Medicare's $2,000 prescription drug cap will take effect at the start of the new year.

Why it matters: The yearly limit on out-of-pocket payments, under the Inflation Reduction Act, is expected to lower millions of seniors' medical costs. It will have a particularly significant impact for patients taking expensive drugs to treat cancer and other serious conditions.

By the numbers: Overall, 3.2 million Americans are expected to save money on prescription medications in 2025, increasing to 4.1 million by 2029, per AARP projections.

• Those figures vary by state. In Texas, 9% of beneficiaries are expected to hit the cap in 2025. That figure is as high as 18% in Alaska, per AARP.
• Nearly half of the Medicare enrollees expected to benefit from the spending limit are between 75 and 84 years old.
• About 1.5 million Medicare beneficiaries spent more than $2,000 on prescriptions in 2021, per KFF. Around 5 million exceeded $2,000 during at least one year between 2012-2021.

How it works: The cap doesn't apply to monthly insurance premiums or drugs administered at the doctor's office or other health care settings.

• Part D plans have historically not had a limit on out-of-pocket spending, according to AARP.
• Certain payments made on an enrollee's behalf, like through the Extra Help program, will count toward the $2,000.

Zoom out: The Inflation Reduction Act will bring other changes to Medicare Part D, too.

• It will make insulin available at $35 per month per covered prescription.
• Enrollees will also have the option to pay out-of-pocket costs in the form of capped monthly installment payments instead of all at once at the pharmacy.
• The Manufacturer Discount Program will replace the existing Coverage Gap Discount Program. It will require manufacturers to provide discounts on their applicable drugs.

Go deeper:

• Medicare drug coverage gets a facelift for 2025
• Scoop: Medicare pilot aims for $2 generic drugs

Apple is closing in on a $4 trillion stock market valuation, powered by investors cheering progress in the company's long-awaited AI enhancements to rejuvenate sluggish iPhone sales.

Why it matters: The company has pulled ahead of Nvidia and Microsoft in the race to the monumental milestone, thanks to an about 16% jump in shares since early November that has added about $500 billion to its market capitalization.

Go deeper: What Apple's AI knows about you

Big Tech is spending at a rate that's never been seen, sparking boom times for companies scrambling to facilitate the AI build-out.

Why it matters: AI is changing the economy, but not in the way most people assume.

• AI needs facilities and machines and power, and all of that has, in turn, fueled its own new spending involving real estate, building materials, semiconductors and energy.
• Energy providers have seen a huge boost in particular, because data centers require as much power as a small city.
• "Some of the greatest shifts in history are happening in certain industries," Stephan Feldgoise, co-head of M&A for Goldman Sachs, tells Axios. "You have this whole convergence of tech, semiconductors, data centers, hyperscalers and power producers."

Zoom out: Companies that are seeking fast growth into a nascent market typically spend on acquisitions.

• Tech companies are competing for high-paid staff and spending freely on research.
• But the key growth ingredient in the AI arms race so far is capital expenditure, or "capex."

Capital expenditure is an old school accounting term for what a company spends on physical assets such as factories and equipment.

• In the AI era, capex has come to signify what a company spends on data centers and the components they require.
• The biggest tech players have increased their capex by tens of billions of dollars this year, and they show no signs of pulling back in 2025.

The capex bonanza for data center growth is separate from the R&D that companies spend on chips and new AI technology.

• "R&D expenses are funding expanded investments in AI integration as well as the rising costs of training AI models," says Eric Hanselman, a chief analyst at S&P Global Market Intelligence.
• As for capex, "spending on the equipment needed to fill data centers has accelerated dramatically," he says.

What's next: At the Goldman Sachs Private Innovative Company Conference held in Las Vegas last month, bankers presented a slide that read: "For Big Tech, is Capex The New M&A?"

• If the answer is yes, the worry is that data center spending fails to earn future investment returns. That will play out in the future.
• Also in the future is the potential for acquisitions when capex spending eases. For now, Goldman's Feldgoise believes that the data center build out is in its first phase. Larger-scale M&A is expected in phase two.
• "When winners emerge, they will start to consolidate," he says.

Our thought bubble: The fortunes being spent today on data centers for AI are jaw-dropping, but tech leaders are actually worrying about spending too little.

• "When you go through a curve like this, the risk of underinvesting is dramatically greater than the risk of overinvesting for us here," Google CEO Sundar Pichai told analysts in August.

The bottom line: Tech CEOs view their investments in data centers as all-purpose bets on the future.

• If the AI bubble pops, a data center can easily be put to work fueling whatever the next big wave in tech turns out to be.

President-elect Trump is setting the stage for an explosive first day in office: pardons for Jan. 6 rioters, a vacuum sealing of the southern border and a massive regulatory rollback affecting vast swathes of the American economy.

Why it matters: The tone of the next four years will be set on Day One. Trump and his transition — armed with a cannon of executive orders — are preparing an early shock-and-awe campaign to lay the foundation for his ambitious second term.

The big picture: Trump's Day One promises largely fall under three themes, according to an Axios analysis of hundreds of his speeches, press conferences and interviews.

1. Immigration: No issue has defined Trump's political identity more than his crusade against illegal immigration, particularly after border crossings surged to record highs under President Biden.

• A brain trust of West Wing border hawks — led by Stephen Miller and former acting ICE director Tom Homan — will help unleash a flurry of executive orders ending Biden's temporary "parole" programs, restarting construction of the border wall and suspending refugee admissions.
• Trump is hellbent on immediately launching the largest deportation operation in U.S. history, despite the logistical challenges. Watch out for a Day One photo op flexing the new administration's deportation muscle.
• The president-elect has also vowed to issue an executive order ending birthright citizenship, setting up a constitutional clash over the 14th Amendment that could wind up at the Supreme Court.

2. Red meat for MAGA: The second bucket of executive orders will seek to institutionalize the conservative culture wars that have dominated Republican politics over the last few years.

• Top priorities for Day One include a ban on diversity, equity and inclusion (DEI) programs and requirements across the federal government, and pardons for supporters convicted for breaking into the Capitol on Jan. 6.
• Trump, whose campaign spent millions of dollars on anti-trans ads, also wants to use executive action to ban trans women from women's sports, though the exact mechanism for doing so is not yet clear.

3. Big business: CEO and investor confidence has soared in the wake of the election, as Corporate America revels in Trump's promise to slash 10 regulations for every new one introduced during the Biden administration.

• Trump has vowed to expedite permits for drilling and fracking, even if it means acting like a "dictator" for one day. Inauguration will also start the clock on his one-year goal of reducing energy prices by 50%.
• Trump plans to aggressively target Biden's climate policies by cutting off support for electric vehicles and rolling back emissions standards, as well as any "job-killing" regulations affecting automakers.
• Wall Street, meanwhile, is working feverishly to persuade Trump not to impose sweeping tariffs on U.S. trading partners — but he seems intent on ushering in a new era of MAGA protectionism as quickly as possible.

Between the lines: Many of Trump's sweeping promises will require the support of Congress. Others have proven to be hyperbole, which Trump himself has acknowledged.

• "It's hard to bring [prices] down once they're up. You know, it's very hard," the president-elect told NBC's "Meet the Press," despite constantly pledging to crush inflation on the campaign trail.
• Trump has also tamped down his talk of settling the Russia-Ukraine war within 24 hours of taking office, telling reporters last week that peace may even be "more difficult" than ending the Israel-Hamas war.

Beyoncé performed a medley of hits from her record-breaking "Cowboy Carter" album during Netflix's first-ever NFL Christmas Gameday halftime show on Wednesday.

The big picture: Guests at the show in Houston, Texas, during the break at the Houston Texans-Baltimore Raven game included Post Malone, Shaboozey, Reyna Roberts, Tanner Adell, Brittney Spencer, and Tiera Kennedy, and Beyoncé's elder daughter, Blue Ivy Carter.

Go deeper: Beyoncé makes history again with "Cowboy Carter"

President Biden on Wednesday denounced Russia's large-scale Christmas Day attacks on Ukraine that damaged critical energy infrastructure and vowed to continue a U.S. surge in weapons deliveries to Kyiv.

The big picture: Ukrainian President Volodymyr Zelensky on X called the attacks "inhumane," while Russia's Defense Ministry said the "long-range precision weapons and strike drones on critical energy infrastructure facilities" in Ukraine had achieved the goal of Putin's forces.

• At least one person in the eastern Dnipropetrovsk region died and six others in Kharkiv were injured during the attacks, according to local officials.

What they're saying: "The purpose of this outrageous attack was to cut off the Ukrainian people's access to heat and electricity during winter and to jeopardize the safety of its grid," Biden said in a statement.

• "In recent months, the United States has provided Ukraine with hundreds of air defense missiles, and more are on the way," added Biden, who will be succeeded by President-elect Trump next month.
• "I have directed the Department of Defense to continue its surge of weapons deliveries to Ukraine, and the United States will continue to work tirelessly to strengthen Ukraine's position in its defense against Russian forces."

Trump's pick for special envoy for Ukraine and Russia also criticized the assault. "Christmas should be a time of peace, yet Ukraine was brutally attacked on Christmas Day," Retired Lt. Gen. Keith Kellogg said on X.

• "Launching large-scale missile and drone attacks on the day of the Lord's birth is wrong. The world is closely watching actions on both sides. The U.S. is more resolved than ever to bring peace to the region."

Go deeper: Russia says it's using bitcoin to evade sanctions

President Biden and President-elect Trump both delivered warm Christmas messages as a change in presidential administrations nears, though the Republican leader went on to take aim at Canada, the Panama Canal and Greenland.

The big picture: Biden in a post to X acknowledging this would be the last time as president he'd wish the nation a Merry Christmas said he hoped the U.S. would "continue to seek the light of liberty and love, kindness and compassion, dignity and decency."

• He later said in a message wishing a happy Hanukkah, "As Hanukkah begins, may it shine from menorahs around the world."

Meanwhile, Trump began on Truth Social by wishing a Merry Christmas to all and posted a video with Melania Trump paying tribute to Christianity and thanking Americans who keep the U.S. safe before extending his holiday wishes in a later post to Chinese soldiers that he claimed were "lovingly, but illegally," operating the Panama Canal.

Zoom in: Trump did not elaborate further on these claims. Instead, he moved on to single out "Governor Justin Trudeau of Canada," whose citizens he said paid taxes that were "far too high."

• If Canada "was to become our 51st State, their Taxes would be cut by more than 60%, their businesses would immediately double in size, and they would be militarily protected like no other Country anywhere in the World," said Trump, who in a later post wished a Merry Christmas to "Radical Left Lunatics."
• "Likewise, to the people of Greenland, which is needed by the United States for National Security purposes and, who want the U.S. to be there, and we will!" added Trump, who will be sworn in as president on Jan. 20.

Context: Trump's remarks build on earlier comments about Panama, Canada and Greenland.

• He's floated the idea of the U.S. taking ownership of Greenland and suggested annexing Canada amid border security negotiations in a pitch that Axios' Dave Lawler notes is designed at least in part to needle Prime Minister Trudeau.
• And he's said the Panama Canal should be returned to the United States if Panamanian authorities don't lower fees for U.S. ships.

Flashback: Biden, Trump deliver starkly different Fourth of July messages

Bird flu cases in Washington have spread to an animal sanctuary, resulting in the deaths of 20 big cats and forcing the center into quarantine until further notice.

The big picture: Wild Felid Advocacy Center in Shelton is working closely with public health officials to monitor workers and animals after the presence of bird flu (HPAI) was confirmed in some big cats at the sanctuary, per a statement on its website.

• The center confirmed in a Friday Facebook post that the virus had killed five African servals, four bobcats, four cougars and two Canada lynx. One Amur/Bengal tiger, a Bengal cat, an African caracal, a Geoffroy's cat and a Eurasian lynx also died of bird flu.
• The Washington Department of Fish and Wildlife in a statement warning that bird flu cases were on the rise in the state confirmed two cougars in Clallam County contracted the H5N1 strain of the virus.

Zoom in: The sanctuary said in a Dec. 2 Facebook post earlier this month that it would temporarily close because some of its big cats were "experiencing unknown illness" and confirmed four days later that bird flu had been detected in the animals.

• "We are heartbroken to share that animal health officials have confirmed the presence of highly pathogenic avian influenza (HPAI) among over half of our wild felids as of December," per a Friday Facebook post from the nonprofit that houses big cats were previously not well looked after or whose owners could no longer care for them.
• Mark Mathews, founder and director of the sanctuary, told the New York Times on Tuesday that the animals' deaths occurred from late November to mid-December.
• The center has removed 8,000lbs of frozen food and had begun the weeks-long task of disinfecting the area the area, per the NYT.

What we're watching: The cause of the outbreak was not immediately known, but the center noted on Facebook that bird flu "spreads primarily through respiratory secretions and bird-to-bird contact and can also be contracted by carnivorous mammals that ingest birds or other products."

• Cats "are particularly vulnerable to this virus, which can cause subtle initial symptoms but progress rapidly, often resulting in death within 24 hours due to pneumonia-like conditions," the post added.

What they're saying: "This tragedy has deeply affected our team, and we are all grieving the loss of these incredible animals," the sanctuary said in its post.

• Mathews told the NYT they'd "never had anything like it." The big cats "usually die basically of old age," not something like this "pretty wicked virus," he said.
• "It looks like the virus has taken its course," he added. "We're just trying to make [one of the animals] that's incapacitated now just a little stronger."

What's next: The sanctuary aims to reopen in the new year, per the center's website.

Zoom out: A pet food company in Oregon this week issued a voluntary recall of its raw and frozen products, as state officials investigate the bird flu death of an indoor cat that they linked to its food.

• Meanwhile, Los Angeles County health officials are investigating the H5 bird flu deaths of four house cats that consumed recalled raw milk.

Go deeper: CDC reports first severe human case of bird flu in U.S.

A pet food company in Oregon has issued a voluntary recall of its raw and frozen products, as state officials investigate the bird flu death of a cat that they linked to its food.

The big picture: Northwest Naturals' recall of its 2lb Feline Turkey Recipe brand also prompted Los Angeles County health officials to warn pet owners not to feed their animals raw food.

Driving the news: Testing conducted by health officials confirmed a house cat in Washington County, Ore., "contracted H5N1 and died after consuming the raw frozen pet food," per a statement the Oregon Department of Agriculture (ODA) issued on Tuesday.

• "Tests confirmed a genetic match between the virus in the raw and frozen pet food and the infected cat," the statement added.

Details: The recalled product is packaged in 2-pound plastic bags with "Best if used by" dates of May 21, 2026 and June 23, 2026, per a statement from Northwest Naturals.

• The product was sold through distributors in Arizona, California, Colorado, Florida, Georgia, Illinois, Minnesota, Pennsylvania, Rhode Island, Washington and the Canadian province of British Columbia.
• Public health officials are monitoring household members who had contact with the dead cat, but the ODA said no human cases of HPAI had so far been linked to this incident.

What they're saying: "We are confident that this cat contracted H5N1 by eating the Northwest Naturals raw and frozen pet food," said ODA State Veterinarian Ryan Scholz in a statement.

• "This cat was strictly an indoor cat; it was not exposed to the virus in its environment, and results from the genome sequencing confirmed that the virus recovered from the raw pet food and infected cat were exact matches to each other."

Zoom out: The Los Angeles County Department of Public Health said in its advisory that it recently confirmed H5 bird flu in four house cats that consumed recalled raw milk and became sick and died in incidents currently under investigation.

• "Public Health is also investigating additional possible cases of H5 bird flu in three house cats from a different household," the department said.
• "Public Health is awaiting confirmatory testing. These cats were not known to be exposed to raw milk, however public health is investigating other possible sources of infection, including raw meat."

Go deeper: CDC reports first severe human case of bird flu in U.S.

Trying to save on travel this year? Consider "detour destinations" — oft-overshadowed places near perennial hotspots worth a closer look for the budget-conscious or crowd-weary.

Why it matters: Travel prices rose 10% from September 2019 to September 2024, per a recent NerdWallet analysis, leaving many searching for cheaper ways to get away.

Driving the news: "Detour destinations" will be a big 2025 travel trend, predicts Expedia's annual year-ahead outlook.

• "63% of consumers say they are likely to visit a detour destination on their next trip."
• Among Expedia's trending "detour destinations:" Reims, France (detour from Paris); Brescia, Italy (detour from Milan); Cozumel, Mexico (detour from Cancun); Santa Barbara, California (detour from Los Angeles) and Waikato, New Zealand (detour from Auckland).

Zoom in: Some travelers are embracing what Expedia calls "goods getaways," or traveling in search of a viral item they can't find back home — that chocolate bar from Dubai, for instance.

• "When going on vacation, 39% of travelers visit grocery stores or supermarkets and 44% shop for local goods they can't get at home."

The intrigue: "Noctourism," or traveling to bask in the glory of a stunning night sky, is another 2025 travel trend to watch, per Booking.com's 2025 travel predictions.

• Many of the country's best dark sky sites are out West, like Arches National Park in Utah, Big Bend National Park in Texas, and Joshua Tree National Park in California.
• But the East has its night-sky gems, too, like Pennsylvania's Cherry Springs State Park and the AMC Maine Woods International Dark Sky Park — which bills itself as "the first and only International Dark Sky Park in New England."

What they found: Booking.com's own list of trending destinations includes Sanya, China; Trieste, Italy; João Pessoa, Brazil; Tromsø, Norway and Willemstad, Curaçao.

Reality check: As much as travelers gripe about rising prices, they aren't stopping people from booking trips.

• 24.3 million people flew in August, "reflecting a 4% increase in U.S. domestic trips and a 3% increase in international trips compared to August 2023," per ticketing infrastructure firm Airlines Reporting Corp.

What's next: Having trouble putting an itinerary together for next year? Let AI take the wheel — 2025's version of closing your eyes and throwing a dart at a map.

President-elect Trump's inauguration is drawing donations from an array of blue-chip companies, and it's likely to exceed all past ceremonies in terms of fundraising.

Why it matters: This is a chance to earn goodwill from Trump, including for companies that distanced themselves from him in the past.

Driving the news: Toyota announced a $1 million donation on Tuesday, matching the amounts pledged by Ford and General Motors. Both U.S. carmakers also will provide vehicles for the ceremony.

• Silicon Valley is also pitching in: Amazon, Meta, and OpenAI each promised $1 million, while Uber is donating $2 million. Some of those donations are coming from their CEOs rather than from the companies themselves.
• Wall Street donors include Goldman Sachs and Bank of America.
• Crypto exchanges Kraken and Coinbase are getting in on the action too.
• Also cutting seven-figure checks, per the WSJ: AT&T, Charter Communications, Stanley Black & Decker, Intuit, Charter Communications, Pratt Industries and The PhRMA trade group.

Flashback: Several of the companies suspended political donations after Jan. 6 or released statements saying they would reconsider their approaches, WSJ reports.

• Four years later, some companies that denounced the insurrection are giving more to Trump's inauguration than they ever have for previous ceremonies.
• "People just really want to move forward and move on. The election results were very clear," a rep for one of the companies told WSJ, which adds that some statements condemning Jan. 6 have disappeared from company webpages.

What to watch: Trump's inauguration also is on pace to raise considerably more money than President Biden's in 2021.

• That's a possible sign that companies see Trump as a more transactional figure, and they hope donating to his inauguration will improve their standing heading into the new term.

Go deeper: Dems' plan inauguration boycott

Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview.

Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments, even with countries like China that don't use the U.S. dollar as their reserve currencies.

Catch up quick: The Kremlin last month created an experimental legal framework for cryptocurrency miners, which includes a provision whereby approved entities can use crypto for international trade.

• It also could be a boon for Russian energy companies, which now can sell to a power-hungry group of domestic bitcoin miners.

Reality check: Just because Russian companies are allowed by their government to make payments in bitcoin, that doesn't necessarily mean all other countries will accept it — both due to their own laws and pressure on domestic banks from Western financial regulators.

The bottom line: This development could create a challenge for President-elect Trump, who is both a crypto convert and advocate for U.S. dollar dominance.

The media, our social media feeds and our most pessimistic friends fill us with doom and gloom stories. But by many measures, there's never been a better time to be alive in America. 

Why it matters: Yes, bad people are always doing bad things for bad reasons. It's called life. This column focuses on the Good Stuff: the undeniable trends that reveal a distinct edge for America, young people and this moment.

When your boozy uncle goes dark today, remind him and others:

1. There's no better place to start a business and rise to unthinkable heights doing what you choose to do. We have the best hospitals, colleges and technology centers.
2. You can think, say and worship as you please without fear of imprisonment. Faith might be fading, but the ability to practice it is unfettered.
3. The United States has the world's strongest military. We enjoy peace with our neighbors and the protection of the Atlantic and Pacific oceans. Our military is both the most feared — and most sought-after by other nations for assistance.
4. We're blessed with abundant natural resources — we can produce enough energy from the ground and skies to power ourselves for generations. In just eight years, the U.S. "has rocketed from barely selling any gas overseas to becoming the world's No. 1 supplier" — bolstering the economy and strengthening American influence abroad. (N.Y. Times)
5. We're still the place where people want to risk their lives to come live, work and raise a family.
6. The greatest inventions come from the magical animal spirits of American capitalism: freedom and entrepreneurial zest — hardwired into our souls and our national story. We enjoy a massive early lead to build the next great technology: generative artificial intelligence.
7. The United States is the world's longest-surviving democracy, which has remained steadfast, resilient and enduring through existential crises.
8. Young people are more optimistic than ever, earning more than ever, and able to make an instant difference in the workplace because of their tech savvy.
9. And Jim's favorite: Most people are normal. They don't watch cable food fights, or dunk on people on X, or say or do nasty things to others. They work hard, volunteer, help you shovel in a storm.

The bottom line: We're blessed, this and every holiday season, to have smart, engaged, thoughtful readers who trust us — and remind us when we fall short. Enjoy your family. Enjoy the holidays. Enjoy America.

War, financial anxiety and political unpredictability plaguing many nations are clouding this year's Christmas celebrations as nativity scenes go up.

Through the lens: Despite global unrest in the Middle East and Ukraine and migration crises around the world, Christians built and celebrated creative nativity scenes to seek moments of peace. Here are a few images from around the world.

The bald eagle is now officially the national bird of the U.S. after President Biden signed into law legislation amending a code to formally recognize the previously unofficial American emblem.

Why it matters: "The Bald Eagle has symbolized American ideals since its placement on the Great Seal in 1782," per a statement from Preston Cook, co-chair of the National Bird Initiative for the National Eagle Center, after Congress passed earlier this month the bill that was sent to Biden's desk.

• "With this legislation, we honor its historic role and solidify its place as our national bird and an emblem of our national identity," added Cook, who spearheaded the legislative effort with Minnesota Reps. Brad Finstad (R) and Angie Craig (D) and Sens. Amy Klobuchar (D-Minn.) and Cynthia Lummis (R-Wyo.).

Zoom out: The bill officially recognizing the bird of prey was among some 50 bills Biden signed into law on Christmas Eve.

The big picture: The bald eagle has unofficially been the national bird since its appearance on the Great Seal, which symbolizes the sovereignty of the U.S. as a nation.

• The bird also features on the president's flag, the mace of the House of Representatives, military insignia and "billions of one-dollar bills," per a Department of Veterans Affairs post.
• However, it had never been legally designated as the country's national bird until now.

Fun fact: Founding father Benjamin Franklin objected to the bald eagle's appearance in a letter to his daughter describing it as "a bird of bad moral character," per the Franklin Institute.

Go deeper: U.S. bald eagle population has quadrupled since 2009

Denmark is increasing defense spending in Greenland, said a Danish official Tuesday who called the announcement's timing with President-elect Trump's suggestion that the U.S. should own the territory an "irony of fate."

The big picture: Danish Defense Minister Troels Lund Poulsen told the outlet Jyllands-Posten on Tuesday of plans to spend a "double-digit billion amount" in krone, equivalent to at least $1.5 billion, on the self-ruled territory that's part of its kingdom to ensure a "stronger presence" in the Arctic.

• Trump said on Sunday the "ownership and control of Greenland is an absolute necessity" for the U.S., which has a strategically important base on the northwest coast of the territory.
• His remarks that built on comments he made during his first term about buying Greenland prompted the territory's prime minister to say on Monday that it is "not for sale and will never be for sale."

State of play: Poulsen told Jyllands-Posten the Danish government's plan for Greenland included long-range drones, more inspection ships and sled patrols in the territory and an upgrade to Kangerlussuaq Airport so it can accommodate F-35 fighter jets.

• He said that Denmark had "not invested enough" for many years in the Arctic — where countries including China and Russia have been racing for resources in the region that's feeling the effects of climate change.
• Russia has already sought to claim territory up to Greenland's Exclusive Economic Zone.

Between the lines: The Danish Defense Academy's Army Maj. Steen Kjaergaard told the BBC Tuesday that Trump may have been pressing Denmark's government to act on this threat.

• "It is likely to be sparked by the renewed Trump focus on the need for air and maritime control around Greenland and the internal developments in Greenland where some are voicing a will to look towards the U.S. — a new international airport in Nuuk was just inaugurated," Kjaergaard said.
• "Trump is smart… he gets Denmark to prioritize its Arctic military capabilities by raising this voice, without having to take over a very un-American welfare system," he added, in reference to Greenland's reliance on money from Copenhagen.

Zoom in: Greenland's foreign, security and defense policy Arctic strategy for 2024-2033 outlines its goal for improved relations with the U.S. to increase the possibilities for more cooperation, with direct trade and transportation routes supporting this development — particularly with fellow Inuit in Alaska.

• It notes that a 1951 defense agreement means that the U.S. is, in effect, "the military defender in the event of a possible military conflict."
• The United States' Pituffik Space Base (formerly Thule Air Base) has a missile in the territory that's in North America but which has close ties to Europe, which has early warning radar that can detect Russian missiles.
• The base once sought to secretly store a nuclear reactor under an Arctic ice sheet called Camp Century, also known as the "city under the ice," during the Cold War era in a drive called Project Iceworm.
• Representatives for Trump did not immediately respond to Axios' request for comment in the evening.

Go deeper: Trump dreams of empire expansion

Editor's note: This article has been updated with more context.

Andrew Freedman contributed reporting.

Founders Fund, the venture capital firm co-founded by Peter Thiel, is raising around $3 billion for its third growth equity fund, Axios has learned from multiple sources.

Why it matters: Founders Fund has backed some of the world's most valuable tech startups, including SpaceX and Stripe.

• It also will have access to the incoming White House, thanks to Thiel's longtime support of President-elect Trump and the firm's numerous investments with Elon Musk.

Catch up quick: Founders Fund in 2022 raised $3.4 billion for its second growth equity fund and $1.8 billion for its eighth early-stage fund.

• Early last year it split the early-stage fund in half, due to a perceived dearth of opportunities, and hasn't yet begun investing what it now calls "Fund IX."
• There were also talks about splitting the growth fund, but that didn't happen and now most of that money has been invested — including in capital-intensive AI companies.

Behind the scenes: Founders Fund hasn't provided prospective investors with an official size target for the new effort, but has said that $3 billion would be the approximate size.

• A firm spokesperson declined comment.

The Biden administration on Monday withdrew its proposed plans to reverse a Trump-era policy that made it easier for employers to refuse to offer birth control coverage in company-sponsored health plans.

Why it matters: With Democrats' loss of the White House and Congress in the 2024 elections, Republicans are in a strong position to undermine President Biden's legacy — including his administration's work to bolster reproductive rights post-Roe.

Driving the news: The Department of Health and Human Services said in a Federal Register notice on Monday that it's withdrawing the proposed regulations "to focus their time and resources on matters other than finalizing these rules" in the administration's final weeks.

• The plan would have made some 130,000 people eligible to receive coverage for contraceptives, Politico reports.

Context: During President-elect Trump's first term, his administration rolled back the Affordable Care Act's contraceptive mandate — allowing organizations to opt out of coverage, citing moral objections. Before that, exemptions were limited to religious grounds.

• The Biden administration's proposed rule would have scrapped the "moral" exemption and retained the "religious" one.
• It also would have created an "independent pathway" for people who have insurers with religious exemptions to access birth control through a "willing contraceptive provider" at no cost, the HHS said when announcing the plan last year.

The big picture: Patients have been rushing to get reproductive care — including getting IUD replacements, backup contraception and abortion pills — before the incoming Trump administration takes office next month.

• Access to reproductive health care more broadly could be in jeopardy, especially under a conservative Supreme Court, experts say.
• Republicans, who will soon control Congress, have vowed to restrict abortion care. They're likely to try to restrict access to medication abortion and could attempt to pass a national abortion ban.
• But Trump, after waffling on the issue, said he'd veto a national ban and prefers to leave the issue of abortion to the states. He also recently vowed for the first time to ensure the FDA does not block access to abortion pills.
• Millions of women of reproductive age could be impacted if the cost of care increases or access to contraceptives is limited.

More from Axios:

• Patients rush to get reproductive care before Trump takes office
• Patient requests for long-term birth control on rise after Trump reelection
• Biden admin floats expanded contraception coverage

Congratulations on your engagement — but is that a "real" diamond?

Why it matters: Flashy, lab-grown gems are dividing jewelry lovers.

The big picture: Rings have grown bigger as lab-grown diamonds catch on, mainly because they cost a fraction of natural stones.

What they're saying: Many young couples choose lab-grown diamond rings to save money for a home or other priorities, jewelers and experts say.

• Others want to score their dream bling for less or see the gems as more ethical.

Reality check: Lab-grown diamonds are just as real as mined ones.

But not everyone is sold on the trend. Naysayers have compared sporting lab-grown jewels to carrying a knockoff designer bag.

• "Buy what you can afford and be happy with it. Don't be fake," one TikTok user wrote on custom jeweler Erica Sett's page, which captures the debate.

The latest: Some critics press ring owners to share if their stones are lab-grown.

• "It's the people who have a 4-carat lab [diamond] and lie or aren't upfront about it that make it annoying for the natural girlies," another TikTok user commented on the page.

By the numbers: Posts tagged #LabGrownDiamond and #LabGrownDiamonds each more than doubled in the first 10 months of 2024 compared with the same period in 2023, according to TikTok.

"It used to be such a flex to have a 3-carat diamond or a certain color or clarity" grade, says Sett, who's based in New York City and works with natural and lab-grown stones.

• "People feel like their natural diamonds become less special to them when everyone else has what they have, and only they know it's natural," she tells Axios.

Follow the money: In 2020, the average lab-grown diamond was 1.2 carats and cost $3,887, Axios' Felix Salmon reports from industry data.

• By 2024, the average size had swelled 60% to 1.9 carats, while the average price had dropped by 30% to $2,657.

What we're watching: "Giant diamond" fatigue could push shoppers toward smaller or colorful stones, Sett says.

Meanwhile, natural diamond jewelers are courting millennials and Gen Z.

• A new marketing campaign from two major companies promotes their diamonds as "worth the wait."

The bottom line: Sharp opinions aside, your rock is between you and your partner.

Christmas Day and the first night of Hanukkah fall on the same date this year for the first time in nearly 20 years.

Flashback: Hanukkah last started on the evening of Christmas Day in 2005 — the only other time the two have aligned in the last 50 years.

• Hanukkah has started the night of Christmas Eve twice in the last 50 years: in 1978 and 2016.

How it works: The first day of Hanukkah comes on the 25th of Kislev on the Hebrew calendar, which is based on lunar cycles with the occasional "leap month."

• Jewish calendar days begin at sundown, meaning 25 Kislev starts this year on the evening of Dec. 25, when the first candle is lit.
• Hanukkah can start in late November through late December on the more commonly used Gregorian calendar.

By the numbers: The earliest first nights of Hanukkah on the Gregorian calendar over the last 50 years came in 1994 and 2013, when it fell on Nov. 27.

• The latest came in 1986, on Dec. 26.
• The most common first night over the last 50 years? Dec. 8 (1974, 1993, 2012).

💬 Our thought bubble: This year's "Chrismukkah" is both a simple celestial coincidence and a blessing for people who take part in both holidays, giving us a rare chance to truly blend and share end-of-year celebrations and traditions with our different family groups and loved ones.

What's next: The next Hanukkah-Christmas alignment is in 2035.