Global stock markets fall sharply over AI bubble fears

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Global stock markets have fallen sharply amid concerns that a boom in valuations of artificial intelligence (AI) companies could be rapidly cooling.Markets in the US, Asia and Europe have fallen after bank bosses warned a serious stock market correction could lie ahead, after a run of record stock market highs led some companies to appear overvalued.In the US, the tech-focused Nasdaq and the S&P 500 on Tuesday suffered their largest one-day percentage drop in almost a month.Technology shares pulled the Nasdaq lower, which resulted in it closing 2% down.Meanwhile, there were one-day falls for all of the “magnificent seven” AI-related stocks, including the chipmaker Nvidia, Amazon, Apple, Microsoft, Tesla, Alphabet (the owner of Google) and Meta (the owner of Facebook, Instagram and WhatsApp).

The S&P also closed down just over 1% as it lost ground because of tech stocks, particularly the data analytics company Palantir, which slumped by almost 8% despite having raised its revenue outlook the previous day.Palantir has also been targeted by a well-known short-seller – who bets on falls in the value of a company.The investor Michael Burry – who rose to prominence after predicting the 2008 financial crash and inspiring the film The Big Short – bet against Palantir and the chipmaker Nvidia, two of the biggest AI companies, sparking criticism from Palantir’s boss and a stock sell-off.In an interview on CNBC, Alex Karp, Palantir’s chief executive, criticised Burry and other short-sellers for “trying to call the AI revolution into question”.Asian markets followed the US falls on Wednesday, recording the sharpest slide in seven months, as the concerns about tech stocks spread, and indices in Japan and South Korea dropped more than 5% from the record highs reached the previous day.

In Europe, markets in the UK, France and Germany dropped slightly on Wednesday morning,The market falls came as the chief executives of Morgan Stanley and Goldman Sachs cautioned there could be a market correction ahead,They added their voices to that of Jamie Dimon, the head of the US’s largest bank, JP Morgan Chase, who warned in October he was worried markets would crash in the next six months to two years,Jim Reid, an analyst at Deutsche Bank, said there was a “growing chorus discussing whether we might be on the verge of an equity correction”,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionReid added: “The last 24 hours have brought a clear risk-off move, as concerns over lofty tech valuations have hit investor sentiment.

”Other analysts have raised questions about investment in AI companies, highlighting that the vast majority of investment in AI programmes has been promised to a very small group of tech companies, particularly OpenAI and Nvidia, while there has so far been little return on investment,The price of bitcoin briefly dipped below $100,000 (£76,764) for the first time since June, as investors withdrew their money from riskier assets such as cryptocurrencies over fears about the economic outlook,Bitcoin touched a record price of more than $126,000 in early October but went on to fall by 3,7% during the month, resulting in the worst monthly performance by the cryptocurrency in the last decade, according to figures from CoinMarketCap,
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How to make rotis – recipe | Felicity Cloake's Masterclass

These staple north Indian flatbreads come in a variety of forms – thinner, softer versions cooked on a flat tawa are also known as chapatis, while phulkas employ the same dough, but are held over a flame until they puff like a balloon. Either way, they’re great for scooping up meat and vegetables, or for mopping up sauce. Years of practice makes perfect, but this recipe is a good place to start.Prep 25 min Rest 30 min Cook 15 min Makes 8165g atta (chapati) flour, plus extra for dusting (see step 1)¼ tsp fine salt 1 tsp neutral oil Melted ghee or butter, to serve (optional)If you can’t find atta flour, which is a flavourful, very finely milled wholemeal flour that can be found in south Asian specialists and larger supermarkets, food writer Roopa Gulati recommends using a 50:50 mixture of plain flour and wholemeal flour instead. Put the flour and salt in a large bowl, whisk briefly, then make a well in the middle

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Pancakes, cheesecakes, dips, breads, mousses and … ice-cream? 17 mostly delicious ways with cottage cheese

High in protein, low in fat, the 70s ‘superfood’ is having another moment. Its fans say you can do almost anything with it. But should you?When I heard that cottage cheese was experiencing some kind of renaissance, my first thought was: “This is what comes of complacency.” I’d thought of cottage cheese as being safely extinct, but per capita consumption statistics show that, while it fell slightly out of favour, it never really went away. And now it’s having a moment

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Franc, Canterbury, Kent: ‘Just great, great cooking’ – restaurant review | Grace Dent on restaurants

Certain new restaurants I’m lured to semi-hypnotically, so rumours a few months back of an impending new venture from Dave Hart and Polly Pleasence slotted straight on to my “I’ll be there!” list. I still remember a long lunch seven years ago at their previous venture, the Folkestone Wine Company, where a piece of perfect pan-fried hake fillet topped with luscious squid and a zesty gremolata had me actually gasping with happiness. This was truly great cooking.And I knew who the chef was, too, because I could see him through a hatch cooking my lunch while I sipped my appassimento. Hart has worked for Stephen Harris at The Sportsman near Whitstable, and over the years has run several other places all across Kent

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Crispy chicken and pancetta with a nutty apple salad: Thomasina Miers’ Sunday best recipes

I recently invested in a beautifully wide, Shropshire-made pan that works on the hob and in the oven with equal ease, and without the chemical nonstick lining I keep reading about. It is a brilliant pan. As I turn on the heat to crisp the skin on my chicken thighs on the stove top, I can prep the vegetables I will then roast in the same pan. There is a soothing rhythm to this type of cooking, where most of the work is done in the oven. Here, I use jerusalem artichokes, the most delicious of autumn vegetables, parboiled in lemon juice to make them more digestible and then roasted with garlic and onions, until beautifully caramelised, and it’s a marvellous thing to put down on the kitchen table

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From fritters to pizza, there’s more to pumpkin season than soups and carving

G’day! The last time I wrote to you was in the midst of our Australian winter, as the wind tippity-tapped tree-branch morse code on the windows and I tried to summon spring with the might of several tins of summer tomatoes and some inspiration from the Feast recipe archives.Well, allegedly, our spring has sprung, though you wouldn’t be able to tell, seeing as one of the challenges – or joys – of living in Melbourne is that this city’s concept of “seasons” is a little more fluid than most. Blustery winds have kept the trees dancing, wreaking havoc on the darling buds of May – sorry, October – and sending enthusiastically woven “cobwebs” and other Halloween paraphernalia flying.But I can guess which vegetable is going to be on your supermarket shelf, no matter which side of the international date line you are on: pumpkin! This is the time of year when European eaters are reaching for pumpkins to make soups and curries, while many across the Atlantic are mostly just carving them up. So, how to find more things to do with pumpkin than souping or sculpting? It helps to remember that pumpkin is also known as winter squash – and what’s summer squash? Courgettes or, as I say, zucchini

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Benjamina Ebuehi’s recipe for ginger biscuit s’mores | The sweet spot

What’s Bonfire Night without some toasty, gooey marshmallows? And it’s only right to have them in a s’more, the American classic that’s also now part of the festivities over on this side of the pond. Digestive biscuits are typically the go-to, but I like to add extra flavour, depth and texture by using ginger oaty biscuits instead. These are quick to put together and don’t require any chilling. Ideally, the s’mores would be made over a real fire, but a blowtorch or hot grill will do the job, too.Prep 5 min Cook 30 min Makes 9100g unsalted butter 25g honey 130g plain flour 120g caster sugar 45g oats 2 tsp ground ginger ½ tsp bicarbonate of soda ½ tsp salt 9 squares dark chocolate 9 marshmallows Flaky sea saltHeat the oven to 190C (170C fan)/375F/gas 5 and line two oven trays with baking paper