Good morning. French markets fell a bit after President Emmanuel Macron called snap parliamentary elections, but the response was more a resigned Gallic shrug than any sort of panic. More evidence of the Unhedged view that in the short run politics don’t matter much to markets (except in extreme cases). Email me: robert.armstrong@ft.com. 

The robots are here

Everyone who works in an information industry — a category that includes journalists, software coders and stock pickers — should be thinking about whether, or perhaps when, a computer is going to take their job. 

A large language model, trained on the writing done for the Financial Times, could write newsletters that sounded a lot like me. Maybe the letters would not be quite convincing today, but it likely won’t be long before they are. Perhaps people don’t want to read newsletters written by LLMs, in which case my trip to the knacker’s yard is not quite booked. But the threat is clear.