FT News Briefing Gold hasn’t been acting like itself lately
81 snips
Mar 25, 2026 
Robert Armstrong, FT markets commentator behind Unhedged, digs into gold’s strange behavior as a haven asset. Raya Jalabi, FT Middle East correspondent in Beirut, explores Lebanon’s fear of a deeper Israeli push. Also in focus: Arm’s new AI chip with Meta and OpenAI on board, and Volkswagen’s surprising move from cars to missile defence.
AI Snips
Chapters
Transcript
Episode notes
Arm Risks Customer Conflict With Its Own AI Chip
- Arm is shifting from licensing chip designs to making its own AI processor, putting it in direct competition with customers like Google, Nvidia, and Amazon.
- Meta is the lead partner and OpenAI is an early buyer, but analysts expect higher revenue to come with lower gross margins.
Why Gold Stopped Acting Like A Safe Haven
- Gold fell after the Iran war began partly because it was already extremely expensive, so investors treated it less like refuge and more like a winner to trim.
- Robert Armstrong says central-bank buying drove the 2024 surge, then retail piled in, and oil-stressed importers like Turkey may now sell reserves.
Volkswagen May Swap Car Output For Missile Defense
- Volkswagen is discussing switching part of its Osnabrück factory from cars to components for Israel's Iron Dome as auto profits slump and defense demand surges.
- The deal aims to preserve 2,300 jobs at a plant near closure and would mark a major return to weaponry.