Sliding stockmarkets are one thing. But when the market for Treasury bonds started plummeting as well, America’s financial system suddenly looked very shaky. Within hours Donald Trump paused his punitive tariffs. We explain what caused the instability, and whether it could return. Our cover this week, featuring the man who caused it all, argues that his incoherent trade policy will do lasting damage. 

And AI’s hunger for energy is immense: asking ChatGPT a question uses ten times more energy than an old-fashioned search query. But the sector is more efficient than you might assume, and could even help decarbonise other industries.