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Paul Langley

@paullangley.bsky.social
3.1K followers 1.9K following 418 posts

Prof. Economic Geography, Durham, UK. Managing Editor @econsocjournal.bsky.social Finance, money, FinTech, and more. www.durham.ac.uk/staff/paul-langley

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Paul Langley @paullangley.bsky.social · 01/10/2026
@evgenymorozov.bsky.social on fire in this piece www.ft.com/content/bc17... via @FT
ft.com
An AI sovereign wealth fund isn’t progressive — it’s techno-imperialism
Accruing income at home from land and power abroad has an old name: empire
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Paul Langley @paullangley.bsky.social · 30/09/2026
Capitalism (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.
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Ed Zitron @edzitron.com · 29/09/2026
Free 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.at
https://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…
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Paul Langley @paullangley.bsky.social · 29/09/2026
Global 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 @FT
ft.com
AI hyperscalers are transforming debt
The sector’s huge capital needs are forcing companies and countries to rethink how they borrow money
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Paul Langley @paullangley.bsky.social · 27/09/2026
South Korea bets big on AI for all - www.ft.com/content/2c5e... via @FT
ft.com
South Korea bets big on AI for all
Deputy prime minister is an unabashed evangelist for the technology even as some fear it could pose catastrophic risks
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Paul Langley @paullangley.bsky.social · 26/09/2026
Alexa, tell Muse they're not coming in
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Paul Langley @paullangley.bsky.social · 25/09/2026
All 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 @FT
ft.com
The AI agent revolution has moved a big step closer
Launch of Muse by Meta has provided a glimpse of how the technology could be turned into a mass-market product
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Paul Langley @paullangley.bsky.social · 24/09/2026
Yes, sort of. It's the smallest and most leveraged hyperscaler, and it needs to scale-back cepr.net/publications...
cepr.net
Is 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.
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Paul Langley @paullangley.bsky.social · 24/09/2026
Pleased 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
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Paul Langley @paullangley.bsky.social · 23/09/2026
I'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 @FT
ft.com
How private equity ended up in limbo
The sector’s growth was built on a clear bargain with investors. That has now broken down
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Economy & Society @econsocjournal.bsky.social · 22/09/2026
Sorry, 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
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Paul Langley @paullangley.bsky.social · 21/09/2026
Hot 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 ...
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Paul Langley @paullangley.bsky.social · 20/09/2026
Big Tech uses guarantees to keep $300bn of AI exposure off balance sheets - www.ft.com/content/7f11... via @FT
ft.com
Big Tech uses guarantees to keep $300bn of AI exposure off balance sheets
Wall Street finds new way to turn tech giants’ credit strength into cheaper funding for AI build-out
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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 @FT
ft.com
Investors warn Anthropic could struggle to sustain revenues post-IPO
OpenAI’s resurgence, cheap rivals and safety fears test faith in durability of business model
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Andrew Leyshon @andrewleyshon.bsky.social · 17/09/2026
An 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.
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Paul Langley @paullangley.bsky.social · 17/09/2026
There'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
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Paul Langley @paullangley.bsky.social · 16/09/2026
This 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
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Paul Langley @paullangley.bsky.social · 13/09/2026
It was indeed an amazing programme. Thanks again @finandsoc.bsky.social @aminsamman.bsky.social @lenseabrooke.bsky.social @xnoyax.bsky.social
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Paul Langley @paullangley.bsky.social · 13/09/2026
I'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 @FT
ft.com
Boom-era PE funds will fall short on promises, executives warn
Returns from funds launched during the frenzied period of 2019 to 2021 are likely to struggle to meet expectations
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Toby 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.com
How big is the open-model threat to AI hyperscalers?
Games without frontiers
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Paul Langley @paullangley.bsky.social · 07/09/2026
This 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.social
wleyshon.bsky.social
Bluesky
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John 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!
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Robin 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.com
Are credit rating agencies getting fed up with hyperscalers?
A change in tone
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Paul Langley @paullangley.bsky.social · 02/09/2026
Look out, we've gone global @andrewleyshon.bsky.social
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Sohini Kar @karsohini.bsky.social · 01/09/2026
I'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.com
Waivers and frauds: The politics of regulation and claims-making in Indian microfinance
As 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 ...
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FINTECH CAPITAL @fintechcapital.bsky.social · 01/09/2026
Finally ... 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.edu
Fintech Capital
A thorough examination of the worldwide digital transformation of people’s everyday monetary and financial relations driven by the emergence of FinTech
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Paul Langley @paullangley.bsky.social · 30/08/2026
Big Tech books upward asset valuations of concentration and centralization of capital www.ft.com/content/a5a0... via @FT
ft.com
Big Tech profits get $160bn boost from gains on stakes in other AI companies
Analysts say large paper windfalls on investments in OpenAI, Anthropic and SpaceX have muddied the tech sector’s earnings metrics
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🐭 Danielle Williams 🐹 @okaydaniellle.bsky.social · 30/08/2026
My 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
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FINTECH CAPITAL @fintechcapital.bsky.social · 29/08/2026
Perhaps finance redeemed itself through tech - i.e. through the emergence of 'FinTech Capital'? @financialtimes.com www.ft.com/content/6398... via @FT
ft.com
How finance redeemed itself
And what tech, the new black sheep, can learn from it
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Amin Samman @aminsamman.bsky.social · 24/08/2026
Very 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...
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Paul Langley @paullangley.bsky.social · 21/08/2026
I'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 @FT
giftarticle.ft.com
Stripe bets that an AI world still needs middlemen
Payments company’s purchase of OpenRouter makes strategic sense
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Carl Quintanilla @carlquintanilla.bsky.social · 17/07/2026
This chart pair never gets old. (via B of A)
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Ed Zitron @edzitron.com · 18/08/2026
Free 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...
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Paul Langley @paullangley.bsky.social · 18/08/2026
A company which began as a book seller became a company which destroys books. Capitalism really is eating itself
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Paul Langley @paullangley.bsky.social · 17/08/2026
Come 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 @FT
ft.com
UK government to pay KPMG and EY up to £456mn to train civil servants
Deal marks largest contract awarded to Big Four firms in at least a decade
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Jonathan Hopkin @jonathanhopkin.eurosky.social · 17/08/2026
Typically thought-provoking from Branko: what if excessive profits in the West are the reason China outcompetes us?
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404 Media @404media.co · 17/08/2026
SCOOP: 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.co
We Tracked a Shipment of Rare Books. It Ended at an Amazon AI Training Facility
We 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.
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Paul Langley @paullangley.bsky.social · 14/08/2026
Recently published in the US and the introduction is now available for free for everyone to read ahead of UK publication on 1st September
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Princeton University Press @princetonupress.bsky.social · 14/08/2026
In 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...
Fintech Capital: The Digital Transformation of Everyday Money and Finance by Paul Langley and Andrew Leyshon. A thorough examination of the worldwide digital transformation of people’s everyday monetary and financial relations driven by the emergence of FinTech.
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Paul Langley @paullangley.bsky.social · 13/08/2026
Francois 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
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Positive 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.org
Non-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.
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Paul Langley @paullangley.bsky.social · 13/08/2026
Wall Street and Nvidia continue to operationalise Hilferding's 'finance capital' www.ft.com/content/3b52... via @FT
ft.com
Wall Street giants bet Nvidia’s AI chips will defy the laws of finance
Private capital firms are wagering that the crucial hardware will hold its value for years to come
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Charlotte Lydia Riley @lottelydia.bsky.social · 12/08/2026
Heartened 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!
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Paul Langley @paullangley.bsky.social · 04/08/2026
Yes @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
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Prof Dave O'Brien @drdaveobrien.bsky.social · 03/08/2026
Listen! @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.com
Paul Langley and Andrew Leyshon, "Fintech Capital: The Digital Transformation of Everyday Money and Finance" (Princeton UP, 2026) - New Books Network
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Paul Langley @paullangley.bsky.social · 04/08/2026
Reminder 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 @FT
ft.com
Inside Google’s $200bn Wall Street finance machine for Anthropic
Private credit, chip leases and data centre guarantees underpin a vast new model for AI spending
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Paul Langley @paullangley.bsky.social · 03/08/2026
Wall Street learns to love blockchain - www.ft.com/content/7600... via @FT
ft.com
Wall Street learns to love blockchain
Financial companies hope to modernise markets with the technology but systemic risks remain
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Paul Langley @paullangley.bsky.social · 28/07/2026
Greatly 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
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FINTECH CAPITAL @fintechcapital.bsky.social · 28/07/2026
Hear @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.com
Paul Langley and Andrew Leyshon, "Fintech Capital: The Digital Transformation of Everyday Money and Finance" (Princeton UP, 2026) - New Books Network
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Paul Langley @paullangley.bsky.social · 28/07/2026
Oracle looks increasingly like the first AI bubble firm to pop www.ft.com/content/ac13...
ft.com
Big Tech credit risks rise sharply as AI spending soars
Investors are increasingly concerned over rush of borrowing to fund huge investments in data centres
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