While the global pizza market is projected to grow from $282 billion in 2025 to more than $340 billion by 2034, the success or failure of any individual company depends on a wide range of not always predictable factors.
The rising cost food and operations, changing customer tastes, new competition in a particularly saturated location and, above all, a changing market can sink a company that otherwise had everything it needed.
Pizza giants Papa John’s and Yum! Brands-owned Pizza have both recently confirmed plans to close dozens of underperforming locations to narrow profit margins amid flagging sales in 2025.
Pizza dough supplier Millennium Dough Company enters administration
In May 2026, Washington-based Smoking Monkey Pizza ended up filing for Chapter 11 protection two months after California competitor North County Pizza Inc. did the same. In each case, the company named rising debts as flagging sales could no longer justify the number of operating locations opened during more profitable times.
The latest pizza company to enter administration, or the United Kingdom equivalent closest to Chapter 11 bankruptcy, is West London-based Millennium Dough Company. The company was established in 1992 in the Greenford suburb and created industrial pizza dough for use in various restaurants, including several major pizza chains in the United Kingdom, hotels and commercial suppliers.
The dough company advertised itself as specializing in long fermentation and craft-flavor dough. It was also initially known as Millennium Food Services Limited before rebranding to the current name in 2022.
In 2023, the company was acquired by holdings company Aquilla Food Group for an unspecified amount.
As first reported by local press, Nicholas Charles Simmonds and Chris Newell of advisory firm Quantuma Advisory Limited were appointed as joint administrators overseeing the process while the procedure became inevitable after the Millennium’s debt more than doubled from £751,052 ($1 million USD) in 2023 to £1.5 million ($2 million USD) at the start of 2026.
Millennium Dough Company sells artisanal pizza dough to several major UK restaurant and hotel chains.Shutterstock
Why is Millennium Dough Company, a successful pizza dough producer, in administration
The company reported bringing in £1.7 million profit in the year ending on October 2024 but quickly started running up heavy debts amid tightening profit margins driven by rising operating costs and the wider market pressures on the food and hospitality industries over the last year.
In a press statement, the team at Quantuma said that rising costs and cash flow problems pushed Millennium into administration. The company itself has not released a statement on its financial situation so it is not immediately clear whether and how it intends to restructure.
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Unlike with a Chapter 11 filing in the U.S., administration in the UK automatically requires a company to hand over business operations to independent administrators.
“When a company goes into administration, they have entered a legal process with the aim of achieving one of the statutory objectives of an administration,” Companies House, the British government agency that incorporates and dissolves companies, states of the process on its website. “This may be to rescue a viable business that is insolvent due to cashflow problems.”
Since debuting on Base in 2023, Aerodrome has become one of the most widely known DEXs on the network by using a system that rewards token holders for directing liquidity incentives toward trading pools. The model helped solve one of DeFi’s longstanding problems: how to bootstrap liquidity for new assets and keep it from disappearing when incentives dry up.
Prediction market similarities
But the model has an inherent limitation, according to Cutler. Decisions are largely based on past performance.
Predictive Allocation seeks to flip that dynamic. Instead of rewarding participants for directing incentives toward pools that have already generated fees, the system encourages them to anticipate where liquidity will be needed next. Those who correctly identify future demand receive a greater share of the revenue generated by those markets.
“The liquidity is now moving in an anticipatory way ahead of where the market is,” Cutler said.
The concept borrows heavily from prediction markets, which use financial incentives to aggregate forecasts about future events. But unlike traditional prediction markets, participants aren’t merely speculating on an outcome.
“It takes that asymmetric upside and truth discovery and brings it into market creation and spot markets for the first time,” Cutler said.
The distinction is important. In a traditional prediction market, traders bet on events they cannot influence. Under Predictive Allocation, directing incentives toward a pool helps create the liquidity needed for that market to succeed. The prediction and the investment become the same action.
Artificial Superintelligence Alliance [FET] surged 15.49% over the last 24 hours as trading volume climbed 31.37%, while renewed AI-sector optimism appeared to fuel speculative demand.Â
The rally lifted FET’s market capitalization to $480.78 million and pushed the token back into focus among AI-related assets.Â
Growing discussion around OpenAI’s reported IPO ambitions added fresh attention to artificial intelligence investments.Â
Furthermore, decentralized AI infrastructure narratives continued attracting interest across the crypto market.Â
FET also remained closely tied to the Decentralized AI Edge initiative, which strengthened its relevance within the sector.Â
As a result, traders appeared to rotate capital into AI-focused tokens in search of stronger returns beyond large-cap cryptocurrencies.
Why are exchange balances climbing?
Exchange Reserve increased 11.47% to $60.72 million despite FET’s strong price recovery, creating a notable divergence beneath the surface.Â
Rising exchange-held supply often signals that more tokens have become available for trading activity, which can increase liquidity during periods of heightened demand.Â
However, the metric also suggested that some holders may have positioned themselves to realize profits after the recent advance.Â
While buyers absorbed available supply and maintained control throughout the session, the increase in exchange reserves showed that selling pressure had not completely disappeared.Â
Market participants appeared willing to engage on both sides of the market rather than committing exclusively to accumulation.Â
Source: CryptoQuant
Can FET reclaim its next resistance zone?
FET rebounded sharply from the $0.1823 support level and recovered toward $0.2136 after defending a critical demand area.Â
Price remained above recent lows, which suggested that buyers regained control following the early June decline.Â
RSI climbed to 49.61 from weaker readings and approached the neutral 50 threshold, indicating strengthening market conditions without entering overheated territory. The indicator’s recovery reflected improving buying interest rather than excessive speculation.Â
Meanwhile, the chart showed that $0.2538 remained the most important resistance level ahead of any attempt toward $0.3000.Â
Buyers repeatedly defended support during recent sessions, which strengthened the structure around current levels.Â
If FET clears $0.2538, the recovery could extend toward higher resistance zones.Â
Should sellers reject another breakout attempt, price could revisit support near $0.1823 before establishing a clearer directional trend.
Source: TradingView
Bullish traders return to the derivatives market
Derivatives sentiment strengthened as the OI-Weighted Funding Rate turned positive and reached 0.0002%.Â
The shift indicated that long-position holders had regained confidence and accepted additional costs to maintain exposure.Â
Funding remained positive through the most recent sessions, which highlighted growing bullish conviction among leveraged participants.Â
Unlike previous periods that featured deeper negative readings, current positioning suggested traders increasingly expected further upside.Â
Positive funding also aligned with the recovery in spot prices, creating a more supportive backdrop for continuation.Â
However, the reading remained relatively moderate rather than extreme, which reduced the immediate risk of an overcrowded long trade.Â
The balance allowed bullish sentiment to improve without showing signs of excessive leverage across the derivatives market.
Source: CoinGlass
FET’s recovery gained support from renewed AI-sector enthusiasm, rising trading activity, and improving derivatives sentiment.
Although exchange reserves increased and introduced potential profit-taking risks, buyers continued defending key support levels while RSI recovered toward neutral territory.
The overall structure favors further upside, and a break above $0.2538 would likely strengthen the case for an advance toward $0.3000.
However, failure to overcome that barrier could keep FET trapped within its current recovery range.
Final Summary
FET reclaimed key support as buyers returned and sentiment improved.
Rising exchange reserves introduced supply risks despite the ongoing recovery.
In the weeks ahead of its June 12 initial public offering, SpaceX racked up a couple of big deals to rent out parts of its data center capacity; one with artificial intelligence (AI) start-up Anthropic and one with Alphabet-owned Google. Both agreements will help SpaceX offset its AI infrastructure costs with recurring revenue streams.
In the background, however, these deals highlighted the AI industry dominance of another company: Nvidia (NASDAQ: NVDA).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same “Total Conviction” signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Nvidia’s dominance on display
On May 6, AI start-up Anthropic agreed to rent compute capacity from SpaceX for more than $1.2 billion per month. The deal is set to run through May 2029, though each party is able to cancel the contract at any point with 90 days’ notice, according to SpaceX’s S-1 filing.
Then, on June 5, a regulatory filing showed SpaceX had inked a deal with Google. After an initial ramp-up period, that agreement will be worth $920 million per month and will run from October 2026 through June 2029. Starting in 2027, either company can end the contract with 90 days’ notice.
For Anthropic’s deal, it will lease the full capacity of SpaceX’s Colossus data center, which features over 220,000 Nvidia graphics processing units (GPUs). Google’s deal will give it access to around 110,000 Nvidia GPUs in SpaceX’s data centers. So even as megacap tech companies like Alphabet are designing and deploying their own AI chips in a bid to become more self-reliant, this deal highlights that most AI roads still run through Nvidia.
Beyond ground-based data centers
Part of SpaceX’s long-term plan is to launch a host of satellites housing data center servers into orbit, where they can avoid some of the constraints currently faced by terrestrial data centers. Nvidia is also a part of that plan.
“Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations — with potentially millions of satellites — for orbital data centers,” SpaceX said in its S-1 filing.
The first version of those future satellites, the AI1, is being designed to use Nvidia chips.That’s not surprising, as in March, Nvidia unveiled the Space-1 Vera Rubin Module, an architecture designed to run large-scale AI models that is suitable to be deployed in space.
SpaceX is designing its own chips and plans to build a massive foundry in collaboration with Tesla and Intel, so it may eventually have less of a need to work with Nvidia. But in the meantime, whether on the ground or in space, Nvidia will be a beneficiary of SpaceX’s ambitions.
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“It doesn’t have to be done as a rulemaking,” said SEC Commissioner Hester Peirce, who has led much of the agency’s crypto work since the start of last year. In response to a question from CoinDesk, she said the SEC has exemptive authority that it routinely uses. “We can do it as a rule, but we don’t have to do it as a rule.”
In March, SEC Chairman Paul Atkins described the incoming policy as “an innovation exemption to facilitate limited trading of certain tokenized securities with an eye toward developing a long-term regulatory framework.” He said it would be “limited in time and scope, but long enough so that we can craft more durable rules that harness the full potential of these new technologies.”
More recently in May, he added: “I also think we should consider what a future-proofed framework may look like, which would take the form of notice-and-comment rulemaking and would address the ‘exchange’ definition as applied to onchain trading systems.”
CoinDesk canvassed the views of several lawyers who are former officials at the SEC, asking questions about the choice to put off formal rulemaking, and whether the interim work on this will hold up. Most agreed that the approach may not carry the highest force of SEC authority, but it’d still be difficult to put the toothpaste back into the tube if the next administration sees things differently.
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Warren Buffett’s longtime business partner, the late Charlie Munger, had a reputation for being blunt when speaking with shareholders.
Whether he was talking about building wealth or expressing skepticism about cryptocurrency, Munger would often speak candidly.
During a 2019 shareholder meeting for his company, Daily Journal, Munger shared some choice words about day-trading influencers (1). In short, he wasn’t a fan of social media gurus teaching inexperienced investors how to trade stocks.
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“If you take the modern world where people are trying to teach you how to come in and trade actively in stocks, well, I regard that as roughly equivalent to trying to induce a bunch of young people to start off on heroin,” he said. “It is really stupid.”
Here’s why the legendary investor was “tired” of get-rich-quick gurus.
Financial misinformation
Financial literacy remains a problem nationwide. According to a 2025 Gallup poll, 42% of Americans aged 18 to 29 seek financial advice on social media (2).
And survey results from the 2025 TIAA Institute-GFLEC Personal Finance Index found that only 48% of adults could correctly answer more than half the Index’s financial questions (3).
Munger thought it was silly for those who are already rich to make more money from “encouraging people to get rich by trading.”
“There are [also] people on TV, and they say ‘I have this book that will teach you how to make 300% a year, and all you have to do is pay for shipping,” he told shareholders. “They mislead you on purpose, and I get tired of it. I don’t think it’s right that we deliberately mislead people as much as we do.”
Listening to bad financial advice can have very real consequences for those who don’t understand the risk.
Rather than trust random advice from a day trader with a large Instagram following, it’s better to find an advisor you can build a direct relationship with. But finding the right finance professional to work with can feel overwhelming — and it should — trusting anyone with your money is a big deal.
Advisor.com exists to bridge this gap, helping you find the best advisor for your specific needs.
Their free service will match you with a curated list of the best options available to you from their database of thousands, ensuring you find a financial advisor you can trust.
There’s no shortage of financial advice being shared online. But while social media personalities hype up risky investing trends like cryptocurrency and meme stocks, both Buffett and Munger have long championed simple, passive investing.
They’ve consistently argued that most investors would struggle to beat the market, making index funds a compelling choice for the average person. In fact, the S&P 500 has delivered an average annual return of more than 14% over the past 10 years (4).
This low-risk, passive investment strategy only requires patience and time.
Contrast this with the fact that, from 2003 to 2023, 98.6% of actively managed domestic equity funds underperformed the S&P 500 Equal Weight Index (5). That’s likely one reason why Buffett is a huge proponent of the index.
“I recommend the S&P 500 index fund, and have for a long, long time to people — and I’ve never recommended Berkshire to anybody,” Buffett said at the 2021 Berkshire Hathaway Annual Meeting. “I think a person who doesn’t know anything about stocks at all, I think they ought to buy the S&P 500 index (6).”
By consistently investing small amounts in index funds, you can harness the wisdom of Munger and Buffett’s advice.
Platforms like Acorns make it easy to begin investing in the kind of index funds they recommend.
Acorns is an automated investing app that rounds up your purchases to the nearest dollar and automatically invests the difference, helping build your investing muscle.
Acorns offers a range of ETFs, including the Vanguard S&P 500 ETF (VOO), the iShares Core S&P Mid-Cap ETF (IJH) and iShares Core S&P Small-Cap ETF (IJR).
“Investing is where you find a few great companies and then sit on your ass,” Munger once told shareholders at a Berkshire Hathaway meeting in 2000 (7).
Of course, finding those few great companies is easier said than done — but it’s important to avoid relying on questionable stock picks finance bros share on TikTok.
This is where Moby can help. Moby offers expert research and recommendations to help you identify strong, long-term investments.
In four years, and across almost 400 stock picks, their recommendations have beaten the S&P 500 by almost 12% on average. They also offer a 30-day money-back guarantee.
Moby’s team spends hundreds of hours sifting through financial news and data to provide you with stock and crypto reports delivered straight to you. Their research keeps you up-to-the-minute on market shifts and can help reduce the guesswork behind choosing stocks and ETFs.
Real estate might be another investment worth adding to your portfolio. Although Munger was notoriously skeptical of certain property investments, Berkshire Hathaway has made several large real estate investments over the years.
For example, Berkshire Hathaway invested nearly $1 billion in two homebuilding companies, Lennar and D.R. Horton, according to a 2025 report from Realtor (8). Munger and Buffett’s firm seemed to be banking on growing demand for U.S. housing.
If you want to take advantage of the real estate market without buying a house, there are some solid options available.
Platforms like Arrived let you invest in shares of rental homes and vacation rentals without taking on the responsibilities of homeownership. Arrived handles property management, tenant turnover and repairs.
Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit rental properties into your investment portfolio regardless of your current income.
Another way to leverage real estate is by investing in multifamily rentals. One benefit of this market is that it provides protection thanks to multiple rent payments — so if any one tenant is late or chooses to move out, you’re still earning income from the others.
Accredited investors can now tap into this opportunity through platforms such as Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
Artificial Intelligence AI on Financial Markets. 3D Render
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Global power is no longer defined only by oil, trade routes, or military reach. A quieter shift is underway—one driven by pools of capital that sit between governments and markets. Sovereign wealth funds, once built to manage excess oil revenue, are thinking like long-range architects of the global economy.
At the center of this shift is a simple yet far-reaching idea: the fate of artificial intelligence and the future of energy are converging into a single infrastructure story, which is reshaping how countries think about economic expansion. The same systems required to support AI—data centers, high-voltage grids, advanced semiconductors, and uninterrupted electricity—are also the systems required to decarbonize economies and strengthen energy security. Two policy debates that once ran in separate lanes are merging into a single investment challenge.
At the center of that approach is Khaldoon Khalifa Al Mubarak, the fund’s long-serving chief executive, who has overseen Mubadala since its formation in 2002. In our conversation, Al Mubarak framed the fund’s mission in terms that go beyond traditional portfolio management. In his view, sovereign wealth funds are no longer just stewards of surplus capital. They are becoming builders of systems—platforms that will determine how modern economies function over decades, not quarters.
Sovereign wealth funds were originally designed to do something relatively simple: take revenue from natural resources and invest it globally to preserve value for future generations. For decades, that meant stakes in real estate, infrastructure, public equities, and private equity funds.
But the world these funds now operate in is fundamentally different.
Energy systems are being rebuilt while digital systems expand at an extraordinary pace. Electricity demand is rising not just from population growth and industrialization, but also from AI-driven computing. At the same time, renewable energy has become cheaper and faster to deploy than most new fossil fuel infrastructure in many markets.
Capital is seeking more than returns. It now pursues the hardest constraints in the system, where demand is outpacing supply. Whoever controls those constraints—chips, electricity, grid capacity, and digital infrastructure—will have disproportionate influence over global growth.
That is where sovereign wealth funds are increasingly moving.
From Barrels To Bandwidth
Signage of an AI data center is displayed during the MWC (Mobile World Congress), the world’s biggest mobile fair, in Barcelona on March 3, 2025. Surrounded by investment and innovation projects, the Mobile World Congress (MWC) kicks off today in Barcelona amid a context of euphoria but also tensions over artificial intelligence (AI), whose rapid advancement is shaking up the tech sector. (Photo by Josep LAGO / AFP) (Photo by JOSEP LAGO/AFP via Getty Images)
AFP via Getty Images
In the Gulf, this shift is especially visible. Countries that built wealth on hydrocarbons are now positioning themselves for a post-hydrocarbon world without abandoning the energy systems that created their advantage. Instead, they are layering new systems on top of old ones.
Mubadala has expanded far beyond traditional energy investments into semiconductor supply chains, advanced manufacturing, aerospace, life sciences, and digital infrastructure. Ditto for Saudi Arabia’s Public Investment Fund and the Kuwait Investment Authority. These funds are not making isolated bets. They are investing in the very foundations that make both artificial intelligence and modern industrial economies possible—benefits that flow globally.
The logic is straightforward: AI cannot scale without abundant electricity. Energy systems cannot modernize without digital tools that improve efficiency. And both depend on long-term capital that can invest across decades rather than business cycles. Private markets can fund pieces of this transformation. Sovereign wealth funds can fund the system itself.
The rise of AI is often described as a software revolution. But beneath the software layer is something far more physical. Training advanced AI systems requires vast amounts of specialized computing power running continuously—and in many regions, the limiting factor is no longer chips. It is power infrastructure.
This is where energy transition and AI expansion begin to merge.
Francesco La Camera, director-general of the International Renewable Energy Agency, argues that renewable energy can increasingly meet this demand at scale. In a recent conversation, he pointed to the rapid decline in costs for solar-plus-storage systems and the growing evidence that renewables are becoming central pillars of new power systems, not marginal additions. In many parts of the world, the question is no longer whether clean energy is viable—but whether anything else can be built fast enough.
Data centers do not respond to ideology. They respond to cost, reliability, and speed of delivery. Increasingly, the most competitive systems are hybrid—combining solar, wind, and storage rather than relying solely on traditional baseload fossil fuels.
The Geopolitical Layer
A display of networking infrastructure products at the Ericsson AB pavilion at MWC Barcelona 2026 in Barcelona, Spain. Photographer: Angel Garcia/Bloomberg
Unlike most institutional investors, sovereign funds can align national energy policy, industrial strategy, and long-term capital deployment in a coordinated way. In Abu Dhabi’s case, that means connecting energy transition goals with AI ambitions and broader industrial diversification.
That integrated approach spans three overlapping domains: energy systems capable of meeting rising electricity demand; digital infrastructures that can process enormous volumes of data; and industrial ecosystems that connect raw materials, manufacturing, and logistics into globally competitive supply chains. Each reinforces the other. Cheaper clean energy lowers the cost of AI. Better AI improves energy efficiency. Industrial scale reduces the cost of both.
This is more than an economic transformation. It is a geopolitical sea change. Countries that can finance and deploy these systems at scale will not only attract investment—they will shape the conditions under which global growth occurs. The United States and China remain dominant in technology innovation. But the Gulf, through sovereign capital, is enabling infrastructure expansion in both the East and the West.
Still, the system is under strain. Global electricity demand is rising faster than many forecasts anticipated. La Camera has warned that the world is adding record levels of renewable capacity—hundreds of gigawatts annually—yet demand growth continues to outpace expectations. The result is not failure, but tension between what is being built and what is required.
For sovereign wealth funds, that gap is not a warning sign—it is a map. Where demand outpaces supply, infrastructure becomes more valuable. Where systems are strained, capital finds opportunity. And where energy systems and digital infrastructure intersect, long-term influence is possible.
Mubadala’s strategy reflects that logic. It is not betting on a single sector or technology. It is positioning itself across the full stack of modern economic expansion—from energy systems to industrial production to digital infrastructure.
The global economy has always been shaped by infrastructure: railroads, shipping lanes, oil pipelines, fiber-optic cables. What is different now is the speed at which infrastructure cycles are turning—and the scale of capital required to keep up. Sovereign wealth funds are uniquely positioned for this moment. They are large enough to matter, patient enough to wait, and strategic enough to shape outcomes rather than simply respond to them.
The next phase of global growth will not be defined by who builds the best models or extracts the most energy. It will be defined by who constructs the systems that allow both to scale together—and who had the capital, the patience, and the mandate to start building before anyone else.
