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Global Tech Stocks Slide as AI Disruption Fears Clash With Massive Spending Plans

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Global software, data and technology stocks fell again on Friday as investors remained uneasy about the disruptive impact of powerful new AI models and the enormous sums Big Tech plans to spend rolling them out. Markets were rattled this week after the launch of a new plug-in from Anthropic’s Claude, amplifying concerns that AI could undermine traditional software and data businesses just as hyperscalers signal capital expenditure of more than $600 billion this year.

Shares of major tech firms and data providers came under renewed pressure. Amazon slid 8% in pre-market trading after revealing hefty investment plans, while European firms such as RELX, Sage, Experian, Capgemini and Wolters Kluwer all posted sharp declines. London Stock Exchange Group also extended losses and was on track for a second consecutive week of steep falls, as the selloff in AI-exposed stocks weighed on broader markets.

The downturn has spilled across global equities, with world shares headed for their worst week since November and the S&P 500 down around 2% for the week. U.S. software and data services companies have lost about $1 trillion in market value since late January, while Indian IT stocks were hit particularly hard, shedding nearly 7% this week. Analysts say investors are increasingly wary of an emerging AI bubble, as strong business performance at tech giants fails to offset fears over ballooning capital investment.

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Bereaved Families Challenge Swiss Probe Over Autopsies After Deadly Bar Fire

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Grieving families of victims killed in a deadly bar fire at the Swiss ski resort of Crans-Montana are protesting what they see as serious failings in the handling of autopsies by local prosecutors. Parents of 17-year-old Trystan Pidoux said they repeatedly requested an autopsy before burying their son, but received no response until medics arrived unexpectedly to take his body on the eve of the funeral, forcing the family to cancel the burial. Only a small number of victims underwent autopsies, and in most cases only after bodies were released, according to sources close to the investigation.

Relatives of several of the 41 victims say the lack of comprehensive autopsies has shaken their confidence in the criminal inquiry into one of Switzerland’s worst modern tragedies. Prosecutors in the Valais canton, who are investigating suspected crimes including negligent homicide, have defended their conduct, saying they are expanding their team and securing evidence. Swiss authorities have urged patience, stressing the independence of the judiciary, even as international scrutiny grows.

Lawyers representing victims’ families say some are now considering requesting exhumations to determine how their loved ones died. Italy, which criticised the Swiss investigation, carried out its own post-mortem examinations on six Italian victims after repatriation. The fire, triggered by sparklers carried inside the bar, spread rapidly and led to deadly crowding at exits, with investigators still examining whether delays in evidence collection may have compromised the case.

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Louvre Says Empress Eugénie’s Crown Can Be Restored After Heist Damage

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The Louvre Museum has said the crown of French Empress Eugénie was left badly crushed but largely intact after it was dropped by thieves during a high-profile jewellery raid last October. Although raiders stole jewels worth an estimated €88 million, they abandoned the diamond-studded crown on their escape route. The museum has now released the first images of the damaged crown, confirming it can be fully restored.

According to the Louvre, the 19th-century gold crown was deformed when thieves attempted to pull it through a narrow hole cut into its glass display case. While one of the eight golden eagles adorning the crown is missing, it still holds all 56 emeralds and all but 10 of its 1,354 diamonds. Museum officials said restoration can be carried out without reconstructing the piece, under the supervision of an expert committee led by Louvre president Laurence des Cars.

The raid took place on 19 October, when thieves used a stolen vehicle-mounted lift to access the Galerie d’Apollon from a balcony near the River Seine. After cutting through a window and threatening guards, the gang broke into two jewellery cases and escaped within four minutes on scooters. Four suspects have been arrested, though authorities say the mastermind remains at large and several other stolen royal jewels have yet to be recovered.

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Italy Grants Police New Preventive Arrest Powers After Turin Riot

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Italy’s government has approved a new law-and-order decree allowing police to temporarily detain suspected troublemakers ahead of street protests, following violent clashes at a rally in Turin. Prime Minister Giorgia Meloni’s right-wing administration said the move aims to prevent unrest after more than 100 police officers were injured and nearly 30 protesters arrested during demonstrations over the weekend.

The decree was adopted as Italy prepares for heightened security surrounding the Milano Cortina Winter Olympics, which open on February 6. Under the new rules, police will be able to hold individuals deemed a risk to public order for up to 12 hours to keep them away from rallies. Meloni said the measures strengthen tools to prevent and combat widespread crime.

The legislation also targets pickpocketing and youth gangs, bans knife sales to minors, and expands self-defence protections for police and civilians. Opposition lawmakers criticised the decree as repressive, warning that preventive detentions undermine the constitutional right to protest. Interior Minister Matteo Piantedosi defended the measures, saying similar powers exist in other European countries.

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Storm Leonardo Triggers Deadly Flooding Across Spain and Portugal

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Storm Leonardo battered Spain and Portugal with torrential rain on Thursday, triggering widespread flooding, fresh evacuation orders and multiple casualties. A man was killed in southern Portugal after his car was swept away by floodwaters, while Spanish rescue teams continued searching for a woman who was dragged into a river as she tried to save her dog, authorities said.

The storm is the latest in a series of severe winter systems to hit the Iberian Peninsula since the start of 2026, causing deaths, property damage and major disruptions. Scientists say flooding across Europe is becoming more frequent as climate change warms the atmosphere, allowing it to hold more moisture. In Spain’s Andalusia region, the mountain village of Grazalema recorded as much rainfall in just 16 hours as Madrid typically sees in an entire year.

Authorities evacuated Grazalema’s roughly 1,500 residents as water flooded homes and surged through steep streets, while two nearby reservoirs were close to overflowing. In Portugal’s Alcacer do Sal, residents waded through waist-deep water after the Sado River burst its banks, submerging shops and restaurants. With another storm expected over the weekend, officials warned that conditions could worsen across the region.

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Fresco Angel Face Scrubbed After Resemblance to Italian PM

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A restored fresco at Rome’s Basilica of St Lawrence in Lucina has sparked controversy after the face of an angel was found to resemble Italian Prime Minister Giorgia Meloni. The artist, Bruno Valentinetti, initially denied the claims but later admitted the likeness, stating it was similar to the original. Vatican authorities reportedly ordered the face to be scrubbed out, and church officials have confirmed it will be properly restored.

The fresco, painted in 2000 and not heritage-protected, is located in a chapel dedicated to Italy’s last king, Umberto II. The cherub in the fresco holds a map of Italy, and the altered image drew a stream of visitors eager to see the controversial work. Rome’s Cardinal Baldassare Reina criticized the incident, emphasizing that sacred art should not be misused or exploited.

The restoration has prompted stricter oversight, with the government agency managing Rome’s cultural sites requiring prior authorization and sketches for any future restoration work. Prime Minister Meloni herself reacted lightly on social media, joking that she was “definitely not like an angel.”

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Italy Thwarts Russian Cyber-Attacks Ahead of Winter Olympics

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Italy has successfully blocked cyber-attacks of Russian origin targeting websites linked to the Winter Olympics, hotels in host town Cortina d’Ampezzo, and foreign ministry facilities, including an embassy in Washington. Italian Foreign Minister Antonio Tajani confirmed the attacks were prevented before the Games officially begin on Friday.

Cortina d’Ampezzo, one of five Olympic host clusters, will stage alpine skiing, biathlon, curling, and sliding events. The attacks were aimed at disrupting digital operations surrounding the Games, but Italy’s cybersecurity measures ensured no critical systems were compromised.

Meanwhile, debates continue over the participation of Russian and Belarusian athletes in international competitions. Although both nations remain excluded from the Olympics, 13 Russian and seven Belarusian competitors have been cleared to compete as neutrals, amid discussions on potential reinstatement for future Games, including the 2028 Olympics in Los Angeles.

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Ukraine Deactivates Russian Starlink Terminals, Disrupting Assaults

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Ukrainian forces have deactivated Starlink internet terminals being used by the Russian military on the battlefield, a move officials described as a major setback for Moscow. The deactivation disrupted Russian assault operations across multiple areas, affecting thousands of terminals that had previously enabled mobile and hard-to-intercept communications.

Ukraine coordinated with SpaceX to block unauthorized use of Starlink by Russian forces and established a “white list” of Ukrainian terminals to ensure uninterrupted service for its own operations. Defence Minister Mykhailo Fedorov confirmed that Russian terminals had already been blocked, with verification ongoing. SpaceX has not officially commented, though Elon Musk indicated prior measures to stop Russian use were effective.

The impact on Russian forces has been severe, according to Ukrainian advisers, with command and communications largely collapsing on the frontlines. Kyiv continues to rely on tens of thousands of Starlink connections for battlefield communication and drone operations, highlighting the strategic importance of satellite-based internet in modern warfare.

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Telegram Founder Durov Slams Spain’s Proposed Social Media Curbs as Censorship

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Telegram founder Pavel Durov has criticised proposed social media restrictions in Spain, saying they amount to censorship and excessive state control. In a message to Telegram users, Durov warned that plans by Prime Minister Pedro Sanchez to restrict access for under-16s and tighten hate speech laws would force platforms to collect user data and remove content to avoid prosecution.

Durov said the proposed legislation, which would criminalise algorithms seen as amplifying harmful content, could allow governments to control what users see online. Calling the measures a step “toward total control,” he accused authorities of using safety concerns as a pretext to silence critics. His remarks echoed criticism from Elon Musk, who has also condemned the Spanish government’s proposals.

Spain’s government defended the plans, arguing they are needed to protect minors and curb misinformation. Sanchez’s office accused Durov of abusing his control over Telegram by sending mass messages to Spanish users and spreading propaganda. The proposals are part of a broader European push to regulate social media, following similar debates in countries such as Britain, France and Greece, and Australia’s recent ban on social media use for children under 16.

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Russian Comedian Jailed for Nearly Six Years Over Joke About War Veteran

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A Russian court has sentenced stand-up comedian Artemy Ostanin to nearly six years in prison for inciting hatred after a joke he made about a war veteran sparked public outrage. Ostanin was handed a jail term of five years and nine months along with a fine of 300,000 roubles, a Reuters reporter said, in one of the latest cases targeting speech deemed offensive to the military during Russia’s war in Ukraine.

The conviction stemmed from a March 2025 performance in which Ostanin joked about a war veteran who had lost his legs to a mine and was using a skateboard to get around, as well as referring to a wheelchair in derogatory terms. A video of the performance later went viral on Telegram after being shared by nationalist groups and military bloggers, who accused the comedian of mocking veterans fighting for the country.

Ostanin was also found guilty of offending the feelings of Christians over a separate joke about Jesus, drawing criticism from Orthodox nationalist organisations. After facing mounting backlash, he attempted to flee Russia but was arrested in Belarus and returned to Moscow to stand trial. Speaking in court after the verdict, Ostanin said he did not accept the ruling, calling the punishment excessive.

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