is spending big to re-arm. Britain may have little choice but to follow – and a new defence boom could give British manufacturing a second life.
Click here to read the full essay
Which area of British defence spending supports the most jobs elsewhere in the economy?
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Thursday, 8 October 2026
Blockchain Bonds: A fix for Britain’s bond crisis? – by Sam Volkering
The UK is launching its first digital gilt on blockchain technology. But look under the bonnet and the same old financial system is still firmly in control. gov.uk
Click here to read the full essay
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Friday, 9 October 2026
My mother-in-law is crashing the bond market – by Nick Hubble
Japan’s investors have helped finance the world for decades. Now, they may want their money back. Nick Hubble explains why this could spell trouble for global bond markets.
Click here to read the full essay
