British pensions are about to bankroll the American tech revolution

cityam06-04 20:36

From SpaceX to Anthropic, America’s next industrial revolution is being powered by British pensions, writes Paul ArmstrongAnthropic’s IPO filing matters less because of Anthropic itself and more ...

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British investors financed vast amounts of American industrial expansion during the nineteenth century, backing railways, ports, mining operations and infrastructure projects that generated returns for London while helping economic power accumulate elsewhere. Similar patterns emerged during the internet era as British institutions benefitted from owning Microsoft, Amazon, Apple, Google and Meta while the highest-value jobs, infrastructure and strategic influence remained firmly rooted in the United States. OpenAI, Anthropic and SpaceX  represent the next version of that story.Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.Supporters will argue that none of this matters. Pension funds exist to maximise returns rather than purs","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4107":"财产与意外伤害保险","BK4117":"多元化保险","AFG":"美国金融集团有限公司"},"translate_title":"英国养老金即将为美国科技革命提供资金","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFG":1.5},"content_text":"From SpaceX to Anthropic, America’s next industrial revolution is being powered by British pensions, writes Paul ArmstrongAnthropic’s IPO filing matters less because of Anthropic itself and more because of who may follow. OpenAI is widely expected to pursue a public listing at some stage. Reports suggest SpaceX has already confidentially filed paperwork of its own. Taken together, three of the most important private companies in the world will become investable within a relatively short period, creating a capital markets event unlike anything seen since the emergence of the commercial internet.Few investors under 40 have experienced anything quite like it. Financial markets occasionally encounter moments when entirely new industries become available to public investors. Railways created one such moment. Electricity created another. Cars, aviation and the internet followed. OpenAI, Anthropic and SpaceX increasingly look less like technology companies and more like the infrastructure layer for the next economic era. Artificial intelligence, satellite communications, autonomous systems, defence technology and advanced computing increasingly meet inside a handful of businesses whose influence already stretches far beyond their balance sheets and increasingly getting them into courtrooms.A lot of the discussion around Britain’s pension reforms has focused on encouraging greater investment into growth assets. Policymakers want pension capital working harder, pension funds need returns and savers need growth. The logic behind those reforms is difficult to dispute. Less attention has been paid to where much of that capital is likely to end up.\n\nBritain participates mainly as an investor rather than as an owner of the underlying ecosystem, and that distinction matters more than it might appear. British investors financed vast amounts of American industrial expansion during the nineteenth century, backing railways, ports, mining operations and infrastructure projects that generated returns for London while helping economic power accumulate elsewhere. Similar patterns emerged during the internet era as British institutions benefitted from owning Microsoft, Amazon, Apple, Google and Meta while the highest-value jobs, infrastructure and strategic influence remained firmly rooted in the United States. OpenAI, Anthropic and SpaceX (and others) represent the next version of that story.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSupporters will argue that none of this matters. Pension funds exist to maximise returns rather than pursue industrial strategy.A retiree in Leeds should not receive lower returns simply because an investment happens to be based in California rather than Cambridge. Pension managers owe their members returns, not national loyalty. Any pension manager who ignored potentially transformational businesses purely because they were American would rightly face scrutiny, but commercial logic isn’t the same thing as national advantage.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2640157066","isCrawlerRequest":true}