Last year, 8 San Francisco homes sold for at least a million dollars over asking. This year, that number is 144 — and the two companies most responsible, OpenAI and Anthropic, haven't even gone public yet.

In this episode, we follow the money into San Francisco's housing market. Two AI labs headquartered in the city are racing toward trillion-dollar IPOs. Their employees are already turning paper wealth into cash — and bidding up a razor-thin supply of homes. We trace how the wealth arrives before the bell, what the Facebook 2012 listing tells us about what's coming, and why the biggest surge may not land until 2027, when the lock-ups expire.

We also weigh the skeptic's case, look north to Seattle for a very different tech story, and sit with the human cost — the six-figure earners being quietly priced out of the city.

Reported from public SEC filings and named market data: Redfin, Compass, The Wall Street Journal, Marketplace, The New York Times, and Reuters.

Full written analysis, with charts and every source

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Europe will finally build its own ATACMS missiles — on German soil. The catch? Washington still holds the export sign-off. That's the autonomy paradox at the heart of NATO's 2026 Ankara summit.

In this episode of The Veritas Brief, we follow the money through more than €50 billion in new arms deals. We unpack the Lockheed Martin–Rheinmetall missile pact, Europe's rearmament boom, and the dependence on Washington that all the spending still can't buy its way out of.

We don't run ads. We don't hide behind a paywall. We answer to our readers — and no one else.

Read the full investigation (charts + sources)Sources include NATO, Rheinmetall, Lockheed Martin, McKinsey, Bruegel, PwC, CNBC and Morningstar. Every claim in the written piece is cited.

Veritas Europaea is reader-funded slow journalism on European political economy, finance and geopolitics. Free signup keeps you in the loop; membership keeps the work alive.

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Reinsurers cut catastrophe prices by up to 25% on 1 July. American homeowners still pay 46% more than in 2021. Both facts describe the same warming atmosphere.

We read the July 2026 renewal reports, the Munich Re and Swiss Re loss data, and EIOPA's protection-gap dashboard, and we follow the money from a Bermudian balance sheet to a renewal notice in Altadena.

Why does the reinsurance market cut prices in the middle of a warming trend it publicly acknowledges? Because reinsurers reprice every twelve months and can walk away. Primary carriers reprice through regulators, which takes years. Households never reprice at all — they pay, they cut cover, or they leave.

And when reinsurers gave up price this year, they kept the fine print. Attachment points held. Which leaves hail, flood and wildfire frequency sitting with primary carriers, and with their policyholders.

Featuring verbatim quotes from Thomas Blunck and Tobias Grimm (Munich Re), Balz Grollimund (Swiss Re), David Flandro (Howden Re), Jim Williamson (Everest Group), Petra Hielkema (EIOPA), Ishita Sen (Harvard Business School) and Günther Thallinger (Allianz).

Ten named sources. No fabricated quotes. No paywall.

Full article, free, with four charts

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The Veritas Brief is the podcast of Veritas Europaea, a reader-funded publication covering European political economy, finance and geopolitics. We take one story a week and we stay with it.