Forbes Business
중도 성향
기타
Rising Private Credit Defaults Are Testing Banks And Insurers
The environment that created private credit has reversed: rates are elevated, refinancing is harder, and signs of stress are emerging across the asset class.
🇺🇸 미국 · "STRESS" · 총 74건
필터 보기현재 지수
50.0
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 12,045건을 분석한 결과, 뉴스 심리지수는 50.0(균형)입니다. 긍정 1건(0.0%)·중립 12,043건(100.0%)·부정 1건(0.0%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 19.1(중도 균형)입니다.
The environment that created private credit has reversed: rates are elevated, refinancing is harder, and signs of stress are emerging across the asset class.
The former Biden cabinet secretary and longtime California politician used the appearance to stress his ties to the region, arguing that Valley communities have too often been ignored by state leaders.
President Donald Trump said Sunday that the United States will not “rush” into a nuclear agreement with Iran, stressing that negotiations remain ongoing and that both sides must take the time to “get it right” as talks continue over the future of the Strait of Hormuz and Tehran’s uranium program. “Our relationship with Iran is becoming a much more professional and productive one,” Trump wrote in a social media post. “They must understand, however, that they cannot develop or procure a Nuclear Weapon…
Inflation and high debt levels continue cause financial anxiety for many Americans. Nonprofits can help with debt mangement.
Dr. Andre Cheng and his identical twin Sandre both work at New York’s Long Island Jewish Hospital in Forest Hills fulfilling their dream – and their mother’s dream – as doctors. Their bond comes with a built-in second opinion and a connection that helps in stressful times. NBC’s Hallie Jackson reports in this week’s Sunday Spotlight.
This article is part of Upstream, The Daily Wire’s new home for culture and lifestyle. Real human insight and human stories — from our featured writers to you. *** My trivia team, Post Trebek Stress Disorder, just won the first-ever “Jeopardy!” Bar Trivia League. It might seem like a team made up entirely of former “Jeopardy!” contestants ...
Google tells Ars it fixed the first-gen Chromecast bug.
Global oil markets remain under severe stress as Hormuz disruptions, weak economic data, and tightening inventories reshape energy flows worldwide. Friday, May 22, 2026 In a week of contradicting narratives, the largest ever US inventory drawdown sparked only a minor bullish moment as media reports of some form of negotiations between the US and Iran continue to resonate. With Europe posting its worst macroeconomic numbers since 2023 and the IEA warning of oil markets hitting the ‘red zone’ by July-August, ICE Brent is unlikely to fall…
UPDATE: Link to transcript in the earlier criminal case, and quotes from the transcript, added
Tax season doesn’t have to be stressful. Score 10% off full service expert on federal tax filings and more exclusive TurboTax discount codes on WIRED.
This sponsored article is brought to you by Applied Materials. At pivotal moments in history, progress has required more than individual brilliance. The most consequential breakthroughs — such as those achieved under the Human Genome Project — required a new operating paradigm: Concentrate the world’s best talent around a single mission, establish a common platform, share critical infrastructure, and collapse feedback loops. When stakes are high and timelines are compressed, sequential and siloed innovation simply cannot keep pace. Today’s AI era is creating an engineering race with similar demands. Every company is pushing to deliver higher-performance AI systems, faster. But performance is no longer defined by compute alone. AI workloads are increasingly dominated by the movement of data: In many cases, moving bits consumes as much — or more — energy than compute itself. As a result, reducing energy per bit can extend system‑level performance alongside gains in peak compute. The path to energy‑efficient AI therefore runs through system‑level engineering, spanning three tightly interconnected domains: Logic, where performance per watt depends on efficient transistor switching, low‑loss power, and signal delivery through dense wiring stacks. Memory, where surging bandwidth and capacity demands expose the memory wall, with processor capability advancing faster than memory access. Advanced packaging, where 3D integration, chiplet architectures, and high‑density interconnects bring compute and memory closer together — enabling system designs monolithic scaling can no longer sustain. These domains can no longer be optimized independently. Gains in logic efficiency stall without sufficient memory bandwidth. Advances in memory bandwidth fall short if packaging cannot deliver proximity within thermal and mechanical constraints. Packaging, in turn, is constrained by the precision of both front‑end device fabrication and back‑end integration processes. In the angstrom era, the hardest problems arise at the boundaries — between compute and memory in the package, front‑end and back‑end integration, and the tightly coupled process steps needed for precise 3D fabrication. And it is precisely this boundary‑driven complexity where the traditional innovation model breaks down. The Traditional R&D Workflow Is Too Slow for Angstrom‑Era AI For decades, the semiconductor industry’s R&D model has resembled a relay race. Capabilities are developed in one part of the ecosystem, handed off downstream through integration and manufacturing, evaluated by chip and system designers, and only then fed back for the next iteration. That model worked when progress was dominated by relatively modular steps that could be scaled independently and simply dropped into the manufacturing flow. But the AI timeline has upended these rules. At angstrom‑scale dimensions, the physics enforces inescapable coupling across the entire stack: materials choices shape integration schemes; integration defines design rules; design rules dictate power delivery; wiring sets thermal budgets; and thermals ultimately constrain packaging scaling. System architects simply cannot wait 10–15 years for each major semiconductor technology inflection to mature. Representing a roughly $5 billion investment, EPIC is the largest commitment to advanced semiconductor equipment R&D in U.S. history. A long‑term perspective is essential to align materials innovation with emerging device architectures — and to develop the tools and processes required to integrate both with manufacturable precision. At Applied Materials, together with our customers, we are charting a course across the next 3–4 generations, extending as far as 10 years down the roadmap. The angstrom era demands that we break down silos and bring together the industry’s best minds — from leading companies to leading academic institutions. If the problem is coupled, the solution must be coupled. If the timeline is compressed, the learning loop must be compressed. It’s not enough to just innovate — we must innovate how we innovate. EPIC: A Center and Platform for High‑Velocity Co‑Innovation This is the challenge that Applied Materials EPIC Center is designed to solve. Representing a roughly US $5 billion investment, EPIC is the largest commitment to advanced semiconductor equipment R&D in U.S. history. When it opens in 2026, it will deliver state‑of‑the‑art cleanroom capabilities built from the ground up to shorten the path from early‑stage research to full‑scale manufacturing. But the facilities are only one component of the model. EPIC is also a platform, an operating system for high-velocity co‑innovation that revolutionizes how ideas move from the lab to the fab. EPIC is a platform, an operating system for high-velocity co‑innovation that revolutionizes how ideas move from the lab to the fab.Applied Materials The EPIC model compresses the traditional workflow. Customer engineers work side‑by‑side with Applied technologists from day one — moving beyond isolated process optimization and downstream handoffs. Within a shared, secure environment, EPIC tightly integrates atomistic modeling, test vehicles, process development, validation, and metrology feedback. Constraints that once surfaced late in development are identified and addressed early. The result is a potentially 2x faster path that benefits the entire ecosystem under one roof: Chipmakers gain earlier access to Applied’s R&D portfolio, faster learning cycles, and accelerated transfer of next‑generation technologies into high‑volume manufacturing. Ecosystem partners gain earlier access to advanced manufacturing technology and collaboration opportunities that expand what is possible through materials innovation. Academic institutions gain opportunities to strengthen the lab‑to‑fab pipeline and help develop future semiconductor talent. Building on decades of co‑development, we are reinventing the innovation pipeline with our partners across logic, memory, and advanced packaging to deliver the next leap in energy‑efficient AI. Accelerating Advanced Logic Logic remains the engine of AI compute. In the angstrom era, however, system‑level gains are increasingly constrained by power and energy. Extending AI performance now depends on architectures that deliver more performance per watt — accelerating the move to 3D devices such as gate‑all‑around (GAA) transistors, which boost density within a compact footprint while preserving power efficiency. Architectures that deliver more performance per watt are accelerating the move to 3D devices such as gate‑all‑around (GAA) transistors, and further out, complementary FETs (CFETs), which push density scaling even more.Applied Materials These architectural shifts are unfolding at unprecedented scale, with the logic roadmap already extending beyond first‑generation GAA toward more advanced designs. One key example is GAA with backside power delivery, which relocates thick power lines to the backside of the wafer, reducing resistive losses and freeing front‑side routing for tighter logic cell integration. Another example brings adjacent GAA PMOS and NMOS transistors closer together while inserting a dielectric isolation wall between them to minimize electrical interference. Further out, complementary FETs (CFETs) push density scaling even more by stacking PMOS and NMOS devices directly atop one another. While these architectures deliver compelling gains in performance per watt and logic density without relying solely on tighter lithography, they significantly raise integration complexity. Manufacturing a single GAA device today can involve more than 2,000 tightly interdependent process steps. At the same time, wiring stacks continue to grow taller and denser to connect these advanced logic devices. Modern leading‑edge GPUs now in development pack more than 300 billion transistors into an area little larger than a postage stamp, interconnected by over 2,000 miles of wiring. Modern leading‑edge GPUs now in development pack more than 300 billion transistors into an area little larger than a postage stamp, interconnected by over 2,000 miles of wiring.Applied Materials At this level of complexity, the process steps used to create these precise 3D devices and wiring stacks cannot be optimized independently. Design and process must evolve in lockstep, and materials innovation and fabrication methods must advance alongside device architecture. EPIC’s co‑innovation model is designed to accelerate exactly this convergence — enabling logic compute to continue advancing the frontiers of AI at the pace the roadmap demands. Powering the Memory Roadmap At the same time, the AI computing era is fundamentally reshaping how data is generated, moved, and processed — making memory technologies, especially DRAM, central to delivering the energy‑efficient performance AI systems require. As models grow larger and more data‑hungry, the DRAM roadmap is shifting toward architectures that deliver higher density, greater bandwidth, and faster access per watt. At the DRAM cell level, AI performance requirements are driving a transition from 6F² buried‑channel array transistors (BCAT) to more compact 4F², and beyond that, architectures that move past what 2D scaling alone can deliver. Applied Materials At the DRAM cell level, this shift is driving a transition from 6F² buried‑channel array transistors (BCAT) to more compact 4F² architectures, which orient the transistor vertically to boost density and reduce chip area. Looking beyond 4F², sustaining gains in performance per watt will require moving past what 2D scaling alone can deliver. The industry is therefore turning to 3D DRAM, stacking memory cells vertically to add capacity within a constrained footprint. As these structures grow taller and aspect ratios intensify, high-mobility materials engineering in three dimensions becomes increasingly critical to performance and reliability. Beyond the memory cell array, another powerful lever for DRAM scaling is shrinking the peripheral circuitry, which includes logic transistors and interconnect wiring. One emerging approach places select periphery functions beneath the DRAM array by bonding two wafers — one optimized for the DRAM cells and the other for CMOS logic — using multiple wiring layers. Beyond the memory cell array, another powerful lever for DRAM scaling is shrinking the peripheral circuitry, which includes logic transistors and interconnect wiring.Applied Materials In parallel, DRAM performance is being extended by leveraging logic‑proven enhancers in the memory periphery. These include mobility boosters such as embedded silicon germanium and stress films, along with wiring upgrades like improved low‑k dielectrics and advanced copper interconnects. Memory manufacturers are also transitioning periphery transistors from planar devices to FinFET architectures, following the logic roadmap to further improve I/O speed. These valuable inflections are central to EPIC’s mission — where they can be co-developed and rapidly validated for next‑generation memory systems. Driving System Scaling With Advanced Packaging As data movement becomes the dominant energy cost in AI systems, advanced packaging has emerged as a critical lever for improving system‑level efficiency—shortening interconnect distances, increasing bandwidth density, and reducing the power required to move data between logic and memory. The rise of 3D packages such as high‑bandwidth memory (HBM) underscores why advanced packaging is becoming central to the AI era.Applied Materials High‑bandwidth memory (HBM) marks a major inflection along this path. By stacking DRAM dies — scaling to 16 layers and beyond — and placing memory much closer to the processor, HBM enables rapid access to ever‑larger working datasets. This delivers step‑function gains in both bandwidth and energy efficiency. More broadly, the rise of 3D packages such as HBM underscores why advanced packaging is becoming central to the AI era. Packaging now addresses system‑level constraints that logic and memory device scaling alone can no longer overcome. It also enables a move away from monolithic systems‑on‑chip toward chiplet‑based architectures, as AI workloads increasingly demand flexible designs that combine logic, memory, and specialized accelerators optimized for specific tasks. A vital technology powering this roadmap is hybrid bonding. With interconnect pitches approaching those of on‑chip wiring, conventional bumps and microbumps run into fundamental limits in density, power, and signal integrity. Hybrid bonding removes these barriers by allowing dramatically higher interconnect and I/O density, supporting a broad range of chiplet architectures — from memory stacking to tighter compute‑memory integration. EPIC tackles high‑value advanced‑packaging challenges through early, parallel co‑innovation across materials, integration, and manufacturing.Applied Materials As bonded structures like HBM stacks grow larger and more complex, warpage control, die placement, stack alignment, and thermal management become first‑order challenges. EPIC tackles these and other high‑value advanced‑packaging challenges through early, parallel co‑innovation across materials, integration, and manufacturing. Bringing It All Together Across logic, memory, and advanced packaging, our industry faces an ambitious roadmap that promises significant gains in energy efficiency for AI systems. But realizing that potential demands breakthrough materials innovation at a time when feature sizes are shrinking, interfaces are multiplying, and process interdependencies are escalating. These challenges cannot be solved on 10–15‑year timelines under the traditional relay‑race model. We must break down silos, align earlier across the ecosystem, and parallelize learning to keep pace with AI’s demands. In the AI era, progress will be defined by the speed at which lightbulb moments turn into manufacturing and commercialization reality. The only viable path forward is a new innovation model — and EPIC is how we are driving it.
This sponsored article is brought to you by Ampace. As AI workloads grow to gigascale levels, the global data center industry has hit a hidden physical wall. The real bottleneck is no longer just the thermal limit of the chip or the capacity of the cooling system — it is the dynamic resilience of the power chain. Modern AI computing clusters, driven by massive GPU clusters, generate high-frequency, abrupt, and synchronized spikey pulse loads. As rack densities soar beyond 100 kW, these fluctuations are amplified into a “power paradox”: while the digital logic of AI is moving faster than ever, the physical infrastructure supporting it remains tethered to legacy response capabilities. The power usage of these gigascale sites and their drastic, high frequency, abrupt load surges from the AI GPU clusters can trigger transient voltage events and frequency instability, risking the entire local grid. The grid itself is not robust enough to support these loads. This leads to the infrastructure gap: The utility is not robust enough and traditional backup sources, such as diesel generators and gas turbines, simply cannot react to millisecond-level power spikes in output. This will often force operators into a cycle of costly infrastructure over sizing just to buffer the volatility. AI infrastructure requires energy systems capable of instantaneous response while safeguarding continuity and reliability. The industry has explored various mitigations — from rack-level BBUs to 800V DC architectures — yet the mature, high volume, traditional UPS system remains the most viable and scalable foundation for gigawatt-level facilities. Consequently, the UPS-integrated battery system has emerged as the critical “physical buffer” to neutralize these pulses at the source. At Data Center World 2026 in Washington, D.C., Ampace led a pivotal technical dialogue with Eaton during the session “Powering Giga-scale AI.” Their exchange unveiled a fundamental paradigm shift: To bridge the AI power gap, energy storage must evolve from a passive insurance policy into an active, high-speed stabilizer. By aligning Ampace’s semi-solid-state battery innovation with Eaton’s proven system intelligence, we are moving beyond simple backup to solve the physical paradox of the AI era. To move beyond simple backup and solve the physical paradox of the AI era, Ampace is aligning its semi-solid-state battery innovation with Eaton’s proven system intelligence.Ampace The “Shock Absorber” physics: semi-solid chemistry for AI pulses Conventional power systems were designed for steady-state loads, not the rapid heartbeat of a massive AI GPU cluster. When thousands of GPUs synchronize their computing cycles, they generate high-frequency, abrupt pulse loads that can lead to voltage sags, frequency oscillations, and potential interruptions of critical AI training. Ampace’s PU Series semi-solid and low-electrolyte cells address this challenge by acting as high-speed “shock absorbers.” Leveraging ultra-low internal resistance (DCR) and high cycle capability, these batteries neutralize millisecond-level power spikes at the source, stabilizing the local power loop before disturbances propagate upstream to the grid or on-site generators. These high-rate cells enable 100 kW+ racks to maintain peak performance without transmitting instability across the power chain. This capability aligns closely with Eaton’s matured UPS architectures, such as double-conversion topologies and advanced power electronics upgrades, which have long prioritized rapid load responsiveness and high system stability. Together, these approaches embody a shared industry philosophy: AI infrastructure requires energy systems capable of instantaneous response while safeguarding continuity and reliability. Ampace’s semi-solid state chemistry minimizes liquid electrolyte, greatly reducing the risk of leakage and thermal runaway under continuous AI high-load conditions.Ampace Algorithmic intelligence: synchronizing energy and control Hardware alone cannot solve the AI power paradox; the system also requires intelligent coordination between energy storage and power management. Sophisticated battery management systems (BMS) like Ampace’s high-precision design track state-of-charge (SOC) with high-speed sampling, even during rapid, shallow cycling typical in AI workloads. Complementary algorithmic approaches in modern UPS platforms — such as ramp-rate control and average power management — effectively suppress sub-synchronous oscillations and optimize load smoothing. In large-scale AI training environments, where thousands of GPUs can trigger millisecond-level power pulses, these intelligent layers ensure that batteries buffer high-frequency fluctuations without compromising the mandatory emergency backup reserves. By transforming energy storage from passive “standby insurance” into active, schedulable assets, the system simultaneously safeguards continuous AI training and maintains the long-term health of the data center infrastructure. In practical terms, this means that even during peak compute bursts, the infrastructure remains stable, training cycles continue uninterrupted, and operators avoid costly oversizing or grid stress. Eaton’s dual-layer algorithms serve as a valuable benchmark in this space, demonstrating how advanced control logic can achieve similar objectives, reinforcing Ampace’s approach and philosophy within the broader data center power ecosystem. Economic scalability: optimizing AI infrastructure efficiently One of the largest costs in deploying AI infrastructure is “oversizing”: procuring transformers, generators, and UPS systems to handle brief peak spikes. This traditional approach inflates the Total Cost of Ownership (TCO) and leads to wasted capital on underutilized hardware. Ampace’s turn-key cabinet design developed by its independent R&D is engineered for seamless compatibility with mature, high volume UPS systems. By leveraging Eaton’s double-conversion UPS topologies alongside intelligent ramp-rate and average power management algorithms, AI data centers can scale dynamically without requiring costly infrastructure redesigns. This approach allows the UPS and batteries to act as active load-shapers, smoothing AI-driven pulses while strictly maintaining mandatory emergency backup capacity. By utilizing energy storage as an active, schedulable asset, operators can right-size their infrastructure, avoid unnecessary grid upgrades, and deploy gigascale AI clusters with unprecedented efficiency. Safety First: Protecting AI Infrastructure While Enabling Innovation In high-density AI facilities, safety is non-negotiable. Ampace’s semi-solid state chemistry minimizes liquid electrolyte, greatly reducing the risk of leakage and thermal runaway under continuous AI high-load conditions. Ampace’s turn-key cabinet design developed by its independent R&D is engineered for seamless compatibility with mature, high volume UPS systems. Ampace At the same time, Eaton’s UPS design emphasizes system-level energy scheduling that never sacrifices mandatory emergency backup reserves, ensuring thermal safety and uninterrupted operation. This “safety-first” approach ensures that infrastructure can sustain aggressive performance targets without compromising the physical integrity of the facility. Coupled with over a decade of proven high-cycle life operation and design under shallow pulse conditions, these systems can extend operational lifespan, reduce replacement requirements, and provide operators with confidence that safety and reliability remain uncompromised as compute density continues to grow. To remain the scalable backbone of AI data centers As AI computing scales over the next two to three years, the industry will face stricter grid requirements and even more demanding pulse load characteristics. This evolution demands a forward-looking design philosophy that harmonizes UPS, battery, and grid compatibility. Ampace views current low-electrolyte semi-solid technologies as the optimal transitional step toward a fully solid-state future — one that promises ultimate safety and performance. Ampace remains committed to this long-term technological roadmap. We view current low-electrolyte semi-solid technologies as the optimal transitional step toward a fully solid-state future — one that promises ultimate safety and performance. Whether through rack-level BBU, integrated UPS systems, or containerized storage, the universal core of the AI era remains constant: high-speed response, long shallow-cycle life, and refined energy management. By engaging in deep technical exchanges with Eaton and leading energy innovators, Ampace ensures that its solutions not only meet today’s AI pulse challenges but also harmonize with broader infrastructure strategies and shared industry best practices. Ultimately, as traditional diesel generators gradually give way to diversified alternatives, the integrated UPS-plus-energy-storage system will become the fundamental infrastructure standard. The dialogue has just begun. Ampace will continue to engage in strategic exchanges with global industrial automation leaders and digital energy pioneers, co-authoring the playbook for a safer, more efficient, and more resilient AI-ready world.
One number buried in the Pentagon’s Fiscal Year 2027 budget request reveals a decade of acquisition decisions in a data point: The U.S. Navy is requesting 785 Tomahawk cruise missiles. In 2025, Congress funded 55. That 1,200 percent jump is the cost of choices never stress-tested against the scenario unfolding today — a sustained air campaign against Iran while China watches the magazine drain.As a legislative fellow on the Hill, I watch acquisition reform proposals grind through the legislative machinery every day. A proposal usually arrives with a clean rationale: streamline this contracting mechanism, expand multi-year purchasing authority for this The post Acquisition Reform Needs Its Own Wargame appeared first on War on the Rocks.
The Fed will stop shrinking its $7 trillion balance sheet in December, but Powell stressed it’s a pause in quantitative tightening, rather than a new phase of easing.