Klement on Investing

My latest piece for Reuters is online. I follow in the footsteps of my earlier comments on why I think the business model of AI companies like Anthropic and OpenAI is fundamentally flawed and why

It is the time of year when high school students pay their first visits to US college campuses and decide where to apply. During my time, we didn’t typically visit campuses because in Germany and much of Europe, university was tuition-free and you chose your university based on hearsay and what you wanted to study. Only extremely popular subjects like medicine had a central r...

Businesses everywhere are currently trying to figure out if and how to use AI to improve business processes. But because it is such a new technology, everybody seems to make things up as they go along. Some businesses are trying to be early adopters even though it may bring the risk of wasting significant investments, while others are trying to see what works and then jump on...

Trust in government has sunk to all-time lows across most developed countries. And if it is not at an all-time low, it is close to it. At every election, people kick out the previous government, vote in a new bunch, realise that they aren’t any better, and then the cycle starts again. How can an incoming government break that cycle? To paraphrase Warren Buffett, the answer is...

The massive demand for electricity from data centres is increasingly straining supply. This is particularly a problem in the US, where a lack of investments in the power grid is now increasing the risk of blackouts in those parts of the country where data centre growth is particularly rapid (Texas, Carolinas, Virginia). But one way or another, we all pay for data centres in t...