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AI, Economy & Finance News — 2026-09-23 (Wed)

Daily ReportMorning 06:10 + Evening 18:10 (JST) auto-aggregated

Source links point to the original outlet. The AI Integrated Analysis is auto-generated from the headlines below only and is not intended to add facts beyond them. Not investment advice.

Editions of the day: Daily News (Morning 06:10) / Daily News (Evening 18:10)
This diagram traces AI capital investment through to oversight. Capex surge: Dimon warns spending could hit $1 trillion next year while the OECD lifts growth to 2.9%. Power buildout: 330 GW of data centers are planned, and local politics push back. Productivity gap: economists say a 2.7x productivity rise is needed to break even, even as entry-level hiring shrinks. Market alarm: Panetta warns of a correction and banks warn of shopping-bot fraud. A bypass shows Meta's Muse and PayPal racing payments straight into oversight. A trade framework of Trump-Xi tariff talks and G7 safety-body coordination wraps the picture.
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Daily Report06:10 JST
Source: Google News RSS / central bank and IMF releases / YouTube  ·  Past 12 hours  ·  68 articles
AI 統合分析 / AI INTEGRATED ANALYSIS2026-09-23 (Wed) — Daily Report · 06:10 JST
While AI-related stocks renewing their daily record highs and expanding AI capital investment (expected to reach $1 trillion) are central themes in the market, ECB's Panetta warned of overheating and

AI and Economy Latest News

Overview

While AI-related stocks renewing their daily record highs and expanding AI capital investment (expected to reach $1 trillion) are central themes in the market, ECB's Panetta warned of overheating and correction risks in AI stocks (AMWatch). Ahead of the Trump-Xi summit, tariffs and technology export controls related to AI have emerged as a focus of trade policy.

Macroeconomic/growth trends

There are reports that rising AI optimism is pushing inflation risks to the background (Investing.com). On the other hand, it has been pointed out that crude oil demand and AI-related demand continue to be closely watched for inflation risk (Fox Business). Some analysis suggests that the spread of AI will worsen the estimation accuracy of GDP statistics (The Foundation for American Innovation). In the business world, there is a "backward-looking" debate over the pace of AI implementation, and it is said that there is still a distance between companies' implementation status and frontier technology (Fortune).

Productivity trends

An ILO survey of Chinese companies found that while the introduction of AI will boost productivity, it also raises concerns about employment and skills (ILO, IndexBox). The Philadelphia Fed is examining the impact of introducing AI on small and medium-sized enterprises' business performance (Philadelphia Fed). In Australia, the use of AI is cited as the key to improving productivity (nna.jp). Economist Justin Wolfers has warned of the risk that AI will make workers poorer while OpenAI gets richer (Benzinga).

Trends in employment and labor market

The Dallas Fed has pointed out that AI is contributing to the weakness in the labor market for college graduates (Dallas Fed). Maryland Governor Moore announced a policy framework to protect the state's citizens from AI (Office of Governor Wes Moore). Runway announced DIFFUSE, a recruitment platform for “AI native” creative talent (Runway). Iowa State University seeks $4 million in funding to train AI-enabled talent and reduce tuition costs (The Ames Tribune).

Trends in energy/power demand

Against the backdrop of increasing power demand for AI data centers, plans for a 330 GW data center are underway in the United States, creating new business opportunities for the storage battery industry (Review Energy). On the other hand, there are reports indicating that data centers may be able to secure computing power without increasing power (Fierce Network). The need for local communities to prepare in advance for data center planning has also been pointed out (Data Center Frontier). At Climate Week, hopes for clean energy were contrasted with concerns about AI's increased demand for electricity (Broadband Breakfast).

Remarks by central banks, international organizations, and VIPs

- ECB Director Panetta (former Managing Director, current President of the Bank of Italy): Sounded the alarm on the risk of a correction in stock prices in response to the "violent uptrend" in the AI industry (AMWatch). - An analysis of former Federal Reserve Board member Kevin Warsh's interest rate hike policy has highlighted the "polarized" structure of the U.S. economy between AI and the housing market (Fortune). - Direct statements and actions regarding Lagarde, Ueda, Bailey, Georgieva, Cormann, Banga, Acemoglu, and Brynjolfsson from the list above are not found in this headline.

Trends in corporate capital investment

JPMorgan CEO Jamie Dimon warns that AI infrastructure investment could reach $1 trillion next year (qz.com) and expects AI hyperscalers to spend $1 trillion next year (PYMNTS.com). ASE Technology is said to be considering a $10.5B CapEx plan to capture AI demand (Yahoo Finance). Although the rotation of high-tech stocks is intense, there is a view that the AI capital investment cycle itself is intact (Investing.com). The limits of crowding out due to AI capital investment have also become a point of discussion in the credit market (Seeking Alpha).

Trade and industrial policy

President Trump's UN speech and talks with China focused on tariffs, AI, and energy (WSJ). AI guardrails and tariffs and trade are expected to be key issues at this week's Trump-Xi summit (NDTV Profit, Briefs Finance). A leading Democratic member of the US Senate pointed out that the Trump administration has failed to block China's access to US AI technology (The Hill). Customs authorities are said to be strengthening enforcement efforts using AI in relation to sanctions (TradingView).

Integrated analysis: What is happening now

AI-related capital investment is still in an expansion phase, as evidenced by Mr. Dimon's $1 trillion forecast and ASE Technology's large-scale CapEx plan, but at the same time, there are concerns about overheating of investment, such as Mr. Panetta's stock adjustment warning and crowding-out theory. This expansion in capital investment is directly linked to an increase in electricity demand in the form of a 330 GW data center plan, which will have a ripple effect on power grid development and the storage battery industry, but it has also been pointed out that local communities are lacking in preparation. In terms of productivity, studies in China, Australia, and the United States all confirm that productivity increases due to the introduction of AI, but this does not necessarily lead to improvements in worker wages or employment, a ``dissociation between productivity and distribution,'' as pointed out by Mr. Wolfers and the analysis by the Dallas Fed. Furthermore, in trade policy, ahead of the Trump-Xi meeting, AI technology export regulations and tariffs are being treated in an integrated manner, suggesting that AI is being incorporated into the center of geopolitics and trade strategy, rather than simply a technology competition.

Future points of interest

- How will AI technology export controls and tariff measures take shape as a result of the Trump-Xi summit? - As AI-related stocks continue to trend at high prices, whether the stock correction that Mr. Panetta warned about will actually occur. - Will additional data and analysis be released regarding the causal relationship between the deterioration of the labor market for university graduates and the introduction of AI?

AI and finance latest news

Overview

Expansion of payment and shopping functions by Meta's "Muse" AI agent has sparked alarm from the banking world, with a joint warning of fraud and data privacy risks (Reuters, PYMNTS.com, Mashable). At the same time, Jamie Dimon expressed concerns about the ``$1 trillion'' scale of AI infrastructure investment, and while the Nasdaq hit a new high, there are also speculations that it will fall due to concerns about overheating in AI companies (WSJ, Reuters).

Bank trends

Major banks jointly warn of fraud, fraud, and data privacy risks regarding AI shopping bots (Reuters, Mashable). Banks point out that consumers are not recognizing AI agents as being on their side (PYMNTS.com). Bank of America's stock price reportedly fell on the back of calls for guardrails for AI shopping (Yahoo Finance). Meanwhile, Goldman Sachs has selected and announced AI-related stocks that are attracting attention (Investing.com).

Insurance trends

The insurance industry has begun to provide clarity on AI-related cyber claims (cybersecuritydive.com). In AI-driven underwriting, it has been pointed out that "judgment" rather than the model itself is the real differentiator (beckersoncology.com). An analysis by Insurance Business suggests that employees are becoming busier due to the spread of AI use, and that existing welfare systems are no longer keeping up with the times. AI insurance company MGT expands small commercial insurance coverage in California (Insurance Journal).

Trends in asset management and market transactions

BlackRock believes that competition for capital is intensifying due to the acceleration of AI infrastructure construction (Seeking Alpha). Valour enters the hedge fund space with an AI-driven crypto asset strategy for institutional investors (finance.biggo.com). On the market side, while the Nasdaq closed at a record high due to the rise in AI stocks, there are also reports that US stocks have fallen due to concerns about AI companies and the Federal Reserve (Reuters, WSJ). Analysts (ai-cio.com) say that AI-driven corporate bond issuance is reshaping the corporate bond market, and commentators (MarketWatch) say that AI and Wall Street are undermining "diversified" portfolios.

Fintech/payment trends

PayPal joins Meta's 'Muse' AI checkout ecosystem to expand AI shopping capabilities across its merchant network (Yahoo Finance, PYMNTS.com). Cardano (ADA) entered the AI agent payment field following Solana and XRPL, and was reported to have increased by 6% (CryptoRank). Creatio announces plans to invest $300 million to expand agent AI deployment (fintechfutures.com). It has been pointed out that AI agents are becoming the "first visitors" to websites, and that major payment companies are developing infrastructure for agent-based commerce (USA Today). In Japan, it was reported that Qualcomm has expanded AI payment collaboration with Google and Mastercard (Chosunbiz).

Remarks from key figures and authorities in the financial world

- Jamie Dimon, CEO of JPMorgan Chase, says he expects investment in AI hyperscalers to reach $1 trillion next year (PYMNTS.com). He also said that AI infrastructure investment could reach $1 trillion by 2027, but warned that this could come with "small pains" (Benzinga, qz.com).

Trends in AI-related stocks and funding

AI startup Heidi reportedly raised $340 million in a new round, doubling its valuation to $900 million (bloomberg.com, trendingtopics.eu). Embedded AI startup Paxini has launched its IPO on the mainland (Caixin Global). Recruitment AI startup Spott raises $21M to expand functionality (Staffing Industry Analysts). In Japan, standard price information for eMAXIS Neo AI technology was reported (Yahoo! Finance).

Trends in financial regulation and supervision

Anthropic's initial public offering (IPO) trends were reported (Empower). Finosec announces new module to protect community banks from vendor risk in terms of AI governance (FF News). It has been pointed out that risks remain with complete AI automation in the tax refund field (FinTech Global). There is also discussion of the ``AI advice gap,'' which deals with the challenges when the answer is ``yes'' to advice provided by AI (TechRadar). Ministers said they are working with the G7 to establish an AI safety agency (BNN Bloomberg). In Japan, MVB Bank was reported to have partnered with Cobalt Labs to strengthen AI compliance (Investing.com).

Integrated analysis: What is happening now

The central axis of this information is the rapid expansion of payment and shopping functions by Meta's "Muse" AI agent, which is coupled with PayPal's participation (PYMNTS.com, Yahoo Finance) and the banking world's collective alarm in response (Reuters, Mashable). The development of payment rails is also progressing at the same time on the crypto assets and fintech side, such as Cardano and Creatio (CryptoRank, fintechfutures.com), and it can be seen that the influx of funds and technology into agent-based commerce is occurring in parallel at each layer of banking, insurance, and payments. On the other hand, risks are focused on consumer protection (fraud and data privacy), and the insurance industry has begun to respond by clarifying AI-related cyber claims (cybersecuritydive.com), and the banking industry has begun to respond by calling for guardrails (Yahoo Finance). On the regulatory front, there are moves to establish an AI safety authority at the G7 level (BNN Bloomberg) and the emergence of governance tools for community banks (FF News), and it appears that the network of supervision is expanding from major financial institutions to end-of-life financial institutions. On the market side, Jamie Dimon's warning about the $1 trillion level of AI infrastructure investment (PYMNTS.com, Benzinga), the Nasdaq hitting new highs (Reuters), and the decline due to concerns over overheating of AI companies (WSJ) are occurring at the same time, and it can be said that there is a tug-of-war between the momentum of capital inflows and caution against the risk of overheating.

Future points of interest

- The focus will likely be on how Meta's "Muse" AI agent economic zone (PayPal participation, payment linkage) will respond to bank warnings and how the guardrails will be implemented. - It is necessary to pay close attention to how the realization of the $1 trillion level of AI infrastructure investment mentioned by Jamie Dimon will be related to concerns about market overheating. - Continuous confirmation is required to see how the G7 movement to establish an AI safety agency will affect regulations in the banking, insurance, and asset management industries.

🌐 Macro Economy / Growth5
👷 Jobs / Labor Market5
▶️ AI Videos / Commentary1
🚀 AI Stocks / Funding4
⚖️ Financial Regulation / Supervision3

👥 Watchlist

Christine Lagarde ── ECB President
Kazuo Ueda ── 日本銀行総裁
Andrew Bailey ── Bank of England Governor
Kristalina Georgieva ── IMF Managing Director
Mathias Cormann ── OECD Secretary-General
Ajay Banga ── World Bank President
Daron Acemoglu ── MIT economist / Nobel laureate
Erik Brynjolfsson ── Stanford Digital Economy Lab
Daily Report18:10 JST
Source: Google News RSS / central bank and IMF releases / YouTube  ·  Past 12 hours  ·  73 articles
AI 統合分析 / AI INTEGRATED ANALYSIS2026-09-23 (Wed) — Daily Report · 18:10 JST
The OECD has raised its global growth forecast for 2026 to 2.9%, making it clear that AI investment will offset the impact of the Middle East energy shock (Reuters) (Finimize).

AI and Economy Latest News

Overview

The OECD has raised its global growth forecast for 2026 to 2.9%, making it clear that AI investment will offset the impact of the Middle East energy shock (Reuters) (Finimize). On the other hand, productivity improvements commensurate with AI capital investment (estimated to be 2.7 times necessary) remain unachieved (MIT Technology Review), and on the employment front, the shrinking number of new graduates and entry-level workers and political friction over power and data center construction are progressing at the same time. AI security and tariffs were on the agenda at the Trump-Xi summit, but neither party has any intention of slowing down development (CNBC).

Macroeconomic/growth trends

The OECD raised its 2026 global growth forecast to 2.9%, citing a surge in AI investment as an underpinning factor (Reuters) (finance.biggo.com). The AI boom will offset the Middle East's energy shock for the time being, but the outlook for 2027 remains cloudy (Modern Diplomacy) (Firstpost). Cathie Wood says AI could boost real GDP growth by up to 7% (Benzinga). Goldman Sachs has analyzed that, excluding tariffs and AI statistical distortions, inflation pressures in the US are rather weaker than in other developed countries (finance.biggo.com).

Productivity trends

MIT Technology Review reported that economists estimate that productivity would need to increase 2.7 times to break even on $1 trillion in AI investments. According to ITmedia, 84% of developers feel that AI coding improves their productivity, but there is no established method to measure its effectiveness. Klover.ai and Devdiscourse pointed to the paralysis of choice (Buridan's AI) in the adoption of AI in enterprises and the "productivity paradox" where faster results come at the expense of human motivation. Mirage News reports that while AI is boosting productivity in China, it is also causing job insecurity, and a Fair Play Talks survey found that 60% of workers are concerned that AI will reduce their critical thinking skills.

Trends in employment and labor market

CNBC reported that AI is replacing grunt work, forcing companies to reconsider entry-level hiring. The Chronicle of Higher Education argues that college graduates, who are most vulnerable to the effects of AI, are facing "another great recession." Meanwhile, Newsweek argued that blue-collar workers could be the biggest winners in the AI era, and hcamag reported on expanding wage premiums for graduates with AI-enabled skills. According to Escudo Digital, women still make up only 22% of AI-related jobs.

Trends in energy/power demand

Oracle is investing in large-scale wind power generation in Texas to secure power for AI growth (KTXS). KRICT and SK Innovation partner to jointly develop next-generation coolant for AI data centers (Newswise). AI guardrails and data center construction are at issue in the Wisconsin gubernatorial race (TMJ4 News), and the Los Angeles Times reported on Wall Street's frustration that AI is taking over the climate change debate. The Rider News points to environmental destruction as a cost of AI.

Remarks by central banks, international organizations, and VIPs

As an institution, the OECD raised its forecast for global growth to 2.9% in 2026, identifying rapid growth in AI investment as a factor supporting growth and high energy costs as a downside risk (Finimize) (finance.biggo.com). However, the headline does not clearly state that the statement was made by Secretary General Mathias Cormann personally. No headlines reporting the statements or movements of the tracked individuals Christine Lagarde (ECB), Kazuo Ueda (Bank of Japan), Andrew Bailey (BOE), Kristalina Georgieva (IMF), Ajay Banga (World Bank), Daron Acemoglu, and Erik Brynjolfsson were found this time.

Trends in corporate capital investment

AMD is expanding its AI data center strategy as it approaches a $1 trillion market cap (TradingView). Oracle cuts 546 cloud jobs while AI infrastructure investment reaches $95 billion (Indian Television Dot Com). ZDT will issue an ECB (corporate bond, separate from the European Central Bank) worth USD 800 million to expand its PCB business for AI servers (digitimes). Action Forex pointed out that AI capital investment may be a factor in the rise in silver prices even when the dollar is weak (as a market observation rather than investment advice), and Seeking Alpha discussed the factors behind the persistence of the Taiwanese market beyond the AI controversy.

Trade and industrial policy

AI security was on the agenda at the Trump-Xi summit, but neither party showed any intention to slow down development (CNBC). The talks will focus on tariffs, AI, and Iran (Firstpost). China's Alibaba unveils new high-performance AI chip (Northwest Arkansas Democrat-Gazette). The National (thenationalnews.com) argued that AI's biggest risk lies in geopolitical dependence.

Integrated analysis: What is happening now

The OECD's growth rate hike is based on a structure that incorporates AI capital investment itself as a factor pushing up GDP, but behind the scenes, the MIT Technology Review's estimate that ``productivity will need to be 2.7 times'' suggests that there is a large gap between investment and actual productivity improvements. In the labor market, while the replacement of menial tasks by AI is causing a reduction in entry-level recruitment and a ``employment ice age'' situation for new graduates (CNBC, Chronicle of Higher Education), there is a relative tailwind for blue-collar workers and those with AI-compatible skills (Newsweek, hcamag), and polarization within the labor market appears to be increasing. The physical support of this investment boom is power and data center construction, and while Oracle's wind investment and cooling material development are progressing, friction with climate and local politics is becoming apparent, as seen in the Wisconsin election issue and Wall Street's frustration (LA Times). On the trade front, even though the Trump-Xi meeting brought up AI security, both the US and China show no signs of slowing down on development, and competition continues, as evidenced by Alibaba's announcement of new chips. Overall, while AI capital investment is functioning as a main pillar of macro growth, the issues that support it, such as productivity verification, power supply, and geopolitical stability, remain unresolved.

Future points of interest

- The sustainability of the OECD's upward revision of the growth rate may depend on the extent to which AI capital investment translates into actual productivity improvements (2.7 times the level as indicated by the MIT Technology Review). - The outcome of regional politics surrounding data centers and electricity, such as the Wisconsin gubernatorial election, may affect the pace of AI infrastructure expansion. - The outcome of the specific agreement and conflict regarding AI security and tariffs after the Trump-Xi meeting will be closely watched.

AI and finance latest news

Overview

While the Nasdaq hit a new all-time high, AI-related speculation sent the market into two extremes, with the announcement of the Meta AI agent causing banks, insurance, and travel stocks to plummet (ChartMill, Investing.com). BlackRock has launched a “machine-native money” initiative for AI agents, suggesting a link to Bitcoin demand (BeInCrypto, Cryptonews.net). JPMorgan's stock price fell as a large AI-related transaction faced geopolitical risks (Yahoo Finance).

Bank trends

JPMorgan shares fall 3.8% as $2.6 billion in AI-related deals hit geopolitical forces (Yahoo Finance). A major UK bank has expressed concerns about consumers making purchases via AI agents (Gizmodo). South Korean AI startup Wrtn has selected multiple banks for its IPO in Korea, on the back of rising valuation (Bloomberg). The FT published an essay that echoed Amodei's argument that AI companies need bank-level supervision.

Insurance trends

ACA (which appears to be an insurance company) is said to be intentionally slowing down the introduction of AI in order to keep customer data within the company (Insurance Asia). Soteris has launched an AI tool to identify insurance policies that reduce profitability (contxto.com). McCormick (who appears to be a person or company) has proposed establishing a specialized department for AI (InsuranceNewsNet). Following the announcement of the Meta AI agent, insurance stocks fell sharply along with banking and travel stocks (Investing.com).

Trends in asset management and market transactions

BlackRock noted that AI agents will need “machine-native money” and that Bitcoin could be a means of storing it, and said the potential for AI to boost demand for crypto assets is “underestimated” (BeInCrypto, Cryptonews.net, incrypted). Metris raises $5 million to expand AI platform for renewable energy asset management (ESG Today). At the Future Proof conference, the asset management industry discussed the reality of the AI revolution (InvestmentNews). Nasdaq has hit an all-time high on the back of growing AI enthusiasm, and Palantir is said to be gaining recognition for its "AI sovereignty strategy" (Al Jazeera, Yahoo Finance). CNBC's "Fast Money" discussed sectors that could be hurt by agent-based AI (CNBC).

Fintech/payment trends

Kastle raises $24m in Series A to expand its consumer lending AI agent (FinTech Futures). CellPoint launches AI platform “Zenith AI” and raises USD 34 million (The Paypers). In Japan, Corridor raised $25 million in seed funding from Bain Capital Ventures to streamline insurance intermediation for small and medium-sized businesses using AI (BRIDGE). CMS approved expanded payments for AI technology in CT imaging (Holland & Knight).

Remarks from key figures and authorities in the financial world

Jamie Dimon (JPMorgan Chase CEO) said that AI-related spending could reach $1tn next year due to increased investment by hyperscalers (Tekedia). The head of the UK's central bank has warned that the financial system and global economy are at risk from AI (Gizmodo, name not listed in headline). There are no specific statements in the headline about the other people being tracked (Larry Fink, Jane Fraser, David Solomon, Brian Moynihan, Ted Pick, Ken Griffin, Paul Atkins).

Trends in AI-related stocks and funding

Nvidia-backed AI startup Firmus is said to be aiming to raise $10 billion ahead of its Australian IPO (TradingView via Bloomberg). South Korean AI unicorn Wrtn Technologies collaborates with Mirae Asset, NH for next year's IPO (finance.biggo.com). German AI startup mika has raised €6M to simplify accounting and taxation for small and medium-sized businesses (Tech.eu). Indian AI startup Sol has raised $4M from General Catalyst, Kunal Shah and others (YourStory.com). Israeli legal AI startup Chamelio raises $26m in Series A (Tech in Asia). BullFrog AI Holdings shares rose more than 24% in pre-donation trading (Benzinga).

Trends in financial regulation and supervision

240,000 suspicious money mule accounts closed in UK, banks warn AI shopping bots increase fraud risk (via LinkedIn) US Treasury Secretary Bessent has proposed an AI warning system with China, but trust issues remain (News Radio 1200 WOAI). Nvidia-backed Nscale allegedly embedded its deal with ByteDance in its disclosures for a $35bn IPO (FT). There are no specific official announcements by the SEC, FCA, FSB, or Financial Services Agency in the headlines.

Integrated analysis: What is happening now

As for the market as a whole, expectations for AI are pushing up the Nasdaq, while individual AI developments such as the announcement of Meta's agent cause sharp declines in banking, insurance, and travel stocks, and AI is acting as a factor in market volatility in two ways (ChartMill, Investing.com). Regarding the flow of funds, procurement is becoming more active in application areas such as loans for AI agents (Kastle), insurance intermediation (Corridor), and payment platforms (CellPoint), and at the same time preparations for large-scale IPOs of AI startups (Firmus, Wrtn, Nscale) are progressing. BlackRock's ``machine-native money for AI agents'' initiative shows that AI agents can become the future financial transaction entities, and this is being positioned as a new source of demand for the crypto asset market, including Bitcoin. Three risks have emerged in parallel: (1) increased risk of fraud due to AI shopping bots (Bank of England's warning), (2) lack of supervision of AI companies themselves (FT's Amodei essay), and (3) AI risks to the financial system as a whole (British central bank governor's warning), and the specific responses of regulators are not yet clear in the headlines. Jamie Dimon's $1tn AI Spending Forecast shows that hyperscaler-driven investment growth is a key concern for financial executives.

Future points of interest

- It seems necessary to pay close attention to trends in individual stocks to see if the fallout from Meta's agent-type AI on banking, insurance, and travel stocks expands. - It is possible that attention will be focused on how BlackRock's ``machine-native money'' concept for AI agents will affect actual demand in the crypto asset market such as Bitcoin. - The focus may be on whether regulators come up with specific guidelines in response to the Bank of England's warning of the risk of fraud from AI shopping bots.

🏛️ Central Banks / International Institutions3
▶️ AI Videos / Commentary1

👥 Watchlist

Christine Lagarde ── ECB President
Kazuo Ueda ── 日本銀行総裁
Andrew Bailey ── Bank of England Governor
Kristalina Georgieva ── IMF Managing Director
Mathias Cormann ── OECD Secretary-General
Ajay Banga ── World Bank President
Daron Acemoglu ── MIT economist / Nobel laureate
Erik Brynjolfsson ── Stanford Digital Economy Lab
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