optimism

Dudamel’s ‘Resurrection’ in Salzburg serves as symbol of optimism

“Optimism doesn’t mean pretending everything is fine,” the Belarusian flutist and political activist Maria Kalesnikava said in this year’s Salzburg Festival keynote address. “It means deciding to step up and act, even in the face of uncertainty.”

Picture-perfect, Mozart-drunk Salzburg can’t pretend everything is fine. Temperatures are rising and normally rainy Salzburg now worries about water shortage and the environmental ravage of over-tourism. The artistically and culturally exceptional six-week Salzburg Festival, which began mid-July with a two-week Ouverture Spirituelle this year titled “miserere” (mercy), is facing its own political and administrative turmoil and uncertainty.

Salzburg’s worries are our worries; its triumphs can be ours as well. Los Angeles and the Salzburg Festival have been cultural and political soulmates for close to a century, beginning when playwright, director and filmmaker Max Reinhardt, who co-founded the Salzburg Festival in 1920, found mercy in L.A. as refuge from the Nazis.

Reinhardt’s star-studded 1934 music-theater production of “Midsummer Night’s Dream” at the Hollywood Bowl offered a template for spectacle in the young amphitheater, and the Los Angeles Philharmonic’s participation crucially reinforced a young orchestra’s early venturesome ambition following an avant-garde Bowl season the previous summer that nearly bankrupted the Bowl. Over the next decade this Salzburger’s influence on Hollywood dramaturgy would become legend.

L.A. has reciprocated by sending our visionaries to Salzburg, where director Peter Sellars and conductor Esa-Pekka Salonen, for instance, have been given the license and means to inspire a reinvention of musical and theatrical thinking. L.A. arts patrons Betty Freeman and Richard Colburn provided important support for Salzburg during their lifetimes that included commissioning new work.

Gustavo Dudamel conducts Strauss' 'Alpine Symphony' with the Vienna Philharmonic in Salzburg Aug. 25, 2024.

Gustavo Dudamel conducts Strauss’ ‘Alpine Symphony’ with the Vienna Philharmonic at the Grosses Festspielhaus in Salzburg Aug. 25, 2024.

(Marco Borrelli / Salzburg Festival)

Gustavo Dudamel, L.A. Phil’s optimist these 17 seasons, has long been a Salzburg regular as well, and he arrived last week just in time to take up Kalesnikava’s challenge. Her proclamation of optimism comes on the heels of her having been released in December from a brutal Belarusian prison for supporting an opposition candidate running against the country’s authoritarian leader.

In Dudamel’s case, his life has been turned around by the recent earthquakes that devastated Venezuela just two weeks after his last concerts in Walt Disney Concert Hall as L.A. Phil music and artistic director. His activities this summer now revolve around partnering with the United Nations Development Program to gather global support for Venezuela’s recovery, which is estimated at $6.7 billion.

Although little noted, Dudamel’s buoyant World Cup halftime appearance with 20 members of the Simón Bolívar Symphony Orchestra and 20 from the New York Philharmonic was as a FIFA fundraiser supporting children affected by global crises, in this case earthquake relief in Venezuela. Dudamel has further turned his last Hollywood Bowl program as L.A. Phil music director into a benefit on Aug. 23.

Prophetically, Dudamel had months ago been invited to close this summer’s Ouverture Spirituelle by leading the Vienna Philharmonic in Mahler’s Second Symphony, known as the “Resurrection.” One way to think about Mahler’s extravagant 90-minute exercise in his search for life’s meaning is as an exercise in attaining optimism in the face of tragedy.

“Rise again, yes, you shall rise again,” Mahler extols in a final ecstatic climax, and it is with the “Resurrection,” which includes chorus and a pair of vocal soloists, that Dudamel began his “Gracias Gustavo” L.A. Phil season last fall. Raising roof, the message was clear: optimism is the native language of Walt Disney Concert Hall.

In Salzburg, where Dudamel’s two Vienna Philharmonic performances were dedicated to the people of Venezuela, those lines took on obvious new meaning. Earlier in the day, Dudamel gave a public talk with a lively German journalist, Marco Frei, in which he described himself as a “resurrectionist” in more ways than one.

The symphony has been a been a musical and spiritual guide for him since his boyhood. He became so excited about a new sense of freedom he feels in the second movement that he leaned back in his chair and kicked his white sneakers in the air.

After the talk, I walked with Dudamel back to his hotel as he displayed a different, more solemn passion describing the toll the earthquakes have taken on El Sistema, the Venezuelan youth program that has been behind his educational activism in L.A.

“At least 140 members of the El Sistema staff and educators were killed or are unaccounted for,” Dudamel said, and that’s not counting what may have happened to a great many children and their families. But remarkably, Dudamel noted, in places where few structures remain, the nucleos (the small El Sistema community schools) are surprisingly still standing. They have become centers for food, aid and shelter.

In Salzburg, Dudamel indulged the Vienna Philharmonic’s incomparable lushness, those plush strings, glowing winds, golden brass, voluminous timpani. The symphony received mixed reviews, with critics complaining of a lack of transparency, argument and depth. Had they been in Disney Hall, they would have had it all.

But here Dudamel became more simply an architect of awe, unfazed by Mahlerian uncertainty as he worked his way to an inevitable cosmic grandeur unfazed by uncertainty. An enthralled audience left opening its collective wallets. Ushers stood at all the exits of Great Festival Hall with baskets for donations for Venezuela. I did not see a single member of the audience leave without throwing in a bill or several.

Dudamel’s “Resurrection” might also be read as a message from L.A. to Salzburg. In the spring the festival board dismissed its artistic director of the past decade, Markus Hinterhäuser, saying there is a difference in vision. Hinterhäuser’s penetrating and uncompromising vision is what has made the modern festival matter. Hinterhäuser has implied political meddling.

It is a huge festival, with more than 200 performances. Last year’s audience exceeded 200,000, with visitors from 88 countries. The arts as a vehicle for coming together can be cliché. In Salzburg, sharing becomes essence, not the kind of narcissism that appears to be adopted by our upcoming LA28 cultural Olympiad, in which Angelenos are invited to submit entrees that show off our goods rather than a cultural exchange.

Over 100 artists have protested Hinterhäuser’s removal, including two Nobel Prize laureates. Hinterhäuser is also an insightful pianist, and he joined baritone Matthias Goerne in a chilling performance of Schubert’s existential song cycle, “Winterreise.” Hinterhäuser got thunderous ovations.

Salzburg’s future is anyone’s guess, but even with Hinterhäuser on the sidelines, this summer is still his festival, meaningful as ever.

A new production of “Carmen” could not be darker, nor more brilliant. It is the latest project of conductor Teodor Currentzis, who has worked extensively with Peter Sellars in Salzburg and elsewhere, and who brings electricity to every moment with his Utopia Orchestra and Choir. Argentine choreographer Gabriela Carrizo makes her debut directing opera and utilizes her alarmingly vibrant Belgian dance company, Peeping Tom. Performing in a vast empty space, two gripping singers — Asmik Grigorian plays an understated Carmen as a survivor in a hostile society, while Jonathan Teltelman’s Don José is unable to cope with that society — turn Bizet’s opera into revelatory existential theater in which survival is toleration.

A scene in director Yuval Sharon's "The Excursions of Mr. Broucek to the Moon and the 15th Century" at the Bregenz Festival.

A scene on the moon in director Yuval Sharon’s magical new production of Janacek’s neglected opera “The Excursions of Mr. Broucek to the Moon and the 15th Century” at the Bregenz Festival.

(Daniel Ammann / Bregenz Festival)

Something similar happens in “Faust, Part 1,” in which the actors spend the entire four hours in a new production by German director Ulrich Rasche walking against the direction of of a revolving disc. To remain in front of the audience, they must remain in motion. They’re dressed in modern business attire, but as they bare their souls, they bare their torsos as they step against forces that prevent progress. The backdrop is brightly illumined screens that hurt your eyes.

This, however, can serve as a reminder of a “Faust” staged by Reinhardt at the Pilgrimage Theater (now John Anson Ford Theater) when it was designed to look like the gates of ancient Jerusalem in 1935. Practically all of Hollywood celebrity showed up for what was the theatrical event of the season.

I asked Lukas Crepaz, who directs the Salzburg Festival’s administrative and business operations, whether it would be possible and whether there still is time for the Salzburg and L.A. to collaboration on an opera production. He said yes, if funding could be found. In fact, the L.A. Phil will mount in February “One Morning Turns Into an Eternity,” a Salonen/Sellars essay in intensity from Salzburg last summer.

Another option: The Bregenz Festival, also in Austria, has just staged a new production by Yuval Sharon of Janacek’s little-known opera, “The Excursions of Mr. Broucek to the Moon and the 15th Century.”

Sharon — who was responsible for the fabulous excursions of his L.A. experimental company, the Industry — supplies his characteristic wit, imagination and insight into a hard-to-please opera about a beer-besotted philistine landlord, who comes to no good in his drunken dreams of going to the moon and back in history, as he does as an angry old man stumbling home from the bar or sitting watching TV (Sharon’s invention).

L.A. optimism may matter more to Austria this summer than it does to L.A. We have two years to step up and act, even in the face of uncertainty.

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China Tech Stocks Surge on AI Optimism Despite Middle East Risks

Technology stocks led a broad market rally across China and Hong Kong on Tuesday as investors poured into artificial intelligence related companies despite continuing uncertainty surrounding developments in the Middle East.

The strongest gains came from major technology firms including Tencent and Meituan, helping push Hong Kong’s technology index to one of its biggest daily advances in months. The rally reflected growing investor confidence in China’s technology sector, particularly in artificial intelligence, even as markets monitored fragile diplomatic efforts and ceasefire discussions involving regional conflicts.

The performance highlights an increasingly important theme in global markets: investors are weighing geopolitical risks against the powerful growth narrative surrounding artificial intelligence and technology innovation.

Background

Chinese technology stocks have experienced a volatile few years marked by regulatory scrutiny, slowing economic growth, property market challenges, and shifting investor sentiment.

However, the global artificial intelligence boom has provided a fresh catalyst for the sector.

As major technology companies race to develop AI models, digital assistants, and enterprise applications, investors have increasingly focused on firms capable of benefiting from the next phase of technological transformation.

At the same time, geopolitical developments continue to influence market sentiment. Escalating tensions in the Middle East, concerns about energy prices, and broader uncertainty in global financial markets have periodically weighed on risk assets.

Against this backdrop, Tuesday’s rally suggests that technology driven growth expectations remain a dominant force in investor decision making.

What Happened?

Major Chinese and Hong Kong equity indices posted strong gains:

  • Hong Kong’s Hang Seng Index rose 2.5 percent.
  • The Hang Seng Tech Index surged 4.7 percent.
  • China’s STAR 50 Index gained 1.6 percent.
  • The ChiNext Index climbed 2.7 percent.
  • The CSI300 advanced 1.5 percent.
  • The Shanghai Composite Index increased 0.4 percent.

Technology stocks were the primary drivers of the rally.

Tencent shares jumped more than 10 percent following reports that the company is moving closer to launching an artificial intelligence agent integrated into WeChat, China’s largest social media and messaging platform.

Meituan also gained strongly after investors reacted positively to signs that intense competition in China’s food delivery industry may be beginning to ease.

The rally extended beyond technology, with artificial intelligence related shares and non ferrous metal companies also recording significant gains.

Tencent’s AI Push Captures Investor Attention

Why Tencent’s Move Matters

The strongest market reaction centered on Tencent.

Reports suggesting that the company is nearing the launch of an AI agent for WeChat generated excitement because of the platform’s enormous user base of approximately 1.4 billion people.

If successfully deployed, such an AI assistant could become one of the largest consumer facing artificial intelligence applications in the world.

The development is significant because AI competition is increasingly shifting from standalone chatbots toward integration within existing digital ecosystems.

Companies that already possess massive user networks may have advantages in scaling AI services rapidly.

The Strategic Importance of WeChat

WeChat occupies a unique position within China’s digital economy.

The platform combines messaging, payments, shopping, business services, entertainment, and social networking into a single ecosystem.

Integrating AI directly into this environment could significantly enhance user engagement while creating new revenue opportunities through advertising, commerce, and premium services.

Investors appear to be viewing Tencent’s AI ambitions as a potentially transformative growth driver.

Why Meituan’s Gains Matter

Signs of Competitive Stabilization

Meituan’s rise may appear surprising given its latest quarterly loss.

However, investors focused less on earnings and more on indications that subsidy driven competition in China’s rapid delivery sector is beginning to moderate.

For much of the past year, food delivery companies have engaged in aggressive pricing battles designed to capture market share.

While beneficial for consumers, these strategies have pressured corporate profitability.

Evidence that the competitive environment is stabilizing could improve future earnings prospects across the sector.

Shift Toward Profitability

Investors often reward companies when they believe industry conditions are becoming more rational.

For Meituan, expectations of reduced subsidy spending may be viewed as a pathway toward stronger margins and improved financial performance.

The AI Investment Narrative Continues

Artificial Intelligence Remains a Global Theme

One of the most important lessons from Tuesday’s rally is that artificial intelligence continues to dominate market thinking.

Despite geopolitical uncertainty, investors remain eager to identify companies positioned to benefit from AI adoption.

This trend is not limited to the United States.

Chinese technology firms are increasingly being evaluated based on their ability to develop competitive AI products, infrastructure, and services.

Zhipu AI’s Listing Plans

Another development attracting attention was the announcement that Zhipu AI intends to pursue a domestic stock market listing in Shanghai.

The move highlights growing confidence among Chinese AI firms and demonstrates the sector’s increasing importance within China’s capital markets.

A successful listing could further strengthen investor interest in domestic AI development.

The Middle East Factor

Why Investors Remain Cautious

Although technology optimism drove markets higher, geopolitical developments remain a significant source of uncertainty.

Investors continue monitoring negotiations involving the United States, Iran, Israel, and regional actors.

Potential disruptions to energy markets remain a key concern because rising oil prices can increase inflation pressures and slow economic growth globally.

Markets Are Balancing Two Competing Forces

Current market behavior reflects a balancing act.

On one side are geopolitical risks, including conflict, energy market volatility, and diplomatic uncertainty.

On the other side is enthusiasm surrounding technological innovation and artificial intelligence.

Tuesday’s rally suggests that, at least for now, investors believe technology driven growth opportunities outweigh immediate geopolitical concerns.

Analysis: Why China’s Technology Sector Is Regaining Momentum

The significance of Tuesday’s rally extends beyond a single trading session.

It reflects a broader reassessment of China’s technology sector.

For several years, investors viewed Chinese technology companies primarily through the lens of regulatory risk, slowing growth, and geopolitical tensions.

Today, artificial intelligence is changing that narrative.

Investors increasingly see Chinese firms as participants in a global technological transformation rather than merely domestic internet companies.

Tencent’s gains illustrate this shift particularly well.

The market reaction was not driven by short term earnings or cost cutting measures. Instead, it was driven by expectations regarding future technological capabilities and growth potential.

Another important factor is capital flows.

China remains one of the few major emerging markets attracting investment across equities, bonds, and currencies simultaneously. This provides a supportive backdrop for asset prices even when external risks remain elevated.

At the same time, investors should not ignore underlying challenges.

China’s economy continues to face pressures from weak consumer demand, property sector difficulties, and slower growth compared with previous decades.

Artificial intelligence enthusiasm may boost valuations, but sustained market strength will ultimately require broader economic improvement.

Nevertheless, Tuesday’s performance suggests that global investors increasingly view China’s technology sector as a key participant in the AI revolution rather than merely a recovery story.

Future Scenarios

Scenario One: AI Momentum Continues

Technology companies successfully launch new AI products and attract additional investment.

This could drive further gains across China’s technology sector and strengthen market sentiment.

Scenario Two: Economic Weakness Limits Gains

Artificial intelligence enthusiasm remains strong, but broader economic challenges constrain corporate earnings and consumer spending.

Technology stocks continue rising, though at a slower pace.

Scenario Three: Geopolitical Risks Reemerge

Escalating tensions in the Middle East or worsening global economic conditions trigger risk aversion.

Investors shift away from growth assets, leading to increased market volatility.

What’s Next?

Investors will closely watch Tencent’s progress in launching AI features for WeChat and monitor adoption rates if the product is introduced.

Attention will also focus on upcoming earnings reports, AI related announcements, and developments surrounding Zhipu AI’s planned listing.

Beyond technology, markets will continue evaluating geopolitical developments in the Middle East and their potential impact on energy prices and global investor sentiment.

The interaction between technological optimism and geopolitical uncertainty is likely to remain one of the defining themes for financial markets throughout the coming months.

Conclusion

Tuesday’s rally demonstrates that artificial intelligence remains one of the most powerful forces shaping global investment decisions. Strong gains in Tencent, Meituan, and other technology companies highlight growing confidence in China’s ability to participate in the next phase of AI driven innovation.

While geopolitical risks continue to create uncertainty, investors appear increasingly willing to look beyond short term tensions and focus on long term technological opportunities. Whether this momentum can be sustained will depend not only on AI breakthroughs but also on the broader health of China’s economy and the stability of the global geopolitical environment.

With information from Reuters.

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Contributor: In politics after Trump, nothing is disqualifying

After a decade of Trumpism, it should come as no surprise that President Trump’s ethos (presenting scandal as strength, outrage as authenticity and public disgrace as evidence you’re a “fighter”) has trickled down into congressional campaigns of both parties.

In Maine, for example, controversial oysterman and veteran Graham Platner, a Democrat, appears poised to face Republican Sen. Susan Collins, after incumbent Gov. Janet Mills’ failure to launch led her to drop out of the Senate primary.

Under old “pre-Trump” rules, Platner’s campaign would have withered instantly after revelations that he once had a Totenkopf SS tattoo, previously identified himself as a communist, said Black people were poor tippers, and wrote that white people “actually are” as racist and stupid as Trump thinks they are.

Instead, after all this surfaced, Platner actually rose in the polls. Considering the circumstances, there are several reasonable explanations for this.

Maybe Maine Dems have concluded that moral purity tests are politically suicidal after years of watching heterodox figures like Joe Rogan and Elon Musk drift away from the party.

Maybe Platner’s rough-edged outsider persona simply feels more authentic than another interchangeable politician in a pantsuit droning on about “working families.”

Perhaps the difference is that, unlike Trump or Texas’ scandal-plagued Republican Atty. Gen. Ken Paxton, Platner has at least attempted contrition.

Or maybe Maine Democrats have absorbed the same lesson Republicans adopted in 2016: Once voters stop treating scandal as disqualifying, policing your own side for off-the-field behavior starts to look like unilateral disarmament.

I mean, who could blame them for thinking you’ve got to fight fire with fire? America, after all, reelected Trump after 34 felony convictions.

At a certain point, continuing to insist that “character matters” starts sounding like advice Ward Cleaver might have offered Wally on “Leave It to Beaver.”

But Maine isn’t the only example of voters viewing scandalous behavior as a “keeping it real” feature, not a bug.

Another just took place in Texas, when the aforementioned Paxton crushed normie incumbent Sen. John Cornyn in a Republican primary runoff, garnering nearly 64% of the vote.

Paxton, it’s worth noting, was previously indicted on felony securities fraud charges, impeached by the Texas House on allegations including bribery, accused by senior aides of abusing his office to help a donor and real-estate developer and accused by his wife (a Texas Republican politician) of infidelity, just to name a few of his greatest hits.

Yet, not only did the scandals not doom Paxton, they probably helped him. They signaled a willingness to fight, casting him as both a victim and an outsider. There may be no purer expression of trickle-down Trumpism than Paxton, which probably explains why Trump endorsed him.

At this point, you might be thinking that all is lost. But there are counterexamples that lend to optimism.

Paxton’s Democratic opponent in Texas, for example, offers a stark contrast, as well as an opportunity to test the level of our societal decline in November.

Texas Democrats could easily have nominated their own chaos agent in Rep. Jasmine Crockett, a progressive firebrand whose flair for viral combat suggests she understands the incentives of modern politics perfectly well.

Instead, they chose James Talarico — a young state legislator, former middle-school teacher and Presbyterian seminarian — who projects the kind of earnest optimism that lands somewhere between Barack Obama and Pete Buttigieg.

If a Democrat like Talarico can win in deep-red Texas — against a scandal-plagued candidate who shouldn’t get within 10 miles of the U.S. Capitol — it will perhaps provide a modicum of hope that red lines still exist, and that some voters still believe character is destiny.

But regardless of who wins that matchup, the fact that both Paxton in Texas and Platner in Maine emerged as their party’s respective Senate candidates (Platner won’t technically be the Democratic nominee until after the Maine primary in June) still suggests something profound has shifted in American politics.

Not long ago, the scandals attached to either man would have ended a campaign overnight.

Today, they function more like résumé enhancements. Because the defining lesson of the Trump era may be this: Nothing is disqualifying anymore.

If a failed nepo baby and middling reality-TV star can become president, survive endless scandals (think “Access Hollywood”), rack up felony convictions, be found liable for sexual abuse, sit by and watch a Capitol riot, and then return to power anyway, traditional ideas about character and electability are simply no longer relevant.

The question now is whether Trumpism has become America’s permanent political operating system — or whether the new rules apply only to Trump himself.

November will offer some hints.

Matt K. Lewis is the author of “Filthy Rich Politicians” and “Too Dumb to Fail.”

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Seoul shares close at new high on tech rally, Mideast optimism

This photo, taken Friday, shows the trading room of Hana Bank in Seoul as South Korean reached a new high on AI stock gains and optimism for a Middle East peace deal. Photo by Yonhap

South Korean stocks rebounded to a fresh all-time high Friday, driven by strong gains in stocks related to artificial intelligence (AI) and renewed optimism about a potential ceasefire in the Middle East. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 290.86 points, or 3.55 percent, to close at 8,476.15, after hitting a new intraday high of 8,615.09.

Trade volume was heavy at 701.5 million shares worth 73.7 trillion won (US$48.9 billion), with losers outnumbering winners 686 to 205.

Foreign and individual investors unloaded local shares worth a net 1.04 trillion won and 1.4 trillion won, respectively, while institutions scooped up a net 2.37 trillion won.

The index restarted its record-breaking run after losing 0.53 percent the previous day. The KOSPI had risen for four consecutive sessions starting May 21, breaching the 8,000-point level for the first time Tuesday.

Overnight news reports that the United States and Iran had reached an agreement to extend the current ceasefire for 60 days and resume talks on Tehran’s nuclear program pushed up the index.

AI shares were boosted by the latest reports that Nvidia Corp. founder Jensen Huang plans to visit South Korea next week.

“Backed by gains in major stocks, the KOSPI rallied on news of Jensen Huang’s planned visit,” said Lee Kyung-min, an analyst at Daishin Securities. “Stocks related to Huang’s Korean visit closed in positive territory.”

Market bellwether Samsung Electronics jumped 5.84 percent to 317,000 won, and its chipmaking rival SK hynix advanced 1.92 percent to 2.33 million won.

LG Electronics shot up 29.93 percent to 293,000 won, and internet giant Naver surged 14.15 percent to 234,000 won. The two companies were reportedly on the top of Jensen Huang’s Korean schedule.

Top carmaker Hyundai Motor rose 6.79 percent to 723,000 won, and its auto parts affiliate Hyundai Mobis moved up 11.95 percent to 768,000 won.

Leading battery maker LG Energy Solution advanced 3.62 percent to 458,000 won, and pharmaceutical giant Celltrion gained 1.53 percent to 192,900 won.

However, major bank share Hana Financial Group retreated 0.17 percent to 115,100 won, and food giant Nongshim was down 0.77 percent to 385,000 won.

The Korean won was quoted at 1,507.9 won against the U.S. dollar at 3:30 p.m., down 5.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.5 basis points to 3.731 percent, while the return on the benchmark five-year government bonds dropped 6.8 basis points to 3.924 percent.

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