Paul Langley @paullangley.bsky.social · 01/10/2026@evgenymorozov.bsky.social on fire in this piece www.ft.com/content/bc17... via @FTft.comAn AI sovereign wealth fund isn’t progressive — it’s techno-imperialismAccruing income at home from land and power abroad has an old name: empire 020
Paul Langley @paullangley.bsky.social · 30/09/2026Capitalism (as we know it) is hurtling toward the crisis that everyone pretty much agrees is coming, in one way or another, and it is still easier for the media to fasten onto the idea of the extinction of humanity rather than the end of capitalism. 000
Reposted by Paul LangleyEd Zitron @edzitron.com · 29/09/2026Free newsletter: When will the AI bubble burst? When the money runs out. Raising debt for AI data centers is becoming untenable, infrastructure break-even points keep getting further away, and many of VC's AI investments look like dead money. www.wheresyoured.at/dead-money/wheresyoured.athttps://www.wheresyoured.at/dead-money/If you liked this piece, you should subscribe to my premium newsletter, and you can subscribe on the following links: $70 a year, $18 a quarter, or $7 a month. In return you get a weekly premium… 20668154
Paul Langley @paullangley.bsky.social · 29/09/2026Global finance is increasingly a one-way bet on a handful of companies. The hyperscalers (with likely exception of Oracle, which could be absorbed by the others) are now TBTF www.ft.com/content/00f9... via @FTft.comAI hyperscalers are transforming debtThe sector’s huge capital needs are forcing companies and countries to rethink how they borrow money 020
Paul Langley @paullangley.bsky.social · 27/09/2026South Korea bets big on AI for all - www.ft.com/content/2c5e... via @FTft.comSouth Korea bets big on AI for allDeputy prime minister is an unabashed evangelist for the technology even as some fear it could pose catastrophic risks 110
Paul Langley @paullangley.bsky.social · 25/09/2026All surveys show most people don't want autonomous AI agents to run their lives, but the 'revolution' gets ever closer anyway. Next step will be platforms and apps that only work for people who use AI agents, enforcing uptake www.ft.com/content/e60b... via @FTft.comThe AI agent revolution has moved a big step closerLaunch of Muse by Meta has provided a glimpse of how the technology could be turned into a mass-market product 051
Paul Langley @paullangley.bsky.social · 24/09/2026Yes, sort of. It's the smallest and most leveraged hyperscaler, and it needs to scale-back cepr.net/publications...cepr.netIs Oracle the Bear Stearns of the AI Bubble?Oracle’s force majeure notice on a New Mexico data center raises questions about AI demand, data center spending and the AI bubble. 030
Paul Langley @paullangley.bsky.social · 24/09/2026Pleased to contribute a co-authored essay with @andrewleyshon.bsky.social to this project. Also looking forward to reading the rest of the contributions, and participating in debates over FinTech which they spark 089
Paul Langley @paullangley.bsky.social · 23/09/2026I've been bleating about peak private equity for several years now - this piece sums up the problem pretty well. The bottom line is that PE doesn't work for investors, in addition to the damage it can do to portfolio firms, workers, communities and consumers www.ft.com/content/2b30... via @FTft.comHow private equity ended up in limboThe sector’s growth was built on a clear bargain with investors. That has now broken down 0157
Reposted by Paul LangleyEconomy & Society @econsocjournal.bsky.social · 22/09/2026Sorry, Mr. President, 'SI' is already taken. It's the abbreviation we use for 'Special Issue', and we're always open to SI proposals that fall within the scope of our journal 1101
Paul Langley @paullangley.bsky.social · 21/09/2026Hot on the heels of my keynote at @finandsoc.bsky.social Conference, hosted by Copenhagen Business School, which highlighted the importance of agentic payments to FinTech Capital ... 072
Paul Langley @paullangley.bsky.social · 20/09/2026Big Tech uses guarantees to keep $300bn of AI exposure off balance sheets - www.ft.com/content/7f11... via @FTft.comBig Tech uses guarantees to keep $300bn of AI exposure off balance sheetsWall Street finds new way to turn tech giants’ credit strength into cheaper funding for AI build-out 000
Paul Langley @paullangley.bsky.social · 19/09/2026'Token burn' isn't a sustainable business model, despite recent rapid growth www.ft.com/content/96d0... via @FTft.comInvestors warn Anthropic could struggle to sustain revenues post-IPOOpenAI’s resurgence, cheap rivals and safety fears test faith in durability of business model 010
Reposted by Paul LangleyAndrew Leyshon @andrewleyshon.bsky.social · 17/09/2026An immediate example of the unbiquity of fintech emerged as I was pointing @paullangley.bsky.social in the direction of his hotel. We were approached by two Big Issue sellers who responded to our stock apology of 'Sorry, no change' with, 'But we have a card reader'. They did: an app on a mobile. 062
Paul Langley @paullangley.bsky.social · 17/09/2026There's much, much more to say about why private equity peaked and the implications for portfolio firms, workers, investors and creditors, but great to see an article about this in UK press www.linkedin.com/safety/go/?u...linkedin.com 000
Paul Langley @paullangley.bsky.social · 16/09/2026This was a real pleasure. Many thanks @fiveleavesbooks.bsky.social for hosting us, Sarah Hall and Shaun French for engaging commentaries, @andrewleyshon.bsky.social for organising, and Zone Books and @princetonupress.bsky.social for support 1156
Paul Langley @paullangley.bsky.social · 13/09/2026It was indeed an amazing programme. Thanks again @finandsoc.bsky.social @aminsamman.bsky.social @lenseabrooke.bsky.social @xnoyax.bsky.social 051
Paul Langley @paullangley.bsky.social · 13/09/2026I'm pretty sure that "fall short" is a very optimistic view on the problems of peak private equity funds. "Falling short" still assumes they will be able to find buyers for hugely overpriced assets, including many SaaS firms www.ft.com/content/1835... via @FTft.comBoom-era PE funds will fall short on promises, executives warnReturns from funds launched during the frenzied period of 2019 to 2021 are likely to struggle to meet expectations 010
Reposted by Paul LangleyToby Nangle @tobyn.bsky.social · 11/09/2026🚨 How big is the open-model threat to AI hyperscalers? (Spoiler: non-trivial) www.ft.com/content/4858...ft.comHow big is the open-model threat to AI hyperscalers?Games without frontiers 57930
Paul Langley @paullangley.bsky.social · 07/09/2026This week, I have the privilege of delivering the opening keynote to this amazing programme @finandsoc.bsky.social Conference 2026. What a way to mark the UK and European publication of our book, FinTech Capital @andrewleyshon.bsky.social @fintechcapital.bsky.social @princetonupress.bsky.socialwleyshon.bsky.socialBluesky 0298
Reposted by Paul LangleyJohn Hogan Morris @johnhoganmorris.bsky.social · 04/09/2026🚨NEW PUBLICATION🚨 It's gratifying to see this paper with wonderful friends and co-authors @savannahcox.bsky.social & @zacjtaylor.bsky.social in print at @jcultecon.bsky.social.Thanks again to guest editors @vapunkt.bsky.social & @nataschavanderzwan.bsky.social for sticking with us. Link below! 1117
Reposted by Paul LangleyRobin Wigglesworth @robinwigglesworth.ft.com · 04/09/2026“Every time we take a deep dive into this sector, we find that capex is rising faster than we anticipated, financings are becoming more complicated and less transparent, and that returns on investment will take years to realize.” www.ft.com/content/623c...ft.comAre credit rating agencies getting fed up with hyperscalers?A change in tone 0241
Paul Langley @paullangley.bsky.social · 02/09/2026Look out, we've gone global @andrewleyshon.bsky.social 051
Reposted by Paul LangleySohini Kar @karsohini.bsky.social · 01/09/2026I've spent 15 years thinking about regulation of microfinance in India. With increased financial inclusion by a broad range of financial actors, this open-access paper is an attempt to think about the central bank at the margins. www.tandfonline.com/doi/full/10....tandfonline.comWaivers and frauds: The politics of regulation and claims-making in Indian microfinanceAs microfinance has expanded in India, so have efforts to regulate the sector. The competing regulatory authority of the state governments and the central bank have produced unexpected refusals by ... 1113
Reposted by Paul LangleyFINTECH CAPITAL @fintechcapital.bsky.social · 01/09/2026Finally ... It's UK and Europe publication day for FinTech Capital, and the nice people at Zone Books @princetonupress.bsky.social have made our introduction free to read @andrewleyshon.bsky.social press.princeton.edu/books/hardco...press.princeton.eduFintech CapitalA thorough examination of the worldwide digital transformation of people’s everyday monetary and financial relations driven by the emergence of FinTech 0149
Paul Langley @paullangley.bsky.social · 30/08/2026Big Tech books upward asset valuations of concentration and centralization of capital www.ft.com/content/a5a0... via @FTft.comBig Tech profits get $160bn boost from gains on stakes in other AI companiesAnalysts say large paper windfalls on investments in OpenAI, Anthropic and SpaceX have muddied the tech sector’s earnings metrics 030
Reposted by Paul Langley🐭 Danielle Williams 🐹 @okaydaniellle.bsky.social · 30/08/2026My history of AI poster's updated! It now features notable prehistory, the 1930s, + about 40 additional nodes in the 40s-2020s (including a new McCarthy quote from 2005). you can download it from my website and if you find any typos I don't want to know www.daniellejwilliams.com/posters 29432
Reposted by Paul LangleyFINTECH CAPITAL @fintechcapital.bsky.social · 29/08/2026Perhaps finance redeemed itself through tech - i.e. through the emergence of 'FinTech Capital'? @financialtimes.com www.ft.com/content/6398... via @FTft.comHow finance redeemed itselfAnd what tech, the new black sheep, can learn from it 011
Reposted by Paul LangleyAmin Samman @aminsamman.bsky.social · 24/08/2026Very pleased to announce the programme for this year's @finandsoc.bsky.social conference. We'll be talking everything from prediction markets and offshore finance to acid capitalism and the assetization of horses. Come join us in Copenhagen if you can! financeandsocietynetwork.org/finandsoc-co... 03917
Paul Langley @paullangley.bsky.social · 21/08/2026I'm not sure this article gets what's going on here. Stripe is pushing agentic payments which burn through tokens. Businesses supporting agentic payments need to carefully manage token burn and this is where OpenRouter comes in ... giftarticle.ft.com/giftarticle/... via @FTgiftarticle.ft.comStripe bets that an AI world still needs middlemenPayments company’s purchase of OpenRouter makes strategic sense 030
Reposted by Paul LangleyCarl Quintanilla @carlquintanilla.bsky.social · 17/07/2026This chart pair never gets old. (via B of A) 23464123
Reposted by Paul LangleyEd Zitron @edzitron.com · 18/08/2026Free Newsletter: It's time to talk about what happens if OpenAI dies. With $800bn in obligations and decelerating revenue, it's unclear how this company survives, and today I dig into what it'll take for it to do so, and what happens if it fails. www.wheresyoured.at/what-happens... 30747210
Paul Langley @paullangley.bsky.social · 18/08/2026A company which began as a book seller became a company which destroys books. Capitalism really is eating itself 01711
Paul Langley @paullangley.bsky.social · 17/08/2026Come along @andyburnham.bsky.social it's time to join the dots of your agenda - why not pay struggling regional universities with experise in organization, management, policymaking and public administration to train civil servants? - www.ft.com/content/b9b1... via @FTft.comUK government to pay KPMG and EY up to £456mn to train civil servantsDeal marks largest contract awarded to Big Four firms in at least a decade 151
Reposted by Paul LangleyJonathan Hopkin @jonathanhopkin.eurosky.social · 17/08/2026Typically thought-provoking from Branko: what if excessive profits in the West are the reason China outcompetes us? 1135
Reposted by Paul Langley404 Media @404media.co · 17/08/2026SCOOP: 404 Media placed a tracking device in a shipment of rare books to see which AI company was buying it. What did we find? It ended up at an Amazon facility where Amazon scans and destroys books. Yes. This is literally the logo outside the Amazon warehouse door. Read now:404media.coWe Tracked a Shipment of Rare Books. It Ended at an Amazon AI Training FacilityWe placed a tracking device in a shipment of rare books to see which AI company was buying it, and found an Amazon facility where Amazon scans and destroys books. 15162273923
Paul Langley @paullangley.bsky.social · 14/08/2026Recently published in the US and the introduction is now available for free for everyone to read ahead of UK publication on 1st September 042
Reposted by Paul LangleyPrinceton University Press @princetonupress.bsky.social · 14/08/2026In Fintech Capital, @paullangley.bsky.social & @andrewleyshon.bsky.social argue that FinTech is a distinct form of intermediary & rentier capital that is radically reorganizing the routine social relations of money & finance. Out now! Read a free preview: press.princeton.edu/books/hardco... 1117
Paul Langley @paullangley.bsky.social · 13/08/2026Francois Ewald suggested insurance is composed of 3 c's. He stressed its collective and calculative dynamics, informing recent debates about big data, risk pricing, personalization, etc. He had less to say about the third c: capital. Fortunately, @allartmarkets.bsky.social is on the case 152
Reposted by Paul LangleyPositive Money UK @positivemoneyuk.bsky.social · 13/08/2026📣We're searching for 4 new Non-Executive Directors (NEDs) to join our board!📣 Use your strategic insight, experience of good governance, +/ fundraising & finance background to contribute to our work to redesign our economic system for social justice & a liveable planet 🌏positivemoney.orgNon-Executive Director (Board member) Shifting power from big banks to people. We collaborate with policymakers, the public and economists around the world so we can redesign our economic system for a better world and a healthy planet. 124
Paul Langley @paullangley.bsky.social · 13/08/2026Wall Street and Nvidia continue to operationalise Hilferding's 'finance capital' www.ft.com/content/3b52... via @FTft.comWall Street giants bet Nvidia’s AI chips will defy the laws of financePrivate capital firms are wagering that the crucial hardware will hold its value for years to come 121
Reposted by Paul LangleyCharlotte Lydia Riley @lottelydia.bsky.social · 12/08/2026Heartened to see that my university is ending its contract with Turnitin before the next academic year, because Turnitin is going to use student submissions to train AI models. Institutions can and should resist this stuff! 251639390
Paul Langley @paullangley.bsky.social · 04/08/2026Yes @toteraltermann.bsky.social excessive leverage against imagined income streams, off-balance sheet vehicles, structured and tranched arrangements, hedge funds the first to collapse, and the prospect of too big to fail. Strong 2007 vibes with a BigTech twist 030
Reposted by Paul LangleyProf Dave O'Brien @drdaveobrien.bsky.social · 03/08/2026Listen! @newbooksnetwork.bsky.social talks about the fascinating "Fintech Capital: The Digital Transformation of Everyday Money and Finance" with @andrewleyshon.bsky.social & @paullangley.bsky.social the authors of @fintechcapital.bsky.social newbooksnetwork.com/fintech-capi...newbooksnetwork.comPaul Langley and Andrew Leyshon, "Fintech Capital: The Digital Transformation of Everyday Money and Finance" (Princeton UP, 2026) - New Books Network 054
Paul Langley @paullangley.bsky.social · 04/08/2026Reminder that things will get very, very complicated when the AI bubble bursts ... Inside Google’s $200bn Wall Street finance machine for Anthropic - www.ft.com/content/549f... via @FTft.comInside Google’s $200bn Wall Street finance machine for AnthropicPrivate credit, chip leases and data centre guarantees underpin a vast new model for AI spending 1101
Paul Langley @paullangley.bsky.social · 03/08/2026Wall Street learns to love blockchain - www.ft.com/content/7600... via @FTft.comWall Street learns to love blockchainFinancial companies hope to modernise markets with the technology but systemic risks remain 011
Paul Langley @paullangley.bsky.social · 28/07/2026Greatly saddened by this. Sarah was a generous and wonderful colleague who I had the pleasure of teaching and co-supervising with. We also shared research conversations and always lots of laughter. RIP, Sarah 041
Reposted by Paul LangleyFINTECH CAPITAL @fintechcapital.bsky.social · 28/07/2026Hear @paullangley.bsky.social and @andrewleyshon.bsky.social talk about FinTech Capital from @princetonupress.bsky.social in conversation with @drdaveobrien.bsky.social on @newbooksnetwork.bsky.social newbooksnetwork.com/fintech-capi...newbooksnetwork.comPaul Langley and Andrew Leyshon, "Fintech Capital: The Digital Transformation of Everyday Money and Finance" (Princeton UP, 2026) - New Books Network 068
Paul Langley @paullangley.bsky.social · 28/07/2026Oracle looks increasingly like the first AI bubble firm to pop www.ft.com/content/ac13...ft.comBig Tech credit risks rise sharply as AI spending soarsInvestors are increasingly concerned over rush of borrowing to fund huge investments in data centres 043