Donald Trump’s second term has begun, as expected, with a flurry of executive orders (notably, setting a hard line on immigration). Yesterday his inaugural address harked back almost 130 years, to William McKinley, a president who also loved tariffs and oversaw territorial expansion—and courted (and was courted by) America’s richest men.

Away from politics, we report on how OpenAI’s latest generative artificial-intelligence model, which yields better results the more “thinking” it does, is changing the economics of the digital economy.