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Our correspondent watched this week as Ayatollah Ali Khamenei's funeral procession snaked through Karbala, in Iraq. It was more victory parade than traditional lament, with generals occupying pride of place and Iranian flags draping the coffins. Iran, it is clear, is now dominated by military men. They may welcome Donald Trump’s declaration that the ceasefire is over, even if it is bluster.
The rapid spread of new technological infrastructure is usually accompanied by booms in bond markets. The AI frenzy is no different: this year firms such as Nvidia, Meta and Alphabet have issued bond offerings worth billions of dollars. But judging their credit risk is difficult. Some early winners have already turned into losers, then back into winners—and vice versa. | 
