After an extended break, Bertie returned to the land he cherished, reflecting on the legacy of his beloved Queen—may her soul rest in peace. Consistent as ever, even while enjoying a holiday, Bertie adhered to his ritual of devouring the nation’s leading financial newspaper. With the Labour Party achieving a historic landslide victory, he anticipated jubilant headlines brimming with optimism.
However, he was taken aback to discover that the newly crowned prime minister’s approval rating had plummeted by a jaw-dropping 45% in merely two months. While abrupt political downfalls are not uncommon, the rapidity of this decline was indeed extraordinary.
With a keen analytical mindset, Bertie sought to unravel this intriguing development, so he made his way to a nearby pub, eager to enjoy a pint of ale while discussing current affairs. The young bartender, eager to chat, provided some insight when Bertie expressed his curiosity. “Have you heard our Chancellor of the Exchequer? Gloomy as hell! She blames everything on the opposition and seems to have forgotten she’s no longer in that role. If things are going awry, moaning won’t help—what’s your plan?”
Bertie foreboded, “There must be more to it,” sensing that this wasn’t the sole reason for the dramatic drop. “Oh, there’s more!” the bartender continued, “The prime minister and his spouse have been lavished with gifts—clothes, football match tickets, concert tickets—you name it. Not a good look, mate!” Although this seemed trivial to Bertie, who was accustomed to seeing scandals with heavier ramifications, it nonetheless piqued his interest. “That’s it?” he queried in disbelief. The bartender met his stare and articulated, “It’s tough to uphold your principles when someone else foots the bill for your suit.”
Bertie couldn’t help but chuckle at the bartender’s expression; it seemed everyone in Britain was a walking quotable saying—until he realized the quote was actually lifted from that day’s news headlines.
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What Lies Ahead for AI?
Every day, Bertie is confronted with exuberant discussions regarding how artificial intelligence (AI) will irrevocably transform our world. But he can’t help but notice that, in his own life, AI’s impact has been minimal—primarily limited to enhancing his online search experiences. While Bertie admits to having a somewhat skeptical view of technology, the constant refrain from educated voices claiming AI is the “next big thing” leaves him inclined to believe there’s some truth to it.
During a recent trip to New York City, Bertie posed the question about AI being the “next big thing” to a prominent industry figure. “Sure, it can enhance productivity, but it’s not going to change lives,” the expert summed up. “It turns the world into a large, searchable document and provides answers in any format you desire. Yet, at this moment, that’s about all it does.” The seasoned professional explained that much of the most valuable information remains locked in the vaults of governments and corporations, with those entities inherently hesitant to share.
“Any matter that necessitates legal or compliance approval will always require human oversight,” the executive elaborated. “For instance, why was a specific medication prescribed to a patient? How did a court arrive at its ruling? On what grounds was a loan sanctioned? AI can support these queries but ultimately, a human will have to make the final call.”
This insight caused Bertie to ponder. “So, is this just a rush for chips and data centers, with little value being derived from it?” he asked, genuinely curious.
“I wouldn’t go that far,” the executive corrected him. “It will evolve. AI will improve productivity in specific roles, but let’s be clear—it’s not the golden solution it’s often touted to be.”
A Flourishing Market Landscape
Back in his hometown, Bertie was struck by how his beloved financial paper reported that capital markets were thriving, very much “in the pink.” This buoyant sentiment seemed to extend even to the publications themselves, with buzz surrounding everything from SME listings to initial public offerings (IPOs), qualified institutional placements, and noteworthy block deals. He was intrigued to find multiple pages dedicated solely to IPO advertisements, with various companies expressing heartfelt gratitude to investors for their overwhelming support in recent capital raises.
Also Read | Why history tells us to beware the IPO frenzy
What genuinely captured Bertie’s attention, however, was a public sector bank touting its achievements in completing several large qualified institutional placements (QIPs) over just a few years—three placements, each larger than the previous, all within a short span. While he often heard about the supposedly booming profitability of these public sector banks, their pattern of frequent capital raises perplexed him. This led him to ponder: which shareholders were genuinely being thanked—those of the past, present, or future?
