Internet Archives - Taking Stock

November 5, 2026November 5, 2026

AI Is Breaking Down the Barriers to Starting a Business

The power of AI empowering business start-ups

Artificial intelligence is beginning to reshape the economics of starting and running a business.

AI is easily accessible

What once required substantial financial investment, specialist skills and a team of employees can increasingly be achieved by an individual with a computer, an internet connection and access to AI tools.

The implications could extend well beyond entrepreneurship, potentially changing productivity, employment, competition and economic growth.

Traditionally, starting a business involved considerable upfront costs. Entrepreneurs needed to invest in staff, premises, marketing, professional services, technology and administration, often before generating their first pound of revenue.

These expenses created significant barriers to entry, particularly for individuals without access to capital or business connections.

AI is changing this economic equation

An individual can now use AI to conduct market research, develop business plans, build websites, write software, produce marketing campaigns, analyse financial information and manage customer enquiries.

Tasks that previously required several employees or expensive external consultants can increasingly be handled by one person at a fraction of the cost.

This has the potential to create a new generation of micro-businesses, independent entrepreneurs and highly productive one-person companies.

Lower operating costs could allow businesses to become profitable with considerably less revenue than was previously necessary.

For the many

The wider economic consequences could be significant. If millions of individuals can establish businesses with relatively little capital, entrepreneurship could become a much more accessible route to generating income and creating employment.

Smaller businesses may also become more competitive, challenging established corporations that have traditionally benefited from economies of scale, larger workforces and greater financial resources.

But first we will have a period of transition and discovery.

Productive

There is also a potentially important productivity dividend. Businesses able to produce more with fewer employees could reduce operating costs, improve margins and increase output.

At a national level, this could contribute to economic growth without requiring the same expansion in the workforce.

For governments struggling with ageing populations, labour shortages and weak productivity, AI could become an increasingly important economic tool.

Saturation

However, there is another side to the equation. As the cost of establishing a business falls, competition will intensify.

Markets could become saturated with similar products and services, while automation may displace certain administrative, creative and professional roles.

The economic benefits will depend partly on whether new businesses and industries create sufficient opportunities to offset employment lost elsewhere.

Access to AI will also matter. If the technology becomes concentrated among a small number of powerful companies, the savings generated by automation may not be distributed evenly.

Nevertheless, AI could represent a significant democratisation of business ownership. The traditional advantages of capital, staffing and infrastructure may become less important, while creativity, commercial judgement and the ability to identify opportunities become increasingly valuable.

The Next Wave

The next wave of business creation may not come from large corporations investing billions, but from individuals using AI to build businesses that previously would have been financially impossible.

AI is not eliminating the risks of entrepreneurship. It is, however, dramatically reducing the cost of trying. That could have profound implications for the future structure of the global economy.

November 4, 2026November 4, 2026

AI: The Next Great Economic Boom – But at What Financial and Economic Cost?

The artificial intelligence revolution continues to dominate financial markets, attracting extraordinary investment from some of the world’s largest technology companies.

Yet beneath the enthusiasm, a growing number of economic, financial and political concerns are emerging. While technology shares have recently staged a recovery, the fundamental questions surrounding the sustainability of the AI investment boom remain unanswered.

The central issue is becoming increasingly difficult to ignore: can the commercial returns from artificial intelligence justify the enormous cost of building the infrastructure required to support it?

An unprecedented investment programme

Microsoft, Amazon, Alphabet, Meta, Oracle and many others are committing hundreds of billions of dollars to data centres, specialist processors and supporting infrastructure. Their ambitions are substantial, with AI expected to transform productivity, business operations, healthcare, manufacturing and countless other industries.

However, the scale of expenditure is creating growing financial pressures. The Bank of England has highlighted the increasing reliance on borrowing to finance AI infrastructure. Morgan Stanley reportedly estimated that global AI-related debt issuance had reached approximately $450 billion by early September 2026, more than double the total for the whole of 2025.

The Bank has also highlighted the growing involvement of private credit and more complicated financing arrangements. These developments raise questions about where the financial risks ultimately sit, particularly if expected commercial returns fail to materialise.

Debt itself is not necessarily a problem. Large companies routinely borrow to finance expansion. The concern is whether the investment will generate sufficient cash flow to service that borrowing while continuing to fund further development.

The returns question

Technology companies are investing on the assumption that AI adoption will eventually produce enormous commercial opportunities. However, the gap between infrastructure expenditure and demonstrable financial returns remains an important consideration.

Data centres are expensive to construct and operate. Specialist chips require continual investment, while electricity, cooling, water and network infrastructure add further costs.

The industry must also contend with rapidly changing technology. Today’s expensive processors and facilities could become less competitive as more efficient systems emerge.

There is also the possibility that investment is running ahead of commercial demand. Businesses are experimenting with AI, but widespread adoption does not automatically translate into sufficient revenue to justify the enormous infrastructure costs.

Investors will increasingly want evidence that AI-related revenues and productivity improvements are keeping pace with capital expenditure.

Chinese competition adds another complication

Competition from China represents another potential challenge.

Chinese developers have demonstrated that increasingly capable AI models can be produced using more cost-efficient approaches. This could put pressure on the pricing structures of American technology companies.

If businesses can access capable AI systems at considerably lower prices, the commercial returns expected by companies investing heavily in infrastructure could be affected.

The AI industry may ultimately become much larger, but that does not guarantee that every company currently investing in it will generate attractive returns.

The political landscape changes

The U.S. midterm elections have introduced another dimension.

Democrats have secured control of both the House of Representatives and the Senate, creating a more challenging political environment for President Trump during the remainder of his term.

Technology companies could face increased scrutiny over data-centre construction, electricity consumption, environmental considerations, water supplies and AI regulation.

There are already disagreements in Washington over who should pay for the additional electricity infrastructure required by data centres. Some lawmakers want technology companies to shoulder more of the cost rather than passing it on to ordinary electricity consumers.

These concerns are particularly relevant in states such as Texas, where substantial AI infrastructure investment is planned.

Greater political scrutiny does not necessarily mean that AI development will stop. However, additional regulation, planning restrictions and infrastructure costs could slow the expansion or reduce the profitability of some projects.

Why is the Nasdaq recovering?

Despite these concerns, technology shares have recently demonstrated considerable resilience.

On 3rd November 2026, the Nasdaq gained approximately 0.83%, supported by a recovery in major AI and semiconductor shares. Nvidia, Broadcom and Micron were among the beneficiaries.

However, this recovery seemed to start ahead of the full midterm election results. Following the Democratic victories, global markets initially reacted negatively, reflecting concerns about potential regulatory changes and the future pace of AI infrastructure investment.

The recovery in technology shares should therefore not be interpreted as evidence that the underlying problems have disappeared.

Investors may be buying following recent declines, taking advantage of lower valuations or closing short positions. Such activity can produce substantial market recoveries without any corresponding improvement in the industry’s financial fundamentals.

A defining moment for investors

The AI revolution could ultimately prove to be one of the most important technological developments in modern economic history. Its potential should not be underestimated.

However, technological success and investment success are not necessarily the same thing.

The companies building the infrastructure must demonstrate that their investments can generate sustainable revenues, adequate cash flow and acceptable returns. Meanwhile, increasing borrowing, competition, resource constraints and political intervention could complicate that process.

For investors, the next stage of the AI story may be less about excitement surrounding technological possibilities and more about financial discipline.

Capital expenditure, debt issuance, free cash flow, AI-related revenues and institutional investment decisions deserve particularly close attention.

The wider economic consequences also matter. If AI delivers the productivity improvements its supporters anticipate, the benefits could extend well beyond the technology sector.

Conversely, if investment expectations become disconnected from commercial reality, the financial consequences could reach credit markets and the wider economy.

The AI revolution may be gathering momentum, but the investment boom financing it is approaching an important test.

The question is no longer simply how transformative AI might become. It is whether the extraordinary sums being committed today can generate sufficient economic value tomorrow.

For investors, that distinction could become increasingly important.

October 26, 2026October 24, 2026

AI buildout faces turmoil as neoclouds struggle under pressure, credit risks rise, and Solidigm withdraws its IPO

The artificial intelligence boom is entering a more challenging phase as mounting financial pressures expose the risks behind the enormous investment in AI infrastructure.

Neocloud providers are facing growing scrutiny, concerns over credit are increasing, and Solidigm’s reported withdrawal of its planned initial public offering (IPO) raises further questions about the market’s appetite for AI-related businesses.

The developments come at a time when technology companies are committing vast sums to data centres, advanced processors, high-speed networking and energy-intensive computing infrastructure.

While demand for AI services continues to attract investment, the cost of building the capacity required to support that demand is becoming increasingly difficult to ignore.

Neoclouds face a tougher environment

Neoclouds are specialist cloud computing companies that provide access to powerful graphics processing units (GPUs) and other hardware needed to develop and operate AI models.

They have emerged as important suppliers to businesses seeking computing capacity without building their own infrastructure.

However, this business model carries considerable financial risks. Data centres require substantial upfront investment, while expensive chips can lose value as technology advances.

Companies must also secure reliable electricity supplies, manage operating costs and maintain high utilisation rates to generate sufficient returns.

Many providers depend on borrowing, equipment financing or long-term customer contracts to fund their expansion. If demand falls short of expectations, or customers delay spending, revenues may prove insufficient to cover debt repayments and other fixed costs.

Credit risks move into focus

The pressure on neoclouds highlights a wider concern: whether the financing behind the AI revolution has become too aggressive.

Investors are increasingly having to distinguish between companies generating sustainable cash flows and those relying on continued funding, optimistic growth forecasts and rising valuations.

Where borrowing has increased rapidly, even a modest deterioration in business conditions could expose weaknesses.

The danger is not necessarily that demand for AI disappears. Rather, investment may have expanded faster than the industry’s ability to generate profits from the infrastructure being constructed.

If lenders become more cautious, refinancing could become more expensive, forcing some businesses to reduce capital expenditure, seek additional equity or sell assets.

Such developments could also affect equipment suppliers, construction companies and other businesses linked to the data-centre boom.

Solidigm adds to investor uncertainty

Solidigm, a data-storage company specialising in solid-state drives and flash memory, has also entered the spotlight following reports that it pulled its planned IPO.

Its position in the AI infrastructure supply chain illustrates how closely the fortunes of technology suppliers are tied to expectations for continued investment.

An abandoned or postponed listing does not, by itself, demonstrate financial distress. However, it can signal that market conditions, valuation expectations or investor demand are not sufficiently favourable to proceed.

OpenAI also made moves to postpone its IPO in September this year.

What does this mean for markets?

The immediate concern is whether the AI industry has invested too much, too quickly, using financing that depends on future profits arriving as expected.

Recent market pressure has extended beyond smaller infrastructure companies into the credit markets of major technology businesses

That does not mean the AI revolution is over. Demand for computing power could continue growing rapidly, and the largest technology companies retain substantial resources.

Nvidia chief executive Jensen Huang has also remained bullish about demand for specialist cloud computing.

Nevertheless, investors are beginning to ask harder questions about profitability, debt and the returns on billions of pounds and dollars being committed to infrastructure.

The next test will come as major technology companies report their financial results and explain how much they intend to spend on AI. If revenues and profits fail to keep pace with investment, markets could reassess valuations across the technology sector.

The central issue is changing: it is no longer simply how quickly AI can grow, but whether the industry can make that growth financially sustainable.

If the answer disappoints, the consequences could extend well beyond AI stocks, affecting lenders, corporate bond markets and the wider Nasdaq.

October 22, 2026

PHP Security Flaw Triggers Global Internet Alert

A critical security flaw in PHP, one of the internet’s most widely used programming languages, has triggered an international cybersecurity response, with website operators scrambling to protect their systems against potential hacking attacks.

The vulnerabilities, disclosed on Wednesday, 21st October, could allow hackers to take control of vulnerable web servers without needing a password or an existing user account.

Security researchers have demonstrated attacks capable of executing malicious code and accessing sensitive information held in server memory.

The potential consequences include stolen data, compromised websites and unauthorised access to systems behind them.

Source: PHP security advisory

PHP used by 70% of websites

PHP operates behind the scenes, powering dynamic websites and applications. It is used extensively by WordPress, Drupal and Joomla, alongside countless business websites, online shops, blogs and public-sector services.

Estimates suggest that PHP is used by around 70% of websites for which the underlying programming language can be identified, making the discovery particularly serious.

Two critical vulnerabilities, identified as CVE-2026-109618 and CVE-2026-109619, have been assigned severity scores of 9.2 out of 10.

Vulnerability

Researchers found that weaknesses in PHP’s handling of memory could potentially enable remote code execution or expose passwords etc.

The immediate impact has already been felt. Government websites and other online services in Europe and elsewhere were temporarily taken offline. Administrators worked to assess their exposure and install security fixes.

Cybersecurity agencies, including Britain’s National Cyber Security Centre, urged organisations to identify vulnerable systems and update them urgently. Where immediate protection was not possible, taking affected systems offline was advised.

Check

PHP developers released emergency updates covering supported versions, but the problem is complicated by older installations. Some no longer receive security support.

Website owners may also rely on hosting companies or third-party software providers to manage the underlying technology.

The discovery has raised another important concern: artificial intelligence is changing the cybersecurity landscape.

Researchers used advanced AI tools to help identify and investigate the vulnerabilities, demonstrating how technology can uncover weaknesses that have remained hidden for years.

However, similar capabilities could help malicious actors develop exploits more quickly. The immediate priority is to patch vulnerable systems before attackers can exploit them at scale.

Although the disclosure does not mean that every PHP-powered website has been hacked, the breadth of the software’s use makes the potential exposure significant.

The incident is a reminder that the internet’s apparent resilience depends on countless interconnected systems being maintained and secured.

A flaw deep inside widely used software can rapidly become a global problem.

August 6, 2026August 8, 2026

SpaceX Stumbles as AI Spending Clouds the IPO Glow

In June 2026 – SpaceX seemed unstoppable. Its long-awaited stock market debut was hailed as one of the biggest public offerings in years, helping lift investor confidence and fuelling another wave of enthusiasm for technology shares.

The company’s arrival on public markets was viewed as confirmation that the AI revolution, combined with space technology, would continue to power the next leg of the bull market.

That optimism has now been tempered.

Sharp fall

SpaceX shares fell sharply after investors reacted to the company’s latest results, with soaring artificial intelligence spending becoming the chief concern.

While management argued that massive investment in AI infrastructure and advanced computing would strengthen the company’s long-term competitive position, many shareholders focused instead on the near-term impact on profits and cash flow.

The sell-off highlights an increasingly familiar dilemma across the technology sector. Investors remain excited by the promise of artificial intelligence, but they are becoming more selective about how much they are willing to finance before seeing meaningful returns.

Massive Investment

Building cutting-edge AI systems requires enormous investment in data centres, specialised chips and energy-hungry computing infrastructure, all of which place pressure on corporate earnings.

Yet despite the decline in SpaceX shares, broader market sentiment has remained remarkably resilient.

Investors have largely shrugged off the weakness, instead turning their attention to fresh AI announcements, semiconductor developments and upbeat economic data.

Focus

The enthusiasm that once surrounded the SpaceX IPO has not disappeared; it has simply migrated elsewhere.

This shifting focus demonstrates just how rapidly today’s markets move. Yesterday’s headline can quickly become today’s footnote as investors chase the next technological breakthrough or market narrative.

From vision to achievement

For SpaceX, the challenge now is clear. Investors have already bought into the vision. The next step is proving that billions spent on artificial intelligence can eventually translate into stronger revenues, higher margins and sustainable shareholder returns.

In today’s market, bold ambition alone is no longer enough. Investors increasingly want evidence that the AI race will deliver profits as well as promises.

August 7, 2024September 12, 2025

China’s rival to Elon Musk’s Starlink internet launches satellites to low Earth orbit

On Tuesday 6th August 2024, China launched its inaugural batch of internet satellites, which are expected to be part of a constellation designed to compete with SpaceX’s Starlink.

The constellation, named “Thousand Sails,” comprises over 15,000 satellites in low-Earth orbit that are anticipated to provide worldwide internet coverage.

China plans to have 648 satellites in orbit by 2025 as part of the first phase of the constellation’s deployment, aiming to establish a global internet network, as reported by state media CCTV.

The satellite system will be in direct competition with Elon Musk’s Starlink.

March 12, 2024September 12, 2025

World Wide Web turns 35 today 12th March 2024

The World Wide Web (WWW), the invention attributed to Tim Berners-Lee while working at CERN, was conceived on 12th March 1989. This makes the World Wide Web 35 years old today.

It is important to recognise that the Web and the Internet are two different entities; the Web is a service that functions via the Internet, a worldwide network of interconnected computer networks. Whereas the Internet is the system.

The first successful communication between a Hypertext Transfer Protocol (HTTP) client and server through the Internet took place in mid-November 1989.

The Web has since evolved significantly, with the release of the first web browser and server, and the development of HTML, CSS, and JavaScript, which have shaped the modern digital experience.

First website

The inaugural website was launched at CERN and became accessible on 20th December 1990. Tim Berners-Lee developed this site to disseminate information about the World Wide Web project. In August 1991, it was made available to the public. Today, it is still possible visit this site, offering an intriguing look into the web’s nascent stages.

The internet

The internet, as we know it today, began to evolve in the mid-20th century. This era, known as the Information Age, Digital Age, or Computer Age, is characterised by a transition from traditional industry to an economy driven by information technology. This shift commenced in the 1940s and 1950s. The invention of the transistor in 1947 and the optical amplifier in 1957 were pivotal developments that propelled the advent of the internet.

The term ‘internet’ commonly denotes the worldwide system of interconnected computer networks that utilize the Internet protocol suite (TCP/IP) to connect devices globally. It is an extensive network comprising private, public, academic, business, and government networks of local to global systems.

ARPANET

Since the ARPANET’s inception, which is the internet’s precursor, the internet has been in existence for over 50 years. The ARPANET was conceived in the late 1960s and became operational in 1969. The internet is approximately 55 years old.

**Art illustration depicting users on the World Wide Web – 35 years old today, 12th March 2024**

The ARPANET, also known as the Advanced Research Projects Agency Network, represented the first wide-area packet-switched network featuring distributed control and was among the earliest to adopt the TCP/IP protocol suite.

These innovations laid the groundwork for what would become the Internet. Initiated by the U.S. Department of Defence’s Advanced Research Projects Agency (ARPA), the primary goal of ARPANET was to connect computers at Pentagon-funded research institutions via telephone lines, facilitating resource sharing and communication across distant computers.

The project commenced in 1966, with the initial computers being connected in 1969. By 1971, the network was operational and underwent rapid expansion. ARPANET was instrumental in introducing several protocols pivotal in today’s Internet communication, including the Network Control Protocol (NCP) and subsequently, TCP/IP.

Following the advent of the wider Internet, which ARPANET played a crucial role in catalyzing, the network was officially decommissioned in 1990.

Happy Birthday WWW and thank you Tim-Burners-Lee (I think)

Let’s see how far artificial intelligence (AI) becomes embedded in the next generation of the World Wide Web and of further internet development. Will the big tech companies of today still be running the AI projects of tomorrow?

September 25, 2023September 12, 2025

Brief history of the internet

The history of the internet is a fascinating story of how various computer networks around the world were interconnected to form a global system of communication and information exchange.

Timeline in brief

1950’s

The origins of the internet can be traced back to the 1950s, when the Cold War between the U.S. and the Soviet Union created a need for a reliable and resilient communication system that could survive a nuclear attack.

1960’s

The idea of a universal network that could connect different computers and users was developed by J. C. R. Licklider at the U.S. Department of Defence’s Advanced Research Projects Agency (ARPA) in the early 1960s.

The first computer network that used packet switching, a technique that breaks data into small blocks and sends them across different routes, was proposed by Paul Baran at the RAND Corporation in 1964, and independently by Donald Davies at the UK’s National Physical Laboratory (NPL) in 1965.

The first operational packet-switched network was the ARPANET, which was launched by ARPA in 1969 with four nodes at UCLA, Stanford, UCSB, and Utah. The ARPANET was designed to allow researchers to share computing resources and data across long distances.

1970’s

The ARPANET adopted the TCP/IP protocol, which was developed by Bob Kahn and Vint Cerf in the 1970s, and enabled different networks to communicate with each other using a common set of rules. This led to the emergence of the internet as a network of networks.

1980’s

The Domain Name System (DNS), which assigns human-readable names to numerical IP addresses, was introduced in 1983 by Paul Mockapetris and Jon Postel. This made it easier for users to access websites and services on the internet.

The first email service on the internet was developed by Ray Tomlinson in 1971, who also introduced the use of the ‘@’ symbol to separate the user name from the host name. Email became one of the most popular applications of the internet.

The World Wide Web, which is a system of interlinked documents and multimedia that can be accessed through a web browser, was invented by Tim Berners-Lee at CERN in 1989. Berners-Lee also created the first web server, web browser, and web page.

1990’s and 2000’s

The first graphical web browser that popularized the use of the web was Mosaic, which was developed by Marc Andreessen and his team at NCSA in 1993. Mosaic later evolved into Netscape Navigator, which competed with Microsoft’s Internet Explorer in the browser wars.

The growth of the internet in the 1990s and early 2000s was driven by various factors, such as the development of home computers, broadband connections, search engines, online platforms, ecommerce, social media, and mobile devices.

The internet has revolutionized many aspects of human society, such as communication, education, entertainment, business, politics, culture, and science.

It has also raised various challenges and issues, such as security, privacy, censorship, digital divide, net neutrality, cybercrime, and cyberwarfare.