create

MAGA anti-Indian racism and antisemitism create a massive rift among conservatives

South Asians have played a prominent role in President Trump’s universe, especially in his second term.

Second Lady Usha Vance is the daughter of Indian immigrants who came to California to study and never went back. Harmeet Dhillon, born in India and a devout Sikh, is currently his U.S. assistant attorney general for the Civil Rights Division. And the head of the FBI, Kash Patel, is (like potential New York City Mayor Zohran Mamdani,) of Indian descent by way of Uganda.

Some Republicans have taken pride in this kind of diversity, citing it for the gains Trump made in 2024 with Black and Latino voters.

But these days, the MAGA big tent seems to be collapsing fast.

Last week, MAGA had a total anti-Indian meltdown on social media, revealing a deep, ugly racism toward South Asians.

It comes amid the first real rebellion about rampant and increasingly open antisemitism within the MAGAverse, creating a massive rift between traditional conservatives and a younger, rabidly anti-Jewish contingent called groypers whose leader, Nick Fuentes, recently posted that he is “team Hitler.”

Turns out, when you cultivate a political movement based on hate, at some point the hate is uncontrollable. In fact, that hate needs to be fed to maintain power — even if it means feasting on its own.

This monster of white-might ugliness is going to dominate policy and politics for the next election, and these now-public fights within the Republican party represent a new dynamic that will either force it to do some sort of soul searching, or purge it of anything but white Christian nationalism. My bet is on the latter. But if conservatives ever truly believed in their inclusive talk, then it’s time for Republicans to stand up and demand the big Trump tent they were hailing just a few months ago.

Ultra-conservative commentator Ben Shapiro, who opposes much of Fuentes’ worldview, summed up this Republican split succinctly.

Fuentes’ followers “are white supremacists, hate women, Jews, Hindus, many types of Christians, brown people of a wide variety of backgrounds, Blacks, America’s foreign policy and America’s constitution,” Shapiro explained. “They admire Hitler and Stalin and that splinter faction is now being facilitated and normalized within the mainstream Republican Party.”

MAGA’s anti-Indian sentiment had an explosive moment a few days ago when a South Asian woman asked Vice President JD Vance a series of questions during a Turning Point USA event in Mississippi. The young immigrant wanted to know how Vance could preach for the removal of nearly 18 million immigrants? And how could he claim that the United States was a Christian nation, rather than one that valued pluralism?

“How can you stop us and tell us we don’t belong here anymore?” the woman asked. “Why do I have to be a Christian?”

Vance’s answer went viral, in part because he claimed his wife, although from a Hindu family, was “agnostic or atheist,” and that he hoped she would convert to Christianity.

“Do I hope eventually that she is somehow moved by the same thing that I was moved in by church? Yeah, I honestly do wish that,” he said.

Vance later tried to do some damage control on social media, calling Usha Vance a “blessing” and promising to continue to “support her and talk to her about faith and life and everything else, because she’s my wife.”

But many South Asians felt Vance was dissing his wife’s heritage and attempting to downplay her non-whiteness. They vented on social media, and got a lot of MAGA feelings back.

“How can you pretend to be a white nativist politician who will ‘bring america back to it’s golden age’ … when your wife is an indian immigrant?” wrote one poster.

Dhillon received similar feedback recently for urging calm and fairness after a Sikh truck driver allegedly caused a fatal crash.

“[N]o ma’am, it is CRYSTAL CLEAR that sihks and hindus need to get the hell out of my country,” one reply stated. “You and your kind are no longer welcome here. Go the [expletive] home.”

Patel too, got it, after posting a message on Diwali, a religious holiday that celebrates the victory of light over darkness. He was dubbed a demon worshipper, a favorite anti-Indian trope.

Perhaps you’re thinking, “Duh, of course MAGA is racist.” But here’s the thing. The military has been scrubbed of many Black officers. The federal workforce, long a bastion for middle-class people of color, has been decimated. Minority cabinet members or top officials are few. Aside from another South Asian, Tulsi Gabbard, there’s Secretary of State Marco Rubio, Labor Secretary Lori Chavez‑DeRemer and HUD head Scott Turner.

South Asians are largely the last visible sign of pluralism in Republican power, an erstwhile proof that the charges of racism from the left are unfair. But now, like Latinos, they are increasingly targets of the base.

At the same time anti-Indian hate was surfacing last week, a whole load of MAGA antisemitism hit the fan. It started when Tucker Carlson, who in his post-network life has re-created himself as a hugely popular podcaster with more than 16 million followers on X, invited Fuentes on his show.

In addition to calling for the death of American Jews, Fuentes has also said women want him to rape them and should be burned alive, Black people belong in prison and LGBTQ+ people are an abomination.

Anyone who is not his kind of Christian “must be absolutely annihilated when we take power,” he said.

Turns out far-right Charlie Kirk was a bulwark against this straight-up American Nazi. Kirk’s popularity kept Fuentes — who often trolled Kirk — from achieving dominance as the spirit guide of young MAGA. Now, with Kirk slain, nothing appears to be stopping Fuentes from taking up that mantle.

After the Fuentes interview, sane conservatives (there are some left) were apoplectic that Carlson would support someone who so openly admits to being anti-Israel and seemingly pro-Nazi. They demanded the Heritage Foundation, historical backbone of the conservative movement, creators of Project 2025 and close allies of Tucker, do something. The head of Heritage, Kevin Roberts, offered what many considered a sorry-not-sorry. He condemned Fuentes, saying he was “fomenting Jew hatred, and his incitements are not only immoral and un-Christian, they risk violence.”

But also counseled that Fuentes shouldn’t be banished from the party.

“Join us — not to cancel — but to guide, challenge, and strengthen the conversation,” Roberts said.

Are Nazis really all bad? Discuss!

The response from ethical conservatives — Jewish and non-Jewish alike — has been that you don’t politely hear Nazis out, and if the Republican Party can’t clearly say that Nazis aren’t welcome, it’s got a problem.

Yes, the Republican Party has a problem.

The right rode to power by attacking what it denigrates at “wokeism” on the left. MAGA declared that to confront fascism or racism or misogyny — to tell its purveyors to sit down and shut up — was wrong. That “canceling,” or banishment from common discourse for spewing hate, was somehow an infringement on 1st Amendment rights or even terrorism.

They screamed loud and clear that speaking out against intolerance was the worst, most unacceptable form of intolerance itself — and would not be tolerated.

You know who heard them loud and clear? Fuentes. He has checkmated establishment Republicans with their own cowardice and hypocrisy.

So now his young Christian white supremacists are empowered, and intent on taking over as the leaders of the party. Fuentes is saying what old guard Republicans don’t want to hear, but secretly fear: He already is dangerously close to being the mainstream; just read the comments.

Roberts, the Heritage president, said it himself: “Diversity will never be our strength. Unity is our strength, and a lack of unity is a sign of weakness.”

Trying to shut Fuentes up or kick him out will likely anger that vocal and powerful part of the base that enjoys the freedom to be openly hateful, and really wouldn’t mind a male-dominated white Christian autocracy.

The far right has free-speeched their way into fascism, and Fuentes is loving every minute of it.

So now this remaining vestige of traditional conservatives — including senators such as Ted Cruz and Mitch McConnell — is faced with a painful reckoning. Many mainstream Republicans for years ignored the racism and antisemitism creeping into the party. They can’t anymore. It has grown into a beast ready to consume its maker.

Will they let this takeover happen, call for conversation over condemnation to the glee of Fuentes and his followers?

Or will they find the courage to be not just true Republicans, but true Americans, and declare non-negotiable for their party that most basic of American ideals: We do not tolerate hate?

Source link

Leveraging Scale And Reach To Create Global Connectivity

Global Finance (GF): What are the highlights of your professional journey, and what was appealing about your move to Scotiabank?

Francisco Aristeguieta (FA): Before joining Scotiabank in April 2023 to lead the group’s International and Global Transaction Banking (IGTB) businesses, I was CEO for custody services at State Street. Prior to that, I spent 25 years at Citibank, where I held several senior leadership roles including CEO for Asia, overseeing retail bank operations in the Middle East, Eastern Europe, and the UK. Earlier at Citi, I was CEO for Latin America, and previously led transaction banking at Citi in the region.

After about 30 years as a global banker, joining Scotiabank was a natural progression in my career. The bank’s focus around innovation, client-centricity, and global connectivity, mandated by the newly appointed CEO, aligned with my professional values and aspirations. It’s exciting for a bank of this scale to take this approach, and it plays to my strengths and experience in managing change, building strong teams, and improving performance.

GF: What role does Global Transaction Banking play in Scotiabank’s global strategy?

FA: Global Transaction Banking (GTB) plays a transformational role in Scotiabank’s global strategy. It enables us to deliver the full force of our footprint across corporate, commercial, and SME clients—supporting their needs in managing payrolls, collecting payments, paying suppliers, transacting in multiple currencies, and creating capital efficiency in their supply chains.

As a growth engine and anchor for client primacy, we are embedding Scotiabank into the operational and financial lifeblood of our clients by providing a full suite of transaction solutions like cash management, trade finance, liquidity, and digital integration.

Companies seek straightforward onboarding, a seamless digital interface that feels as intuitive as consumer platforms, and attentive, personalized service at every stage. In response, we’ve enhanced the end-to-end journey:

  • Clients now benefit from the Treasury Management Sales Officer (TMO) model that offers a single global point of contact to guide them through their banking needs wherever they operate.
  • We have organized our product implementations and servicing team across our footprint to ensure that clients experience the same high standard of service, regardless of their location.
  • And ongoing technology upgrades enable an always-on digital experience for managing payroll, payments, and multi-currency transactions.

By bringing these elements together, GTB delivers Scotiabank’s extensive footprint and capabilities in a way that puts client needs at the center—making us a differentiated leader in Canada and an increasingly competitive partner internationally.

GF: With products and services spanning the Americas, Europe, and APAC, how do you take advantage of this unique footprint?

Francisco Aristeguieta, Scotiabank
Francisco Aristeguieta, Group Head, International & Global Transaction Banking | Scotiabank

FA: We are leveraging the acquisitions we have historically made around the world by creating a connected network to become truly client centric, rather than product led. This involves using our footprint to create solutions and value propositions that are relevant to our clients, positioning us to become their primary banking partner.

Clients today expect a consistent digital experience wherever they operate. This includes having a single set of login credentials, the ability to view and take action on their cash positions across all markets, and straightforward access to products and services.

Driven by this evolution of client demands, we’re investing heavily in our digital platforms to ensure that, whether a client is in Canada, Mexico, the US, or further afield, they have a unified and intuitive experience. We do this by building a treasury platform that enables seamless connectivity, allowing clients to manage transactions and liquidity across borders with ease. Our platforms also provide data-driven insights, empowering clients to make informed decisions and optimise their cash flow. By integrating these capabilities, we’re not just connecting geographies—we’re connecting clients to the information and functionality they need to thrive globally.

GF: As businesses pursue cross-border opportunities across Canada, the US, and Mexico, how is Scotiabank supporting them in the current global trade environment?

FA: As the old playbook for global trade is being rewritten, our deep, hands-on knowledge of the markets in which we operate has never been more essential. This expertise—honed across Mexico, the US, and Canada—positions us uniquely to guide clients through today’s uncertainty. With around 10,000 employees in Mexico, where we are the fifth largest bank, and strong presence in the US and Canada, our understanding is comprehensive and current.

Our awareness of shifting trade dynamics, such as the growing significance of regional corridors and the rise of new partnerships, allows us to anticipate market needs and offer strategic advice. For example, the US–Canada–Mexico corridor alone accounts for more than US$1 trillion in annual cross-border trade, underscoring the increasing importance of interconnected regional markets.

As treasury teams face leaner structures and greater complexity—juggling technology, innovation, and risk management—our role as a bank is to act as a trusted advisor. We help clients navigate new markets, manage documentation, and simplify integration, deploying our balance sheet to support working capital and Capex financing, and optimizing treasury management for lasting resilience.

In a rapidly evolving environment, our market knowledge is the foundation for enabling clients to adapt, thrive, and seize opportunity amidst uncertainty.

GF: What is your perspective on Scotiabank’s GTB role as a connector of global capital and trade between Europe, APAC, and the Americas?

FA: Europe–particularly Spain–is a key investor in Latin America and the US. We also have a lot of clients from the UK, France, and Italy. In addition to our traditional role of financing these investments, we provide offshore CAD cash management and trade finance.

We also have presence in Asia. A lot of sovereign wealth funds and Asian companies are investing in Canada, Latin America, Mexico, and the US, so we can connect these flows.

Another example is our recent partnership with Davivienda, one of the largest banks in Colombia, which will enable us to participate in a business with greater scale and to provide clients with cash management services across its footprint.

Scotiabank’s commitment to the North America corridor, combined with our retail, commercial, and corporate banking strategy deployed at scale across our markets, positions us as a leading partner for globally connected businesses seeking a seamless treasury experience.

GF: How do you envisage the next stage of Scotiabank’s GTB transformation?

FA: Moving forward, our priority will be to keep the client experience front and center as we invest in our team and build an integrated vision to drive the next stage of GTB’s transformation.  In everything we do, we’re looking to make transaction banking simpler, faster, and more transparent.

Technology will be an important part of this plan as it continues to disrupt traditional cash management services. For example, a major focus of our strategy is the rollout of ScotiaConnect, our advanced digital banking portal now live in Colombia, Mexico, and in the US, with expansion planned across markets. ScotiaConnect delivers secure, single sign-on access for treasurers and CFOs, enabling real-time balance and transaction reporting.

Another key upcoming initiative is the enhancement of our cash management capabilities in the US, which allows us to transition from transactional deposit relationships to deeper, day-to-day cash management partnerships, ultimately increasing client primacy. With this launch, we are excited to service US-based needs of our clients. To address this significant opportunity, we have developed a robust roadmap of new capabilities and are committed to continued investment into 2026. We will be closely tracking adoption to ensure we are effectively meeting our client’s evolving needs and maximizing our impact on this market. 

Scotiabank logo

Source link

Prediction: Global AI Competition Could Create Trillion-Dollar Winners

These tech companies are benefiting from growing investment in AI chips and software.

Artificial intelligence (AI) represents a major opportunity for businesses across industries to develop products faster and cheaper than ever before. The race to gain a data-driven edge on the competition is fueling massive investment across the entire tech supply chain from data centers to software.

Many of the key players enabling this new industrial revolution are already valued at over $1 trillion market caps. But as governments and businesses continue to invest in this technology, there are two AI enablers that are still valued under $500 billion that could be worth buying today. Here’s why growing competition in AI could propel these companies into the trillion-dollar club.

1. Palantir Technologies

Palantir (PLTR 0.11%) started as a government contractor, providing AI-powered software for intelligence and counterterrorism efforts. But now its software is experiencing insatiable demand in the private sector. Companies are seeing significant cost savings, which means Palantir can benefit from companies scrambling to adopt AI solutions to remain competitive.

If one company in an industry uses Palantir to gain operating efficiencies, it creates a competitive advantage. This pushes more businesses to consider investing in Palantir’s platforms or risk falling behind. This can explain in part why Palantir’s U.S. commercial revenue has exploded this year, nearly doubling year over year in the second quarter.

Palantir closed its highest quarter yet of total contract-value bookings of $2.3 billion, representing a year-over-year increase of 140%. It is signing bigger deals while also seeing existing customers continue to spend more, leading to a healthy 128% net-dollar retention rate.

Palantir is effectively a tool that improves a company’s profits. Its software is expensive relative to alternative software vendors, but Palantir still expects accelerating growth next quarter. This signals it has a competitive edge. Palantir’s ontology-based system creates a digital twin of a company’s operations, helping managers make sense of unorganized data for better decision making.

Importantly, Palantir is converting revenue into very high margins that are driving robust growth in earnings and free cash flow. This is one reason why the stock has performed so well and may continue to outperform Wall Street’s expectations.

For what it’s worth, widely followed tech analyst Dan Ives at Wedbush Securities sees Palantir stock hitting a market cap of $1 trillion in the next three years. Keep in mind, the stock trades at an expensive valuation, so market sentiment will play a role in how the stock performs in the near term. Given the potential for volatility in the share price, investors should plan on holding it for at least 10 years. Long term, the savings and efficiencies Palantir brings to other companies could make it one of the most valuable companies in the world.

The AMD corporate logo on an office building.

Image source: Advanced Micro Devices.

2. Advanced Micro Devices

The companies providing the chips for AI continue to benefit from increasing competition among the leading model builders. OpenAI just announced a deal to deploy six gigawatts of chips, which amounts to hundreds of thousands, from Advanced Micro Devices (AMD -0.52%) over the next several years.

OpenAI’s ChatGPT is the most popular AI model with over 700 million weekly active users. But to meet growing demand, it has to expand its compute capacity to compete with rivals, including xAI’s Grok and Google Gemini, which also continue to invest in more infrastructure. This growing competition will benefit AMD.

OpenAI’s deal with AMD validates the capabilities of its upcoming pipeline of graphics processing units (GPUs). AMD’s data center business has not been growing as fast as Nvidia‘s, but it is expected to accelerate over the next year, and the deal with OpenAI is a catalyst.

While Nvidia’s GPUs have been widely used by data centers for powering large AI training loads, AMD’s chips have an advantage in handling small-to-medium-sized AI tasks. This is by design. AMD’s Instinct family of GPUs feature a high amount of memory bandwidth that makes them well suited for the AI inference market, which CEO Lisa Su believes is going to be much bigger than AI training.

OpenAI will deploy the first gigawatt of AMD Instinct MI450 GPUs in the second half of 2026. Analysts currently expect AMD’s revenue to grow 28% in 2025 before increasing by 26% in 2026, according to Yahoo! Finance. Earnings should grow even faster due to the high margins of data center GPUs.

The stock currently has a market cap of $350 billion. Assuming the stock continues to trade around the same price-to-earnings (P/E) multiple, AMD has a good chance to reach a $1 trillion market cap by 2030. Wall Street analysts expect earnings to grow at an annualized rate of 34%, which is enough to generate outstanding returns for investors.

John Ballard has positions in Advanced Micro Devices, Nvidia, and Palantir Technologies. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.

Source link