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In their first presidential debate last night, Republicans staged their own version of Tom Stoppards classic play Rosencrantz and Guildenstern Are Dead.

Stoppards story focuses on the titular two characters, who are minor figures in Hamlet. The playwright recounts the Hamlet story from their peripheral perspective, as Rosencrantz and Guildenstern wait and wander, distant from the real action. For much of the plays three acts, they strain for even glimpses of the man at the center of the tale, Prince Hamlet.

The eight GOP candidates onstage last night often seemed like Rosencrantz and Guildenstern, with their words largely stripped of meaning by the absence of the central protagonist in their drama.

The debate had plenty of heat, flashes of genuine anger, and revealing policy disputes. Former UN Ambassador Nikki Haley, who has often seemed a secondary player in this race, delivered a forceful performanceparticularly in rebutting the entrepreneur Vivek Ramaswamy on policy toward Ukrainethat made her the most vivid figure onstage to many Republicans.

But all that sound and fury fundamentally lacked relevance to the central story in the GOP race: whether anyone can dent former President Donald Trumps massive lead over the field. At times, it seemed as if the other candidates had lost sight of the fact that it is Trump, not the motormouthed Ramaswamy, who is 40 points or more ahead of all of them in national polls.

Trump is the big winner, the Republican consultant Alex Conant told me after the debate. Nobody made an argument about why they would be a better nominee than Donald Trump. They didnt even begin to make that argument.

There were plausible reasons the candidates focused so little on the man they are trying to overtake. The Fox News moderators did not ask specifically about Trumps legal troubles until an hour into the debate, instead focusing on discussions about the economy, climate change, and abortion. Ramaswamy seemed to be daring the other candidates to smack him down by repeatedly attacking not only their policies but their motivations. Im the only person on this stage who isnt bought and paid for, he insisted at one point. Loud booing from the audience almost anytime someone criticized Trump may also have discouraged anyone from targeting him too often.

But it was more than the debates immediate circumstances that explained the fields decision to minimize direct confrontation with Trump. That choice merely extended the strategy most have followed throughout this campaign, which in turn has replicated the deferential approach most of Trumps rivals took during the 2016 race.

David A. Graham: Ramaswamy and the rest

Haley took the most direct shot at the former president on policy, criticizing him from the right for increasing the national debt so much during his tenure; Florida Governor Ron DeSantis jabbed Trump toothough not by namefor supporting lockdowns early in the pandemic. Yet these exchanges were overshadowed by the refusal of any of the contenders, apart from former Governors Chris Christie and Asa Hutchinson, to object to Trumps attempts to overturn the 2020 election or his role in sparking the January 6 insurrection. All of them except Hutchinson and Christie raised their hand to indicate they would support Trump as the GOP presidential nominee even if he is convicted of a crime before the election.

To Conant, all of this seemed reminiscent of the 2016 campaign, when Trumps rivals seemed reluctant to attack him in the hope that he would somehow collapse on his own. Their strategy is wrong, Conant said. Hes going to be the nominee unless somebody can capture the support of Republicans who are open to an alternative. And nobody even tried to do that tonight.

David Kochel, an Iowa-based Republican consultant, wasnt as critical. But he agreed that the field displayed little urgency about its biggest imperative: dislodging from Trump some of the voters now swelling his big lead in the polls. What this race needs is to start focusing in on [the question of] Trump or the future, which is it? Kochel told me. Im not sure we saw enough of that last night.

The failure to more directly address the elephant in the room, or what Bret Baier, a co-moderator, called the elephant not in the room, undoubtedly muted the debates potential impact on the race. Nonetheless, the evening might provide a tailwind to some of the contenders, and a headwind to others.

The consensus among Republicans I spoke with after the debate was that Haley made a more compelling impression than the other seven candidates onstage. Her best moment came when she lacerated Ramaswamy for calling to end U.S. support to Ukraine, a move she said would essentially surrender the country to Russian President Vladimir Putin. You are choosing a murderer over a pro-American country, she told Ramaswamy. You have no foreign-policy experience, and it shows.

The debate lifted Nikki Haley as one of the prime alternatives for the people who are worried that Trump carries too much baggage to get elected, the veteran GOP pollster Whit Ayres told me last night. She gutted Ramaswamay.

Ramaswamy forced himself into the center of the conversation for much of the night, making unequivocal conservative declarations such as The climate agenda is a hoax, and categorical attacks on the rest of the candidates as corrupt career politicians.

Yet the evening showed why he may not advance any further than other outsider candidates in earlier GOP races, like Herman Cain and Michele Bachmann in 2012. His choice to emulate Trump as an agent of chaos surely thrilled the GOP voters most alienated from the party leadership. But Ramaswamys disruptive behavior and tendency toward absolutist positions that he could not effectively defend seemed likely to lower his ultimate ceiling of support. He appeared to simultaneously deepen but narrow his potential audience.

Senator Tim Scott of South Carolina also had a difficult night, though less by commission than omission. In his first turn on such a big stage, he simply failed to make much of an imprint; the evening underscored the limitations of his campaign message beyond his personal story of rising from poverty. I forgot he was even there, Kochel said. Maybe nice guys finish last; I dont know. He disappeared.

Former Vice President Mike Pence, by contrast, was as animated as hes been in a public forum. That was true both when he was making the case for an almost pre-Trumpian policy agenda that reprised priorities associated with Ronald Reagan and when he was defending his actions on January 6.

DeSantis, who seemed slightly overcaffeinated at the outset, didnt disappear, but he didnt fill Trumps shoes as the focal point of the debate either. The other candidates devoted little effort to criticizing or contrasting with him. To Conant, that was a sign they consider him a fading ember: No reason to risk losing a back-and-forth with a dead man, Conant said. Others thought that although DeSantis did not stand out, he didnt make any mistakes and may have succeeded in reminding more conservative voters why they liked him so much before his unsteady first months as a presidential candidate.

Christie in turn may have connected effectively with the relatively thin slice of GOP voters irrevocably hostile to Trump. That may constitute only 10 to 15 percent of the GOP electorate nationally, but it represents much more than that in New Hampshire, where Christie could prove formidable, Ayres told me.

But it wont matter much which candidate slightly improved, or diminished, their position if they all remain so far behind Trump. Ayres believes materially weakening Trump in the GOP race may be beyond the capacity of any of his rivals; the only force that might bring him back within their reach, Ayres told me, is if his trial for trying to overturn the 2020 election commences before the voting advances too far next year and damages his image among more Republican voters.

In a Republican context, Ayres said, The only institutions that have the ability to bring hm back to Earth are not political institutions; they are judicial institutions.

Kochel, who attended the debate, pointed out that the loud disapproval from the crowd at any mention of Trumps legal troubles accurately reflected the desire of most GOP voters to bury the issue. A lot of the base right now collectively has their hands up over their ears and are going La-la-la, Kochel said. The problem for the party, though, is that while Republican partisans may not want to deal with the electoral implications of nominating a candidate facing 91 criminal charges, general-election voters are going to deliver a verdict on all of this even if a jury doesnt.

David A. Graham: What people keep missing about Ron DeSantis

Apart from Christie and Hutchinson, the candidates on the stage seemed no more eager than the audience to address Trumps actions. While all of them agreed Pence did the right thing on January 6 by refusing Trumps demands to reject the election results, none except those two and Pence himself suggested Trump did something wrong in pressuring his vice president. Nor did the others find fault in anything else Trump did to subvert the 2020 result.

The final act of Stoppards play finds Rosencrantz and Guildenstern drifting toward a doom that neither understands, nor can summon the will to escape. In their caution and timidity, the Republicans distantly chasing Trump dont look much different.

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El Capitan Is Now the Fastest Supercomputer on the Planet

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El Capitan Is Now the Fastest Supercomputer on the Planet

The world’s most powerful supercomputer, El Capitan, has been officially launched at the Lawrence Livermore National Laboratory (LLNL) in California. Built at a cost of $600 million, the system has been designed to manage highly classified national security tasks. The primary objective of the supercomputer is to ensure the security and reliability of the U.S. nuclear stockpile in the absence of underground testing, which has been prohibited since 1992. Research in high-energy-density physics, material discovery, nuclear data analysis, and weapons design will be conducted, along with other classified operations.

Performance and Capabilities

According to reports, El Capitan became the fastest supercomputer globally after achieving 1.742 exaFLOPS in the High-Performance Linpack (HPL) benchmark. The system has a peak performance of 2.746 exaFLOPS, making it the third machine ever to reach exascale computing speeds. The measurement, taken in floating-point operations per second (FLOPS), represents the ability of the supercomputer to perform one quintillion (10^18) calculations per second.

As reported by space.com, the second-fastest supercomputer, Frontier, located at Oak Ridge National Laboratory in Illinois, has recorded a standard performance of 1.353 exaFLOPS, with a peak of 2.056 exaFLOPS. El Capitan’s significant advancement marks a leap in computational capabilities within high-performance computing.

Technical Specifications

As reported by The Next Platform, El Capitan is powered by over 11 million processing and graphics cores distributed across 44,544 AMD MI300A accelerated processing units. These units incorporate AMD EPYC Genoa CPUs, AMD CDNA3 GPUs, and shared computing memory. Each processing unit includes 128 gigabytes of high-bandwidth memory, designed to optimise computational efficiency while minimising power consumption.

Development and Commissioning

Reports indicate that construction of El Capitan began in May 2023, with the system going online in November 2024. The official dedication took place on January 9, 2025. The supercomputer was commissioned by the U.S. Department of Energy’s CORAL-2 program as a successor to the Sierra supercomputer, which was deployed in 2018 and currently ranks 14th in the latest Top500 list of most powerful supercomputers.

With El Capitan’s full-scale deployment, advancements in national security research and computational science are expected to reach unprecedented levels.

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Bank of England rate-setter sees no repeat of extended inflation spike ahead

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Bank of England rate-setter sees no repeat of extended inflation spike ahead

A member of the Bank of England’s rate-setting committee has made a case for a steeper cut to interest rates on expectations that an inflation “hump” ahead will be temporary.

Catherine Mann, an American economist, told an audience in Leeds that she currently did not see a repeat of an extended period of inflation in the months to come, such as that which followed Russia’s invasion of Ukraine.

She described herself as an “activist” on the Bank’s monetary policy committee, having voted last week for a half percentage point interest rate reduction.

Ms Mann said her decision aimed to “cut through the noise” about the right stance for policy given the weaker outlook for employment and the economy than had been previously expected at the end of 2024.

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But she cautioned that while her policy path differed to the majority view for “gradual” rate reductions, the Bank rate, she said, would need to remain restrictive for longer.

Ms Mann had been considered the top hawk – a policymaker leaning towards higher rates – on the Bank’s monetary policy committee (MPC) until it emerged she had backed a half-point cut.

A 0.25 percentage point reduction was passed.

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Sky asks BoE governor about ‘depressing’ growth

Her earlier worries about rate cuts included a high pace for wage growth and budget-linked investment, stoking inflation down the line.

Last Thursday’s rate decision meeting minutes showed that she, and one other member of the MPC Swati Dhingra, had varied concerns relating to the Bank rate remaining too restrictive at a time of weak economic growth and a weakening employment outlook, with both likely to weigh on inflation naturally.

New Bank staff projections saw the economy growing by just 0.75% this year and inflation topping 3.7% – up from the current 2.5% rate.

Ms Mann told the audience at Leeds Beckett University: “In a speech last February I said, ‘Do not be seduced by the deceleration in headline inflation’. This February, I say, ‘Do not be dismayed by the hump… yet’.”

She expected much of the anticipated increase in inflation this year to come from energy and food, with contributions from other elements such as water bills, phone bills and insurance.

These are factors outside the Bank’s control.

What it wants to avoid is a price spike that forces up wage growth to counter the higher costs – as happened after the energy-led start to the cost of living crisis in 2022.

She said that elements such as budget tax rises on employment would, as Bank surveys have suggested, weigh on both wage growth and therefore inflation.

“I chose 50 basis points now, along with continued restrictiveness in the future, and a higher long-term Bank Rate
to ‘cut through the noise’,” she added.

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Affirm plans to bring Buy Now, Pay Later debit cards to more users through deal with FIS

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Affirm plans to bring Buy Now, Pay Later debit cards to more users through deal with FIS

PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.

Vaughn Ridley | Sportsfile | Getty Images

Affirm, the online lender founded by Max Levchin, expanded beyond credit and entered the debit market four years ago with a card that let users pay over time. Now the company is making it possible for banks to offer that service to their customers.

Affirm, which pioneered the buy now, pay later business (BNPL), has partnered with FIS in a deal that will allow the fintech company to offer the pay-over-time service to its banking clients and their millions of individual customers.

Any bank that partners with FIS will be able to provide its own version of the Affirm Card, which launched in 2021, without asking customers to adopt a new piece of plastic. Consumers can access Affirm’s biweekly and monthly installment plans and have the money automatically deducted from their checking account.

There are approximately 230 million debit card users in the U.S., according to the Federal Reserve Bank of Atlanta. BNPL services have traditionally been tied to credit cards or standalone financing products, rather than to debit offerings.

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“Consumers today are looking for innovative and user-friendly experiences that give them flexibility and control over their money,” Jim Johnson, co-president of banking solutions at FIS, said in the press release. Affirm’s offering can help banks “offer more competitive, differentiated services through their own banking channels,” he said.

Affirm has over 335,000 merchants in its network, ranging from travel booking sites and concert ticket providers to jewelry stores and electronics providers. By bringing BNPL into the debit world, Affirm aims to provide consumers more alternatives to credit.

In its earnings report last week, Affirm reported better-than-expected quarterly revenue and posted a surprise profit from the holiday period. The stock rocketed 22% after the announcement.

Affirm’s active consumer base grew 23% year over year to 21 million users. The Affirm Card now has 1.7 million active users, up more than 136% from the year-ago quarter. Card volume has more than doubled.

In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.

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PayPal shares plunge 12% despite earnings beat as growth slows in card processing

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