The $5 Trillion Company That Survived by Admitting It Was Wrong

The Nvidia company has risen to success through immigration, skill, risk-taking and integrity.

A great company always looks inevitable in retrospect.

Nvidia now sits at the centre of the artificial intelligence revolution. Its chips power data centres, scientific research, self-driving technology and many of the AI tools that are beginning to reshape our lives. As I write, the company is valued at roughly $5.3 trillion. In its latest quarter alone, it reported revenue of $96.2 billion.

But Nvidia did not begin in a gleaming Silicon Valley headquarters. It began with three engineers, one bottomless cup of coffee and a booth in Denny’s.

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Migrants Built the West. Now We Blame Them.

Migration is the main reasons many economies have become so successful.America, Britain and Germany became richer by importing people, skills, ideas and ambition. The real migration scandal is how quickly we forget it.

One of the strangest things about today’s migration “debate” is that some of the countries that have benefited most from immigration now seem determined to portray it as a national catastrophe.

History tells a rather different story. I was reminded of this recently while reading about Malacca, one of the great trading cities of Southeast Asia.

Malacca did not become rich despite the Gujaratis, Chinese, Arabs, Persians, Tamils, Javanese, Sumatrans and Malays who converged there. It became rich precisely because they converged there.

People arrived carrying far more than labour. They brought languages, skills, capital, technologies, religions, recipes, commercial contacts and different ways of solving problems.

Put enough different networks into the same place and interesting things start to happen. History is full of cities like this: Alexandria, Constantinople, Venice, Amsterdam, London, New York, Singapore. Yet we cling to the curious idea that successful nations were once culturally pure places which  became diluted by foreigners. Nothing could be further from the truth.

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Does the Makerfield Test Really Work?

When Local Justice Meets National Responsibility

One of the most attractive political ideas to emerge in Britain this year is also one of the simplest.

Andy Burnham calls it the Makerfield Test.

His argument is straightforward: government should judge its success not merely by economic growth, favourable statistics or the approval of financial markets, but by whether life genuinely improves for ordinary people in communities such as Makerfield and thousands of places like it.

At first glance, it is difficult to disagree, isn’t it?

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The Accidental Outsiders

Accidental outsider on a bridge with the University of Oxford University on the right and a northern English town on the left.
Why We Need More Than One Perspective

I have come to realise that the most valuable education I ever received was learning to see the same country from two completely different points of view.

I was reminded of this recently while listening to Andy Burnham speak about the “Makerfield test”: his promise that national policy should be judged by whether it improves life in places such as Makerfield, rather than merely satisfying the economic and political orthodoxies of Westminster.

I was attracted to the idea immediately. That was not altogether surprising. Burnham and I have several things in common.

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