Tech investors are rediscovering the kind of long-shot sci-fi bets that helped build Silicon Valley, as AI writes the playbook for venture capital. US government bond yields jumped to their highest level in almost three years, and the Japanese yen has strengthened this week. The Financial Times Markets team covers these developments, including the IMF's last-minute replacement of a top candidate for chief economist over Trump tariff remarks.

In other news, the Dorchester hotel plans to sell Qatari sheikh's car over unpaid £460,000 bill. The FT News Briefing is produced by Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Josh Gabert-Doyon, mixed by Sam Giovinco and Kelly Garry, with additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Flo Phillips serves as FT's global head of audio, with theme music by Metaphor Music.