Business
Tech billionaires seem to be doom prepping. Should we be worried?
Zoe KleinmanTechnology editor
BBCMark Zuckerberg is said to have started work on Koolau Ranch, his sprawling 1,400-acre compound on the Hawaiian island of Kauai, as far back as 2014.
It is set to include a shelter, complete with its own energy and food supplies, though the carpenters and electricians working on the site were banned from talking about it by non-disclosure agreements, according to a report by Wired magazine.
A six-foot wall blocked the project from view of a nearby road.
Asked last year if he was creating a doomsday bunker, the Facebook founder gave a flat “no”. The underground space spanning some 5,000 square feet is, he explained, “just like a little shelter, it’s like a basement”.
That hasn’t stopped the speculation – likewise about his decision to buy 11 properties in the Crescent Park neighbourhood of Palo Alto in California, apparently adding a 7,000 square feet underground space beneath.
Bloomberg via Getty ImagesThough his building permits refer to basements, according to the New York Times, some of his neighbours call it a bunker. Or a billionaire’s bat cave.
Then there is the speculation around other tech leaders, some of whom appear to have been busy buying up chunks of land with underground spaces, ripe for conversion into multi-million pound luxury bunkers.
Reid Hoffman, the co-founder of LinkedIn, has talked about “apocalypse insurance”. This is something about half of the super-wealthy have, he has previously claimed, with New Zealand a popular destination for homes.
So, could they really be preparing for war, the effects of climate change, or some other catastrophic event the rest of us have yet to know about?
Getty Images NewsIn the last few years, the advancement of artificial intelligence (AI) has only added to that list of potential existential woes. Many are deeply worried at the sheer speed of the progression.
Ilya Sutskever, chief scientist and a co-founder of Open AI, is reported to be one of them.
By mid-2023, the San Francisco-based firm had released ChatGPT – the chatbot now used by hundreds of millions of people across the world – and they were working fast on updates.
But by that summer, Mr Sutskever was becoming increasingly convinced that computer scientists were on the brink of developing artificial general intelligence (AGI) – the point at which machines match human intelligence – according to a book by journalist Karen Hao.
In a meeting, Mr Sutskever suggested to colleagues that they should dig an underground shelter for the company’s top scientists before such a powerful technology was released on the world, Ms Hao reports.
AFP via Getty Images“We’re definitely going to build a bunker before we release AGI,” he’s widely reported to have said, though it’s unclear who he meant by “we”.
It sheds light on a strange fact: many leading computer scientists and tech leaders, some of whom are working hard to develop a hugely intelligent form of AI, also seem deeply afraid of what it could one day do.
So when exactly – if ever – will AGI arrive? And could it really prove transformational enough to make ordinary people afraid?
An arrival ‘sooner than we think’
Tech leaders have claimed that AGI is imminent. OpenAI boss Sam Altman said in December 2024 that it will come “sooner than most people in the world think”.
Sir Demis Hassabis, the co-founder of DeepMind, has predicted in the next five to ten years, while Anthropic founder Dario Amodei wrote last year that his preferred term – “powerful AI” – could be with us as early as 2026.
Others are dubious. “They move the goalposts all the time,” says Dame Wendy Hall, professor of computer science at Southampton University. “It depends who you talk to.” We are on the phone but I can almost hear the eye-roll.
“The scientific community says AI technology is amazing,” she adds, “but it’s nowhere near human intelligence.”
There would need to be a number of “fundamental breakthroughs” first, agrees Babak Hodjat, chief technology officer of the tech firm Cognizant.
What’s more, it’s unlikely to arrive as a single moment. Rather, AI is a rapidly advancing technology, it’s on a journey and there are many companies around the world racing to develop their own versions of it.
But one reason the idea excites some in Silicon Valley is that it’s thought to be a pre-cursor to something even more advanced: ASI, or artificial super intelligence – tech that surpasses human intelligence.
It was back in 1958 that the concept of “the singularity” was attributed posthumously to Hungarian-born mathematician John von Neumann. It refers to the moment when computer intelligence advances beyond human understanding.
Getty ImagesMore recently, the 2024 book Genesis, written by Eric Schmidt, Craig Mundy and the late Henry Kissinger, explores the idea of a super-powerful technology that becomes so efficient at decision-making and leadership we end up handing control to it completely.
It’s a matter of when, not if, they argue.
Money for all, without needing a job?
Those in favour of AGI and ASI are almost evangelical about its benefits. It will find new cures for deadly diseases, solve climate change and invent an inexhaustible supply of clean energy, they argue.
Elon Musk has even claimed that super-intelligent AI could usher in an era of “universal high income”.
He recently endorsed the idea that AI will become so cheap and widespread that virtually anyone will want their “own personal R2-D2 and C-3PO” (referencing the droids from Star Wars).
“Everyone will have the best medical care, food, home transport and everything else. Sustainable abundance,” he enthused.
There is a scary side, of course. Could the tech be hijacked by terrorists and used as an enormous weapon, or what if it decides for itself that humanity is the cause of the world’s problems and destroys us?
AFP via Getty Images“If it’s smarter than you, then we have to keep it contained,” warned Tim Berners Lee, creator of the World Wide Web, talking to the BBC earlier this month.
“We have to be able to switch it off.”
Governments are taking some protective steps. In the US, where many leading AI companies are based, President Biden passed an executive order in 2023 that required some firms to share safety test results with the federal government – though President Trump has since revoked some of the order, calling it a “barrier” to innovation.
Meanwhile in the UK, the AI Safety Institute – a government-funded research body – was set up two years ago to better understand the risks posed by advanced AI.
And then there are those super-rich with their own apocalypse insurance plans.
Getty Images“Saying you’re ‘buying a house in New Zealand’ is kind of a wink, wink, say no more,” Reid Hoffman previously said. The same presumably goes for bunkers.
But there’s a distinctly human flaw.
I once met a former bodyguard of one billionaire with his own “bunker”, who told me his security team’s first priority, if this really did happen, would be to eliminate said boss and get in the bunker themselves. And he didn’t seem to be joking.
Is it all alarmist nonsense?
Neil Lawrence is a professor of machine learning at Cambridge University. To him, this whole debate in itself is nonsense.
“The notion of Artificial General Intelligence is as absurd as the notion of an ‘Artificial General Vehicle’,” he argues.
“The right vehicle is dependent on the context. I used an Airbus A350 to fly to Kenya, I use a car to get to the university each day, I walk to the cafeteria… There’s no vehicle that could ever do all of this.”
For him, talk about AGI is a distraction.
“The technology we have [already] built allows, for the first time, normal people to directly talk to a machine and potentially have it do what they intend. That is absolutely extraordinary… and utterly transformational.
“The big worry is that we’re so drawn in to big tech’s narratives about AGI that we’re missing the ways in which we need to make things better for people.”
Getty ImagesCurrent AI tools are trained on mountains of data and are good at spotting patterns: whether tumour signs in scans or the word most likely to come after another in a particular sequence. But they do not “feel”, however convincing their responses may appear.
“There are some ‘cheaty’ ways to make a Large Language Model (the foundation of AI chatbots) act as if it has memory and learns, but these are unsatisfying and quite inferior to humans,” says Mr Hodjat.
Vince Lynch, CEO of the California-based IV.AI, is also wary of overblown declarations about AGI.
“It’s great marketing,” he says “If you are the company that’s building the smartest thing that’s ever existed, people are going to want to give you money.”
He adds, “It’s not a two-years-away thing. It requires so much compute, so much human creativity, so much trial and error.”
Getty ImagesAsked whether he believes AGI will ever materialise, there’s a long pause.
“I really don’t know.”
Intelligence without consciousness
In some ways, AI has already taken the edge over human brains. A generative AI tool can be an expert in medieval history one minute and solve complex mathematical equations the next.
Some tech companies say they don’t always know why their products respond the way they do. Meta says there are some signs of its AI systems improving themselves.
Ultimately, though, no matter how intelligent machines become, biologically the human brain still wins. It has about 86 billion neurons and 600 trillion synapses, many more than the artificial equivalents.

The brain doesn’t need to pause between interactions either, and it is constantly adapting to new information.
“If you tell a human that life has been found on an exoplanet, they will immediately learn that, and it will affect their world view going forward. For an LLM [Large Language Model], they will only know that as long as you keep repeating this to them as a fact,” says Mr Hodjat.
“LLMs also do not have meta-cognition, which means they don’t quite know what they know. Humans seem to have an introspective capacity, sometimes referred to as consciousness, that allows them to know what they know.”
It is a fundamental part of human intelligence – and one that is yet to be replicated in a lab.
Top picture credits: The Washington Post via Getty Images/ Getty Images MASTER. Lead image shows Mark Zuckerberg and a stock image of a bunker in an unknown location
BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can sign up for notifications that will alert you when a BBC InDepth story is published – find out how to sign up here.
Business
Reeves to stress commitment to end windfall tax in talks with North Sea bosses
Rachel Reeves will reaffirm her commitment to “end” the windfall tax on North Sea oil and gas as she meets energy bosses.
The Chancellor is set to discuss the gas and oil prices sent soaring by the Middle East war in talks with firms including BP, TotalEnergies and Serica.
Ms Reeves came under pressure ahead of the Downing Street talks from Scottish First Minister John Swinney to axe the charge, which is officially known as the energy profits levy.
Introduced by the Tory government in the wake of the war in Ukraine – which sparked a sharp rise in energy prices – the charge was brought in to claw back some of these unexpected profits for the Treasury.
The Prime Minister’s spokesman told reporters: “The Chancellor will convene a meeting with industry leaders from oil and gas firms today… including BP, TotalEnergies and Serica.
“And they’ll discuss the ongoing volatility in the oil and gas prices due to the conflict in the Middle East.
“The Chancellor will make clear that she remains committed to end the energy profits levy and replace it with a more permanent and predictable regime.
“She’ll be reaffirming her commitment to support jobs and investment in the industry and look at ways to protect everyday people from the downstream impact of these costs.”
Earlier, Mr Swinney again insisted it was “utterly essential” that the UK Government scrapped the windfall tax, which he said was impacting upon investment in the North Sea and costing jobs.
He said the current “uncertainty over energy supplies” as a result of the conflict in the Middle East was now a “material consideration” for the scrapping of the charge – which is officially known as the energy profits levy.
Speaking during a visit to Inverness, Mr Swinney said he had hoped the Chancellor would use Tuesday’s spring statement to axe it.
When that did not happen, Holyrood’s Finance Secretary Shona Robison said Ms Reeves must use Wednesday’s meeting with North Sea industry leaders to “announce an end to this tax on Scotland’s energy”.
Mr Swinney meanwhile insisted: “Now that we have the conflict in the Middle East I think it is utterly essential that the energy profits levy is removed.
“I had hoped it would be removed yesterday in the spring statement. It hasn’t been but the Chancellor is meeting the industry today.
“And I hope that results in the removal of the energy profits levy.”
Mr Swinney, speaking to the Press Association, added: “I’ve been saying to the UK Government for some time that the energy profits levy should be removed because it is hampering investment in the North Sea oil and gas sector, which is resulting in a loss of employment at a much faster rate than we anticipated.”
With the conflict in the Middle East leading to “uncertainty over energy supplies in the period to come” the First Minister said that was now a “material consideration in whether the energy profits levy should be maintained”.
He insisted however: “I don’t think there is a case for it and it should be removed.”
Business
PMI watch: India’s services growth eases in February as demand softens, costs rise – The Times of India
India’s services sector growth eased marginally in February as new business expansion slowed to a 13-month low, reflecting softer demand conditions and a rise in inflation, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services PMI Business Activity Index edged down to 58.1 in February from 58.5 in January. In PMI terminology, readings above 50 denote expansion, while those below 50 indicate contraction. “India’s Services PMI registered 58.1 in February, largely unchanged from January’s 58.5, signalling another month of robust expansion in the sector.” “While new order growth slowed to a 13-month low amid rising competition, service providers saw a notable pick-up in international sales and responded with increased hiring to meet operational needs,” said Pranjul Bhandari, Chief India Economist at HSBC. According to respondents, some firms benefited from stronger client enquiries and targeted marketing efforts, which supported sales. However, others reported that an increasingly competitive landscape limited the pace of growth. External demand stood out during the month. Services companies recorded improved business from several overseas markets, including Canada, Germany, mainland China, Singapore, the UAE, the UK and the US. Overall, international sales rose at the quickest pace since last August. Cost pressures intensified for service providers in February. Operating expenses increased at the sharpest rate in two-and-a-half years, prompting firms to raise their selling prices at the fastest pace in six months. “Input and output price inflation accelerated, with firms passing higher expenses — particularly for food and labour — on to customers, yet business confidence climbed to its highest level in a year as companies looked to broaden their market presence,” Bhandari said. At the combined level, private sector activity strengthened further. Total business output across manufacturing and services expanded at the fastest rate in three months, supported by improved demand and higher new business inflows. The HSBC India Composite PMI Output Index climbed to 58.9 in February from 58.4 in January. “Overall, the composite PMI rose to 58.9, reflecting the fastest pace of private sector activity growth in three months, buoyed by strong momentum in manufacturing,” Bhandari said. Composite PMI figures represent weighted averages of manufacturing and services indicators, with the weights reflecting their respective shares in official GDP data. While the pace of new order growth at the composite level was broadly similar to that seen around the start of the year, hiring activity strengthened to its highest level since last October. Inflationary trends were also evident in the broader private sector, with both input costs and output charges rising at quicker rates. These increases reached nine-month and six-month highs, respectively.
Business
80% Stocks Already In Bear Market; Should You Buy The Dip Or Run For Safety?
Last Updated:
India’s Sensex and Nifty correct 6-7%, with 80% of stocks in bear territory. Monarch AIF reports 64% of stocks over Rs 1,000 crore market cap has fallen 30%.

Hundreds of midcap and smallcap companies have quietly lost significant value.
India’s benchmark indices may not show it, but a large part of the market is already in deep correction. According to a report by Monarch AIF, while the Sensex and Nifty have corrected only about 6-7 per cent from their record highs, nearly 80 per cent of listed stocks are already in bear market territory.
The data highlights a sharp divergence between headline indices and the broader market.
Majority of Stocks Deep In Correction
The report analysed companies with a market capitalisation above Rs 1,000 crore.
It found that over 64 per cent of these stocks have fallen more than 30 per cent from their all-time highs. Nearly 78 per cent have declined over 20 per cent.
In simple terms, most stocks in the market have already seen a brutal correction even though benchmark indices remain relatively elevated.
This unusual divergence has been playing out for the past 18 months.
Why Indices Are Still Holding Up
According to the report, Indian markets are witnessing a rare phase of simultaneous time and value correction.
A narrow set of large-cap stocks has kept the benchmark indices elevated. Meanwhile, hundreds of midcap and smallcap companies have quietly lost significant value.
This has created a misleading picture where the indices appear stable but the broader market has been under sustained pressure.
Now A New Shock: Middle East War
The situation has become more complicated after the recent escalation in West Asia.
Following US-Israel strikes on Iran, global markets have turned volatile and crude oil prices have surged.
Amid these developments, the Sensex recently fell over 1,000 points, while the Nifty slipped below the 24,900 level.
For investors, the challenge is that a market already weakened by months of selling is now facing geopolitical risks and a potential oil shock.
Should Investors Buy Or Wait?
Aakash Shah, Technical Research Analyst at Choice Equity Broking, advised caution. “Amid persistent global uncertainties and elevated volatility, market participants are advised to maintain discipline and adopt a selective approach, focusing on fundamentally strong stocks during corrective phases. Fresh long positions should ideally be considered only after a decisive and sustained breakout above the 25,000 mark on the Nifty, which would signal improving sentiment and confirm the development of a stronger bullish structure,” he said.
Key Risk For India: Rising Oil
V K Vijayakumar, chief investment strategist at Geojit Investments, said the biggest concern for India is rising crude prices.
“With the war escalating and crude rising, markets are going into a period of heightened uncertainty. Nobody knows how long this conflict will go on and what will be the extent of the havoc it could wreck. From the perspective of India, which relies on imports for around 85% of her oil requirements, the real concern is the potential inflation and its consequences on economic growth. From the market perspective, the impact of potentially widening trade deficit, depreciating currency, higher inflation and perhaps lower growth is the real issue. If this fear materialises, corporate earnings will be impacted,” he said.
However, he added that the impact may be temporary if the conflict ends quickly.
“If it ends in, say 3 to 4 weeks, things will be back to normal,” he said.
Don’t Panic, Use Corrections
Despite the volatility, Vijayakumar advised investors not to panic. “Experience tells us that panicking and getting out of the market during uncertain times like these is not the right thing to do. Markets have an uncanny ability to surprise and climb all walls of worries,” he said.
According to him, investors with a long investment horizon and higher risk appetite can gradually accumulate quality stocks during corrections.
He added that sectors such as banking, pharmaceuticals, automobiles and defence may offer attractive long-term opportunities.
Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
March 04, 2026, 13:39 IST
Read More
-
Business5 days agoIndia Us Trade Deal: Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal – The Times of India
-
Business1 week agoHouseholds set for lower energy bills amid price cap shake-up
-
Politics6 days agoWhat are Iran’s ballistic missile capabilities?
-
Politics6 days agoUS arrests ex-Air Force pilot for ‘training’ Chinese military
-
Sports1 week agoTop 50 USMNT players of 2026, ranked by club form: USMNT Player Performance Index returns
-
Business6 days agoAttock Cement’s acquisition approved | The Express Tribune
-
Fashion6 days agoPolicy easing drives Argentina’s garment import surge in 2025
-
Sports6 days agoSri Lanka’s Shanaka says constant criticism has affected players’ mental health

