|  | Nasdaq | 23,709.87 | |
|  | S&P | 6,963.74 | |
|  | Dow | 49,191.99 | |
|  | 10-Year | 4.171% | |
|  | Bitcoin | $94,112.12 | |
|  | JPMorgan | $310.90 | |
| | Data is provided by |  | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Stocks ticked down yesterday, perhaps a sign that the market’s early-year honeymoon period is coming to an end as investors begin to assess the latest round of company earnings reports. First up was JPMorgan Chase, which fell after it reported a hit to profits as a result of taking over the Apple Card from Goldman Sachs.
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ENERGY Microsoft’s big announcement yesterday had nothing to do with new products, software, or a ballooning market cap. Instead, it promised to pick up the bill. The tech company said yesterday that it would pay more when it builds a new data center in a city to ensure that elevated electricity costs aren’t passed on to consumers. Rising energy prices and environmental concerns have united some communities on opposite ends of the political spectrum with a simple message to companies building massive AI data centers: Get out. Microsoft introduced a five-point plan for addressing concerns when a data center project is introduced to a community, including paying for higher energy costs and replenishing water usage. The company also promised to add to the local property tax base and not accept any tax reductions. The announcement was previewed by President Trump’s Truth Social post on Monday saying tech companies must “pay their own way.” Wiping out regulations and urging AI expansion have been priorities of Trump’s presidency. Tech is desperate to make nice CEO Satya Nadella said in October that Microsoft plans to double its data centers in the next two years, so it may need to do some serious damage control for the often unpopular projects. According to Heatmap Pro, 25 data centers were canceled after local protests last year, up from just six in 2024: - Bloomberg found that communities near data centers saw electricity costs soar by nearly 267% last year compared to five years ago.
- The largest power-grid operator in the US, PJM, pitched rolling blackouts during extreme heatwaves or cold fronts in order to protect grid infrastructure that is close to being overwhelmed by data centers.
Another congestion price for New York. Gov. Kathy Hochul said yesterday that data centers in the state will need to pay for increased energy demand instead of shifting costs to New Yorkers.—MM | | |
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WORLD Trump tells Iranian protesters that “help is on its way.” In a post on Truth Social yesterday, President Trump told the thousands of demonstrators protesting against the Iranian regime to “TAKE OVER YOUR INSTITUTIONS!!!” and that the “killers and abusers” will “pay a big price.” As Iran cracks down on the anti-government protests, human rights activists estimate that the death toll has reached at least 2,571, though other reports indicate it could be much higher. Trump’s special envoy, Steve Witkoff, secretly met with exiled former Iranian Crown Prince Reza Pahlavi over the weekend, Axios reported, marking the first high-level meeting between the White House and the Iranian opposition since the protests started on Dec. 28. Iranian officials have reportedly throttled phone and internet services in the country, making it difficult for new information to get out. Trump said he thinks it’s “a good idea” for Americans to evacuate from Iran, which the State Department also advises. Inflation held steady at 2.7% to end 2025. Consumer prices rose 2.7% in December, virtually unchanged from November and roughly in line with analysts’ expectations, per the latest reading from the Bureau of Labor Statistics. Inflation was helped by falling used car and truck prices, but rising grocery costs prevented the rate from making more progress toward the Fed’s 2% target. Food prices spiked 0.7% in December—the fastest monthly gain since 2022, the New York Times noted. Compared to the same period in 2024, food prices were up by 3.1%. Fed Chair Jerome Powell has previously said he expects the peak impact of tariffs to show up in Q1 of this year. Delta forecasts huge year amid luxury arms race. Delta CEO Ed Bastian said yesterday that the airline’s earnings could skyrocket 20% this year, largely due to demand from high-income customers. “Effectively, none of our growth in seats will be in the main cabin; virtually all will be in the premium sector,” Bastian said. Despite tariffs and an uncertain economy, wealthy Americans are continuing to spend on travel, forcing carriers to rush to upgrade their services, airport lounges, and membership options. Last quarter, Delta’s main cabin ticket revenue fell 7%, while its premium seat revenue climbed 9%, to $5.7 billion, overtaking coach class.—AE
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AI Anthropic now has a version of its blockbuster vibe-coding tool for professionals proficient in Microsoft Word. The company unveiled Claude Cowork this week, pitching it as a way for nontechie types to automate complex work using the same tech as Claude Code, but without a coding interface. Claude Code has been a hit with tech workers, who laud it as a godsend for writing, editing, and debugging code—but many have harnessed it to automate noncoding tasks as well. Now, Anthropic says workers with less technical know-how can join the productivity party (as long as they’re paying for Claude’s Max plan, which costs $100–$200 per month). A capable coworker The tool accesses files on your computer to complete multistep tasks from a single word prompt: - It can organize files based on their contents or sift through them to analyze data, write reports, and create charts and PowerPoint presentations. For instance, Anthropic touted Claude Cowork’s ability to whip up an expense report using pictures of receipts.
- But Anthropic warned that Cowork “can take potentially destructive actions” like deleting files, particularly if given a vague prompt.
Big picture: Cowork comes as Anthropic’s rivals Alphabet, OpenAI, and a legion of startups race to create white-collar automation tools. Companies are increasingly embracing AI agents: McKinsey’s CEO recently said the firm has 65,000 employees—25,000 of whom are AI.—SK | | |
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Together With The New Money AI is changing the future of drug discovery. Which is why MindWalk Holdings (NASDAQ: HYFT) has partnered with AMD to reshape the way new breakthrough therapeutics are discovered and delivered. Learn more here. |
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SPORTS Would you pay millions to return to a company you left on bad terms? Brooks Koepka wanted back on the PGA Tour so badly that he agreed to a steep financial penalty to get away from the Saudi-backed LIV Tour, which is now in danger of losing more of its superstars. Koepka, a five-time major winner who fled the PGA Tour in 2022, won’t be eligible for its bonus pool this year or the equity program for the next five years, and must pay $5 million to a charity, pushing his reentry fee to a potential $90 million (he won ~$165 million with LIV, so he’ll live). It’s part of the PGA Tour’s “Returning Member Program,” which, despite what it sounds like, is not an initiative to give golfers lounge access and rewards points when flying first class: - Only golfers who have won a major event or the Players Championship since 2022 qualify—meaning just Koepka, Jon Rahm, Cameron Smith, and Bryson DeChambeau. Rahm is reportedly staying with LIV.
- Some other big names, including Phil Mickelson, do not meet the criteria.
- The deadline for players to apply for the program is Feb. 2; the LIV season starts two days later.
Has the PGA Tour won? Koepka’s return, which will be on Jan. 29, could have a domino effect as LIV struggles to pose a serious threat to the PGA Tour’s supremacy. Should more stars defect, it would be a blow to LIV, but likely not a fatal one. LIV has new broadcast deals with Fox in the US, along with TNT, Sky, and Viaplay internationally.—DL | | |
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STAT Rare objectively good news alert: For the first time, 7 in 10 cancer patients in the US survive at least five years after being diagnosed, according to a new report from the American Cancer Society. That’s a significant jump from the 1970s, when just half of those diagnosed with cancer lived that long. Researchers say that improved treatments, earlier detection, and less smoking have all helped boost survival rates. The American Cancer Society estimates that 4.8 million cancer deaths were prevented between 1991 and 2023. Still, rates for some cancers, like breast and colorectal, are increasing, NBC News reported, and experts are concerned that funding cuts could hurt researchers’ ability to study new treatments.—AE |
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NEWS - The Supreme Court appeared likely to allow states to ban trans student-athletes from competing on women’s sports teams, following oral arguments yesterday.
- Boeing outsold Airbus last year for the first time since 2018, as it makes its way back from a series of crises.
- Jamie Dimon, the CEO of JPMorgan Chase, said chipping away at the Fed’s independence is “probably not a great idea” and suggested it could increase inflation.
- The Department of Homeland Security clandestinely purchased a device in late 2024 that may be tied to “Havana Syndrome,” according to reports, which also say the Pentagon has been testing it for over a year.
- Mike Tomlin stepped down as head coach of the Pittsburgh Steelers yesterday, following the team’s loss in the AFC wild-card round, ending a 19-year run in the Steel City in which he never had a losing season.
- Scott Adams, the controversial creator of the Dilbert comic and cartoon, died of prostate cancer at 68.
- Nike signed 18-year-old phenom Anna Leigh Waters to its first-ever pickleball deal for an undisclosed sum.
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