PPCC: Pisitófilos Creditófagos. Primavera 2026

[conejo]

"Prohibido compartir vivienda salvo con el cónyuge y los hijos menores de 25 años"
Si esa frase fuera una ley, ¿estaríamos todos de acuerdo en que falta (mucha) oferta?

Nunca será ley obviamente, por su más que difícil encaje en un ordenamiento jurídico democrático.... pero qué bien le haría a este mundo y a este país en concreto que eso fuera ley. Se acabarían las tonterías de una vez por todas y nos quedaríamos maravillados de lo rapidísimo y baratísimo que se puede construír vivienda cuando se quiere. Quedaría todo muy clarito en cuestión de horas desde su entrada en vigor.

El Banco de España y BBVA Research nos dan el mismo dato: faltan 700.000 viviendas... ¿seguro que no le falta un cero a esa cifra? Las proyecciones se basan en datos históricos de 'formación de hogares' y demanda de vivienda. Parafraseando a Rousseau: ¿se asume quizá que los que no piden pan es porque están comiendo pasteles?

Hay 19 millones de viviendas segun el INE y dentro de muy poco los solteros/viudos/divorciados van a superar ampliamente el 40% de la población adulta mayor de 25 años.

Estado civil https://www.ine.es/jaxiT3/Datos.htm?t=4031
Hogares por tamaño https://www.ine.es/jaxi/Datos.htm?path=/t20/p274/serie/prov/p01/l0/&file=01006.px

Mi humilde opinión es que sí falta oferta a la vista de estos datos. Esos números no dan para solucionar el problema de vivienda con el parque actual. Sobre todo falta vivienda de una tipología muy concreta: vivienda pequeña para una persona o pareja sin hijos.

Hoy en día solo encontrar una pareja estable y que tenga un plan de futuro es como jugar a una tragaperras de 10 slots y echar monedas hasta que salgan 10 melones en línea. Y emanciparse y formar una familia ya es como jugar a una tragaperras de 20 slots. Si no se da a las personas una forma sencilla de vivienda para emanciparse el problema se cronifica y la natalidad seguirá bajando porque conseguir todo el 'pack' es aun más difícil sin tener una mínima estabilidad: es la pescadilla que se muerde la cola. Las formas tradicionales de emancipación no van a volver ni quiere nadie que vuelvan.

Ya sabemos que aquí ha habido un problema muy profundo de modelo estructural... pero lo que está quedando para la historia es que la civilización occidental se fue 'atpc' y se convirtió en el hazmerreír del mundo ante su imposibilidad técnica, financiera y organizativa de construír cuartos de baño y cocinas (es solo eso porque en el tema de las habitaciones sí que parece que 'controlamos' la tecnología). De hecho al parecer el problema serían casi solo las cocinas porque, en las grandes ciudades europeas, la diferencia entre vivir de alquiler en una habitación con baño privado o tener también cocina es ya de entre 400 y 700 euros mensuales, ¡la diferencia! Entre 400 y 700 euros al mes por una cocina, así hemos acabado. Parte de la culpa es del precio de los suministros que hacen que vivir solo esté más 'penalizado' que antes y que compartir vivienda sea más óptimo. Pero la mayor parte de la diferencia se debe a la estafa como bien sabemos (y como hecho facilitador de la estafa, la falta de viviendas de cierta tipología, en mi opinión).

Quizá soy muy pesimista pero no veo otra solución que 'dar el tweet' de la estafa, expropiar suelo (con indemnización justa), seminacionalizar la construcción y hacer pisos pequeños. Si con eso no se consigue construir por menos de 1500€/m2 y no se consiguen alquileres de 250-300 euros al mes, mejor nos rendimos y cedemos el paso a otras civilizaciones que sean capaces de superar el enorme reto de construír cocinas.

Otros datos relacionados (GPT):

En España hay alrededor de 2,9 millones de personas viudas (viudos + viudas). La gran mayoría son mujeres: aproximadamente 2,3 millones de viudas frente a unos 0,55 millones de viudos.

En España hay unos 5,4–5,5 millones de hogares unipersonales (personas que viven solas).

Entre las mujeres que viven solas, el grupo más numeroso son las viudas. Datos del INE citados por la UOC indicaban que cerca del 47% de las mujeres que viven solas eran viudas.

Se estima que entre 1,5 y 2 millones de personas viudas viven solas en España, sobre todo mujeres mayores de 70 años.

La vivienda media en España ronda los 90–100 m².

Los hogares unipersonales suelen vivir en viviendas más pequeñas, alrededor de 70–80 m² de media. En Madrid, por ejemplo, los hogares unipersonales estaban en torno a 72 m².

Muchas personas viudas son mayores y permanecen en la vivienda familiar donde vivían en pareja, por lo que sus casas suelen ser más grandes que las de un soltero joven.

Lo más probable es que:

Las personas viudas que viven solas en España estén, de media, en viviendas de aproximadamente 75–90 m².

Una parte importante viva en pisos relativamente grandes para una sola persona, porque continúan en la vivienda adquirida décadas atrás.

El fenómeno es muy desigual:

En zonas rurales y ciudades pequeñas las viudas suelen vivir en casas más grandes;
En Madrid, Barcelona y otras capitales la superficie media baja bastante.

[sudden and sharp]

Ese, y el de los jubilados es el "target" para alquilar habitación a un estudiante.



Sin obligar a nadie, claro está.

[Derby]

https://www.ft.com/content/dc63cb21-afdb-4f0e-8667-86fc89f45a03

JPMorgan looks to offload exposure to $4bn in private equity-linked loans

Largest US bank in discussions over risk transfer as PE firms grapple with prolonged slowdown


JPMorgan’s headquarters in New York. The bank’s discussions about reducing its exposure to NAV loans come as private equity companies have struggled to exit their investments © Olga Ginzburg/FT

JPMorgan is seeking to offload risk tied to more than $4bn in loans to private equity funds as the biggest US bank looks to cut its exposure to an industry grappling with a prolonged slowdown.

The New York-based lender is in talks with investors over a transaction that would allow it to transfer risk tied to so-called net asset value loans backed by private equity fund assets.

JPMorgan’s discussions about reducing its exposure to NAV loans come as private equity companies have struggled to exit their investments. Investors and analysts also fear that portfolio companies, particularly in the software sector, will be disrupted by AI.

JPMorgan was working on a risk transfer that would allow it to retain the NAV loans on its balance sheet while shifting a portion of potential losses to investors, the people familiar with the matter said. The pool of assets includes dozens of loans tied to private equity funds across North America, Europe and the Middle East.

Under the deal, JPMorgan would shift the risk of up to 12.5 per cent of an NAV loan pool worth more than $4bn, one of the people said. The structure would offer investors a low-teens return for absorbing the first loss on the NAV loans. The terms were still under discussion and could change, the people said.

JPMorgan declined to comment.

Japan’s largest lender, Mitsubishi UFJ Financial Group, is also seeking to offload risks tied to loans to listed private credit funds using a risk transfer, the FT previously reported.

Private equity firms have increasingly turned to NAV loans, which are backed by the market value of existing investments in a fund, to return cash to investors or add more financing for growth. Secondary buyers of PE fund stakes also use NAV loans to amplify their returns. 

Many banks rushed to extend NAV loans as they sought to build financing businesses that catered to the world’s biggest private equity managers.

NAV loans are taken by PE firms against an entire fund’s assets and are considered low risk by many lenders because of the diversification of the underlying portfolio. Generally, firms borrow against as much as a quarter of a fund’s assets.

However, the recent lack of exits and fears over technology valuations could put pressure on the returns of PE funds that have relied heavily on such borrowings.

The market for such loans, which sits around $100bn, is expected to grow to $350bn by 2030, according to a May report from AllianceBernstein.

The increased use of NAV loans has come under scrutiny from US and European regulators, which have warned of “leverage over leverage” risks given that the underlying private companies are already carrying heavy debt burdens.

Market participants also worry that using NAV loans to support a fund’s portfolio companies after the formal investment period could artificially inflate its performance.

[Derby]

https://www.tipranks.com/news/ecb-calls-emergency-bank-meeting-after-mythos-ai-uncovers-thousands-of-zero-day-flaws

ECB Calls Emergency Bank Meeting After Mythos AI Uncovers Thousands of Zero-Day Flaws

Story Highlights
*The European Central Bank is sounding the alarm over how Anthropic’s Mythos AI model is exposing cracks in the global banking system.
*Most European banks have no access to the tool, yet the threat is already at their door.​​​​​​​​​​​​​​​​

The European Central Bank (ECB) has called for an urgent meeting with lenders on May 26 over cybersecurity risks exposed by Anthropic’s Mythos model and other AI tools. The regulator warned that AI systems are already revealing weaknesses in banking systems, even as most EU banks still lack access to them. As a result, the ECB is urging all banks in the region to move more quickly to protect their systems.

Anthropic’s Mythos AI model has uncovered thousands of high-severity flaws across major operating systems and web browsers. Last month, the AI firm warned that the fallout for economies, public safety, and national security could be severe. 

The findings prompted the ECB to call for a rare, unscheduled Tuesday meeting. The regulator plans to stress that Mythos and similar AI models have exposed real flaws in banking IT systems.

Frank Elderson, vice-chair of the ECB’s supervisory board, said banks must deploy software updates much faster than current practice allows.

He warned that once a patch is released, hackers can now reverse-engineer the flaw in as little as 30 minutes, making slow fix deployment a major risk.

ECB Flags Access Gap in Mythos Risk Debate

Anthropic has only released its Mythos model to a small group of mostly U.S.-based firms under a program called “Project Glasswing.”

The ECB oversees about 111 of the largest banks in the eurozone. This includes units of major Wall Street banks, such as JPMorgan Chase JPM +1.12% ▲ , which already have access to Mythos. However, most European banks have been denied access to it.

Elderson called the access gap “unfortunate” but said it is a reason for delay, warning that cybercriminals could soon get hold of the tool.

He described the development as game-changing and urged banks to treat it with urgency. Elderson also hopes that the U.S. bank officials attending the meeting will share insights from their Mythos tests.(...)

[pollo]

https://www.tipranks.com/news/ecb-calls-emergency-bank-meeting-after-mythos-ai-uncovers-thousands-of-zero-day-flaws

ECB Calls Emergency Bank Meeting After Mythos AI Uncovers Thousands of Zero-Day Flaws

Story Highlights
*The European Central Bank is sounding the alarm over how Anthropic’s Mythos AI model is exposing cracks in the global banking system.
*Most European banks have no access to the tool, yet the threat is already at their door.​​​​​​​​​​​​​​​​

The European Central Bank (ECB) has called for an urgent meeting with lenders on May 26 over cybersecurity risks exposed by Anthropic’s Mythos model and other AI tools. The regulator warned that AI systems are already revealing weaknesses in banking systems, even as most EU banks still lack access to them. As a result, the ECB is urging all banks in the region to move more quickly to protect their systems.

Anthropic’s Mythos AI model has uncovered thousands of high-severity flaws across major operating systems and web browsers. Last month, the AI firm warned that the fallout for economies, public safety, and national security could be severe. 

The findings prompted the ECB to call for a rare, unscheduled Tuesday meeting. The regulator plans to stress that Mythos and similar AI models have exposed real flaws in banking IT systems.

Frank Elderson, vice-chair of the ECB’s supervisory board, said banks must deploy software updates much faster than current practice allows.

He warned that once a patch is released, hackers can now reverse-engineer the flaw in as little as 30 minutes, making slow fix deployment a major risk.

ECB Flags Access Gap in Mythos Risk Debate

Anthropic has only released its Mythos model to a small group of mostly U.S.-based firms under a program called “Project Glasswing.”

The ECB oversees about 111 of the largest banks in the eurozone. This includes units of major Wall Street banks, such as JPMorgan Chase JPM +1.12% ▲ , which already have access to Mythos. However, most European banks have been denied access to it.

Elderson called the access gap “unfortunate” but said it is a reason for delay, warning that cybercriminals could soon get hold of the tool.

He described the development as game-changing and urged banks to treat it with urgency. Elderson also hopes that the U.S. bank officials attending the meeting will share insights from their Mythos tests.(...)

Ya claro. Ha revleado "miles" de vulnerabilidades críticas, y han tenido tiempo de revisarlas todas. Como las de cURL, que eran cienes y cienes, y al final era UNA, señores, de poca gravedad. Todo el resto eran falsos positivos.

Lo que parece más realista es que el modelo ha empezado a soltar vulnerabilidades por un tubo (porque está hecho para eso) y, obviamente sin revisarlas porque es básicamente imposible, estos hijos de la grandísima puta han vendido la moto (obviamente a directivos y gente que no sabe ni puede saber) de que tienen que gastar tokens YA MISMO URGENTE para reparar todos esos trillones de vulnerabilidades que los pobres humanos inferiores no han sabido ver.

Así que te vendo un falso problema y una falsa solución. Y a pasar por caja porque los CEOs son subnormales y van a tragar hasta la boya, y se fían más de un vendehumos que de la gente altamente cualificada que puedan tener, que obviamente van a ser despedidos porque no valen para nada habiendo modelito mágico que lo arregla todo.

El hostión va a ser inenarrable. Especialmente cuando metan más vulnerabilidades porque los modelos no entienden lo que es eso. Y sobre todo buena suerte buscando o arreglando errores en un código que nadie entiende porque nadie lo ha escrito.

Estamos hablando de bancos. Hay gente que va a perder dinero con esto y podemos ser cualquiera.

Hasta donde yo sé, no se hackean cuentas de bancos excepto por ingeniería social (es decir engañar a gente).

[sudden and sharp]

¿No usan los bancos cobol?




Puede ser una fiesta... 

[asustadísimos]

[¡Está pasando!, señoras, señores.]

[Derby]

https://www.businessinsider.com/uber-coo-andrew-macdonald-ai-token-spending-harder-justify-2026-5

Uber's COO says it's getting harder to justify the money spent on AI tokenmaxxing


Andrew Macdonald said it's getting harder to justify money spent on AI. Sam Barnes/Sportsfile for Collision via Getty Images

A top Uber exec said AI is not giving the company bang for its buck.

In a Rapid Response interview released on Saturday, Uber's operations chief, Andrew Macdonald, said it was becoming harder to justify AI costs within the company.

He said that Uber CTO Praveen Neppalli Naga went viral after telling The Information in an April interview that Uber had already blown through its Claude Code budget for 2026.

The comment led to what he described as a "head-exploding moment," sparking discussions about AI token consumption within the company and the trade-offs it creates, such as on head count.

He said that, based on talks with Uber's senior engineering leaders, he realized higher token usage did not translate into a proportional increase in useful consumer features.

"That link is not there yet, right?" he said. "I think maybe implicitly there is more that is getting shipped, but it's very hard to draw a line between one of those stats and, 'Okay, now we're actually producing 25% more useful consumer features.'"

He said that the trade-off costs from AI are harder to justify because he can't draw a direct link. Earlier this month, CEO Dara Khosrowshahi said in an earnings call that Uber was slowing hiring to counter its investments in AI.

Macdonald added that AI can seem free if you're "just a user sitting there coming up with interesting use cases" without paying for it. But ultimately, the company foots the bill.

While Big Tech is going hard on tokenmaxxing —using AI as much as possible — and evaluating employees by their AI usage, some companies are starting to go the other way.

Duolingo, for instance, walked back its decision to include AI usage in performance reviews after employees asked whether they had to use AI for the sake of using it.

"It felt like, rather than being held accountable for the actual outcome, we were trying to just push something that in some cases did not fit," Duolingo CEO Luis von Ahn said in a podcast interview in April.

[Derby]

https://www.msn.com/en-us/money/savingandinvesting/goldman-sees-wall-street-bracing-for-more-stock-supply-as-ai-trade-crowds-higher/

Goldman sees Wall Street bracing for more stock supply as AI trade crowds higher

Tony Pasquariello, global head of hedge fund coverage at Goldman Sachs, said investors are increasingly focused on whether U.S. equity markets can absorb a growing wave of new stock issuance as IPO activity rebounds and companies continue raising capital.

In a May 22 note to clients after meetings with money managers in Boston and Toronto, Pasquariello said Goldman now forecasts roughly $600 billion in equity supply for 2026, including about $160 billion tied to IPOs.

The figures may appear large in nominal dollar terms, but Pasquariello argued the market backdrop looks far less extreme when issuance is measured as a share of total market capitalization. He compared the current setup with prior surges in issuance during the late-1990s tech bubble, the 2009 financial crisis recapitalizations, the 2020 pandemic financing boom and the 2021 SPAC frenzy.

Goldman’s conclusion is that U.S. markets remain capable of absorbing “high quality assets” despite concerns about investor fatigue.

The outlook matters for investors because a healthy IPO and equity issuance market tends to support dealmaking, private equity exits and broader risk appetite. At the same time, a sharp increase in supply can pressure valuations if demand weakens.

Midterm volatility may be approaching

Pasquariello also said clients repeatedly asked when investors would begin focusing on the 2026 U.S. midterm elections.

Citing Goldman strategist Ben Snider, he noted that U.S. equities historically trade sideways heading into midterm elections while market volatility rises through the summer and peaks around October.

The pattern could complicate the recent rally in risk assets, especially if political uncertainty coincides with elevated interest rates and stretched positioning in technology shares.

Bond yields remain a key risk for stocks

Another major concern among investors is how far Treasury yields can rise before equities begin to struggle.

According to Goldman’s analysis, stocks historically come under pressure when the 10-year Treasury yield (US10Y) rises by roughly two standard deviations within a month. In current market conditions, Pasquariello said that threshold equates to about a 45 basis point jump in nominal yields.

Goldman strategist Ryan Hammond noted markets came close to that level earlier this week.

The relationship between yields and equities has become increasingly important as investors debate whether strong economic growth and AI-driven optimism can offset the drag from higher borrowing costs.

AI positioning continues to crowd into semiconductors

Pasquariello said clients also asked how aggressive investor positioning has become in artificial intelligence beneficiaries, particularly semiconductor companies.

Goldman’s prime brokerage data showed both gross and net exposure to global semiconductor stocks remain elevated as hedge funds and institutional investors continue chasing AI-linked winners.

The concentration reflects how heavily market leadership has narrowed around companies tied to AI infrastructure, chips and data centers.

For investors, the trend presents both opportunity and risk. Strong earnings momentum and spending on AI systems continue to support semiconductor shares, but crowded positioning could leave the sector vulnerable to sharp reversals if growth expectations cool or bond yields rise further.