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Pinduoduo in China, Shopee in Southeast Asia, and Meesho in India operate in markets that could hardly be more different -- an upper-middle-income industrial state, a stitched-together archipelago of under-banked economies, and a country where three-quarters of retail is unorganized and e-commerce penetration sits at about 7% -- yet all three have landed on the same business model. These platforms run asset-light marketplaces specializing in cheap goods and slow delivery, monetizing through logistics mark-ups, advertising, and installment credit rather than retail margins. Temu and Shein are further variations now expanding in the U.S. and Europe. The economics are thin. Pinduoduo's EBITDA margins on GMV sit in a 0-4% band; Meesho's group-wide EBITDA hovers around break-even. Neither charges commissions on most sales; both earn through logistics mark-ups and advertising. Sponsored listings account for 1-3% of GMV at Indian marketplaces and 4-5% at Alibaba and Pinduoduo. Credit is the more consequential side business. In India, cash on delivery functions as unofficial credit. Meesho CEO Vidit Aatrey said the customers prefer CoD for its "built-in delay," which effectively makes it "a five-day loan." Geography, income, and regulation were supposed to produce different answers. They produced one: a 3% endgame where e-commerce clips a few points of GMV and relies on attention and credit for profits.

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An attempt to provide vendor-neutral oversight as the agent train barrels on

The Linux Foundation on Tuesday said it has formed the Agentic AI Foundation (AAIF) to provide vendor-neutral oversight for the development of AI agent infrastructure.…

The Pokemon Trading Card Game has quietly transformed into something its creators never intended: a speculative asset class dominated by adults hunting for profit while children struggle to find a single pack on store shelves. The resale market has climbed so high that the latest set, Phantasmal Flames, had a rare Charizard illustration valued at more than $800 before anyone had even pulled one from a pack -- a pack that retails for about $5.3. Ben Thyer, owner of BathTCG in Bath, has watched his shop become a flashpoint. His staff have received threats from customers, and he's heard reports of attacks and robberies at other stores. He stopped selling whole boxes of booster packs and now limits individual pack purchases. On Amazon, customers can only enter raffles for the chance to buy cards at all.The Pokemon Company printed 10.2 billion cards in the year ending March 2025 and still cannot meet demand. The company shared a seven-month-old statement saying it is printing "at maximum capacity." Thyer sees signs of a correction -- prices on singles and sealed products are falling -- but expects renewed frenzy around Pokemon's 30th anniversary in early 2026.

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Microsoft announced on Tuesday its largest-ever investment in Asia -- $17.5 billion over four years starting in 2026 -- to expand cloud and AI infrastructure across India, fund skilling programs, and support ongoing operations in the country. The commitment adds to a $3 billion investment the company announced in January 2025 that is on track to be spent by the end of 2026. A new hyperscale cloud region in Hyderabad is set to go live in mid-2026 and will be Microsoft's largest in India, comprising three availability zones. The company also plans to integrate AI into two government employment platforms -- e-Shram and the National Career Service -- that serve more than 310 million informal workers. Microsoft is doubling its India skilling target to 20 million people by 2030; since January, it has already trained 5.6 million.

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Michael Saylor's software company Strategy, formerly known as MicroStrategy, built a financial model that some observers called an "infinite-money machine" by stockpiling hundreds of thousands of bitcoins and issuing stock and debt to buy more, but that machine appears to be breaking down. The company's stock peaked above $450 in mid-July and ended November at $177.18, a 60% decline. Bitcoin fell only 25% over the same period. The gap between Strategy's market cap and the value of its bitcoin holdings has nearly vanished. At one point last week, the company's market value dipped below the value of its bitcoins after accounting for debt. Strategy announced it had built a $1.4 billion dollar reserve by selling more stock to cover required dividend payments to preferred shareholders over the next twelve months. The company also disclosed it might sell some of its coins if its value continues to fall, a reversal from Saylor's February tweet declaring "Never sell your Bitcoin." Professional short seller Jim Chanos, who had questioned the strategy's sustainability, told Sherwood he made money by shorting the stock and buying bitcoins.

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Satellite silence trips immobilizers, leaving owners stuck

Hundreds of Porsches in Russia were rendered immobile last week, raising speculation of a hack, but the German carmaker tells The Register that its vehicles are secure.…