AI demand surged, wealth advisory lost its human touch, and US$60 trillion is preparing to change hands.
Public Markets
Watch out boys, a new AI contender is in town.
Moonshot AI, the China startup behind the newly launched Kimi K3 model, is preparing for a potential Hong Kong IPO within 6 months.
It is finalising a funding round that could value the company above US$30 billion, after annual recurring revenue reached US$300 million in June, up from roughly US$100 million in early March.
Private Markets
Private AI companies are now highly priced.
ElevenLabs, an AI company that creates realistic synthetic voices for audio content, may be valued at US$22 billion in a secondary share sale.
That would make it a decacorn, the second-highest private startup valuation milestone after hectocorn, which includes private companies such as OpenAI.
Wealth
The uncomfortable takeaway: you may be rich, but maybe not rich enough for a human.
AI may be redrawing the wealth management hierarchy, where the ultra-rich get human advisers and everyone else gets algorithms. Even US$1M may not be enough to earn you human advisers now.
Macro
The trade-off: cut rates too soon and inflation lives on, or stay tight and growth weakens.
The IMF sees 2026 growth slowing to 3.0%, below the average 3.5% in 2024 and 2025, while inflation rises from 4.1% in 2025 to 4.7% in 2026.
Life
The money may stay in the family, but the private banker may not.
By 2048, about US$60 trillion may pass from baby boomers to younger heirs.
In partnership with GoAI, we share the stats so you can start sounding smarter at dinner.
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