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   Daily 2026-03-17
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                       All metrics are as of the latest market close.
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                         <td class="s19">
                          S&amp;P 500
                         </td>
                         <td class="s20">
                          1.02% ▲
                         </td>
                         <td class="s21">
                          6,700
                         </td>
                        </tr>
                        <tr>
                         <td class="s19">
                          GOLD
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.80% ▼
                         </td>
                         <td class="s21">
                          $5,021
                         </td>
                        </tr>
                        <tr>
                         <td class="s19">
                          BITCOIN*
                         </td>
                         <td class="s20">
                          1.60% ▲
                         </td>
                         <td class="s21">
                          $73,994
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
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                         <td class="s19">
                          FTSE 100
                         </td>
                         <td class="s20">
                          0.55% ▲
                         </td>
                         <td class="s21">
                          10,318
                         </td>
                        </tr>
                        <tr>
                         <td class="s19">
                          BRENT OIL
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          2.98% ▼
                         </td>
                         <td class="s21">
                          $100.07
                         </td>
                        </tr>
                        <tr>
                         <td class="s19">
                          US BONDS*
                         </td>
                         <td class="s20">
                          0.05% ▼
                         </td>
                         <td class="s21">
                          4.23%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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                     <img alt="Wall Street Fear Gauge Index" class="s10" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F137%252F348%252F982%252FKlp7yZbnLzXjJNpoQ3jOX9rmG%252F8b0ed87c81a65814a0c9c9fc0db464c7adc3094e.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Df5af00440a09de62365206fa75b650f4/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzM3MDA3NzMuNzkxODExfQ:1w2Gaz:fK-MnarnqNeoIyQHwB6FBTPSdEz_QhY46DMjAshcyw0" width="536"/>
                    </td>
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                     <td align="left" class="s26">
                      <div class="s27">
                       <p data-block-key="10zqs">
                        <b>
                         🤖
                        </b>
                        Foxconn posted weaker profit – but the firm’s not too worried about it
                       </p>
                       <p data-block-key="1pi16">
                        🤝 Neocloud Nebius shook hands with Meta on a giant AI infrastructure deal
                       </p>
                       <p data-block-key="dqvg4">
                        <b>
                         🤚
                        </b>
                        Five “Superforecasting” tips for making better investing decisions
                       </p>
                       <p data-block-key="eag99">
                        <b>
                         👇
Keep reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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<![endif]-->
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#204CE9;">
                   <mj-raw>
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                     👀
                    </span>
                    <span class="s17">
                     Today's headlines
                    </span>
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                   <mj-raw>
                    <span class="s30">
                     What Does The Fox Say?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
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                 <td align="center" class="s4">
                  <table border="0" cellpadding="0" cellspacing="0" class="s8" role="presentation">
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                      <a target="_blank">
                       <img alt="What Does The Fox Say?" class="s10" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-150326-Foxconn.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D9685c7554ae379f6addbbf7bd4b0a39d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzM3MDA3NzMuNzkxOTU3Nn0:1w2Gaz:WqxKFj84PNaD7XXm4Sd3nIu3poMLYJhOhi63XCoRmC8" width="568"/>
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                  <div class="s27">
                   <p data-block-key="268js">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="9fi0n">
                    <b>
                     Foxconn
                    </b>
                    just posted some unexpectedly weak results, and that’s got AI-worried investors wondering what
                    <a>
                     <i>
                      exactly
                     </i>
                    </a>
                    it had to say…
                   </p>
                   <p data-block-key="9jbhv">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="10o7r">
                    The world’s biggest contract electronics manufacturer is telling
investors not to read too much into these figures. Foxconn – which made its name as
                    <b>
                     Apple’s
                    </b>
                    go-to iPhone maker, but now spends a lot of time bolting together
                    <b>
                     Nvidia’s
                    </b>
                    AI servers – is still seeing plenty of demand. Sure, it raked in just $1.4 billion in profit last quarter – roughly 2% less than a year ago and well shy of the $1.9 billion analysts were expecting. But that was mostly because of a whopping tax bill. In fact, Foxconn’s sales actually shot 22% higher.
                   </p>
                   <p data-block-key="corv9">
                    ⚠️ Tell that to the world’s doom-fearing investors. The conflict in the Middle East has been driving up the cost of running a global business, with energy and shipping prices skyrocketing. Add that to the fact that a shortage of memory chips is jacking up expenses across the wider consumer electronics industry, and you’d forgive Foxconn’s investors for being a little concerned.
                   </p>
                   <p data-block-key="cqbjj">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="b4km6">
                    <b>
                     <i>
                      The
bigger picture:
                     </i>
                    </b>
                    <i>
                     Next phase AI.
                    </i>
                   </p>
                   <p data-block-key="7n7sg">
                    Big AI models require some equally big spending on data centers and hardware. That’s why companies like
                    <b>
                     Alphabet
                    </b>
                    ,
                    <b>
                     Meta
                    </b>
                    ,
                    <b>
                     Microsoft
                    </b>
                    , and
                    <b>
                     Amazon
                    </b>
                    are planning to shell out $650 billion on data centers this year alone. But that splurge mostly reflects the one-time cost of building and training AI models. The next stage of spending will be on “inference” – getting those AI systems to run inside
real-world products.
                   </p>
                   <p data-block-key="adtji">
                    ▶ Now, inference also requires loads of computing power – but it tends to create steadier, more predictable demand. So even if the data-center building rush slows down, demand for chips and servers could easily stay strong. Just bear in mind that the winners of the current AI phase might fall down the leaderboard in the next one.
                   </p>
                  </div>
                 </td>
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                <tr>
                 <td align="left" class="s4">
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                     Chart Of The Day
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                   <h2 data-block-key="x11bj">
                    <b>
                     How to invest £100 like a VC
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                   <p data-block-key="b0b6t">
                    Most ISAs keep you at arm’s length from where your money actually goes.
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                    That distance can make it hard to feel engaged with your investments or confident you’re really putting your allowance to work.
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                    But with
                    <a>
                     Crowd2Fund
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                    , you can lend directly to
growing UK businesses, bringing you closer to the founders you’re backing while keeping any interest within a tax-efficient wrapper.
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                    You choose specific opportunities, diversify across real-economy companies, and manage everything from a
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                    .
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                    And better yet, you can
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                     get started with just £100
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                     How To Become A Superforecaster And Beat Wall Street At Its Own Game
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                   <p data-block-key="pr7ai">
                    At the start of last year (and the one before it), Wall Street’s crystal-ball gazers expected the stock market to slow way down. But stocks
                    <a>
                     continued to push on
                    </a>
                    with their AI-fueled rally
instead.
                   </p>
                   <p data-block-key="dj5kg">
                    Had you listened to those first warnings, you might’ve missed out on some
                    <a>
                     considerable gains
                    </a>
                    . The index rose 16% in 2025 and
                    <i>
                     23%
                    </i>
                    in 2024.
                   </p>
                   <p data-block-key="8ajoo">
                    And the truth is, the pros have a
                    <a>
                     terrible forecasting record
                    </a>
                    , and you can beat them at their own game by following five steps inspired by Philip Tetlock’s best-selling book
                    <i>
                     Superforecasting
                    </i>
                    .
                   </p>
                   <p data-block-key="9agps">
                    That’s today’s Insight:
                    <a>
                     how to become a superforecaster and beat Wall Street at its own game
                    </a>
                    .
                   </p>
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                    <a>
                     <b>
                      Read or listen to the Insight here
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                   </p>
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                     More Cloud, Please
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                  <div class="s27">
                   <p data-block-key="nyltb">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="4nt7b">
                    <b>
                     Meta
                    </b>
                    just signed a massive AI infrastructure deal with “neocloud” firm
                    <b>
                     Nebius
                    </b>
                    .
                   </p>
                   <p data-block-key="fj00k">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="7km7m">
                    A neocloud might sound like something straight out of The Matrix, but it’s just a company that offers AI-specific cloud infrastructure. Nebius builds data centers and rents out
that computing capacity to firms that don’t want to own all the hardware themselves – like Meta.
                   </p>
                   <p data-block-key="ccajr">
                    ▶ Nebius will supply up to $27 billion worth of data center capacity to the tech giant over five years, starting in 2027. Meta needs the computing muscle Nebius can supply – but it’s also a savvy play to diversify providers.
                   </p>
                   <p data-block-key="1gtlj">
                    ▶ This is one of the biggest contracts that Meta’s ever signed: the firm’s clearly putting its money where its
AI-ambitious mouth is.
                   </p>
                   <p data-block-key="7rrcb">
                    🔺 Investors saw it as a win for Nebius, initially sending the stock up 15%.
                   </p>
                   <p data-block-key="38ur0">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="fme08">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     You got this one, babe?
                    </i>
                   </p>
                   <p data-block-key="fo0u1">
                    Big tech firms are increasingly financing their AI infrastructure spending without putting it on their own balance sheets, using totally separate entities – often joint ventures or special-purpose
companies that just exist for this reason. That shifts the risk onto whoever puts up the money – private credit funds, insurers, or even banks – binding them more tightly to the AI spending boom. So if AI doesn’t bring in enough money, those borrowers may struggle to pay back their loans.
                   </p>
                   <p data-block-key="i4q7">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     Setting up the dominoes.
                    </i>
                   </p>
                   <p data-block-key="eimi6">
                    It’s not just the pushing of debt from one balance sheet to another that has investors
and regulators worried: it’s all the circular financing that’s going on. Just last week,
                    <b>
                     Nvidia
                    </b>
                    announced a $2 billion investment in Nebius – and now, Nebius will likely spend much of that cash buying Nvidia chips to fulfil this Meta contract.
                   </p>
                   <p data-block-key="66gu">
                    ⚠️ The very same firms are acting as each other’s backers, suppliers, and customers all at once – so if one falls, the others will have a hard time keeping upright.
                   </p>
                  </div>
                 </td>
                </tr>
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                 <td align="left" class="s4">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
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             </div>
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              <table border="0" cellpadding="0" cellspacing="0" class="s3" role="presentation" width="100%">
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                 <td align="left" class="s14">
                  <div class="s15">
                   <mj-raw>
                    <span class="s16">
                     ✨
                    </span>
                    <span class="s17">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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              <table border="0" cellpadding="0" cellspacing="0" class="s3" role="presentation" width="100%">
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                  <div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
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                   😬
                   <a>
                    UK Consumer Confidence Hits Its Lowest Point Since January 2025
                   </a>
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                <tr>
                 <td align="left" class="s4">
                  <div class="s33">
                   A Middle East conflict is starting to dent household outlooks, which could cool spending and push the Bank of England to hold off on rate cuts.
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                 </td>
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                <tr>
                 <td align="left" class="s32">
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                   🗼
                   <a>
                    PayPay’s $880 Million US IPO Keeps A Tokyo Listing On The Table
                   </a>
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                 <td align="left" class="s4">
                  <div class="s33">
                   SoftBank-backed PayPay jumped 14% after its New York debut, giving it fresh capital for growth while it weighs a future dual listing in Tokyo.
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                 </td>
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                 <td align="left" class="s32">
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                   🇨🇳
                   <a>
                    China’s Growth Pivot Could Split Winners From Losers
                   </a>
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                 <td align="left" class="s4">
                  <div class="s33">
                   S&amp;P says Beijing’s push for “new productive forces,” steadier funding, shifting non-US ties, and a manageable Iran-oil risk could reshape which sectors earn the best credit outlook — with AI a likely beneficiary.
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                </tr>
               </tbody>
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                   <mj-raw>
                    <span class="s16">
                     🖋️
                    </span>
                    <span class="s17">
                     Quote of the day
                    </span>
                   </mj-raw>
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               </tbody>
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              <table border="0" cellpadding="0" cellspacing="0" class="s3" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s4">
                  <div class="s27">
                   <strong>
                    "Always be a first-rate version of yourself instead of a second-rate version of somebody else."
                   </strong>
                   – Judy Garland (an American actress and singer)
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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                 <td align="left" class="s28">
                  <div class="s15">
                   <mj-raw>
                    <span class="s16">
                     🎯
                    </span>
                    <span class="s17">
                     On Our Radar
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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                   <tbody>
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                     <td align="left" class="s26">
                      <div class="s27">
                       <p data-block-key="aaghi">
                        <b>
                         1. Live from London?
                        </b>
                        It’s Saturday Night, but
                        <a>
                         with spiffier accents
                        </a>
                        .
                       </p>
                       <p data-block-key="28uns">
                        <b>
                         2. “Man camps” aren’t what you think.
                        </b>
                        The
                        <a>
                         new company towns
                        </a>
                        .
                       </p>
                       <p data-block-key="cn8ll">
                        <b>
                         3. How to switch
                        </b>
                        <b>
                         <i>
                          off
                         </i>
                        </b>
                        <b>
                         .
                        </b>
                        It’s called “cognitive shuffling” and
                        <a>
                         it works
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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<![endif]-->
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        </div>
        <!--[if mso | IE]>
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      </tr>
     </tbody>
    </table>
   </div>
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<![endif]-->
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        <!--[if mso | IE]>
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          <tbody>
           <tr>
            <td align="left" class="s4">
             <div class="s27">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Reda
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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<![endif]-->
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      </tr>
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<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
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       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
        <!--[if mso | IE]>
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             <!--[if mso | IE]>
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                <tr>
                 <td align="left" class="s28">
                  <div class="s15">
                   <mj-raw>
                    <span class="s16">
                     💌
                    </span>
                    <span class="s17">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
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         <table border="0" cellpadding="0" cellspacing="0" class="s3" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s34">
             <table border="0" cellpadding="0" cellspacing="0" class="s35" role="presentation">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" class="s36" role="presentation" valign="middle">
                 <a class="s37" target="_blank">
                  <span aria-hidden="true" role="img">
                   🔥
                  </span>
                  Hot stuff
                 </a>
                </td>
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            </td>
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          </tbody>
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        <!--[if mso | IE]>
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         <table border="0" cellpadding="0" cellspacing="0" class="s3" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s34">
             <table border="0" cellpadding="0" cellspacing="0" class="s35" role="presentation">
              <tbody>
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                 <a class="s37" target="_blank">
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                   👍
                  </span>
                  Just alright
                 </a>
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            </td>
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          </tbody>
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          <tbody>
           <tr>
            <td align="center" class="s34">
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