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As Sir Isaac Newton discovered, the core scientific law of gravity is that what goes up must come down. The principle applies in many areas, which is why markets are jittery about the near-unchecked, three-year growth of stock prices fueled by the strength of the generative-AI revolution. The market is on a tear, with a large gap growing even wider between public market valuations and the significantly higher private-market valuations of AI-exposed companies. The top five tech companies in the U.S. are, collectively, valued at more than the combined size of the Euro Stoxx 50, the U.K., India, Japan, and Canadaand account for around 16% of the entire global public equity market, according to Goldman Sachs. Its not just AI model makers and the firms that provide their infrastructure: Its the associated industries that help serve the AI market. Earlier this year, Harvard economist Jason Furman estimated that U.S. GDP growth in the first half of 2025 was almost entirely due to investment in data centers. Investors in companies like Nvidia are seeing blockbuster returns, as the firms value has risen more than 1,200% in the past five years, thanks to being one of the few companies able to provide the computer chips required for the AI revolution. Even so, some are worried that Nvidia is providing financing to customers looking to buy its chipsa supposedly circular chain that short sellers have quibbled with. (Nvidia, for its part, has issued responses to market analysts to refute those claims.) It all adds up to a tetchy time, with nervousness and debate about an AI bubble. Not helping matters are the public comments about the current moment by some of the industrys biggest names. OpenAI CEO Sam Altman has said that were currently in an AI bubble where investors as a whole are overexcited about AI. Microsoft founder Bill Gates has called it a frenzy. Meta CEO Mark Zuckerberg said on a podcast in September that an AI bubble, and its potential burst, was definitely a possibility. Comparisons have been drawn to the 2000s-era dot-com bubble. Weathering the storm So if we are in an AI bubble and it does burst, then wholl be left standing at the end of it? The idea that entire economies might be hit by the bursting of any bubble is unlikely to happen, reckons Christopher Tucci, professor of digital strategy and innovation at Imperial College Business School in London. The internet bubble, for example, wiped out many companies and investors, but the technology itself only grew in importance afterwards, he says. Tucci sees AI in a similar way, noting, Even if the investment bubble bursts, the underlying technology will remain critical and will continue to advance. And while the bubble continues to inflate, Tucci believes thats good news for smaller companies. At the moment, large amounts of money are flowing into AI startups, he says. This lowers startup costs, increases the number of competing companies, and creates vulnerabilities, mainly for investors. But if and when that bubble bursts, those smaller companies are more likely to be exposed, while larger companies will be insulated from more significant risks. Survivors will be the ones that own distribution, says Sergey Toporov, partner at early-stage VC firm Leta Capital. Toporov is blunt about the lack of a moat for smaller companies, saying, Nobody cares about your best-in-class AI startup unless people actually know it exists. In that view, companies like the big four AI firmsGoogle, OpenAI, Anthropic, and Metaare likely to weather any storm, but smaller competitors could struggle. The rest will consolidate or become specialized model shops, Toporov says. Smaller companies that have what Toporov calls defensible advantages like proprietary data or deep integration into business workflows could withstand an AI-caused market correction. He says the same is true for firms with strong distribution, recurring demand, and a deep technical moat. Companies that piggyback on existing technology, including AI wrapper services that use their larger competitors AI models in order to provide answers to their customers, sometimes in specific specialties, may face a tough road ahead. Big unknowns However, not everyone agrees with that vision of the future. AI apps with high valuations look the riskiest at the moment, says Sampsa Samila, professor of strategic management at IESE Business School. They dont have easy moats against improving foundation models or other apps. Samila believes even those that operate foundation models, like OpenAI, could be in a difficult position. Foundation labs burning billions are also looking shaky, he says. It’s not at all easy to see how OpenAI will manage, unless it develops winner-take-all superintelligence. In part, thats down to what Samila sees as circular financing deals, including those supported by Nvidias funding in order to obtain Nvidia chips to power their models. While OpenAI could struggle because of its cash burn, Samila contends that bigger, more established names in the space are better placed to weather the problems. Google is interesting because they control TPUs [tensor processing units], have proprietary data from Search, YouTube, and Gmail, and are already monetizing AI through Cloud, he explains. But the big unknown for Google is whether its rollout of AI-native ads can replace its search revenue. Another area of concern for Google, given competition from the likes of Microsoft, is that its tech stack doesnt always integrate well with the existing IT systems being run by organizations. Amongst the AI apps, deep embedding into customer workflows is going to be key to survival, Samila says. Many companies tend to use Microsofts products rather than Googles in large part because its what theyve always done. Whatever happens, most people believe there are fundamental differences between a possible imminent burst of the AI bubble and the dot-com stock market crash. The Magnificent Seven tech firms have a 24-month forward price-to-earnings ratio that is 25 times their collective valuationhigh, but half the level it was in the dot-com era. Price-to-earnings growth is also around half the level it was a quarter century ago. And many of the biggest names in the space are well-capitalized tech firms with cash reserves that can pay for any financial hiccups ahead in a way that the dot-com eras biggest names couldnt. Regardless, those in and around the AI sector need to be aware of whats ahead.When a correction comes, venture capital will dry up potentially for several years, Tucci predicts. In the long run, however, AI as a technology will continue to grow in importance, regardless of short-term investment cycles.
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E-Commerce
When I was cycling across the country on my bike, I spent anywhere from six to nine hours a day in the saddlefor almost three solid months. It made a lot of people wonder: What did you listen to all day long? Was it mostly music, or more like audiobooks, podcasts? asked a friend of mine when we went for a drink at a bar after I got back home. What was on your playlist? “Nothing,” I said. She frowned slightly, as if shed misheard me. What do you mean, nothing? “I mean, nothing. I dont listen to anything when I ride,” I replied. “I dont even wear earbuds.” You could see the wheels of her mind grind to a standstill. What the hell. You . . . you just ride along in . . . in what? In total silence? “More or less,” I said, laughing. “Allll dayyy longgg?? “Yeah.” She was gobsmacked. I would go completely out of my mind. And my friend wasnt alone in her astonishment. Nearly everyone, upon learning that Id rawdogged a 4,150-mile cross-country cycling trip, looked utterly dumbstruckbereft, almost. I began to realize that while most people think its pretty daunting to cycle the entire U.S.A., they can vaguely imagine what it would be like as a physical challenge: Daunting, sure, but you just put your butt in the saddle and keep going, and youll get there. They dont want to do that epic, exhausting ride, but they can comprehend it. But the idea of avoiding all media, all day long? They have no mental equipment to imagine that. It completely breaks their model of how the world works. Except heres the thing: Its kind of awesome. Silence is golden Now the thing is, I am not some sort of anti-technology, anti-screens guy. I dont avoid media on principle, like one of our modern wild-eyed destroy-your-phone desert prophets. Quite the opposite. Even when Im on a road cycling trip, I use my phone a tonto navigate, to check the weather (tornado alert apps are particularly useful in Kansas, let me tell you), or just to dork around on social media. But during the act of cycling itself? Silence, it turns out, is golden. Part of why I dont wear earbuds while riding is safety. Im often riding along smaller county roads with SUVs and 16-wheelers hooshing past, barely a few feet away. I want to sense when theyre coming up behind me. I want to be able to hear the dopplering thrum of an approaching engine. I once tried some earbuds that let the outside sound bleed through, which kind of worked. Still, I worried I might get too absorbed in the music, and stop being vigilant about the traffic. So I ditched them. But I found that I didnt miss it. It turns out that, when I turn off media for seven hours on end, my cycling brain goes to some really interesting places. One of the things about cycling is that your mind is simultaneously busy and free. Cycling requires you to make a lot of constant, tiny decisions: Avoid that pothole, watch out for that pedestrian, swerve around that constellation of broken glass near the curb. You need to be vigilant. The psychologist Nick Moore writes about how navigating traffic on a bike requires a minutely focused state. The world contracts to a space just a few inches wide and a million miles long, outside which nothing exists. But these decisions arent hard to make, and theyre over quickly, so I dont wind up being mentally exhausted by them. A feast for the senses Meanwhile, theres a ton of stimulation. Cycling cross-country is a feast for the senses. While arriving in a city, Id pass by ornate graffiti inside railway underpasses and marvel at the often-corroded architecture on the outskirts of town. Downtown, Id hear thingssnatches of overheard conversation from people I passed by, or bits of Bhangra music blasting from a fast-food joint. Out in the deep countryside of the Great Plains, Id pass by sprawling crop-watering machinerysplayed across fields like a massive stick insectand watch it come alive in the dawn, puffing clouds of mist over the green wheat and corn. I saw road signs dented with bullet holes, a swollen river that had swallowed an SUV during a storm swell, and a massive longhorn that stared closely at me as I nervously rode past. In the Rocky Mountains, I came across a 16-wheeler hauling a single blade for a wind turbine so massive that it was the length of a city block. Your senses feel like theyre constantly engaged in a non-stressed fashionlike your body is constantly taking notes on the world around you. Its a neat interplay of forces: Cycling occupies your forebrain with a welter of tiny decisions, while also feeding your mind with the chill and gorgeous spectacle of the world at large. Together, it seems to loosen up my hindbrainshifting it into a new and meditative gear. Pondering ideas Often, Id find myself pondering ideas triggered by the world around me. While cruising through Trenton, New Jersey, I passed a crumbly little strip mall with a tae kwon do joint next to a hot yoga salon, and it started me marveling at how America has phagocytosed so many of the worlds historic physical/mental/spiritual-fitness cultures and absorbed them, Borg-like, into the Puritan quest of bettering our fallen, lazy gnostic selves. Ill also discover that, almost without noticing it, Im meditating on a bigger life issuesome challenge at work, some memory of my late mother, some friend Ive been meaning to call, a passage in a book Id forgotten but that now intrigues the hell out of me. I often suspect those deep, arc-of-life thoughts rise up precisely because of the curious, tripartite mental state of cycling. The top layer of vigilance keeps me focused, the stimulus of the world inspires ideas, while the deep ocean of my latent mind churns quietlyuntil, suddenly, some aha moment pierces the surface, like a cresting dolphin. Now, I dont want to oversell the mental state of cycling in silence! This is not about experiencing soul-shattering Eat-Pray-Love breakthroughs out there in the saddle. I havent had any Einstein-level insights. Its more like it creates a useful atmospher in the mind. I come back less jittery, more prepared to handle the everyday thinking of life. Would listening to music or podcasts or audiobooks break that spell? Would it block that sense of flow? I suspect so. In my daily life, Im not about to stop listening to music or stop scrolling around on my phone. Im a nerd; I love marinating in news and essays about science and technology and culture. But on the road, I need silence.
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E-Commerce
Before becoming a coach for neurodiverse individuals with ADHD, Justine Capelle Collis had a successful advertising career. She worked in Australia and the UK, and also across the US and Canadian markets. Her clients have included Fortune 500 companies and government agencies. And she achieved all this without realizing that she has ADHD. That realization came when she became a mother. Both of her sons were diagnosed with ADHD, and she started asking questions. “How do I advocate and get the system to bend for them, rather than having them fit into the system and then break? she asked. She then went on a personal journey to retrain. Collis enrolled in post-graduate study, and went through a specialist coach training in neurodivergent coaching. But along the way, she received her own ADHD diagnosis. Being a mother of two sons with ADHD required “a different way of parenting,” she says. It also highlighted the feeling that something was off. “I couldn’t make sense of it,” Collis recalls. “I can have a successful career, I can achieve all of these incredible things. Why am I failing at this thing that I’m biologically wired to do: which is to have kids?” A conversation with a coach friend of hers, who was also practicing to be a neurodiversity coach, revealed some ‘penny-dropping’ moments. The reason she was able to succeed in her professional career, she explained, was that she had freedom and agency to design her working life in a way that aligned and worked for her. Unfortunately, that’s not always the case with other neurodiverse employees, who are often forced to survive in a world that is not designed or conducive to them doing their best. But some companies are turning to coaching in an attempt to address this. The growing awareness of neurodiversity Like Collis, Dr. George Sachs also built a career while having ADHD. Sachs cofounded an app called Inflow with Levi Epstein and Seb Isaacs after 20 years of working as a clinical psychologist. The app provides support with adults with ADHD through various tools, including coaching. And while their customers are primarily individuals, they do work with organizations and universities that offer Inflow to their employees. Sachs believes that social media has contributed to the rise of awareness in neurodiversity at work. Companies like EYand Microsoft for example, have a range of policies to support neurodiverse individuals. They do that through work arrangements, modified workspaces, and educational resources. Thanks to social media, says Sachs, people have become more aware of diagnostic criteria for various neurodiversity conditions. “At the same time, the concept of disorder is changing,” he says. Rather than seeing their conditions as a disorder, he explains, “you’re seeing this movement towards acceptance of difference.” The value of neurodiversity-specific coaching Neurodiversity exists on a spectrum, and even those with similar diagnoses often have unique struggles and challenges. And as a result, companies can’t rely on one-size-fits-all benefits, says Gijo Matthew, Chief Product Officer at Spring Health. The mental health platform launched a neurodiversity hub earlier this year. “We decided to invest in neurodiversity because traditional mental health benefits often fall short for this community, leaving many employees without the resources they need to be successful, Matthew says. It’s that particular specificity that can make coaching a valuable tool for neurodiverse individuals. Jill Johnson, a coach who works with executive leaders, women, parents, and individuals with ADHD, describes coaching as a ‘partnership.’ The coach might have a particular expertise, Johnson says, but “it’s also the lived experience of the client, who brings an equally important role to figuring out how to helpand taking ownership of how they can be successful in life, or in the workplace.” How coaching helps neurodiverse individuals Roman Peskin, CEO and co-founder of ed-tech startup ELVTR, also didn’t receive a diagnosis until later in his life. He describes trying a series of ‘normal’ jobs in his twenties that he was subsequently fired from, first as a travel agent, then later running a travel website. “Both times I got fired for the same reason,” he says: “not incompetence, but procrastination and inconsistency. Id do great work in bursts, then mentally disappear.” This is something that Collis is familiar with. “The single biggest thing for brains like ours,” she explains, “is they fire up on interests, not based on external urgency, or what someone else or some external source says it should be. Even though we might know we need to do this thing first, we’re wired that way. So we have to function in a way that harnesses that capability, rather than forcing it into a box.” For Peskin, that’s the value that coaching can potentially bring, though he stresses that the coach needs to understand what it’s like to have a “high-octane brain.” It won’t work if you have “neurotypical productivity guru pushing a GTD masterclass down your throat,” he says. “A good coach could start by naming whats going on so you stop thinking ‘Im broken.’ Then help install realistic framework: sprints instead of marathons, accountability, focus blocks, external structure,” Peskin continues. Because neurodiversity encompasses a wide range of conditions, a level of personalization is also necessary. A 2025 University of Reading study that looked at the inclusivity of a neurodiversity coaching program found that some neurodivergent individuals, for example, do better with text-based or audio-only coaching rather than via video conferences. Coaches also need to be flexible and responsive in how they communicate. The study cited that some autistic individuals, for example, may face difficulty with open-ended questions. This means that coaches need to be able to adjust their method in a way that works for the employee. The importance of organizational culture, support, and education Peskin stresses that companies cannot rely on coaching to be the be-all and end-all. “I think of coaching as software,” he says. ÜMost companies still need to fix the hardware.” “You can’t coach your way out of a toxic system,” says Collis. “So if the culture in a workplace is fundamentally broken, or not safe from a psychological perspective, then those issues need to be addressed first.” For neurodiverse individuals, that support starts with education. There are a lot of misconceptions and stereotypes about neurodiverse individuals, says Sachs. For example, like the idea that those with ADHD might struggle to get their work done, or that everyone on the autism spectrum is blunt and introverted. A coach may be able to help a neurodiverse individual with time management or emotional regulation at work. However, the onus is also on the organization to provide a supportive and flexible environment so they can actually do those things. This starts from the top. As a 2022 study published in AIB Insights concluded, any neurodiverse-inclusive initiative needs to have buy-in from leadership go have any chance of success. It’s also about ensuring that the neurodiverse employee is employed in a role that actually allows them to use their strengths. “If your job is repetitive admin in an open-plan office with Slack on fire all day, no amount of coaching will turn that into a good fit for an ADHD brain,” says Peskin. Coaching is also not a substitute for competent management, Peskin says. “If you bolt coaching onto a culture of constant interruption, vague expectations, and busyness show-offs, it just becomes an expensive Band-Aid on a system thats causing the wound.” Many neurodiverse employees also struggle with sensory distractions, as a 2025 Ernst and Young study found. For a workplace to be truly inclusive, it needs to facilitate flexible working arrangements or a physical space where neurodiverse employees can work without interruptions. Ultimately, Peskin wants to see an attitude shift that sees neurodivergent talent as a strategic asset. As the 2022 study found, when organizations provide neurodiverse individuals the opportunity to play to their strengths, they’re more likely to make meaningful contributions to the company. In the abstract, the authors wrote, “the actions taken to accommodate neurodivergent employees often spill over to the benefit of all employees.” Peskin says, “Neurodivergent talent is a competitive advantage, not a DEI show off. We dont need fixing. We need the rules of the game adjusted so our strengths actually count.”
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E-Commerce
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