• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello there! Feeling nostalgic about those old Taco Bell/Pizza Hut combo restaurants? Well, there's a new dynamic duo in the neighborhood: Applebee's and IHOP. We got to try out their first hybrid restaurant in the US, which is hoping to appeal to young diners.

In today's big story, the economy is showing signs of slowing down and some are saying DOGE isn't helping things.

What's on deck

Markets: An inside look at what life is like at Goldman Sachs' Dallas office.

Tech: Nvidia posted another big earnings beat.

Business: Jeff Bezos has a new rule for The Washington Post.

But first, we're taking it slow.

If this was forwarded to you, sign up here.

The big story

Economic speed trap

The economic growth spurt some were hoping for with the new administration is coming up short.

President Donald Trump's second term promised tax cuts, deregulation, and an environment that would get an economy firing on all cylinders. But investors and economic experts are raising concerns about a slowdown this year.

Neil Dutta, the head of economics at Renaissance Macro Research, outlined how the US economy is starting to look sluggish.

The market is also indicating something's amiss, as the 10-year US Treasury yield has dipped recently.

That's a key benchmark of DOGE's success — lower yield means lower lending costs for consumers — but it's not dropping for the reasons DOGE wants, writes Business Insider's Matthew Fox. The group's cost-cutting efforts are actually further muddying the economic outlook, according to some, leading yields to drop as investors look for a safe haven.

Dutta highlighted two things that have kept the economy humming — consumer and government spending — showing signs of strain.

To Dutta's point, a trio of economic data released last Friday on consumer sentiment and housing indicated all was not well, which led stocks to have their worst day of the year.

He's not alone in his concerns. Last week, hedge fund billionaire Steve Cohen listed several factors — tariffs, less immigration, and cuts to government spending — for why he was "actually pretty negative for the first time in a while" on the economy's growth potential and where the markets are headed.

The Point72 founder said he expects a "significant correction."

Truist chief market strategist Keith Lerner is also treading carefully. Just six weeks after talking about a buy-the-dip opportunity, Lerner downgraded US equities for the first time in years from attractive to neutral.

Predictions of an economic dropoff predated DOGE and the administration.

Before the election, the International Monetary Fund forecast that the US economy's growth would ease up in 2025. And as we're less than two months into Trump's second term, a lot is subject to change.

But in the short term, DOGE's intent to clean up government waste could be speeding up the economy's slowdown. Morgan Stanley chief investment officer highlighted DOGE (in addition to tariffs and immigration) as "potential growth headwinds."

All this might sound counterintuitive. Wouldn't reducing the government's massive deficit be good for the economy? Billionaire Ray Dalio said rising debt could lead to a financial "heart attack" if not addressed.

But Cohen said the cost cutting is like a shock to the system.

"When that money's been coursing through the economy over many years and now potentially it will be reduced or stopped in many ways, it has to be negative for the economy," he said.

News brief

• The Supreme Court just handed the Trump administration a win on USAID.
• Taboola targets a $55 billion opportunity as it moves beyond content recommendation widgets.
• Satellite images show lavish palace complex as part of Saudi Arabia's $2 trillion megacity project.
• Federal workers react to Trump administration's new plan for restructuring, staff cuts: 'They'll have to fire me.'
• Gene Hackman, 'Superman' and 'The French Connection' star, dead at 95.
• Elon Musk says DOGE 'accidentally' cut Ebola prevention.
• Here's how much you'll pay in taxes if Trump's cuts get extended.
• Meta apologizes for the sudden influx of graphic content on Instagram Reels.

3 things in markets

1. Bitcoin turns bearish. The crypto token has taken a tumble — down as much as 13% from its January high — and has officially entered bear territory. Tuesday was a real drag, with bitcoin ETF investors pulling over $1.1 billion. Between policy promises falling short and last week's $1.5 billion hack of crypto-exchange Bybit, confidence in bitcoins and altcoins has faltered. The volatility takes its toll, with crypto addiction becoming a growing concern.

2. Goldman takes the Lone Star state. Southern hospitality, an open-door culture, box seats at Mavericks games — these are just some of the highlights of working at Goldman Sachs' Dallas office, according to five employees who spoke to BI. And more perks are on the horizon with Goldman planning a new Dallas campus with rooftop gardens, childcare, and more.

3. Elliott Management founder Paul Singer doesn't have fun at work. The man behind the $72 billion fund knows how to have a good time: He likes skiing, snowmobiling, and playing the keyboard. At the office, though, Singer is all work and no play, preparing for risks at every turn. In a recent interview, Singer spoke about the stresses of running a firm and his concerns about the market, but he's in it for the long haul.

3 things in tech

1. Nvidia shrugs off DeepSeek concerns with a strong earnings beat. The chip giant reported revenue of $39.33 billion, beating Wall Street's estimates by more than $1 billion. On the earnings call, Nvidia's CFO said that demand for Blackwell chips also exceeded expectations — and the stock rose in after-hours trading. CEO Jensen Huang said that AI models like DeepSeek's R1 need 100 times more compute, on the call.

2. Is having Palantir on your résumé the golden ticket for tech hires? CEO Alex Karp seems to think so. BI spoke with six technical recruiting specialists to find out if this was the case. Some weren't so sure, saying the industry prefers strong results over credentials. Palantir may also still struggle with brand recognition, and its culture could be a turn-off for those hiring.

3. Amazon's AI-powered Alexa+ is finally here. After slow progress, the tech giant unveiled its long-awaited voice assistant on Wednesday. Panos Panay, Amazon's senior vice president of devices and services, said the upgraded Alexa can invent bedtime stories, offer recipes, and book reservations through partner companies. Here's what to expect — and how much it'll cost.

3 things in business

1. Model Karolina Kurkova and her husband are at war with an exclusive private island club. In a lawsuit, the model and her real-estate broker husband are alleging Fisher Island Club's board of directors threatened them and wrongfully expelled them from the club, harming their reputation and causing them millions of dollars in damages. The private island that's just south of Miami Beach is home to multiple billionaires and high-profile celebrities. The Fisher Island Club denies the lawsuit's allegations as baseless and believes the complaint "is nothing more than disgruntled former members."

2. Jeff Bezos has an opinion on the opinion page. The Washington Post owner announced sweeping changes to the paper's opinion section in a note to staff and shared on X. The paper's op-eds must support "free markets" and "personal liberties," he said. As part of the overhaul, the opinions editor, David Shipley, has stepped down. While newspaper ownership often sets the tone for op-eds, the note is Bezos' latest controversial move after over a year of internal turmoil.

3. There will be winners and losers as the new Trump administration rewrites how business is regulated. Crypto firms including Coinbase and Robinhood have already benefited. Meanwhile, some legal experts predict an uptick in traditional securities cases and a continuation of the Biden DOJ's aggressive antitrust enforcement in cases against Apple, Google, Meta, Amazon, and Ticketmaster.

In other news

• Michelle Trachtenberg, 'Buffy the Vampire Slayer' and 'Harriet the Spy' star, dead at 39: reports.
• Saying 'yes' to DOGE: One federal worker explains why he accepted the 'fork in the road' offer.
• I was one of the first Western tourists to visit North Korea in 5 years. I was surprised we were allowed to see signs of poverty.
• Customers are fraudulently asking delivery apps for refunds on food they received.
• Want to live in the US? Trump says invest $5M for a 'gold card.'
• These sports startups raised millions in VC funding last year in areas from new leagues to women's sports.
• Photos and videos show the 'Tesla takedown' protests that have sprung up in US cities.
• How Donald Trump could change free speech as we know it.
• MrBeast has a key trait he looks for in hiring — and it's increasingly hard to find.
• Republicans labeled BlackRock as "woke." Here's a brief history of how the firm has tried to shed that description.

What's happening today

• Revised GDP data for Q4 published

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This excerpt originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Nvidia reports earnings today, which means more questions about AI being overhyped.

The company's chips are so critical to AI development that its quarterly reports have become a State of the Union-type event for the tech. And in the three months since Nvidia last checked in, one company has shocked the AI industry: DeepSeek.

Business Insider's Emma Cosgrove and Hasan Chowdhury have a rundown on what to expect when Nvidia reports after the bell.

DeepSeek burst onto the scene in late January with reports it could produce high-performance models with fewer and less powerful hardware than its US competitors. And when you're in the business of selling AI chips like Nvidia is, some might view that as not great news.

At least, that was the market's initial reaction. Nvidia lost $600 billion in market capitalization in a single day.

The stock eventually stabilized — and some cloud firms said DeepSeek's AI models ultimately led to an increased demand for Nvidia chips — but it's still been a tough start to 2025 for the tech giant. Nvidia shares are down more than 8% this year compared to the S&P 500, which is up 1.48%.

Nvidia CEO Jensen Huang addressed the DeepSeek stock sell-off (you'll never guess this; he thinks investors got it wrong). Wednesday's earnings will be another chance for Nvidia to calm market nerves and address the ongoing doubt some have about AI: Are we spending too much money on this stuff?

If anyone's well suited to handle the critics, it's the world's second-largest company.

Time and again, Nvidia has answered the bell. Heading into last earnings there were concerns over AI models hitting a performance wall. Huang's response? Demand for Nvidia's new chip was "incredible."

Come to think of it, the biggest threat to Nvidia might be the incredible expectations Wall Street analysts have heaped onto it. Nvidia beat Q2 estimates in August, but its revenue guidance for the third quarter fell just short of the most ambitious predictions, causing its stock to drop. Such is life at the top of the AI kingdom.

Wall Street isn't letting up on the pressure, though. Most analysts expect Nvidia to beat earnings estimates again, and some even expect it to raise its first-quarter guidance on revenue, writes BI's Matthew Fox.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! Fyre Festival is back, and it's officially got a date and location. The sequel to the infamous festival will occur from May 30 to June 2 in Isla Mujeres, Mexico. Additional details are scant, but I'm sure that's definitely not a red flag.

In today's big story, the debate continues over how best to respond to DOGE's "What did you do last week?" email. (Got an opinion? We want to hear from you.)

What's on deck

Markets: Jamie Dimon's sorry about cursing, but he still wants you back in the office.

Tech: AI could spell trouble for some software engineers, but it's far from a death knell for the entire profession.

Business: For these companies, layoffs are never an option.

But first, singing for my supper.

If this was forwarded to you, sign up here.

The big story

Dealing with DOGE

From "Should they stay or should they go?" to "Should they send or just no-show?"

A few weeks after considering buyout offers, federal workers faced another dilemma: Responding to Elon Musk's "What did you do last week?" email.

The message, which asked federal workers to reply with five accomplishments from the previous week, left Washington in chaos.

Agencies differed on their recommendations to employees before the deadline, which was yesterday at 11:59 p.m. The deadline may have passed — but conflicting guidance persists.

The Social Security Administration initially told workers it was "an opportunity to highlight the important work you do." Although it later clarified that responses were voluntary.

The Department of Defense was less welcoming. The Pentagon publicly told its employees to "pause any response" to the email, adding that it "is responsible for reviewing the performance of its personnel."

Of course, it wouldn't be a DOGE mandate without getting the lawyers involved.

All of that begs the question: What would YOU do?

Business Insider's Katie Notopoulos, who wrote about how people might choose to respond to the email, wants to hear from you. She created a nifty form for you to share how you might respond.

Interest in DOGE, for better or worse, doesn't seem to be waning.

President Donald Trump's political operation is actually selling DOGE membership cards. For only a $47 donation, you can be the proud owner of a black metal card that says "Trump DOGE member." There are also t-shirts for $40 or $28.

Jamie Dimon is hopeful DOGE will be successful. "More effective government — more efficient government — isn't bad. It's actually a good thing," the JPMorgan CEO said in a recent interview.

Meanwhile, Rep. Rich McCormick said he's worried DOGE might be moving too quickly after getting an earful from his constituents at a recent town hall. The Georgia Republican said he's "not against anything he's doing," but added that he's "concerned that maybe we're moving a little bit too fast."

And then sometimes things are just getting plain weird. Some Department of Housing and Urban Development employees had a brutal start to their day on Monday. TVs in the office were showing an AI-generated video of President Trump sucking Musk's toes underneath a text that read, "LONG LIVE THE REAL KING."

News brief

• Starbucks is laying off 1,100 corporate staff this week.
• Sam Bankman-Fried's long-dormant X account is alive again — and posting about DOGE and leadership advice.
• Joann plans to go out of business and close all remaining fabric and craft stores.
• Microsoft stock slips after analysts say it canceled two AI data center leases, suggesting possible 'oversupply position.'
• The agency that regulates vehicle safety — and Elon Musk's Tesla — is another target of DOGE layoffs.
• Advertisers hit back at Rumble lawsuit in a new filing, calling it an attempt to 'weaponize' antitrust laws.
• Grok briefly censored criticism of Musk and Trump. It was blamed on a new hire who hadn't 'fully absorbed' the startup's culture.

3 things in markets

1. YOLO traders can now literally bet the farm. The CME Group debuted a suite of agricultural "micro" contracts one-tenth the size of corn, wheat, and soybean futures. The move is part of CME's larger plan to pull retail investors into a market largely dominated by institutional players. On top of offering more opportunities to a wider part of the market, these bite-size options can also help smaller farmers.

2. The markets are about to feel the burn of Trump's policies, Steve Cohen says. The billionaire Point72 founder warned that slowing immigration, tariffs, and cuts to government spending could slow economic growth and create a "significant correction." For investors, the best may be behind them.

3. Jamie Dimon is sorry … but not about criticizing WFH. The JPMorgan CEO apologized for cursing during a fiery rant he made against remote work at an internal town hall meeting that was leaked. But he didn't back down from his main point about the importance of in-office attendance: "I'm not against work from home. I'm against where it doesn't work."

3 things in tech

1. The AI coding apocalypse. Generative AI is beginning to shake up the engineering profession and entry-level coders could pay the price. The recent changes have software engineers worried they're coding themselves into obsolescence. But industry experts say that's unlikely to happen anytime soon. Plus, there's more to the job than just writing code — and AI has yet to catch up.

2. Donald Trump doesn't want anyone regulating Big Tech but himself. Last week, the president seemed to issue conflicting messages. On the one hand, he criticized European regulators for being too harsh on US tech companies. On the other hand, the Trump administration said it would regulate American tech companies because they have "too much power." BI's Peter Kafka breaks down what it all means.

3. Elon Musk isn't the only one who hates OpenAI's for-profit plan. Sam Altman is trying to transform OpenAI from a non-profit into a more conventional business, but the process is complicated thanks to its complex corporate structure. Musk, an OpenAI cofounder who split from Altman, has vocally opposed OpenAI's plan. He's not alone, with a growing chorus of entrepreneurs, companies, and charities saying it could be a grave mistake for the AI leader.

3 things in business

1. POV: Your company has never conducted layoffs. Companies laying off their employees — even outside a recession — have become commonplace in the professional world. But some purposefully refrain from making cuts. Not only is the no-layoff approach good for employees, but the CEOs of these companies said they think it's good for business, too.

2. MrBeast's secrets to success. The YouTuber knows the negativity he receives — from viewers and former employees — is part of the job. But in a recent interview on "The Diary of a CEO" podcast, MrBeast said it's helped him cultivate a stronger sense of self. He shared some key traits to his success, like his propensity for risk and what he looks for when hiring.

3. AT&T and Verizon's rivalry takes a modern twist. While AT&T navigates a rocky return to office, Verizon is seemingly looking to capitalize on its rivals' employees who aren't as keen on the mandate. In a recruiting email obtained by BI, Verizon's talent team encouraged AT&T workers to check out the company's hybrid and remote job opportunities. The outreach highlights how RTO mandates have become a sticking point for workers recently.

In other news

• Coffee is about to get way more expensive — and mediocre.
• Video: Satellite images show reality of Saudi Arabia's $2 trillion megacity.
• Palantir CEO Alex Karp reveals what he would do if he weren't running the company.
• Shopify acquihired six startups for their AI talent last year as it competes in a 'white-hot' market.
• Four charts show how Warren Buffett's Berkshire Hathaway piled up cash, dumped stocks, and made a record tax payment in 2024.
• Hedge funds are trimming their Magnificent 7 holdings — here's what they're buying instead.
• Starbucks is removing these 13 menu items from its menu next week
• Apple braces for DEI showdown at annual shareholder meeting.

What's happening today

• Apple shareholders vote on whether to abolish DEI program.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

What did you do last week? Sorry to be so blunt, but federal workers are grappling with that question. DOGE sent an email this weekend asking government employees to list their recent accomplishments before midnight tonight. Many told BI they feel frustrated by the request. The Department of Defense, meanwhile, instructed staff not to respond.

In today's big story, getting an advanced degree was once viewed as the best path toward job security. Now, it's proving to be a liability on your résumé.

What's on deck

Markets: The takeaways from Warren Buffett's annual letter to Berkshire Hathaway shareholders.

Tech: A former big-time Elon Musk believer makes the case for why Tesla is in trouble this year.

Business: The Russian media oligarch pushing Putin to even further extremes.

But first, school's out forever.

If this was forwarded to you, sign up here.

The big story

Highly educated, highly unemployable

Their degrees were something for them to fall back on. Instead, they're in a free fall.

Job seekers with advanced degrees are having a much harder time finding work compared to their less-educated peers, writes Business Insider's Aki Ito.

These days, you're better off with just a high school diploma instead of a Ph.D. if you want to find work fast. People who didn't go to college can get work twice as quickly as those with advanced degrees.

(Let's be clear: Advanced-degree holders still largely rule the roost on compensation. But pay only matters once you have a job.)

Aki has previously written about the struggles of white-collar workers thanks to hiring reductions among tech and finance firms. Those are common landing spots for people with advanced degrees, which might be why extra education isn't paying off in the job hunt.

However, Aki's story explores whether the labor market's latest shift could signal a bigger change in the importance of education.

All of this is also happening at a time when colleges are facing a reckoning.

Some say you can't put a price on education, but universities have certainly tried. With the cost of a four-year degree at a private college easily surpassing $250,000, more and more young people are questioning the benefits of college, let alone grad school.

Another corner of the job market that was once a sure thing is also getting shaken up.

Government jobs, traditionally considered a stable paycheck with good benefits, have been upended by the Trump administration. (Just reread the intro to this newsletter if you need a recent example.)

Tens of thousands of employees took buyouts, and thousands of probationary workers were fired during the first month of the Department of Government Efficiency's cost-cutting efforts.It's still unclear the impact these job cuts will have on the wider labor market. But continuing to make wholesale changes to the largest employer in the US, which is known for its job security, will likely have some residual effect.

News brief

• Few prisoners claiming abuse have access to a jury trial. The Supreme Court could soon change that.
• Here's what management experts think about Elon Musk's DOGE emails.
• Nike is betting Kim Kardashian can be its next Michael Jordan.
• The big healthcare startup buyers have left the building.
• I spent five days at a FIRE retreat in Bali with 50 super-savers.

3 things in markets

1. Warren Buffett's tax bill was a doozy. Berkshire Hathaway, the legendary investor's conglomerate, paid a record $26.8 billion in taxes last year, Buffett wrote in his annual letter to shareholders. It's the most paid by any US company in history and represents about 5% of total American corporate income taxes paid in 2024. "Spend it wisely," Buffett wrote. The letter also included some more fundamental business — and life — lessons, too.

2. The meme coin explosion. Once an obscure corner of crypto, meme coins have taken on a life — and market — of their own. But scams are common with meme coins, and ongoing conversations about a regulatory path are another big question mark.

3. How a hedge fund repays $1.2 billion to investors heading for the exits. The past few years have been rocky for Paloma Partners, posting just a 2.5% return in 2024. The multistrategy hedge fund said last fall it would take time to repay departing investors. To meet redemption requests, Paloma plans to pull $600 million from hedge funds it backed, including the quant firm Aquatic Capital, according to four people familiar with the matter.

3 things in tech

1. An early Tesla investor is now bearish on the stock. Ross Gerber was among the first to spot Tesla's potential, but he isn't feeling so confident now. Gerber doubts the company can achieve Full Self-Driving on time without switching hardware, and he believes Elon Musk has too many pots in the fire.

2. We're hiring … just not humans. Originally created as an experiment, two founders built a jobs board for AI agents. The jobs board, dubbed "Job for Agent," provides insight into what companies might look for in an AI workforce.

3. AI bosses feel the pressure. In a recent interview, the CEOs of Google DeepMind and Anthropic spoke about the weight of responsibility that comes with ushering in AI. The leaders urged people to better grasp the real force for change they expect AI to be — and for societies to start planning accordingly.

3 things in business

1. The oligarch who wants to "Make Russia Great Again." There is one Russian nationalist currently in the spotlight who may be even more zealous than Vladimir Putin. Konstantin Malofeyev operates Tsargrad, a multimedia platform with over three million followers. He embraces Trumpian rhetoric and helped organize the Russian separatist rebellion in Ukraine's Donbas region, paving the way for Putin's invasion. But Malofeyev thinks Putin isn't doing enough to crush Ukraine.

2. Scaredy-cat capitalism in the new Trump era. While deregulation and tax cuts are generally favored by corporate America, Trump and his policies aren't exactly predictable. That's leading some companies — from Meta to Disney — to brace for his whims. Many businesses are trying to get in Trump's good graces by cutting back on DEI and handing over a check.

3. You might be waiting on your tax return this year. The Internal Revenue Service began firing probationary workers last week who were not "critical" to tax filing season. These terminations are part of Trump's efforts to slash the federal workforce, but it could result in more backlogs, slower customer service, and delayed refunds, tax experts and IRS employees told BI. An IRS HR employee said the firings, coupled with a hiring freeze, could set the agency behind on its functions well into 2026.

In other news

• OpenAI researcher says soft skills aren't going anywhere.
• Sam Altman welcomes baby in birth announcement on X: 'I have never felt such love.'
• Your apartment building is made of steel — and Trump's trade plans could mean higher rent.
• Three numbers that show how dramatic Walmart's transformation has been with Amazon nipping at its heels.
• Charlie Javice called for a mistrial, saying her right to a fair trial was 'irreparably compromised' during openings.
• MrBeast said making his Amazon show 'Beast Games' was 'not a good' financial move: 'I lost tens of millions of dollars.'
• One of the few bears on Wall Street worries stagflation could drive a 10% stock sell-off this year.
• Why ESPN doesn't need the MLB.

What's happening today

• Donald Trump hosts Emmanuel Macron at the White House
• Zoom reports Q4 earnings
• Ukraine summit in Kyiv on third anniversary of Russian invasion

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! A fully remote job where you're left alone and get paid up to $30 an hour. Interested? Training AI might be the gig for you.

In today's big story, BI obtained a leaked recording of an Amazon all-hands showing how the tech giant plans to cut costs so it can make big bets.

What's on deck

Markets: Investors are getting cocky about the stock market, and that could be a red flag.

Tech: Why Microsoft's quantum 'breakthrough' is so important.

Business: This EV maker was once more valuable than Ford. Now it's bankrupt.

But first, we're robbing Peter to pay Paul.

If this was forwarded to you, sign up here.

The big story

Save and spend

Big Tech is on a cost-cutting spree to fuel its endless appetite for big AI bets.

Amazon is the latest tech giant trying to find the sweet spot between saving money and not shying away from making big bets.

The company's retail CEO, Doug Herrington, told employees to keep reducing costs so it can fund "big investments in big new businesses," according to a recording of last month's internal all-hands meeting that Business Insider's Eugene Kim obtained.

In an ideal world, companies' big bets can save them money in the long run. Amazon's investments in AI and warehouses have helped it lower the costs of fulfilling customers' orders. Amazon Robotics' chief technologist, Tye Brady, spoke to Eugene about the progress made there.

Finding the balance between savings and innovation is key. Herrington told employees every team should simultaneously look to reduce costs and develop new ideas. Gail Carpenter, Amazon's retail CFO, also described how cost-cutting is part of a wider formula, not a one-way street.

"As a reminder, this work isn't just about cost reduction — it enables us to invest in a better customer experience," she said in the meeting.

Companies' big bets can take a while to pay off, though.

AI projects aren't cheap, from hardware and data center needs to the talent to get it up and running. And while expectations are high for AI's impact, those benefits haven't fully materialized.

In the meantime, tech companies can't afford to take their foot off the gas, lest they risk falling behind competitors. And if the big bets aren't helping companies save money yet, they'll need to look elsewhere.

Amazon has laid off at least 27,000 people since late 2022 and shrunk less profitable businesses like its fashion and fitness program.

Meta, which hasn't backed down from its massive tech budget, has also taken steps to cut spending while remaining aggressive on the AI front.

The company recently cut thousands of underperformers, taking a page from Amazon's playbook, while simultaneously ramping up hiring machine-learning engineers.

News brief

• Amazon makes Zoom the 'standard' app for internal meetings and starts using Microsoft 365 tools, internal memo shows.
• TikTok is ramping up RTO, and some are balking at the new requirements.
• Don't expect a $5,000 check from DOGE.
• HSBC unveils cost cuts in drive to create a 'simple, more agile, focused bank.'
• This chart shows Costco and Sam's Club are off to a booming start this year.
• An overlooked corner of the Trump trade is up more than 100% this year.

• The government is employing fewer people and they're traveling less. United Airlines could lose millions of dollars.

  ---

  3 things in markets

  

  1. Are we too confident in the stock market? Good news: Americans are actually feeling hopeful about the market. Bad news: We need a healthy dose of skepticism to watch out for risks. The confidence investors are feeling about stocks could quickly turn to arrogance, leaving them exposed.

  2. Breaking up with Bumble. The dating app's stock plummeted on Wednesday following its latest earnings report, which forecasted lower-than-expected sales. Since its 2021 IPO, Bumble has lost over 90% of its market value. Shifting habits and app fatigue are problems for dating platforms, perhaps lowering how much users are willing to pay for Bumble's service.

  3. Palantir's stock slumps. Shares of the software company, which is a major US defense contractor, tanked 10% after reports that Defense Secretary Pete Hegseth ordered budget cuts. The slump ended a four-day winning streak for Palantir, whose stock had, until Wednesday, surged 65% this year.

  ---

  3 things in tech

  

  1. Hey, Siri. Tell me about the new $599 iPhone with AI. Apple announced its budget-friendly iPhone 16e, available to preorder on Friday. The phone is complete with Apple Intelligence and an Action button for shortcuts. After a rocky period for iPhone sales, a cheaper version is Apple's chance to attract new customers with its new AI features.

  2. There are no guarantees in the world of startups, but these companies are good bets. Silicon Valley's past few years have been filled with cost-cutting and layoffs, but AI has brought excitement back to the industry. BI compiled 43 startups — focused on everything from women's health to security — worth betting your career on.

  3. Microsoft's quantum "breakthrough." Microsoft on Wednesday unveiled Majorana 1, a quantum chip the company says is powered by a new state of matter. "Most of us grew up learning there are three main types of matter that matter: solid, liquid, and gas. Today, that changed," CEO Satya Nadella said. The development is "just as revolutionary as the silicon transistor," a quantum expert told BI.

  ---

  3 things in business

  

  1. Monopolies and murder. The manifesto found on Luigi Mangione before he was accused and charged in the killing of UnitedHealthcare CEO Brian Thompson doesn't focus too much on the quality of healthcare in the US. Instead, the note largely discusses the size of its parent company, UnitedHealth Group. In other words, Mangione seemed to be angry about monopolization — and it points to a very real trend: American business is bigger than ever.

  2. Big Tech's data centers have a pollution problem. The solution could be to bury it. AI data centers are still largely powered by fossil fuels despite promises of leveraging renewable or low-carbon energy sources. Big Tech is now exploring carbon capture, which essentially means burying carbon emissions underground. It's not a new technique, but it's both costly and complex.

  3. Another EV startup runs out of charge. Electric-truck startup Nikola filed for bankruptcy on Wednesday. The truck maker rode a wave of enthusiasm when it went public in 2020 and was once worth more than Ford. However, the startup was later engulfed in a high-profile fraud scandal and ultimately failed to commercialize its tech. It's the latest once-promising EV startup to collapse.

In other news

• Inside the mile-long factory line where America's F-35 stealth fighter jets are made.
• Another key argument for stocks to keep soaring under Trump has been turned on its head.
• Blake Lively's amended lawsuit against Justin Baldoni says he knew other women on 'It Ends With Us' set complained about him.

• Elon Musk is hunting for Social Security fraud. It's not very common.

  ---

What's happening today

• London Fashion Week begins

• Walmart reports Q4 earnings

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy Valentine's Day! In the spirit of the holiday, here's something you might fall in love with: A new Apple product. Tim Cook teased the launch of something set for next Wednesday.

In today's big story, new and old advertisers are coming to X more than two years after Elon Musk's dramatic takeover.

What's on deck

Markets: Three charts that show Robinhood's incredible rise over the past 12 months.

Tech: Meta CTO says employees who think 'everyone has to like' its policy changes should 'quit' and 'consider working elsewhere.'

Business: Everything you need to know about new US health secretary Robert F. Kennedy Jr.

But first, back like they never left.

If this was forwarded to you, sign up here.

The big story

Eyeing X

After a tumultuous few years, X is pulling advertisers back.

The platform formerly known as Twitter has grown its pool of advertisers in recent months, according to an analysis by Business Insider's Lara O'Reilly. Big-name brands like Apple have returned to the platform alongside newcomers.

It's a notable turnaround for a company that has, at times, been outwardly hostile to advertisers following Elon Musk's 2022 buyout. X has sued several big advertisers for what it claims was a coordinated ad boycott.

To be clear, the turnaround isn't complete. While X enjoyed a 15% year-over-year increase in the number of companies buying ads, its estimated US ad revenue dropped 28% during that same time period, according to research firm MediaRadar.

However, X is also leaning on ad tech partners, as Lara has previously reported, which tends to lead to lower prices compared to using an internal sales team.

Even if advertisers are cautious about working with X, they might not have many other social media options.

Meta's recent policy changes around content moderation were somewhat inspired by X. TikTok's future remains in limbo. And alternatives like Bluesky are still a fraction of the size of X.

There's another good data point for X.

Banks have seen increased interest from investors in the debt they hold from financing Musk's 2022 deal. Bloomberg reported on Thursday that Morgan Stanley was upping its offering of X debt from $3 billion to $4.74 billion. Big names like Pimco and Citadel have already jumped in, according to The Wall Street Journal.

(It's also worth noting that X's stake in xAI, Musk's buzzy AI startup, was also reportedly used to attract potential investors.)

Not too long ago, X's debt was basically considered nuclear waste. The seven banks that loaned Musk the $13 billion to buy Twitter were unable to move the loans, leaving it to clog up their balance sheets.

Of course, there's another factor that has nothing to do with X's performance enticing advertisers to return and investors to buy its debt: Musk's close ties to President Donald Trump.

Doing business with X could keep a company in Musk's good graces. And staying on good terms with the guy who has the ear of the most powerful person in the world certainly isn't a bad thing.

News brief

• TikTok is back in US app stores for Apple and Android.
• Trump calls for 'reciprocal tariffs' on nations that levy tariffs on the US.
• 75,000 federal employees took Trump's buyout, fewer than the White House's goal.
• Sam Altman pulls Elon Musk's OpenAI takeover bid into court.
• Blake Lively and Justin Baldoni reach an agreement of sorts: Neither wants to stop fighting in court.
• State Department removes mention of 'armored Teslas' from its 2025 procurement list, replaces it with 'armored electric vehicles.'

• US congressmen sound the alarm on 'secret' Apple order from UK. Read their letter.

  ---

  3 things in markets

1. Robinhood's rapid rise. The brokerage's earnings blew past analyst expectations, the latest in an incredible run that's seen its shares up almost 440% over the past year. These three charts show how a surge in newly funded accounts and a crypto boom have helped the app.

2. Want to invest like the world's best? Start here. Every few months, BI takes a look at where top investors are betting at least 20% of their portfolio. Warren Buffett has continued to reduce his position in Apple stocks, while Baupost Group's Seth Klarman has bought up more shares of telecommunications company Liberty Global. Here are nine stocks whales are making big bets on.

3. Betting on China. Druckenmiller protégé Beeneet Kothari of Tekne Capital isn't afraid of investing in China despite President Trump's trade war. A lot of Western capital has already left the country, softening the blow to Chinese stocks, he said. So, where to start? China has been getting a lot of attention lately due to DeepSeek, and robotics is another strength.

3 things in tech

1. xAI has been working on a 'DeepSearch' feature, employees say. Data annotators at Elon Musk's AI startup have been working on the project, dubbed "DeepSearch," to train Grok to perform multi-step research projects the same way a human might, two workers said. It could compete with features from rivals OpenAI and Google, but it's unclear what stage the project is at or whether xAI will ultimately release something.

2. "Leave or disagree and commit." That's what Meta's Chief Technology Officer Andrew Bosworth recently told staffers in response to employee concerns over Meta's recent policy changes. The company changed its approach to internal Q&A sessions to limit leaks to the media. In Meta's internal forum, Bosworth said, "if your view is 'everyone has to like all the policies we have and if they don't it is appropriate to leak' then I think you should consider working elsewhere."

3. The Amazon of travel. Airbnb's CEO Brian Chesky said the app should "be one place you go for all of your traveling and living needs," in an earnings call on Thursday. The company plans to invest $200 million to $250 million in launching new businesses and offerings, which it says will be rolled out in May. Its stock price jumped 15% after the announcement in after hours trading.

3 things in business

1. Robert F. Kennedy Jr. to call the shots on health policy. The new US health secretary may be known for his skepticism over vaccines — despite denying an anti-vaccine stance in his confirmation hearings — but RFK Jr. will have even more policy issues on his plate. Here's what the appointee could mean for you and your family.

2. Dozens of Office of Personnel Management probationary workers were abruptly fired. Around 60 employees were terminated in a group video call Thursday afternoon and told their work accounts would be deactivated by 3 pm ET, which gave them about 20 minutes. Two employees told BI that union representatives were not present in the meeting.

3. President Trump wants his education secretary pick to "put herself out of a job." Trump hasn't been shy about wanting to shut down the Department of Education. That could have a ripple effect on grants, student loans, outcomes data, and discrimination claims. And if Trump's plan goes through, other agencies may need to bear the burden.

In other news

• Two maps show the highest marriage and birth rates are in red states. They could get more funding for infrastructure under Trump.
• The Big Four are sticking with hybrid work. Here are the RTO policies of Deloitte, KPMG, EY, and PwC.
• Wyndham Hotels and Resorts is an unexpected winner in the data center construction boom.
• A disruptive passenger threatened to break a flight attendant's jaw then yelled in the captain's face after abusing fellow travelers, FBI says.
• I've played a werewolf and a billionaire in buzzy 'mini-dramas.' It's the first time acting has been my primary income.
• A startup that helps influencers launch their own apps pulls in a $150 million investment.
• Existential question: What's the difference between a YouTube series and a Netflix one?
• Apple's Alibaba AI deal is unlikely to be a silver bullet for its China woes.
• 'Captain America: Brave New World' has one end-credits scene — here's what it means for future Marvel movies.

• Axel Springer CEO talks trade, Trump, AI, and the future of media.

  ---

What's happening today

• Vice President JD Vance meets Ukraine President Volodymyr Zelenskyy in Munich.

• 2025 NBA All-Star Weekend begins.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up forBusiness Insider's daily newsletter here.

Good morning. Elon Musk appeared alongside President Donald Trump in the Oval Office on Tuesday to defend the cuts being made by DOGE. He said the cuts represented "common sense" changes, and that DOGE is what Americans voted for.

In today's newsletter, Disney and Goldman Sachs stepped back from some DEI goals, as the hot-button political issue is sending companies scrambling.

What's on deck

Markets: Citadel's Ken Griffin has some kind words for Elon Musk's DOGE work.

Tech: Your Netflix queue might start filling up with your favorite podcasters.

Business: MrBeast is a blueprint Hollywood is desperate to replicate.

But first, DEI decisions.

If this was forwarded to you, sign up here.

The big story

Debating DEI

Diversity, equity, and inclusion programs are feeling pretty excluded from Corporate America these days.

Disney and Goldman Sachs are two of the latest firms to pull a U-turn on programs and pledges previously made supporting DEI initiatives in recent years.

Disney's chief human resources officer Sonia Coleman told employees in a memo that its DEI efforts were shifting to support business goals and company values. (You can read the full memo here.) That includes DEI's less prominent role in evaluating executive compensation and scrapping a digital hub for amplifying underrepresented voices.

The Mouse House is also getting rid of the content advisory disclaimers that run before some of its older movies that haven't aged well.

As for Goldman, the Wall Street powerhouse is ditching its 2021 policy that required IPO clients to have at least two diverse board members.

A bank spokesperson said the decision stems from a federal appeals court ruling against Nasdaq. The exchange wanted companies looking to go public on its venue to diversify their boards or explain themselves.

Ann Lipton, a Tulane University law professor, told BI that the Nasdaq ruling doesn't necessarily pertain to Goldman since it's not an exchange under SEC oversight.

Despite the growing number of companies walking back DEI commitments, some are still standing firm.

JPMorgan CEO Jamie Dimon recently said the bank had no plans to reassess its DEI and ESG work and challenged critics of the programs. And in late January EY posted a report highlighting how DEI strategies improve productivity and workforce innovation.

However, the Trump administration's strong stance against DEI programs means continuing to support them might not always be easy.

Take Costco. The warehouse club's shareholders overwhelmingly voted against a proposal from a conservative think tank to examine the potential risks of its DEI efforts.

Still, that didn't stop 19 Republican attorneys general from sending a letter to Costco CEO Ron Vachris urging him to "end all unlawful discrimination imposed by the company through diversity, equity, and inclusion" policies.

News brief

Top headlines

• Federal agencies can only hire one new employee for every four that leave under Trump's latest executive order.
• Trade war game plan: Trump's going bigger this time.
• White House bars AP because it wouldn't go along with 'Gulf of America,' editor says.
• Marc Lore's Wonder hires executives from Walmart and Wayfair as it aims to become the 'super app for mealtime.'
• How to make sense of Elon Musk's $97 billion offer for OpenAI.
• Macy's calls Diddy 'an equal opportunity sexual predator' in bid to be dropped from sexual assault lawsuit.
• Downtrodden Alibaba stocks have surged over 30% this year on AI hype.

• Ford's CEO says Trump's tariffs are causing chaos and could be devastating to the auto industry.

  ---

  3 things in markets

  

  1. Chinese EV maker BYD speeds up AI integration. BYD announced it would integrate self-driving features across 21 vehicles, leading its shares to hit a record high. The self-driving feature will be a standard feature, with pricier models even getting a boost from DeepSeek. The move from BYD, which doesn't sell in the US, signals how China is often innovating at lower costs than Western countries.

  2. Citadel founder thanks Elon Musk "from the bottom of my heart." Billionaire and GOP donor Ken Griffin spoke out in favor of Musk's DOGE efforts at a conference on Tuesday. While Griffin supports the attempt to "take back the reins of government from the bureaucrats who only know how to spend our money," he has doubts about President Trump's tariff plan.

  3. How to hire a $50 million portfolio manager. As eye-popping as the compensation packages are at some hedge funds, the deals are rarely just about cold, hard cash. Profit accelerators, IP ownership, and a host of other factors also play a role in the anatomy of a deal. More on funds' various bargaining chips.

  ---

  3 things in tech

  

  1. xAI is ramping up hiring in 2025. Elon Musk's artificial intelligence company is hiring thousands of data annotators this year to help train its chatbot Grok, three employees told BI. These roles, also known as "AI tutors," are crucial in developing large language models, and xAI currently employs over 900.

  2. Netflix may be next in the podcast push. Following YouTube's success with video podcasts, Netflix is exploring potential deals with podcast creators, industry insiders told BI. Podcasts could offer the streaming giant a cheaper alternative to producing regular TV shows, a consistent release schedule, and more opportunities for ad revenue.

  3. AI campus ambassadors. Building a viral app requires buy-in from the youths. So ChatGPT's smaller rivals are enlisting college students to promote their AI-backed search engines and convert them into faithful users. It's a strategy that mirrors the tactics used by Facebook, Snapchat, and Tinder.

  ---

  3 things in business

  

  1. MrBeast is forging a media empire. Hollywood should take notes. While his stunt videos may not be for everyone, the 26-year-old influencer has amassed an audience of hundreds of millions by optimizing for YouTube's algorithm. As traditional media companies lose viewership to creator-led platforms like TikTok, Hollywood could learn from MrBeast. Here are three key lessons from the king of YouTube.

  2. DOGE's takeover formula. Install loyalists? Check. Call out an agency on X? Check. Shutter the DC HQ? Another check. Elon Musk's DOGE seems to have a protocol for shutting down government agencies. The last step: Go to court.

  3. Kanye West's four days of controversy. Following a slew of posts West made on X where he praised Hitler and called himself a Nazi, the rapper ran a 30-second Super Bowl ad that pointed people to YEEZY.com. The website was later updated to feature only a swastika T-shirt for sale. Following backlash, Shopify removed West's website less than 48 hours after his ad aired — but it's not the first time the company has faced criticism for hosting controversial storefronts.

  ---

  In other news

  The culture wars have arrived at your Google Calendar.

• Eggs are expensive — a sports dietitian shares four cheaper high-protein ingredients to buy instead.
• Saudi Arabia's Neom has signed a $5 billion deal to build a huge AI data center.
• 'Hitch' at 20: How Will Smith's first rom-com went from near-disaster to instant classic.
• Startups are showering employees with wild perks, from MRIs to 'pawternity leave.'

• Over 60 PwC partners in China have stepped down as the Big Four firm handles the fallout from the Evergrande scandal.

  ---

What's happening today

• Fed Chair Powell presents the Monetary Policy Report to House Financial Services Committee.

• CPI data is released.

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago. Jack Sommers, deputy editor, in London. Lisa Ryan, executive editor, in New York.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back! President Donald Trump said that he plans to impose 25% tariffs today on imports of steel and aluminum. Gold hit a record high following the news, while some related currencies softened against the dollar.

In today's big story, Meta employees impacted by its performance-based cuts are getting notified today.

What's on deck

Markets: Palantir and retail investors are a match made in heaven.

Tech: Consulting executives told us the prompts they use to get the most out of AI.

Business: The billionaire heirs desperate to give away their money.

But first, a "reduction of force."

If this was forwarded to you, sign up here.

The big story

A culling of the herd

The day after the Super Bowl is always tough at work, but it's about to be particularly hard for some Meta employees.

Today Meta is starting to notify workers impacted by its performance-based job cuts. Less than a month ago, CEO Mark Zuckerberg told employees the tech giant was firing 5% of its entire workforce to speed up how quickly it got rid of low performers. (He wasn't that blunt, but the point stands.)

Business Insider's Jyoti Mann got the internal memo detailing how the cuts will work. When it's all said and done, some 4,000 Meta workers are expected to be shown the door.

Jyoti, Pranav Dixit, and Hugh Langley spoke to some employees about the vibes inside Meta leading up to the cuts — "feels like living in a George Orwell novel," one worker said — along with how they play into Meta's broader reorganization efforts.

The layoffs come as Meta has made some other seismic shifts. From overhauling its content moderation system and nixing DEI programs to doubling its investment in AI, Meta hasn't wasted time in what Zuckerberg has said will be an "intense year."

Coincidentally, Meta employees are having their own issues with content moderation. Some workers have questioned Meta's removal of posts and comments from its internal forum. Meta's Community Engagement Expectations restrict mocking protected categories like race, but some employees accused the tech giant of censoring valid discussions.

Internal drama isn't the only problem Meta is facing. The fight for AI dominance is heating up and getting more expensive. Meta expects its capital expenditure to be as high as $65 billion this year, about double what it spent in 2022.

Meta's push for open-source AI models also contradicts what some of its competitors are doing, which could either boost it or backfire.

News brief

Top headlines

• Nike made a surprise comeback at the Super Bowl — and JPMorgan analysts broke the news.
• The CFPB says it's shutting down its DC headquarters and has instructed employees to work remotely.
• Fido's RTO blues: America's pets are heartbroken over the end of WFH.
• Trump is instructing the Treasury to stop making new pennies.
• Behind the scenes, corporate America is scrambling to stop Trump's deportation plans.
• Elon Musk says former DOGE staffer who made 'inappropriate' remarks will be rehired after polling X users.

• A jump in delinquencies in a corner of the mortgage market suggests first-time homebuyers may be struggling.

  ---

  3 things in markets

  

  1. Palantir + retail investors = big returns. CEO Alex Karp doesn't fit the Wall Street mold, so it's not surprising his approach to investors doesn't either. Instead of the IPO route, Palantir went for a direct listing, and — during earnings calls — Karp often prioritizes retail investor questions. These mom-and-pop investors are reaping the rewards, with the stock up more than 47% this year.

  2. The White House's opening pro-crypto move. AI and crypto czar David Sacks announced on Tuesday that the Trump administration has prioritized a federal stablecoins bill. Stablecoins, which are cryptos pegged to fiat currencies, could help ensure US dollar dominance, a crypto expert told BI. That's because about 98% of the stablecoins are tied to the greenback.

  3. The investor gold rush amid Trump-era policies. Trump's administration has spurred trade and geopolitical uncertainty, so investors are flocking to the yellow metal as a safe haven. Gold hit a record high today after Trump on Sunday threatened steel and aluminum tariffs. Ahead of Trump's comments, IGN said it had expected gold to reach $3,000 an ounce this quarter.

  ---

  3 things in tech

1. Rise of the (VC-backed) robots. A few startups are building autonomous robots, with some US companies securing up to $150 million in funding. The robots use AI and spatial intelligence to do everything from making coffee to helping with surgery. BI found 12 businesses to watch.

2. X has a new adtech partner. Elon Musk's company is working with Magnite, a supply-side platform that helps publishers manage and sell advertising. X has been working to reverse the losses it took when many advertisers left the platform in 2022, though Musk's beef with them is still going strong.

3. How McKinsey and the Big Four use AI. BI asked execs at five big consulting firms — McKinsey, PwC, KPMG, EY, and Deloitte — their best tips for using AI in everyday work. They told us their favorite prompts and advice for getting the most out of the tech.

3 things in business

1. These wealthy heirs want to divest — from themselves. One conference is helping rich — and mostly young — people grapple with their identities and redistribute their funds to causes that matter. The up-and-coming millionaires and billionaires are also finding community (albeit a small one) along the way.

2. Are we making eggs-cuses for all these price hikes? Most people know that egg prices have skyrocketed lately, in part because bird flu has decimated the egg-laying hen population. But when customers are primed to expect price hikes, some retailers can hike prices beyond what's really necessary. Are retailers surcharging to stay afloat, or is there a bit of fowl play at work?

3. RTO FAQs. If you're one of the tens of thousands of Americans recently affected by an order to return to the office, fear not. BI has assembled a guide to help you prepare, including commute planning and deciding what to wear.

In other news

• People on Ozempic love eggs. Now they're in trouble.
• Elon Musk calls himself 'White House Tech Support' in new X bio.
• Take a look at the $740,000 diamond-studded watch Tom Brady wore for his first Super Bowl as a commentator.
• Trump's pressuring NATO to pay more. An alliance member sitting next to Russia couldn't be happier about it.

• Every song on Kendrick Lamar's Super Bowl halftime show setlist.

  ---

What's happening today

• China imposes retaliatory tariffs on US goods.
• McDonald's reports earnings.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! That's especially true for federal workers who haven't decided on their deferred resignation offers. A federal judge delayed the deadline, which was supposed to be yesterday, until at least Monday.

In the meantime, a Trump administration official said more than 40,000 workers have taken the deal.

In today's big story, the Super Bowl is this weekend, and there's more at stake than just the NFL championship.

What's on deck

Markets: Roblox stock price fell off a cliff yesterday.

Tech: Amazon's CEO points the finger at "capacity constraints" across its data centers.

Business: Inside President Donald Trump and Elon Musk's massive overhaul of the federal workforce.

But first, are you ready for some football?

If this was forwarded to you, sign up here.

The big story

Big game, big business

The biggest American sporting event of the year has billions of dollars riding on it across multiple industries.

Just like Sunday's game, let's break it down into four quarters:

First quarter — The ads. A 30-second spot this year can run you more than $8 million. At that price, and in such a politically charged environment, companies are playing it safe. Expect a healthy dose of nostalgia, A-list celebrities, and laughs.

That's not to say no one wants to go out on a limb. Instacart's chief marketing officer Laura Jones spoke to BI about the risks (and anxiety) of creating the brand's first Super Bowl commercial.

Second quarter — The broadcast. This year, Fox has the honor of hosting what's traditionally the most-watched US television broadcast of the year. Tom Brady will be on the call, spotlighting the NFL legend who has faced criticism during his first year in the booth.

Fox-owned free streaming service Tubi will also simulcast the game in another big step for the rise of free TV. Tubi marketing chief Nicole Parlapiano told BI the game is a chance to show viewers and advertisers the streamer, which said it reached 97 million monthly active users last year, is in its "credibility era."

Halftime — The music feud. Kendrick Lamar headlines the halftime show, and his selection came with some controversy. It's also another twist to the ongoing beef between Lamar and Drake and the latter's criticism of the music-streaming industry.

Third quarter — The bets. Sportsbooks have had a tough NFL season, as betting favorites have largely won, which typically means gambling companies lose. But, with as much as $1.4 billion expected to be legally wagered on Sunday's game, sportsbooks have plenty of opportunities to make up for it. (The Kansas City Chiefs are 1.5-point favorites over the Philadelphia Eagles.)

Gambling companies are even looking to appeal to Swifties with a slew of branded bets for the superstar. But if you're looking to bet on love, try again. You can't legally bet on Travis Kelce proposing to Taylor Swift in the US.

Fourth quarter — The influencers. There's never a shortage of high-profile people at the big game, as it's a staple of the ultrawealthy's annual calendar. Bradley Cooper and Kevin Hart (Eagles) and Paul Rudd and Melissa Etheridge (Chiefs) are some of the notable celebrity fans of both teams.

New-age celebrities — influencers — are also set to make a splash this week. The NFL is reportedly planning to host 150 influencers this weekend. The league will look to leverage its followings and tap into younger generations that might consume the game across social media channels instead of the traditional broadcast.

News brief

Top headlines

• Elon Musk's newest job title is literally 'unlisted.'
• How Trump's plans for federal workers and spending could derail Washington's office recovery.
• Why Friday's jobs report could cause widespread confusion.

• The head of the FEC is defying Trump's attempt to fire her.

  ---

  3 things in markets

  

  1. The secretive world of Wall Street technology is finally opening up. Wall Street is embracing open-source technology — non-proprietary software that allows any developer to view, collaborate on, or modify the code behind it. It's a stark shift from the secretive and protective nature finance is known for. Leveraging open source is also cost-efficient and could make firms more nimble in the long run.

  2. Treasury secretary clarifies Trump's plan to lower costs. According to Scott Bessent, the president isn't focused on targeting the Fed to lower interest rates. Instead, they're both focused on the 10-year Treasury yield. That's a big vibe shift from Trump's recent aggressive stance toward Jerome Powell and the central bank.

  3. A bad day for Roblox. The video game platform's stock took a hit after reporting mixed fourth-quarter earnings. Daily active users are down, with analysts saying the dip could stem from the cleanup of bots and inactive accounts. That's left investors on the edge of their seats as Roblox has yet to break even.

  ---

  3 things in tech

  

  1. Amazon reports a strong earnings beat. The cloud giant beat Wall Street estimates in Q4, but its guidance was lighter than expected, which caused the stock to dip in after-hours trading. On the earnings call, Amazon said it would keep spending billions on AI infrastructure in 2025. And CEO Andy Jassy said AWS is being held back by capacity constraints.

  2. A unit of Alphabet wants out of the insurance business. Verily, Alphabet's life science group, entered an agreement to sell its insurance subsidiary to Elevance Health. Granular offers stop-loss insurance and specializes in leveraging data science to help employers mitigate costs and risk. Verily is cutting back on projects and focusing on AI as it grows apart from Alphabet.

  3. What Y Combinator is looking for in its spring applicants. The storied accelerator's three-month program for early-stage companies includes a $500,000 investment and Stripe, DoorDash, and Airbnb among its alums. For Spring 2025, YC is going all-in on AI applications, from AI agents to a new AI app store.

  ---

  3 things in business

  

  1. The first 17 days of DOGE and Trump 2.0. Elon Musk and President Trump are taking Silicon Valley's "move fast and break things" motto to heart as they work to remake the federal workforce. Trump signed 26 executive orders on his first day back in office, ranging from a return-to-office mandate for federal employees to DOGE's establishment. Meanwhile, government workers are scrambling to navigate a whirlwind of buyouts and shifting circumstances.

  2. Who is the mysterious crisis guru suing Blake Lively? Jed Wallace sued the "It Ends With Us" actor for defamation, claiming she caused him "millions of dollars" in reputational and emotional harm. Lively had accused Wallace of assisting her costar Justin Baldoni in mounting a digital smear campaign against her, which both men have denied. Little is known about the Texas crisis consultant, but a 2021 lawsuit filed by "Jackass" star Bam Margera claims Wallace oversaw "inhumane" substance-abuse treatment that Margera said left him "a shell of his former self." Wallace denied the claims, and the suit was eventually settled.

  3. Higher standards than ever for a healthcare IPO. With interest rates expected to drop this year, founders are hoping for another wave of healthcare IPOs. But investors say they'll have to work a lot harder to go public — the last IPO class in 2021 made a dismal showing, often with plummeting valuations.

  ---

  In other news

• Trump's old-school leadership style might not work well long-term.
• A former tech employee who quit to work on side hustles remotely explains how he used 'geo-arbitrage' to save six figures and hit 'Coast FIRE.'
• Cash is king for Gen Z over installment payment services like BNPL.
• These eight stocks could be the biggest losers as DeepSeek clouds the outlook for tech.
• Why Russia's economy may be even worse off after the war in Ukraine ends.

• OpenAI challenger Mistral launches revamped AI life and work assistant.

  ---

What's happening today

• USAID employees placed on administrative leave.
• Hearing in Democratic states' lawsuit challenging President Trump's executive order to end birthright citizenship.
• Sentencing for Nima Momeni, man charged with fatal stabbing of Cash App founder Bill Lee.
• Bureau of Labor Statistics releases monthly employment data.

• Samsung's new Galaxy S25 smartphones available.

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy almost Friday! Google's reversal of its promise not to use AI for weapons or surveillance led some employees to run to their meme generators. "Are we the baddies?"

In today's big story, it's the last day for federal workers to decide if they want to accept President Donald Trump's buyout offers.

What's on deck

Markets: Citi shows no signs of joining Wall Street's RTO trend.

Tech: Silicon Valley's new favorite buzzy term is "high agency."

Business: Some burned-out doctors are ditching the operating room for the board room.

But first, are you in or are you out?

If this was forwarded to you, sign up here.

The big story

Decision day

It's a critical day for one of the most ambitious and unprecedented ways President Donald Trump is shaking up the federal workforce.

Today marks the deadline for millions of government workers to accept the new administration's deferred resignation offer.

BI's Ayelet Sheffey and Juliana Kaplan spoke to some workers mulling their options and grappling with questions about how the buyouts will actually work.

Chief among their concerns are the impact the offer will have on retirement plans, how it will be affected by a potential government shutdown, and why they can't get more time to decide.

Trump's buyout offer isn't completely unheard of. In fact, it looks pretty similar to Elon Musk's 2022 takeover of X. The key difference is that the public sector is known for its job stability, which may be why the offer is causing so much drama among its workers.

The other elephant in the room is what'll happen if not enough workers resign. The government is aiming for 5-10% of its more than two million workers to take the deal.

As of Tuesday, more than 20,000 workers had taken buyouts, but the Office of Personnel Management told BI it expected a large spike in the final runup to the deadline.

The Department of Government Efficiency is staying busy in the meantime.

The US Agency for International Development is Trump and Musk's latest cost-cutting target. The agency's staff was notified earlier this week that all personnel except for a few essential workers would be placed on administrative leave on Friday.

BI's Noah Sheidlower has a breakdown on how the foreign aid agency, which distributed nearly $32.5 billion last year, spends its money.

Speaking of money, the group that controls government payments — the Treasury Department — is also in Musk's crosshairs. President Trump gave Musk's DOGE access to the government's payment system, which caused quite the stir.

The White House has maintained DOGE is limited to "read-only access" and its work on the Treasury plays into DOGE's overall mission of reducing government waste. But that hasn't eased concerns over the potential impact on a system that manages trillions in payments, including Social Security and tax refunds.

It's the latest example of the incredible power the world's richest man appears to hold within the US government. House Speaker Mike Johnson isn't worried, though. He defended DOGE's role and said there is a "gross overreaction in the media" over how Musk is trying to cut spending.

News brief

Top headlines

• Google ends diversity hiring goals as it reviews DEI programs.
• Elon Musk says DOGE will make 'rapid safety upgrades' to the air traffic control system following deadly plane crash.
• Luigi Mangione's free-of-charge death penalty lawyer also repped WTC bomber Ramzi Yousef.
• Ex-Meta director sues the tech giant, alleging a 'toxic pattern of silencing women'.
• The CFO of the Office of Personnel Management, the chief HR agency for the federal government, resigns.
• AI and the cloud in focus for Wall Street as analysts grow bullish ahead of earnings.
• Andreessen Horowitz hires Daniel Penny, who was cleared last year in the killing of a subway rider.
• Trump and Musk's moves to ax USAID are 'flatly illegal,' experts say. It doesn't mean it won't happen.

• Jamie Dimon says he didn't run for president because he knew winning the White House would mean barely seeing his family for four years.

  ---

  3 things in markets

1. Palantir stock is on a hot streak, but Wall Street's not biting. Palantir stock surged 28% after it reported a strong Q4 earnings beat, putting it up almost 35% this year. Even so, few analysts are bullish on it. They're concerned about Palantir's high valuation and skeptical it can grow enough to maintain its current stock price.

2. Working for Citi doesn't mean having to go into the city. Wall Street titans are leading the charge with RTO mandates — except Citigroup. On a quarterly call with executives last month, CEO Jane Fraser emphasized hybrid work and mentioned it could give the bank a competitive edge when it comes to recruitment. Regardless, the company is still shelling out $1.2 billion for its new London office.

3. The advisor behind BlackRock's alternative assets expansion. Bob Steel, vice chair of boutique investment bank Perella Weinberg, has a laundry list of career achievements: two-time bank CEO, Goldman partner, and US Treasury undersecretary. More recently, Steel gave longtime friend Larry Fink some advice on BlackRock breaking into alternative investments. In a chat with BI, Steel explained his process with Fink and shared some wisdom for up-and-coming bankers.

3 things in tech

1. Broke: "disruptor." Woke: "high agency." Silicon Valley has a new buzzword to describe the successful, smart, and self-motivated. It's called "high agency," and it's everyone's favorite new label.

2. It's not "RIP Temu and Shein" anymore. The two retailers disrupted the e-commerce industry by avoiding paying duty on shipments through a provision of customs law called Section 321, also known as de minimis. Many thought Trump's recent executive order closing that loophole would be a death knell for the companies. Temu and Shein will suffer a blow — but it might not be as bad as many initially thought. And if you recently placed an order, it should be fine.

3. DeepSeek's low-cost AI revolution isn't here … yet. When it burst onto the scene with its cheaper-to-build and cheaper-to-run models, DeepSeek was expected by some to revolutionize the entire AI startup system. That hasn't happened yet. Cloud providers are having trouble offering customers access to DeepSeek at fast and reliable speeds, slowing down the big switch to low-cost AI that startups had hoped for.

3 things in business

1. Doctors facing burnout may ditch the stethoscope. Tech companies are looking to bolster their credibility, especially with health innovation, and doctors are pitching in. Chief medical officers make $275,000 a year on average in the US — and don't have the crazy hours doctors normally deal with. Some say these corporate roles let them have a bigger impact on an otherwise "broken" health system, even amid a looming physician shortage.

2. Disney's game plan, in Iger's words. The company's sports streaming moves have been a roller coaster ride full of similar-sounding names — Venu and Fubo and Hulu, oh my! The abundance of options makes it difficult for consumers to understand Disney's sports strategy, a point an analyst raised on the company's earnings call. CEO Bob Iger clarified the goal is to make ESPN "as accessible as possible" and gave a little more insight in response.

3. "Moneyball" author Michael Lewis thinks the sports betting boom could become a mess. In 2018, gambling and media companies approached sports betting with caution. Today, gambling apps are met with little resistance, and college-aged men are getting in on the action. BI's Peter Kafka spoke with Lewis about how sports betting went mainstream — and what the fallout could be.

In other news

• How US immigrants working illegally help fund programs they can't access, like Social Security and Medicare.
• Sam's Club CEO says serving all of America is 'the definition of being inclusive.'
• Anthropic-backed startup Alma debuts an AI-powered nutrition app that tracks and analyzes eating habits.
• Uber CEO says making self-driving taxis mainstream will 'take way, way longer.'
• US tech giants are rolling back DEI. Its ripple effects could spill over to Europe.
• California's largest home insurer wants to hike rates by 22% for homeowners to help pay for LA's wildfires.

• 100,000 eggs were stolen from a supplier in Pennsylvania amid rising prices.

  ---

What's happening today

• Amazon reports earnings.

• New York Fashion Week begins.

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning. The US Agency for International Development, or USAID, will place nearly all of its direct-hire workforce on administrative leave starting Friday at midnight, according to an email sent to staff on Tuesday evening and posted on the agency's website.

Meanwhile, in today's big story, we're breaking down how the China tariffs will impact what you pay for things.

What's on deck

Markets: What Trump's plan for a US sovereign wealth fund could look like.

Tech: An Amazon VP reiterated the company's commitment to DEI initiatives in an internal meeting.

Business: The White House says more than 20,000 federal workers have taken buyouts, and more will come.

But first, the tariff fight isn't over.

If this was forwarded to you, sign up here.

The big story

The cost of a trade war

The trade war between Washington and Beijing is set to take place in US consumers' wallets.

From new phones to kitchen appliances and clothes, President Donald Trump's additional 10% tax on Chinese imports could result in a slew of higher prices, write Theron Mohamed and Ayelet Sheffey.

With China sending $427 billion in goods to the US in 2023 (the most recent year of full data), there are no shortages of things that will be affected by the tariffs.

It's not just expensive tech like computers and cellphones that's at risk. The closure of a loophole allowing importers to avoid taxes on shipments valued less than $800 when sent directly to consumers has left brands like Shein and Temu scrambling.

Concerns about logistics continued yesterday when the US Postal Service said that it is suspending inbound parcels from China and Hong Kong until further notice, effective immediately. While only parcels are impacted, the suspension may cause exporters to use alternative logistics companies like DHL, UPS, and FedEx. That might cause a demand surge that could increase freight costs, an expert told BI.

PDD Holdings, Temu's parent company, was down 6% in premarket trading this morning following the USPS announcement.

Companies haven't been shy about saying they'll need to raise prices due to tariffs, and the taxes also provide cover to juice their costs regardless of the tariffs' real impact.

Even trade plans that might never come to fruition — Mexico and Canada — could still cause enough uncertainty that they disrupt supply chains, leading to higher prices.

With so many unknowns, some investors are hedging their bets using outcome ETFs and monitoring 21-day realized volatility to reduce downside risk while not completely cannibalizing their returns.

If that all sounds like a foreign language to you, there's always the prediction markets. Over there, you can wager on where some of President Trump's next tariffs might land.

Another corner of the economy is leaving US consumers feeling pretty beat.

Rising egg prices are so severe that Waffle House is charging a 50-cent fee for each egg it sells. The restaurant chain said it opted for a surcharge over a blanket price increase across its menu.

The eggs-tra fee is only supposed to be temporary, but this won't be over easy. Data from the US Department of Agriculture projects the average price for a dozen eggs won't drop from $4.80 to $2.50 until the second quarter.

That's not egg-celent news, but it's tough to blame anyone. As BI's Emily Stewart previously covered, a combination of bird flu and increased demand has scrambled the egg market.

News brief

Top headlines

• What the media missed about teens and phones.
• OpenAI-backer Fidelity marked up its stake in Anthropic by 25% after acquiring shares in FTX bankruptcy.
• CHART: Here's how much Amazon could be hit by China tariffs.
• Fox is launching a new streaming service in a very crowded market. Here's why analysts say it's a smart bet.

• Shares of Chinese companies linked to DeepSeek surged on the first post-holiday trading day.

  ---

  3 things in markets

  

  1. How exactly would a US sovereign wealth fund work? President Trump asked the Treasury and Commerce departments to come up with a plan for creating a fund to invest on behalf of the country. The strategy, however, is typically used to manage a country's surplus. The US is running on a deficit. Here's how it could still work.

  2. Learning from the investing wizards. Author Jack Schwager is adding a sixth book to his popular "Market Wizards" series, and he's co-writing it with financial writer and researcher George Coyle. It will focus on the early days of top traders' careers and feature interviews from a mix of well-known names and those who are unknown but "have done spectacularly well," Schwager said.

  3. Apollo is exploring "modest M&A." The firm is changing tack from its former focus on execution and looking to grow through new M&A, CEO Marc Rowan said on the firm's final 2024 earnings call. Apollo's looking for companies that can help expand its lending capabilities, Rowan said, and he pointed to a recent acquisition as an example.

  ---

  3 things in tech

  

  1. Google's AI bets and cloud sales slump. Parent company Alphabet plans for $75 billion in capex this year. Some investors are wary of big AI spending — and want earnings to match. Despite consolidated revenue growth, Google Cloud sales didn't meet expectations. Executives did mention a potential bright spot, though: YouTube podcasts.

  2. An Amazon exec reaffirms company's DEI commitment. When Amazon changed some of its websites about DEI and halted some programs, some employees wondered whether the company might do away with it like Meta. That's not the case, according to AWS VP of technology Mai-Lan Tomsen Bukovec. In a late January meeting, Tomsen Bukovec told employees there is "no change" to the company's DEI commitment and that the edits employees noticed were alterations of language, not principle.

  3. Connecting the dots between Apple, a porn app, and Trump's possible trade war. The three make unlikely bedfellows, but they set the stage for a tiff between Big Tech and the EU. The key word: regulation. Apple and the other tech giants have beef with the EU over its app store rules, and they're hoping Trump — and the threat of tariffs — might join the fight.

  ---

  3 things in business

  

  1. Federal workers say some DOGE members aren't sharing their full names in meetings. One federal employee told BI they've never seen anything like it. These meetings, which include questions from DOGE reps about responsibilities and areas of improvement, appear to be part of its push to revamp the federal workforce. Thomas Shedd, a former Tesla employee who recently joined the GSA, told staff he was trying to protect DOGE members from media attention. However, the interactions come as DOGE promises to promote transparency.

  2. The rise of the reluctant landlord. As workers face an uptick in RTO mandates, some homeowners may have to ditch the homes they purchased during peak remote work. But it's not an ideal time to sell a home right now, thanks to high mortgage rates and weakening demands. Many would-be sellers are turning to the rental market instead — but being a landlord isn't all it's cracked up to be either.

  3. The White House says more than 20,000 federal workers have taken buyouts. The figure is still well below the White House's goal of 5 - 10% of federal workers taking the deal. However, a spokesperson for the Office of Personnel Management (OPM) told BI the 20,000 number "isn't current," and they're expecting a "spike" ahead of the February 6 deadline.

  ---

  In other news

  New York magazine is finding big success in small newsletters.

• Why a cargo airline is eyeing a radical new aircraft design for its future planes.
• The Trump hedge: Four ways investors are seeking downside protection amid Washington's tariff noise.
• OpenAI files a trademark application for humanoid robots and VR headsets as Sam Altman teases big hardware ambitions.
• The AI dream is alive and well for Palantir.
• The new 'Fantastic Four' finally has a trailer. Here's everything we know about the reboot.

• John Malkovich plays an eccentric, hip-thrusting pop star in 'Opus.' He's not sure why he was the director's first choice for the role.

  ---

What's happening today

• Disney, News Corp, Ford, and Uber report earnings.

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back! Global markets have been rocked after the Trump administration ordered 25% tariffs on goods from Canada and Mexico and a 10% tariff on China, which are set to start on Tuesday. All three countries vowed to retaliate.

Business leaders are urging Trump to reconsider, fearing a global trade war that could wreak havoc on American industries.

In today's big story, last week's DeepSeek drama is a good opportunity for investors to reassess their positions.

What's on deck

Markets: Crypto coins hoping to surge thanks to celebrity endorsements. What could possibly go wrong?

Tech: Meta is showing no signs of slowing down this year.

Business: Trump's deportation plan is set to be big business for private prisons.

But first, some lessons learned.

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The big story

Preparing for next time

It was the shock heard around the world until it wasn't.

DeepSeek's arrival hit the market, especially tech stocks, hard and fast. Things eventually stabilized before turning catastrophic, but the episode provided a valuable lesson for investors on the risks that come from a market so heavily focused on one theme.

Business Insider's Matthew Fox unpacked the DeepSeek crash by looking at five investing lessons learned from the saga. His findings include everything from understanding the different layers of AI to the considerations that need to be made for cheap AI's impact on the bond market (Hint: It's a good thing.)

It's an interesting and useful exercise considering there's likely more volatility ahead due to the market's structure: a handful of stocks at record valuations all focused on the same thing dictating where the rest of the market goes.

For some, DeepSeek was the first break in the AI-built dam. "You have a small little chip on the glass. Now they realize, oh, it's not infallible. Maybe I should revise," "Black Swan" author Nassim Taleb said last week.

Others are much less bearish, feeling it was more a product of investors rethinking the already sky-high valuations in the tech sector.

Regardless of where you fall on the AI-belief spectrum, it's not something you can ignore as an investor. With seemingly everyone talking about how the tech will impact their industry, failure to acknowledge feels akin to investing negligence.

So, the key lesson from DeepSeek might be that, for better or for worse, AI rules the roost.

News brief

Top headlines

• Musk says DOGE is working 120 hours a week.
• Robinhood's media arm Sherwood lays off staff as it looks to 'streamline team structure.'
• Jefferies CEO slams 'vitriolic attacks' over young banker's death, and offers support to junior staff. Read the memo.
• RTO mandates have workers looking for alternatives to companies like Amazon and JPMorgan.
• Beyoncé wins album of the year for 'Cowboy Carter' at the 2025 Grammys — her first triumph in the awards show's biggest category.

3 things in markets

1. Who's behind the celebrity meme coin scams? Celebrity meme coins are prime targets for classic pump-and-dump schemes, which can leave investors with suddenly worthless tokens. One crypto sleuth tracked down the culprit but was left with a bigger question: Were the celebrities in on it?

2. Trump might need to get out of his own way regarding the Fed. The president has repeatedly demanded the Fed lower interest rates, which Fed Chair Jerome Powell has shrugged off. Though Trump blames Powell for inflation, Wall Street forecasters think the bigger obstacle to lowering it is the president's own trade plans.

3. #noregrets. Okay, well maybe a few — but these four older Americans told BI how they eased into retirement without much they'd change in retrospect. "Do I wish I had more money? Yes, but I would not have done anything different," one said.

3 things in tech

1. Can't stop, won't stop. If the first few weeks of the year are any indication, Meta CEO Mark Zuckerberg is making good on his promise that 2025 will be the company's "year of intensity." It's already made content moderation changes and realigned itself with Trump, and there are shifts in the workforce and AI development still to come.

2. President Trump's proposed US government stake in TikTok could be a legal nightmare. The government owning a piece of a major social app would be new territory — and for it to work, the dealmakers would need to set up editorial guardrails to protect users' First Amendment rights. Still, legal analysts told BI that TikTok's content moderation could create an avalanche of legal challenges and make the app hard to run.

3. The race is on to recreate DeepSeek's market-breaking AI. Companies like Amazon and Microsoft have already adapted versions of the R1 model for their cloud platforms. Many are also attempting to replicate it from the ground up — and putting DeepSeek's claims to the test. As DeepSeek's model continues to gain traction, some cloud service and AI interference providers say they're noticing increased demand for Nvidia H200 chips.

3 things in business

1. The quiet winner of Trump's mass deportation plan. Trump's aggressive stance on immigration has already propelled stock prices in one industry: private prisons. The sector, which was on the outs with the Biden White House, stands to rake in millions more from immigrant detention.

2. Hotels for the homeless. Some US cities are taking part in a bold new experiment: buying and renovating hotels to house the homeless. Affordable converted hotels can be a "lower-barrier-for-entry option" for those struggling to find a home — especially as neighborhoods like Brentwood in Raleigh face threats of urban sprawl and gentrification.

3. Trump issued a series of executive orders aimed at reshaping the American education system. They examine redirecting federal funds to private schools that align with the president's politics, and changing curricula. It's unclear how his plans will be implemented, and the orders will likely face legal challenges. Still, they could have "a chilling effect" on schools, one education expert told BI.

In other news

• Trump's calendar: When tariffs, RTO, buyouts, and a TikTok cut-off are set to go into effect.
• Exxon Mobil CEO says natural gas can meet surging data center demand on a faster timeline than nuclear power.
• The list of CEOs voicing support for their companies' DEI initiatives is growing.

• Mark Zuckerberg said he has no plans to change Meta's hybrid work policy: 'The status quo is fine.'

  ---

What's happening today

• President Trump speaks with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum, following his tariffs order.
• Court hearing in lawsuit filed by Blake Lively against costar Justin Baldoni.
• Israel and Hamas expected to begin phase two of ceasefire talks.

• Blue Origin New Shepherd rocket launch.

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello there! President Donald Trump has a proposition for federal employees who don't want to work with his administration: leave.

Government workers have until February 6 to resign under a buyout program offered by the US Office of Personnel Management. Those who accept will still receive full pay and benefits through September regardless of their workload and won't be required to work in-person. (Not all roles are eligible, though.) Read the letter sent to employees.

The buyout offer mirrors Elon Musk's "extremely hardcore" layoff strategy at Twitter in 2022. The parallels are "impossible to ignore," BI's Pranav Dixit writes. Trump's memo referenced a "fork in the road" — the exact same subject line Musk used in email when he implored Twitter staff to be "extremely hardcore" or be laid off. The question is whether Musk's playbook can work for the US government.

It's the latest in what has been an active few weeks for the president. Trump is already facing pushback on his plans to freeze federal funding, as a judge temporarily paused his directive.

Prior to the judge's ruling, some workers told BI the looming freeze threw some government agencies into disarray and created confusion. We also spoke with experts who told us programs like Meals on Wheels for seniors, Head Start childcare, and Section 8 housing vouchers were in jeopardy.

In today's newsletter, we're looking at what to expect as Big Tech reports earnings.

What's on deck

Markets: Hedge funds checking PMs' previous performance is becoming a massive legal headache.

Tech: How the VC community is reacting to DeepSeek's arrival.

Business: What the LA fires can teach all homeowners about the risk of wildfires.

But first, Big Tech is grabbing the mic.

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The big story

Reporting for duty

A few weeks ago, Big Tech had several topics to address during earnings. Now, only one seems to matter: DeepSeek.

The Chinese AI startup's chaotic introduction has left investors and the tech industry scrambling. But DeepSeek's timing is also opportune. Big Tech companies begin reporting earnings today after the closing bell, giving analysts a chance to press them on the impact DeepSeek might have, writes BI's Jordan Hart.

DeepSeek's more-with-less approach to AI model development won't affect Big Tech all the same way. Here's what to look out for among the Magnificent Seven stocks as they report earnings.

January 29

Microsoft: As the biggest backer of OpenAI, which sits at the center of the DeepSeek drama, Microsoft will likely get some pointed questions about whether it's rethinking things. CEO Satya Nadella has already taken a rising-tide-raises-all-ships view, referencing a technological and economic belief that increased efficiency will boost consumption.

Meta: Mark Zuckerberg hasn't backed down from his pledge to make more than $60 billion in capital expenditure investments this year, with a strong focus on AI. That might raise investors' eyebrows considering DeepSeek showed what's possible with fewer resources. But the silver lining is DeepSeek's potential validation of open-source models over proprietary ones, which is something Meta already subscribes to. Meanwhile, TikTok's uncertain future could be a benefit for Meta.

Tesla: AI plays a key role in Tesla's future plans, specifically around autonomous vehicles, but Elon Musk will likely face a lot of other questions. From his ongoing pay dispute, to Tesla's first year-over-year decline in sales, to what the new administration, one he is deeply involved with, means for the EV maker.

January 30

Apple: Sometimes, slow and steady wins the race. Apple's lack of its own leading AI models, something it was criticized for in 2024, now looks like a massive plus. A new player entering the space at a much lower price point will likely help Apple, analysts told BI, as its focus is on integrating AI models into products instead of building them.

February 4

Alphabet: Just like Microsoft, Alphabet spending big to build out proprietary models means the DeepSeek news may have put them on the defensive. Still, the threat of China surpassing the US in AI could be a chip Google can play as a judge mulls how to resolve its antitrust violations.

February 6

Amazon: Much like Apple, Amazon has tried to take an agnostic approach to AI development by offering clients a diverse set of AI models. It's already seen customer interest in checking out DeepSeek. Its willingness to tout other companies' wares could help it gain more cloud market share early as companies look to experiment with different model providers and avoid getting locked in.

February 26

Nvidia: The AI chip giant fell the hardest on Monday, and will also have the longest time to assess the situation. Improving efficiency could just increase demand for compute power, which would be good for Nvidia. But DeepSeek using older chips potentially throws a wrench in Nvidia's ambitious plan of launching a new chip every year. And the potential for tariffs on chips made in Taiwan would also be a massive headache.

News brief

Top headlines

• Top White House advisor says DeepSeek may have used OpenAI's models for training.
• Jefferies technology banker, age 28, dies in what police are calling an 'unexplained death.'
• What DeepSeek AI means for the future of TikTok-style bans.
• Costco's DEI programs face new scrutiny from 19 Republican attorneys general.
• Starbucks' turnaround plan seems to be working.

3 things in markets

1. Hedge fund hiring's catch-22. Knowing that plenty of PMs exaggerate their exploits for a chance at a multimillion dollar job move, some hedge funds are intensifying their vetting process by asking candidates for evidence of past performance. The problem? That can be sensitive information that's difficult to access legally. That leaves funds in murky legal and ethical territory as they look to suss out bad potential hires without breaking confidentiality agreements and alienating top candidates.

2. Block is open-sourcing its new AI agent. Jack Dorsey's fintech launched AI agent Goose on Tuesday that can write code "better" and "faster" than some of Block's top engineers, the company's lead AI engineer told BI. Goose is already being used by 1,000 Block employees — and the fintech is making it available for anyone to use.

3. Nobody saw the DeepSeek shock coming — except hedge funds. The Chinese AI firm rattled the market on Monday, prompting a $1 trillion market correction mostly directed at tech's Magnificent 7 stocks. But some funds managed to avoid the worst of it because they'd been steadily selling off those stocks for months, according to a Goldman Sachs report and regulatory filings reviewed by BI.

3 things in tech

1. Meta is reorganizing Reality Labs to make it a business priority. The reorg, which was announced on Meta's internal forum Workplace, comes as its wearables division faces increased scrutiny over incurring substantial losses. However, in an internal memo seen by BI, Meta's CTO said that Reality Labs had a pivotal 2024 after it beat nearly all of its sales and user targets for the year.

2. A potential silver lining for VCs amid DeepSeek's debut. Venture investors have been pouring billions of dollars into large AI model builders like OpenAI, Anthropic, and xAI. DeepSeek's arrival — which can build similar AI models for a lot cheaper — has left the VC industry rattled. But for some VC firms that were priced out of the AI funding frenzy, DeepSeek could be a good thing.

3. Sam Altman's latest pitch to cozy up with Trump. OpenAI launched ChatGPT Gov, a version of its landmark chatbot exclusively designed for government agencies. The company said GPT Gov would help "boost efficiency and productivity," echoing the mission of DOGE, which is led by Altman rival Elon Musk.

3 things in business

1. Lessons from the LA fires. It's not just California at risk of fire damage — data from the US Forest Service shows nearly a third of American homes are in counties that face high fire risk. Architects and researchers told BI how homeowners can protect their properties and when it may be appropriate for builders and local governments to step in.

2. You've heard of dating apps. Now get ready for friendship apps. Big Tech's next big idea to fix the loneliness crisis is an old solution: meeting people IRL. The algorithms can help address your loneliness, but your willingness to make — and keep — new friends might matter more.

3. Breaking the sound barrier en route to your next destination. Boom Supersonic became the first US commercial planemaker to break the sound barrier. Its CEO spoke to Business Insider about the future of US aviation and staying ahead of China.

What's happening today

• The Federal Reserve announces interest rate decision.
• Former Sen. Bob Menendez (D-NJ) is sentenced after conviction on bribery charges.
• Harvey Weinstein in Manhattan court as prosecutors continue push for retrial.

• Happy Lunar New Year!

  ---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! Your Starbucks coffee could soon give you a boost, but not in the caffeinated way. The chain wants workers to start writing messages, including inspirational ones, on customers' cups next month. (In the meantime, in case you need to hear it, I think you're doing great.)

In today's big story, a Chinese startup has left investors hurting, people questioning what they know about AI development, and the tech industry in a frenzy.

What's on deck

Markets: How much does it pay to work in private credit?

Tech: In a time when nostalgia is cool, Yahoo hopes it can bring itself back to relevancy.

Business: You've heard of FOMO, but what about FOBO? (Hint: It's not a good thing.)

But first, here comes China.

If this was forwarded to you, sign up here.

The big story

AI comes for AI

Want to see a magic trick? How about making more than $1 trillion disappear in a day?

That was DeepSeek's introduction to investors and the tech industry as fears over the Chinese AI startup sent shockwaves everywhere Monday.

Let's break it all down:

Why is everyone freaking out over DeepSeek? In the simplest of terms, DeepSeek showed how quickly it can catch up to the US AI industry by doing more with less than was previously believed possible. It's also charging a lot less than everyone else. So when companies are talking about finally getting ROI on those AI investments, DeepSeek is making those calculations much harder.

So it's just some more competition? Imagine you make incredible cookies. People really love them and feel like they'll ultimately change how people eat. The downside is these cookies require lots of expensive ingredients and tools to make. But your investors don't care because the cookies are great. And everyone will pay a fortune for them, meaning they'll eventually make loads of money from backing you.

Then, all of a sudden, someone starts baking cookies using fewer, cheaper ingredients. The cookies are priced much lower than yours and taste just as good. What's worse: They're willing to share their recipe with everyone. That's what's going on between the US AI industry and DeepSeek.

But if we can do things cheaper than before, isn't that good? Not if you bet a lot of money on needing a ton of expensive infrastructure to succeed in the space. The general thesis has been spending big on AI is fine because you can make that money back eventually. But DeepSeek's cheaper models using older chips are calling those beliefs — and the trillions spent on AI infrastructure — into question, writes BI's Emma Cosgrove. Meanwhile, customers are ready to give it a spin. AWS is already seeing clients ask for access to DeepSeek models, according to an internal document, writes BI's Eugene Kim.

And the market melted down? For many tech stocks, yes. (Although companies like Apple, which is focused on integration over building models, could actually benefit.) Energy companies, which were viewed as key players powering the AI revolution, also took a bath on Monday. Big picture, DeepSeek exposed the market warts that investors have been willing to overlook: it's overvalued and companies are overspending.

So is that a wrap on AI in the US? I wouldn't go that far. You might have heard the term "Jevons paradox" thrown around. That's the idea that even if better efficiency means using fewer resources, the demand will increase so much that it won't matter. Some analysts and AI leaders think Monday's chip stock sell-off was a little overblown.

Anything else? DeepSeek being a Chinese company adds another layer of complexity. President Donald Trump clearly intends to make the US the leader in AI — Remember Stargate? — so it's not likely he'll take this lying down.

Trump said on Monday DeepSeek's ability to train AI more cheaply is a "wake up call" for tech industries. Sam Altman has also already responded, announcing that OpenAI would accelerate the release of "better models."

News brief

Top headlines

• The White House has temporarily frozen all federal grants and loans, affecting billions of dollars in payments.
• Whole Foods store workers form first union under Amazon ownership.
• How the US may have unintentionally helped create an AI monster in China.
• Starting salaries for consultants remained flat for second straight year, report says.
• Jensen Huang lost close to 20% of his on-paper wealth on Monday after DeepSeek roiled the AI industry.
• An on-site natural gas plant will help power Stargate's first data center, public filings show.

DeepSeek's founder is being hailed in China as an 'AI hero of Guangdong' after the US market rout.

3 things in markets

1. What's inside those private-credit paychecks? Nonbank lending is having a moment, and there has ben a hiring boom to match. BI looked at salary data across 16 nonbank lenders to see what private credit is paying across all levels — and who's paying the most.

2. Not so fast on the rate-cut front. Despite President Trump's avowals that he'll "demand" interest rate cuts, the Fed is likely to hold rates steady tomorrow during its first meeting of the year. The labor market's looking good, the Fed likely has no reason to rush a rate cut, and Fed Chair Jerome Powell has been clear about keeping the central bank independent of politics.

3. London and Hong Kong still lead the pack of international hedge fund outposts. There's skepticism about whether these cities would remain financial hubs for US-based multimanagers. But neither has been toppled yet, as regulatory filings show robust head counts. Still, some firms are starting to set their sights on Dubai and Singapore.

3 things in tech

1. The latest great Y2k comeback: Yahoo! Though the company lost ground to Google and Meta years ago, it's tapping into turn-of-the-millennium nostalgia to appeal to new (and old) users. Lust for the early internet age is ardent — but Yahoo might need more than good memories to stay relevant.

2. Leaked Instagram deals offer big bucks to lure TikTok creators. With TikTok's future up in the air, Meta is presenting creators with contracts worth up to $300,000 to post a certain number of exclusive short-form videos on Instagram. While some people are biting, not everyone is interested in playing by Instagram's rules.

3. DeepSeek vs. ChatGPT. The Chinese firm's R1 is the latest release to challenge AI models from OpenAI, Google, and Meta — and for a fraction of the cost. BI tested out DeepSeek's chatbot and compared it to ChatGPT. R1 is impressive, but it still has some limitations.

3 things in business

1. Companies' new tool against whistleblowers. Across the US, companies large and small are wielding trade secret laws against employees who have accused them of discrimination or wrongdoing, BI has found. Professional activities employees describe as run-of-the-mill, like documents printed out to review at home, have been reframed by companies as trade secret misappropriation. Most of these trade secret suits end up getting settled, but often at the expense of the worker.

2. AI is giving CEOs FOMO, but employees are getting FOBO. Businesses are racing to adopt AI — but employees are dealing with the fear of becoming obsolete by the tech's advances. However, there's a return on investment for companies to ensure their workers don't feel left behind. Reverse mentoring and mandatory AI trainings can help, business leaders told BI.

3. Trump's RTO policy leaves federal workers wondering: What to wear? DC isn't exactly known for its fashion — one civil servant described it as "funeral director chic" — and its dress code is generally more conservative than corporate America's. Three stylists told BI their tips for federal workers no longer dressing for Zoom. Those who live more than 50 miles away from their offices won't be spared, either. Trump's administration told agencies to make RTO plans for them on Monday.

What's happening today

• Boeing, Starbucks, and General Motors report earnings.
• Bulletin of the Atomic Scientists adjust the "Doomsday Clock" minute hand. As of 2024, it is 90 seconds to midnight.

• Federal Open Market Committee meeting.

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The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago. Lisa Ryan, executive editor, in New York.

• BI journalists share their biggest takeaways and most memorable moments from Davos.
• The gathering of the rich and powerful was dominated by conversations about AI.
• The scale of AI offering was giving people 'FOBO' — fear of becoming obsolete.

Big names like Donald Trump and David Beckham appeared at this year's World Economic Forum in Davos, but the topic that kept coming up in conversations was AI.

These are Business Insider journalists' biggest takeaways and most memorable moments from the gathering of the rich and powerful.

Is AI a basic human right?

This year I scored an invitation to the Salesforce lunch, where CEO Marc Benioff was on a panel alongside Sara Eisen of CNBC, Kristalina Georgieva of the IMF, Al Gore, will.i.am, and Bridgewater Associates founder Ray Dalio.

Benioff asked, "Is AI a basic human right?"

This question and the venue in which he asked it — a fancy lunch at Davos with Salesforce clients and global luminaries — epitomized the polarized and multilayered debates about this technology. Some see it as a powerful universal good — maybe even a basic human right. Others see it as a threat to humanity on multiple levels. Maybe it's a bit of both. Whatever it is, it's coming.

Some companies are going to capitalize on it, some will try and fail. Salesforce is one company that is already making it happen in practice with its "agentforce" technology.

What struck me at Davos that I didn't fully understand before is that the tech world sees AI "agents" as full-time workers who will work side by side with people, not just tools to help people. Benioff said this current generation of CEOs will be the last to manage "exclusively human workforces."

With AI agents, he said, institutions will need to figure out how humans and AI "create success together." More on this here from my colleagues Hugh Langley and Spriha Srivastava. — Jamie Heller

FOBO

All of this might have you feeling a term bobbing around the conference, FOBO — fear of becoming obsolete. To be sure, there is always sand in the wheels that slows these trends down. Some people with whom I spoke said they felt paralyzed by choice, with so many vendors pitching their AI wares.

And these services are costly — sellers need to persuade buyers the benefits are worth it. But one way or another, change is coming. And we'll do our best at BI to keep you informed on what can help you. — Jamie Heller

Employees will have to skill up fast to keep up with AI

Tech companies dominated Davos' promenade this week, showcasing their AI innovations. Non-tech companies shared examples of how they are integrating AI into their daily operations to boost productivity and efficiency.

However, a significant gap remains between the speed at which is AI developing and the speed at which employees are upskilling to take advantage of it. Bridging this gap comes down to two key factors: companies doubling down on upskilling initiatives and employees proactively taking the lead in staying relevant.

Talent transformation is a top priority. Several CEOs I spoke with outlined their strategies for fostering continuous learning and career advancement to ensure their workforce is prepared.

Rafee Tarafdar, chief technology officer of Infosys, the Indian tech giant, highlighted the success of the company's in-house learning platform. He described how the company launched a learning platform a few years ago and that, on average, their employees now spend 30 minutes a day learning on it.

Many companies are reinforcing this commitment by incorporating learning and upskilling into employee performance goals. But ultimately, motivation and curiosity play a decisive role, Ravin Jesuthasan, global leader for transformation services at Mercer, told me."I think every one of us has to really force ourselves to be curious because you're not going to learn unless you're curious about something," he said.

Jesuthasan emphasized that companies can provide resources, but it is up to individuals to want to learn. "I think that curiosity and learning agility are probably the two baseline requirements," he said. — Spriha Srivastava

If AI's tipping point is here, when and where can we expect serious job cuts?

With all the talk about AI, the natural next question is whether serious job cuts are next.

Indeed CEO Chris Hyams told me about a big report they conducted to understand the impact of AI on the labor market. Looking at 50 million-plus jobs, they found 2,800 distinct skills. Every skill was assessed on whether generative AI could perform it, and to what degree. (Doing math, good. Drawing a syringe, not so much.)

They then developed a score based on the number of skills a job had that were replaceable by generative AI. The good news? There are currently zero jobs where the tech can do 100% of the required skills.

Some caveats. That doesn't mean those jobs won't face a head count reduction due to the number of skills generative AI can do. As the tech continues to develop, there's no guarantee it won't eventually have all the required skills.

So what's the closest to being overtaken, and what's somewhat immune?

Finance, software development, and radiology are all professions whose skillset generative AI can mostly do, Hyams said. On the other end of the spectrum are jobs like childcare and drivers.

"What this says to us when you look at this heat map, these are all aspects of those jobs that are likely to change pretty rapidly in the next one to three years," Hyams said. — Dan DeFrancesco

Companies are expecting a return on their AI investment this year

There is a real belief that we'll start to see ROI on those AI investments this year. It's not 100% clear how that'll come to fruition, but AI agents will likely play a key role, and businesses are starting to think about how to build commercial models around them.

Uncertainty around Trump's new administration remains a business risk, but there's optimism tariffs won't be so strong they'll stop businesses in their tracks.

And excitement around the return of the M&A and the IPO market is palpable, as exit opportunities will allow the wider business lifecycle to get moving again. — Dan DeFrancesco

What it really takes to help people find and thrive in work

On one panel I moderated about the global jobs gap, the organizers told me the president of Singapore would speak first, for about five minutes. The president, Tharman Shanmugaratnam, ended up speaking for more than 15 minutes — and it was riveting. (You can watch here.)

In a soft-spoken tone, reminding me of a grandfather calmly dispensing wisdom, President Tharman urged the audience to think broadly about how to solve the mounting problems of global un- and under-employment. It's not just about wages and job creation, he said. It's about how we raise children (the first three years, he said, are critical). It's about how we educate people (countries with strong public school systems where a wide swath of people can participate and benefit do better, he said).

In higher education, it's about giving people relevant skills that can serve them and not leave them feeling dispirited that their investment in education (perhaps their family's or the state's) didn't pay off.

He argued that liberal arts education is not a match for many people for jobs and that the so-called soft skills that such education provides can also be gained in more technical training. "Soft skills are not the sole providence of traditional academic education," he said.

He said that in the years to come, many people will work their lives in the "informal" sector of employment rather than full-time jobs with benefits, and it's imperative that people in those jobs also have ways to develop skills and enjoy basic protections.

Clearly — I think it's worth listening for yourself. As the workplace continues to evolve, we intend to be your place to help you navigate it. — Jamie Heller

Is 'learn to code' still good job advice?

If 2025 is the year that AI truly enters the workplace, what does it mean for the future of jobs? For me, two key takeaways emerged this week: employees and employers will soon have to grapple with how they manage AI in their businesses, and AI has the potential to affect the labor market in a way we've not seen before.

"As far as I know, we have never in history displaced jobs of people who were today considered the most well-paid," said Eiso Kant, CTO of Poolside, a company that is building AI coding assistants for software engineers. The technological-societal shift with AI could be such that some of the highest-paid jobs could be most at risk, said Kant, as "taking intelligence and embodying it in the real world is taking a lot slower than everything that happens behind a screen."

It wasn't long ago that learning to code seemed like a surefire way to secure your economic future. Does that wisdom still hold up if everyone is able to build software and high-paid software engineers are suddenly at risk of being replaced? Kant said we're not there yet, but he was also frank about what he saw coming: "If at some point the superpower is more capable than you in building software, you have to start asking the question, what does it mean for your job?" — Hugh Langley

A better way to Davos?

For most Davos-goers, The Promenade is where the action happens. Not for Cloudflare CEO Matthew Prince this year, who told us he spent the first three days of this year's Davos barreling down the nearby ski slopes with clients and some members of the US ski team.

And he's confident that swapping the meeting room for the ski lift will pay off. "We'll do more business this year than ever before," he told BI. Maybe that's a good tip for the rest of us for 2026? — Hugh Langley

• Thursday was the last full day of the World Economic Forum in Davos.
• At panels and parties, the rich and powerful were discussing what's next for the economy, tech, and business.
• Delegates packed the 700-seater hall to hear Donald Trump's virtual address.

Thursday is the last full day of the World Economic Forum in Davos, where the rich and powerful have been discussing the year ahead in economics, business, and tech.

This is what happened.

A softer start to day 4

You can tell the parties in Davos have been running late when the security lines at the Congress Center are shorter. That was the scene on the morning of day four.

Last night, the Business Insider crew was out mingling with the rich and powerful, trying to gauge their biggest takeaways from the week.

Uber CEO Dara Khosrowshahi told me he loves coming to Davos—not just for the events but also for the sheer number of connections he's able to make. Connections were certainly the theme of the night.

From Uber, we made our way to one of the most sought-after gatherings: J.P. Morgan CEO Jamie Dimon's annual drinks reception. Hosted at the iconic Kirchner Museum, this event is a Davos staple, bringing together the biggest names in business and politics. It's not just about the cocktails — it's a chance to meet Dimon, his top leadership, and an exclusive circle of global power players.

And yes, we managed to sneak in a photo with Dimon himself, alongside Mary Callahan Erdoes, CEO of J.P. Morgan Asset Management, and none other than former UK Prime Minister Tony Blair. Just another night in Davos. — Spriha Srivastava

Trump's virtual address had people laughing and sitting in complete silence

 President Donald Trump's virtual address on Thursday afternoon drew a huge crowd.

The 700-seater hall was full and an audience of CEOs and leaders listened to the new president, who attacked EU regulation while indulging in rhetoric reminiscent of the campaign trail. One delegate told me she'd walked out after his remark about "transgender surgeries". I wrote here about the strange atmosphere. — Spriha Srivastava

Who will manage your AI colleagues?

The AI agents are coming, but who will manage them? It's a very real concern among some business leaders I've met with.

HR software maker Lattice got some backlash last year when it announced it would start giving AI workers official employment records. The idea might not seem so ridiculous now as business leaders think about how to govern a new class of AI capable of carrying out certain tasks without human input. "We were ahead, but by months," Lattice CEO Sarah Franklin told BI at Davos.

ManpowerGroup chief commercial officer Becky Frankiewicz also told BI she'd been hearing from business leaders who are thinking about ways to govern AI agents. Tech companies will likely be the first to jump in, she said, but she already knows of one consulting firm grappling with this challenge of the new AI era. "They've done the agents already," she said. "The next question they were asking was: do we need to have managers for the agents?" — Hugh Langley

The WTO's director-general had a stark warning about tariffs

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, said in a session that she feared President Trump's tariffs could trigger retaliation and "catastrophic" damage to the global economy.

"We should not hyperventilate, we should take a deep breath," the former finance minister of Nigeria said, noting the US may still not follow through on its tariff threats.

Okonjo-Iweala, a Harvard and MIT-trained economist, said she wanted to avoid "a self-fulfilling prophecy" where talk of a tariff war causes politicians to wage one. She warned retaliation to Trump's tariffs could cause "catastrophic" double-digit global GDP losses and "everyone will pay."

Even if the world splits up into two trading blocs and there's wider uncertainty about trade policies, she said, an estimated 6.4% of real global GDP or $6.75 trillion could be lost in the longer term. That would be equivalent to "losing the economy of Japan and Korea combined," Okonjo-Iweala said. "That's far from trivial." — Theron Mohamed

A DEI advocate says it can survive — if it focuses on the business case

The new US administration's attitudes toward DEI initiatives might not seem hopeful for those in the space, but Mary Ellen Iskenderian still sees opportunities.

As president and CEO of Women's World Banking, a global nonprofit, she's focused on helping low-income women in the developing world access financial tools and resources. She's also tentatively entering the US with a for-profit impact investment management fund.

Despite many businesses seeming to pull back on their DEI efforts — although that list doesn't include JPMorgan — Iskenderian told me she's not deterred. The key is positioning any changes as focused on improving the business.

She told me that, after Davos, she's headed to Zurich to make a business pitch with a large European bank about DEI efforts within its wealth business.

The issue? Across the board, 60% of private banks' female clients will leave their bank when their husband dies because the relationship manager hasn't been talking to them.

It's solving those types of business-focused issues that Iskenderian believes will be key.

"I'm cautiously optimistic that if it stays within the business case, it's still going to be something," she told me. — Dan DeFrancesco

Uber wants to 'out Amazon' Amazon

"Never underestimate the power of human laziness," Uber CEO Dara Khosrowshahi told a small gathering on Wednesday in a Q&A. He was talking about Uber's plans for growing its same-day delivery network with merchants spanning from Apple to Walmart. "Ultimately what we want to do is empower every single local merchant to out-Amazon Amazon," he said.

Khosrowshahi traveled to Switzerland after attending festivities in DC for Donald Trump's inauguration, where he described seeing a reinvigorated sense of optimism among business leaders.

"You see it, whether you agree with the executive orders or not, there's a sense that there's a window, there's a permission to move quickly," he said. — Hugh Langley

March will be the month for tech IPOs

April's showers bring May flowers, but March will be the month for IPOs.

That's the expected timeline for tech companies to finally start going public again after a long drought in the space, according to bankers I've spoken with here.

Specifically, keep an eye on companies backed by private equity. One banker told me that private equity is feeling pressure to show a path to liquidity, and those assets are often too big to sell to another firm. There's also a desire to free up capital during what's becoming an exciting time to put money back to work.

Another banker made similar comments about the public window starting to open. They also pointed to the growing appetite among active managers to tap into IPOs to gain some alpha, given the strength of passive investing, as another sign of momentum.

But don't expect an absolute free-for-all. It won't be a return to the hysteria of 2021. Instead, expect a normal year similar to what we saw pre-pandemic, the banker added. — Dan DeFrancesco

Will AI widen the gender gap?

The conversations around AI have been overwhelming, especially with the rise of agentic AI and the talent transformation needed to keep up. But there's a growing concern that these advancements could deepen the gender gap, particularly in low-income countries.

Smriti Irani, a former Indian cabinet minister and the founder of the Alliance for Global Good, Gender Equality, and Equity, shared her concerns with me. She said, "One big risk with generative AI is that it relies heavily on scraping the internet to train its algorithms. But how much of that content actually represents women's issues?"

She also highlighted a crucial challenge for women in low-income countries: "The penetration of the internet is still a challenge. What happens to women and their businesses or their livelihoods in those countries, especially if most economies start pushing for automation?" Irani also emphasized that 70% of jobs held by women globally are vulnerable to automation.

"You have an opportunity coming, but you will also be overwhelmed by the fact that you have a subset of women who are potentially humanly trained to do jobs. They will reach a particular maturity in terms of their interface with their own organizations, and suddenly we have new technology coming that can use AI for workflow in the workplace. What happens to that female potential?"

As AI reshapes the workforce, the question remains: Will it help close the gender gap, or will it leave women further behind? — Spriha Srivastava

Davos is already prepping for 2026

The conference doesn't technically wrap until midday Friday, but things are already winding down. Some people leave Thursday, while a good chunk of the delegates head out early Friday.

But an end is just a new beginning, and that's the case for Davos … 2026.

Planning for next year's event has already begun. Plenty of companies will lock down their spaces along the Promenade — the main street that runs through town where retail shops are transformed into a "haus" for the business renting it — by the end of the week if they haven't already done so. When I arrived on Sunday afternoon, I saw one shop with a large display advertising itself as a potential 2026 home base.

Reservations at restaurants for big dinners also start filling up fast, although one person involved in event planning told me some establishments opt to wait a bit in hopes they can just rent out the entire space in one go.

The entire week is a boon for local businesses and homeowners, who make many multiples above what they see selling things or renting out their space any other week of the year.

Of course, some shops choose to stay open, like the town's luxury watch shop. (Its Rolex signage fits in quite well with the vibes, to be honest.)

And then there's the one souvenir shop in the middle of town, which might secretly do the best business. A simple cotton T-shirt with some Davos branding can run you close to $40. — Dan DeFrancesco

• The rich and powerful are in Davos, Switzerland, for day three of the World Economic Forum.
• BI is talking to people on topics from AI infrastructure to the economy under Trump.
• This is what we're hearing on the ground.

The World Economic Forum has brought the rich and powerful together to discuss topics ranging from Donald Trump's impact on the economy to AI's impact on their industries.

This is what Business Insider is hearing and seeing on the ground.

Trump is the main character here

It seems a conversation at Davos can't go three minutes without Trump's name coming up. In an interview at Bloomberg House on Tuesday, Google's chief investment officer Ruth Porat said she saw a "tremendous opportunity" to work with Trump 2.0.

"I think the president and his team have been clear that they see technology as an asset for the country," she said. — Hugh Langley

It feels like Europe is missing in action

The need for Europe to step up has been the recurring theme in my conversations with business and government leaders. Geopolitical and economic uncertainty is at the forefront of everyone's mind.

While business leaders are excited about the new US president and Asia boasts some of the world's fastest-growing economies, Europe seems to be missing from the action. Walking along the promenade in Davos, the presence of American, Asian, and Middle Eastern delegations is unmistakable. But where is Europe? And where is the UK?

One CEO I spoke with Tuesday night stressed that Europe's regulatory landscape had to change to make it easier for businesses to operate there. "What Asia is gaining, Europe is losing," he said.

Another executive observed that Europe was a major topic of discussion in Davos, but its presence feels muted. Srini Pallia, the global CEO of Wipro, said that growth and regulatory challenges in Europe are key concerns this year. "I was in a session just before this, where the European president was present, and she was asked how the EU could reduce regulatory barriers that are hindering growth. I think that's one of the big conversations happening here." — Spriha Srivastava

AI infrastructure is getting a boost — but what if it's too big a boost?

If you're still doubting AI's future impacts and benefits, there are now 500 billion reasons to put that to rest.

Anne Hoecker, the global head of Bain & Company's tech practice, told me that Tuesday's announcement of up to $500 billion of private investment in AI infrastructure shows "how much people believe in the promise of AI."

"This is real. We are really going to have great ROI," she said.

One thing to watch is the balance between supply and demand. While the project aims to meet the rising need for infrastructure, it's a balance. As bad as a shortage is, the opposite isn't ideal either.

"You can argue both sides of that. The use cases are picking up. People will start to see ROIs and will use up all the data center capacity as we build it," Hoecker said.

She said that if people didn't see the ROI they were expecting, the question would be, "Do we have excess capacity built up, and then we grow into it just like any technology innovation cycle?"

Waiting for the industry's needs to catch up to the existing supply isn't straightforward. Beyond the cost of having infrastructure you're not using, there's also the risk of the tech being outdated.

"Each generation of chips is going to be more powerful, more energy-efficient. So, if you have too much capacity in an older generation, does that hamper your ability to move to the next generation? How do you use up that old generation's capacity? So ideally you're not building too much in front of demand," Hoecker added. — Dan DeFrancesco

Leaning into the 'experience economy'

One of the big conversations this year is how countries can navigate an evolving global economy. With growing protectionist policies and shifting trade dynamics, how can economies build resilience and drive sustainable growth?

One idea on the table — leaning into the experience economy.

I moderated a panel Wednesday, "Mass Events, Massive Gains," about how major events like Taylor Swift's Eras Tour, the FIFA World Cup, and the Olympics can bring investment, job creation, and long-term urban development.

The panel featured leaders from diverse industries, including H.H. Sheikha Latifa Bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority; Sir Martin Sorrell, Executive Chairman of S4Capital plc; Patrice Louvet, CEO of Ralph Lauren Corporation; and Anna Marks, Global Chair of Deloitte.

The experience economy is more than just entertainment. It has become a major force in economic transformation, boosting industries like retail, sports, hospitality, and tourism.

But while these events generate billions in revenue, hosting them is no small feat. They can require close collaboration between governments, businesses, and local communities — from infrastructure investments to security and sustainability concerns.

Yet, the true power of these events goes beyond economics. At a time when loneliness is on the rise and digital interactions dominate, mass gatherings remind us of the value of in-person connections.

As global economies look for new growth strategies, is the experience economy the key to driving resilient, inclusive, and long-term economic success? I will aim to find out next year at Davos. — Spriha Srivastava

Meta is trying to reassure advertisers about its moderation changes

Mark Zuckerberg's Meta makeover has had some advertisers concerned about how its changes to content moderation would affect what people start to see across Facebook and Instagram.

In a Davos roundtable discussion with BI, Nicola Mendelsohn, the head of Meta's global business group, said the company had been speaking with advertisers in recent days and trying to reassure them that nothing will change. Mendelsohn said advertisers would still be able to stop ads appearing next to political content if they wish.

"What they've shared back actually is the reassurance that all the commitments that we have to brand safety, brand suitability on the platform, none of that changes," she said. — Hugh Langley

We need a new institution to ensure humanlike AI doesn't harm humanity, Google DeepMind's CEO said

Google DeepMind CEO Demis Hassabis had a busy Tuesday here with two nearly back-to-back interviews at Google Haus. If there was one big takeaway, it was Hassabis' contention that we're not thinking enough about the AI bigger picture. "I think there's way too much hype in the short term," he said. "Actually it's underrated still, underappreciated, the amount of transformation that's going to happen in the medium to long term, so the five to 10 years."

In response to a question from BI, Hassabis said he believed there were big questions around capitalism and society that need to be pondered. "One of the big things economists should be thinking about is what does that do to money, the capitalist system, even the notion of companies. I think all of that changes."

Hassbis said we need an institution that can "meet the moment" — a governing body that can ensure artificial general intelligence, or AGI, is managed in a way that benefits humankind.

"That would be where you put a wise council, an international council of very diverse and smart people from different backgrounds. Not just technologists. I'm talking about philosophers, social scientists, writers, et cetera. But who is building that institute, is what I would ask. And I think we really need that."

He also discussed his work with AlphaFold on protein folding, which recently earned him a Nobel Prize. And who better to discuss the science than Bill Nye, "the science guy," who took the mic for the second interview. — Hugh Langley

Consulting firms are ready for a big year

Consulting firms are ready for what is expected to be a big year for their business thanks to a flurry of potential changes on the horizon.

"There are several macro factors that have been in play for a while: AI certainly, but also strong economic indicators in the US, as well as the current pro-growth sentiment in the market as a result of the incoming administration. So, there might be an uptick in business activity," Sharon Marcil, BCG's North America chair and a managing director and senior partner, told me.

A massive ramp-up comes with issues, though, as was evident in 2021 when the surge in M&A activity led to employee burnout across financial services.

A complete repeat of 2021's record year seems unlikely, but there are still staffing considerations. It's a tricky balance. You need enough workers so resources aren't stretched too thin while avoiding a surplus where there is not enough work to go around.

An immediate fix also isn't easy, as bringing on new talent requires a necessary training period. And good luck telling clients to hold off on deals, especially after so many have been sitting on the sidelines waiting for the market to open up.

"For us, periods of increased activity force us to predict staffing. And that can sometimes be hard. There is a sweet spot between being understaffed and overstaffed. If we find we haven't gone far enough, we try other approaches like off-cycle hiring. It's definitely a balancing act," Marcil said. — Dan DeFrancesco

Proper snow boots are the way to go here

We're three days in, and we've yet to touch one of the most interesting debates I've found at Davos: footwear. Being that we're in the mountains, the abundance of snow and ice means opting for typical business shoes or heels isn't necessarily your best bet.

Boots of varying degrees of heftiness and fashionability are a popular choice. (They don't call it "suits and boots" for nothing.) Others wear spikes that can be taken on and off.

Personally, I've gone all in, opting for proper snow boots. Wearing them with my suit every day is a bit … jarring. However, my daughter thinks I look like Kristoff from "Frozen," so that's a win.

Of course, some people throw caution to the wind and still opt for their dress shoes. Davos is a lot about status, and the luxury of wearing normal shoes since you're being chauffeured around speaks to that. — Dan DeFrancesco

• The World Economic Forum in Davos began in earnest Tuesday.
• Trump's return to the White House and AI have dominated conversations.
• This is what BI reporters have been hearing and seeing on the ground.

As the rich and powerful gather for the World Economic Forum in Davos, Business Insider journalists are chairing panels, interviewing agenda setters, and speaking to people in the wings and at parties.

This is what has been happening there on Tuesday.

The talk at the parties was about who will fly over from DC

Monday was officially day one of Davos, but the action was taken up a notch on Tuesday. One question people at parties have been asking: Which of the CEOs who showed up to Trump's inauguration will make the trip to snowy Switzerland?

Uber CEO Dara Khosrowshahi is set to make an appearance on Thursday, but will Sam Altman also return? If Sergey Brin can make the time for Trump's inauguration, might he also make a trip over in a private jet?

Separately, I spotted Microsoft president Brad Smith holding court with a gaggle of people outside Microsoft's house. I also saw Amazon CEO Andy Jassy going through the conference center security scanners. Tech bosses, they're just like us! — Hugh Langley

2 CEOs told BI they expect Trump's administration to be good for business

Elon Musk's DOGE might be in the business of cutting, but several tech companies we spoke to also see dollar signs. President Trump on Monday signed an executive order creating Doge, which describes its goal as "modernizing Federal technology and software."

Hewlett Packard Enterprise CEO Antonio Neri said the new administration wants "more business, not less" from a tech perspective. "I consider the government a large enterprise," he told BI. Meanwhile, Eric Clark, the CEO of NTT Data Americas, said, "I think we'll see opportunities for expansion very quickly."

He said NTT works with the federal government, that it did well under Trump 1.0, and that they expect the new administration to be "pro-technology and pro-business." — Hugh Langley and Jamie Heller

BI moderated a star-studded panel on crypto's future

The day after bitcoin hit a record high, I moderated a star-studded panel on all things crypto — the outlook, the regulatory framework, and the launch of Trump and Melania's meme coins.

Joining me were Lesetja Kganyago (governor, South African Reserve Bank), Brian Armstrong (CEO, Coinbase), Denelle Dixon (CEO, Stellar Development Foundation), Jennifer Johnson (CEO, Franklin Templeton), and Anthony Scaramucci (founder, SkyBridge Capital).

"When you vote for Donald Trump, you get the whole thing," Scaramucci said during the panel discussion. Scaramucci said $Trump — now worth billions — "hurts the industry" because it will vex older politicians and lawmakers and will probably "slow down" the regulatory process. My colleague Theron Mohamed has more.

The panel offered fascinating insights into where everyone stands on regulation.

Regulatory uncertainty continues to be one of the biggest challenges for the crypto industry, with different governments worldwide taking different approaches. The panel agreed more clarity was needed — something they are expecting to get from Trump's second term. — Spriha Srivastava

People are feeling upbeat about Trump and his impact on the economy

Trump's return has brought mixed feelings to Davos, but in conversations I'm having with folks — some on the record, some behind closed doors — there's an emerging upbeat feeling about the economy and potential for growth.

"CEOs and management teams seem to be much more optimistic about the macro environment," said Neil Dhar, a global managing partner at IBM Consulting. "I think some of that is probably that the world has gone through a massive election cycle, and I think now that people know the direction of travel." — Hugh Langley

Expect a 'David' AI startup to emerge in the AI space, a tech leader says

AI — especially agentic AI — is dominating conversations. One tech leader summed up the current trend, saying, "Small is the new big." During a discussion on Big Tech and AI, Abhishek Shankar, the president of Tech Mahindra, emphasized the importance of keeping an eye on smaller players in the space.

"I'm always reminded of the David and Goliath story, and there are many, many Davids out there today. OpenAI is, of course, one of the known Davids. But if you really watch closely, then you have Anthropic, Mistral, etc."

Shankar said that the coming years will reveal who the next "David" will be. "The next few years are about watching some of these new-age players. They are going to scale up, and the velocity at which they do so will be different from the past. I'm pretty sure a new David will emerge to take that space open." — Spriha Srivastava

Ever struggled to get a chatbot to help you with your canceled flight? A travel firm might have the answer.

AI has a problem right now: It's forgetful. If you've ever had a long back-and-forth with a chatbot you may have noticed it sometimes can't recall information from earlier in your chat.

The travel booking firm Navan might not be the company you'd think would solve this problem, but its CTO, Ilan Twig, told BI he's created a new framework for AI that more closely mimics the human brain.

Think of it as different topic experts talking to one another and passing information back and forth — one knows airline seating and another knows everything about your loyalty program. But for the user, it's as if they're just chatting to one person. If you've ever felt the frustration of dealing with a chatbot when your flight got delayed, or being passed through countless service agents, this could be a positive.

Twig said its travel agent is already dealing with 7,000 chats a day and nearly 60% of inbound requests are solved without having to go through to a human. — Hugh Langley and Dan DeFrancesco

A software CEO had a funny answer when asked how AI would hurt his business

Nacho De Marco made a funny remark when we asked him whether AI would hurt his business, BairesDev, which provides software engineering support to companies on an outsourcing/staff augmentation basis.

"I heard some people say that about journalists," he said. Touché! That said, he predicted that in the next five to 10 years, "software is going to become just a lot better" with the new technologies. "In 20 years, I don't know." — Jamie Heller

David Beckham made an appearance

Amid the whirlwind of meetings, dinners, and cocktails, there have been some celebrity sightings, too. Ever heard of a guy named David Beckham? Well, I met him. The former soccer player and UNICEF goodwill ambassador received a Crystal Award for his philanthropic work.

That's the magic of Davos. One moment you're refilling your coffee at the Congress Centre's central lounge, and the next, you're rubbing shoulders with some of the world's most interesting figures. — Spriha Srivastava

Private credit isn't a zero-sum game between banks and private lenders, said JPMorgan's Troy Rohrbaugh

For Troy Rohrbaugh, the co-CEO of JPMorgan's commercial and investment bank, the great debate over the rise of private credit isn't a zero-sum game.

Despite the perception that banks and private lenders have to compete over business, Rohrbaugh said he believes the key will be a collaboration between both sides.

"People are very focused on how banks and non-banks are going to go head-to-head and compete with each other in the space. The reality is, the real game will be the ones who figure out how to partner with each other," Rohrbaugh told me.

That's not to say banks and private leaders won't ever compete over deals. But he sees more opportunities to work together. After all, as much as private credit has become the hot new corner of Wall Street, at its core it's just a lending business, which is literally the foundation on which banks were built.

That's also why banks hold a key piece of the lending puzzle, Rohrbaugh added.

"The assets are certainly important, but the differentiator is in origination," he added. — Dan DeFrancesco

KPMG talks about its legal venture

When a firm the size of KPMG looks to move into a new business, it tends to turn heads, but the Big Four professional-services firm's effort to set up a US law firm isn't about upending the industry, according to one of its leaders. Paul Knopp, the chair and CEO of KPMG US, told me the strategy is rounding out the type of services they're already doing. He mentioned things like addressing the legal issues that come with contract management or performing due diligence on a deal.

"We don't see it as a threat to the traditional law firms that are out there today," Knopp said. "It's looking more for complimentary or adjacent services that fit well with what we're already doing that can add value to the particular service we're already providing."

As for how KPMG plans to staff the new group, Knopp said the firm will lean on the relationships it's already established recruiting directly out of universities. It'll also make what Knopp called "direct entry talent," meaning the firm would hire people currently working in the market.

Knopp doesn't see that as a massive threat to midsize and large law firms since the focus won't be on the type of litigation or regulatory work that those firms excel at.

"It's the very reason we're getting into that space. We think there's a bit of an unfilled need where we can serve in that capacity, where there's some legal services that can be performed by us more efficiently because we know the other service already," Knopp added. — Dan DeFrancesco

Shrinkflation hits the Davos freebies

It appears shrinkflation has come for the Davos freebies. The popular blue Davos bobble hats, a staple of the conference for years, have returned, albeit in a slightly different form.

This year's bobble is noticeably smaller than in years past. Even in an event for the world's elite, signs of changes in the economy are being felt. — Dan DeFrancesco

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back, and happy MLK day! I'm in Davos, Switzerland this week for the World Economic Forum. My schedule is full of meetings, so you'll be in the very capable hands of my UK colleague Hallam Bullock for the rest of the week.

You can't get rid of me that easy, though. Look out for daily dispatches from me in the newsletter on the latest at Davos. And if you're in town, drop me a line.

In today's big story, all eyes are on Washington and the incoming administration.

But first, we can't keep swiping.

If this was forwarded to you, sign up here.

The big story

Here comes Trump (again)

Same face. Same place. Different case.

Donald Trump returns to the White House today, but his arrival looks and feels a lot different than his first stop there in 2017.

No longer a political outsider, Trump has firm control of the Republican party and a slew of high-profile executives backing him this time around. Business Insider's John L. Dorman and Brent D. Griffiths broke down all the ways 2025 Trump is a lot different from 2017 Trump.

One of the most obvious differences is the support he's gotten from a number of business leaders, particularly in the tech industry. A laundry list of CEOs and companies made $1 million donations to Trump's campaign. And many will be at the inauguration, delaying their trips to the annual gathering of the world's elite at Davos.

One major tech leader expected to attend Trump's inauguration is TikTok CEO Shou Chew. TikTok restored its services in the US on Sunday following 12 hours of downtime, after Trump said he plans to issue an executive order on Monday to delay the ban. The president-elect once sought to ban TikTok in the US. But over the past year, he has embraced the app.

On the political side of things, Trump also has the benefit of his party controlling Congress. The GOP's advantage in the House isn't big (219-215), but the president-elect has a much better grasp of Washington's inner-workings than last time around.

So what can we expect from Trump early on?

With no chance of another reelection — although, never say never — Trump will need to act fast to execute his agenda. Brent and John also have some analysis on all the changes he could look to make immediately after his inauguration.

He joked with Fox News host Sean Hannity last year that he'll only be a dictator "on day 1" as he looks to get his immigration and energy policies in place.

Another area Trump will likely look to move quickly on is tariffs, writes BI's Ayelet Sheffey. The president-elect's trade policies were a key piece of his campaign and a point he stressed following his victory.

Meanwhile, how people find out about any of these plans or the Trump administration's day-to-day dealings remains to be seen. During his first term, the "Trump bump" saw media outlets enjoying a rise in traffic from their coverage.

However, this time around, more Americans are tuning out of the mainstream media, writes BI's Lucia Moses.

News brief

Top headlines

• Protesters are back at Davos, and two big issues are front of mind: Donald Trump and Elon Musk.
• DOGE officially comes to power today. Here's what's likely first on the agenda.
• Jensen Huang is spending Trump's inauguration celebrating Lunar New Year in Asia.
• Steve Bannon says tech 'oligarchs' have 'surrendered' to Trump.
• America's fear of China goes way beyond TikTok.
• Costco's unionized workers vote to authorize a strike.
• If Blue Origin wants to give SpaceX a run for its money, it has a lot of catching up to do.
• From "zebra striping" to "bookending," Americans are redefining what it means to abstain.
• X says it's rolling out a dedicated video tab for US users.
• What alcohol does to your brain and body, according to the latest science.
• Amazon is changing how it tracks employees badging in and out of the office, internal messages show.
• America is obsessed with patio heaters.
• Capital One is having a tough week.
• 23andMe has been quietly exploring a possible sale of its telehealth business, Lemonaid.

• First hostages arrived back in Israel on Sunday as Gaza cease-fire begins.

  ---

  What's happening now

• It's Martin Luther King Jr. Day. Financial markets are closed. All national parks have free admission.
• Court hearing for 9/11 defendants in Guantanamo Bay.
• Mark Zuckerberg cohosts reception in honor of Trump's inauguration.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.

• Tech and business leaders are in Davos, Switzerland for the World Economic Forum.
• They've been discussing Trump's inauguration and AI ahead of the forum's panels beginning in earnest Tuesday.
• This is what Business Insider is hearing and seeing at the convention of the rich and powerful.

Business and tech leaders have descended on Davos for the annual World Economic Forum.

The forum doesn't begin in earnest until Tuesday but many people are already there. More are expected to make the journey having attended Donald Trump's inauguration — one of the hot topics already being discussed at the Swiss mountain resort.

Business Insider is on the ground and talking to people. This is what we're hearing.

• Talk of AI and AI agents is already in full swing here, but Mihir Shukla, CEO of Automation Anywhere, believes this year the conversation is turning from hype to questions about practical realities. "As CEOs here are chasing AI, they find it cool, but the job is to find value," he told BI in an interview. "I know this is cool, but what can I do with it? I think that conversation happens this year."

  Can AI do his job yet? Not completely, but he admitted it could do some. A fun example: His company built a boardroom AI agent and trained it on years of the company's financial information and presentations. "It was able to match patterns that the most experienced people couldn't," he said. It was so good, they even gave the AI agent an empty seat at the boardroom table for dramatic effect. — Hugh Langley

• One hurdle with AI agents: How do companies get paid for their work, and who gets the credit, and more importantly, the revenue, internally? Raj Sharma, EY's global managing partner for growth and innovation, told BI the power of AI agents is forcing the professional services giant to reconsider its commercial model. Instead of just charging clients based on the hours and resources EY might spend on a project, Sharma said with AI agents it can take a "service-as-a-software" approach where clients pay based on outcome.

  The issue isn't just external. Some thought needs to be given to who owns the agents and is responsible for the revenue they bring in. "As much time as we are spending on the technology aspect of these things, the whole commercial model, the risk models associated with that, there's an equal amount of energy, at least companies like ours are spending, to say 'What is the right commercial model?'" Sharma said. — Dan DeFrancesco

  

• This is my fourth Davos, and every year, one topic seems to take over. In 2023, it was AI's rapid rise. In 2022, inflation angst was the buzzword. This year is a three-way brawl between agentic AI, Trump's tariff talk, and crypto's regulatory tug-of-war.

  Crypto isn't just a side conversation anymore. With bulls celebrating bitcoin passing the $100,000 mark and regulators clashing over how to rein in the Wild West of digital assets, crypto is now as much a part of Davos as cheese and fondue at high-powered dinner debates.

  But which topic will dominate the late-night wining and dining and daytime-ski chatter? Crypto's got the hype, AI has the intrigue, and Trump? He can't help but be the main character. — Spriha Srivastava

• It's a bit warmer than usual in the mountain town this week, with daily highs reaching the mid-to-high 30s. At night, it's only expected to drop to the mid-to-high 20s. (The daily average temperature for the town is typically in the low 20s.) And the famous "suits and boots" look the conference has become known for won't be as necessary this week with no snow forecast.

  All of that is in stark contrast to the US, where the East Coast is dealing with some severe cold weather and a rare snow and ice storm threatens the South. — Dan DeFrancesco

• Walking down the Promenade in Davos Sunday night, I couldn't help but notice something different — emerging economies are showing up in a bigger way this year. Last year, India and Saudi Arabia made a splash, staking out prime real estate along this iconic stretch where you're just as likely to bump into a government leader as you are a tech billionaire.

  But this year? The guest list has expanded. Brazil, Indonesia, Mongolia, and Korea have all joined the Davos scene, setting up their own hubs and signaling that they're ready to be heard. I've got meetings lined up with officials from these countries, and I'm curious to hear what's top of mind for them. One recurring theme? Donald Trump's reelection and what it could mean for the developing world. With global capital still flowing largely from the US, there's a lot at stake. Policies shaped in Washington have ripple effects from Jakarta to São Paulo. The mood here suggests leaders aren't just watching—they're strategizing. — Spriha Srivastava

• Davos is known for its big parties. JPMorgan hosts one of the week's biggest blow-out events. Google, Qualcomm, and others are also hosting big gatherings. CEOs and other folks on the ground tell me going to parties is the best way to network but say that the smaller parties can be best for meaningful conversations. — Hugh Langley