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Why coyotes won’t become the new wolves and what it has to do with moose and beaver

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Imagine a healthy forest, home to a variety of species: Birds are flitting between tree branches, salamanders are sliding through leaf litter, and wolves are tracking the scent of deer through the understory. Each of these animals has a role in the forest, and most ecologists would argue that losing any one of these species would be bad for the ecosystem as a whole.

Unfortunately – whether due to habitat loss, overhunting or introduced specieshumans have made some species disappear. At the same time, other species have adapted to us and spread more widely.

As an ecologist, I’m curious about what these changes mean for ecosystems – can these newly arrived species functionally replace the species that used to be there? I studied this process in eastern North America, where some top predators have disappeared and a new predator has arrived.

A primer on predators

Wolves used to roam across every state east of the Mississippi River. But as the land was developed, many people viewed wolves as threats and wiped most of them out. These days, a mix of gray wolves and eastern wolves persist in Canada and around the Great Lakes, which I collectively refer to as northeastern wolves. There’s also a small population of red wolves – a distinct and smaller species of wolf – on the coast of North Carolina.

The disappearance of wolves may have given coyotes the opportunity they needed. Starting around 1900, coyotes began expanding their range east and have now colonized nearly all of eastern North America.

Coyotes colonized most of eastern North America in the wake of wolf extirpation. Jensen 2025, CC BY

So are coyotes the new wolf? Can they fill the same ecological role that wolves used to? These are the questions I set out to answer in my paper published in August 2025 in the Stacks Journal. I focused on their role as predators – what they eat and how often they kill big herbivores, such as deer and moose.

What’s on the menu?

I started by reviewing every paper I could find on wolf or coyote diets, recording what percent of scat or stomach samples contained common food items such as deer, rabbits, small rodents or fruit. I compared northeastern wolf diets to northeastern coyote diets and red wolf diets to southeastern coyote diets.

I found two striking differences between wolf and coyote diets. First, wolves ate more medium-sized herbivores. In particular, they ate more beavers in the northeast and more nutria in the southeast. Both of these species are large aquatic rodents that influence ecosystems – beaver dam building changes how water moves, sometimes undesirably for land owners, while nutria are non-native and damaging to wetlands.

Second, wolves have narrower diets overall. They eat less fruit and fewer omnivores such as birds, raccoons and foxes, compared to coyotes. This means that coyotes are likely performing some ecological roles that wolves never did, such as dispersing fruit seeds in their poop and suppressing populations of smaller predators.

A diagram showing the diets of wolves and coyotes

Grouping food items by size and trophic level revealed some clear differences between wolf and coyote diets. Percents are the percent of samples containing each level, and stars indicate a statistically significant difference. Alex Jensen, CC BY

Killing deer and moose

But diet studies alone cannot tell the whole story – it’s usually impossible to tell whether coyotes killed or scavenged the deer they ate, for example. So I also reviewed every study I could find on ungulate mortality – these are studies that tag deer or moose, track their survival, and attribute a cause of death if they die.

These studies revealed other important differences between wolves and coyotes. For example, wolves were responsible for a substantial percentage of moose deaths – 19% of adults and 40% of calves – while none of the studies documented coyotes killing moose. This means that all, or nearly all, of moose in coyote diets is scavenged.

Coyotes are adept predators of deer, however. In the northeast, they killed more white-tailed deer fawns than wolves did, 28% compared to 15%, and a similar percentage of adult deer, 18% compared to 22%. In the southeast, coyotes killed 40% of fawns but only 6% of adults.

Rarely killing adult deer in the southeast could have implications for other members of the ecological community. For example, after killing an adult ungulate, many large predators leave some of the carcass behind, which can be an important source of food for scavengers. Although there is no data on how often red wolves kill adult deer, it is likely that coyotes are not supplying food to scavengers to the same extent that red wolves do.

Are coyotes the new wolves?

So what does this all mean? It means that although coyotes eat some of the same foods, they cannot fully replace wolves. Differences between wolves and coyotes were particularly pronounced in the northeast, where coyotes rarely killed moose or beavers. Coyotes in the southeast were more similar to red wolves, but coyotes likely killed fewer nutria and adult deer.

The return of wolves could be a natural solution for regions where wildlife managers desire a reduction in moose, beaver, nutria or deer populations.

Yet even with the aid of reintroductions, wolves will likely never fully recover their former range in eastern North America – there are too many people. Coyotes, on the other hand, do quite well around people. So even if wolves never fully recover, at least coyotes will be in those places partially filling the role that wolves once had.

Indeed, humans have changed the world so much that it may be impossible to return to the way things were before people substantially changed the planet. While some restoration will certainly be possible, researchers can continue to evaluate the extent to which new species can functionally replace missing species.

Alex Jensen, Postdoctoral Associate – Wildlife Ecology, North Carolina State University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

The Conversation

This story was originally featured on Fortune.com



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U.S. GDP growth is being kept alive by AI spending ‘with no guaranteed return’: Deutsche Bank

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We will get a new estimate of Q3 U.S. GDP growth today. The consensus among analysts is for a rise of 3.2% year-on-year. That’s pretty decent growth. No wonder then, that the S&P 500 ticked up another 0.88% yesterday, to come within half a percentage point of its all-time high, and futures this morning are marginally up too. Traders seem to be pretty happy about where the U.S. economy is going.

But some analysts are starting to worry about how much of that growth is concentrated in AI.

A recent note from Pantheon Macroeconomics said that private fixed investment—a measure of how much companies are spending—”is rising only due to AI-related spending.” Analyst Oliver Allen published a chart this morning showing that all other private fixed investment is actually in decline:

“Capex intentions remain depressed, suggesting investment outside of AI-linked sectors remains weak,” he told clients in a note seen by Fortune.

Deutsche Bank said much the same thing in a recent note discussing whether AI was a bubble. “Investment in AI-related sectors is critical to GDP growth [and the] U.S. would be close to recession this year if it weren’t for tech-related spending, as other spending has flatlined post-Covid,” analysts Adrian Cox and Stefan Abrudan wrote.

The scale of capital expenditure (capex) investment going into AI is gargantuan. Bank of America’s Justin Post and Nitin Bansal estimate that AI capex from just five “hyperscalers” (Alphabet, Meta, Microsoft, Amazon, and Oracle) will total $399 billion this year and rise to over $600 billion in the years to come.

Increasingly, that AI capex will likely be funded by debt. The big tech companies have such healthy cashflow and robust balance sheets that it’s easy for most of them to add debt without harming their bottom lines, BofA says.

That debt is already breaking records. “Net supply [of new debt] from AI-related issuers in the USD credit market has crossed $200 billion in 2025, more than doubling last year’s total,” Spencer Rogers and his colleagues at Goldman Sachs told clients recently. “30% of USD credit net supply this year is AI-related.” He expects that number to go higher next year.

BofA says the companies are chasing $1 trillion in incremental revenues over the next five years. About $500 billion of that from cloud services; $400 billion in extra digital advertising spending; and $200 billion from AI subscriptions from both consumers and businesses. 

“Historically (2021-24), each dollar of capex helped generate an average of $0.90 incremental revenue and $0.42 of incremental EBITDA in the following year,” they wrote.

Let’s hope they are right. Because according to Deutsche Bank, hyperscalers will spend a cumulative $4 trillion on AI data centers through 2030—more than the U.S. government’s moon-landing program in the 1960s: “10x [the] inflation-adjusted cost of Apollo programme with no guaranteed return.”

Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

  • S&P 500 futures are up marginally this morning. The last session closed up 0.64%. 
  • STOXX Europe 600 was up 0.18% in early trading. 
  • The U.K.’s FTSE 100 was flat in early trading. 
  • Japan’s Nikkei 225 was flat. 
  • China’s CSI 300 was up 0.2%. 
  • The South Korea KOSPI was up 0.28%. 
  • India’s NIFTY 50 was flat. 
  • Bitcoin sunk to $87K.
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AI is reshaping banking—but not causing a jobs wipeout

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Good morning. An AI-fueled takeover of finance jobs doesn’t appear imminent, experts say.

My Fortune colleague Emma Burleigh takes a deep dive into this topic in her new report, “Is AI really killing finance and banking jobs? Experts say Wall Street’s layoffs may be more hype than takeover—for now.” For example, despite Wall Street’s headline-grabbing layoffs this year, overall headcount across banking and finance has remained relatively stable.

“I think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining,” Pim Hilbers, a managing director working with banking and talent at BCG, told Burleigh. “I don’t see that changing anytime soon. That doesn’t mean that everybody just stays in their job for life. I think we see a lot more mobility than we saw in the past.”

Burleigh writes about the banking sector: “So far, America’s largest financial institutions haven’t been making deep workforce cuts. Bank of America employed just four fewer workers at the end of the third quarter this year, compared to 2024. In that same time period, JPMorgan saw its headcount climb by 2,000 employees, and more than a third of the new staffers were brought onto corporate operations. Even Goldman Sachs, which implemented multiple rounds of layoffs this year, employed 48,300 this September—around 1,800 staffers higher than the year before.

“Banks aren’t ready to shed staffers just yet; experts tell Fortune they’re pulling back on headcount growth for as long as possible, leaning on AI efficiency gains until they’re forced to add more humans to payroll. They predict this sluggish period of hiring could last for years.” Although AI isn’t replacing bankers just yet, there could be trouble on the horizon for marketers and accountants. You can read the complete report here

Regarding banking, AI is also reshaping competitive advantage, a recent BCG report finds. Predictive, generative, and agentic AI are redefining the foundations of scale, efficiency, and customer experience. Banks must anchor AI strategy in business strategy. And “winning institutions” focus on where AI will deliver real returns, not just on deploying more technology, according to BCG.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com



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Hong Kong tops global IPO charts for the first time since 2019 for total funds raised, overtaking New York’s stock exchanges

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Hong Kong has reclaimed its spot at the top of global IPO charts for total funds raised—a position it last held in 2019. (This figure reflects the capital injected by investors during an IPO, and represents the difference in a company’s valuation pre- and post-IPO.)

In 2025, global IPO markets raised $158.4 billion across 1,227 deals, reflecting an 18% rise in funds raised, according to an outlook report by consulting firm KPMG

The Hong Kong stock exchange (HKEX) led the way, raising a total of HKD272.1 billion ($34.3 billion) in funds. This was a 210% increase from 2024, when it raised HKD88 billion ($11.3 billion). 

The New York and NASDAQ stock exchanges ranked 2nd and 3rd, raising a total of $20.3 billion and $19.2 billion respectively, the KPMG report found. 

According to the firm’s analysts, Hong Kong’s surge in IPO fundraising was driven by a record number of A+H listings—dual listings allowing companies to trade shares on both mainland Chinese stock exchanges (A-shares) and the HKEX (H-shares). They are especially popular among Chinese companies looking to Hong Kong’s market for the first leg of their global expansion.

As of Dec. 7, Hong Kong achieved an all-time high of more than 300 active IPO applications—including 92 active A+H listing applicants—and KPMG’s analysts believe that this upward trend will continue into 2026.

“Key global IPO markets have trended upwards in 2025 with Hong Kong’s threefold increase in funds raised, making it the largest single contributor to the global IPO market’s recovery, and reaffirming its status as a leading international financial center,” wrote Paul Lau, a partner and the head of capital markets and professional practice at KPMG China, in their outlook report.

Among Hong Kong’s active IPO applications, the lion’s share is from companies in the technology, media, and telecommunications sector—which made up 39% of applications.

The healthcare and life sciences sector came in second, constituting 21% of IPO applications. The industrial sector was a close third, with 18% of active applications.

A few blockbuster IPOs debuted on the HKEX this year, including China’s largest bubble-tea chain, Mixue, which raised $444 million, and AI firm Pony AI, which raised $860 million.

Chinese battery giant CATL also boasted a strong Hong Kong debut, raising $4.6 billion from investors—one of the world’s largest listings in 2025. 

KPMG’s Lau adds that in the next year he expects the pace of AI-related listings in the HKEX to accelerate, as the technology matures and is adopted more widely across different industries.

High-performing IPO markets

After the Hong Kong and U.S. stock exchanges was the National stock exchange of India, which came in fourth place, after raising $18.5 billion in funds. This was a drop from the $20.3 billion it accrued in 2024, which previously earned it the first place spot.

The Shanghai stock exchange maintained its position as the fifth most lucrative IPO market globally, raising $13.2 billion in 2025—up from $10.6 billion in 2024.

Additionally, the A-share market—mainland China’s stock market—posted steady gains in 2025, KPMG’s market watchers added, with positive growth projected to continue in the coming year.

“The 15th five-year plan (China’s national roadmap) deepens the reform for China’s capital markets, with inclusiveness and coordinated investment and financing at the core of market reforms,” wrote Irene Chu, a partner at KPMG, who also oversees the new economy and life sciences sector for the Hong Kong market. 

“As these strategic priorities take hold, we expect the authorities to prioritize and sustain their efforts to foster steady, high-quality growth in the A-share market for years to come,” she added.



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