The lowdown

Here’s what you missed while you were living your best life:

• 📉 40,000 Federal Workers Take Trump’s Buyout Offer
  The federal workforce is shrinking fast as 40,000 employees take President Trump’s buyout offer, part of his plan to slash government spending. With more departures expected, agencies are bracing for potential labor shortages and operational shake-ups.

• ⚖️ The New York Times Has Spent $10.8M Fighting OpenAI
  The NYT’s lawsuit against OpenAI is turning into one of the costliest legal battles in media history, with the paper already spending $10.8 million. Unlike smaller outlets that have taken OpenAI’s cash in licensing deals, the Times is betting big that a courtroom win could change the AI landscape for publishers.

• 🥇 Russians Are Buying Record Gold as Inflation Surges
  With the ruble struggling under inflation and sanctions, Russians are snapping up gold at record levels—75.6 metric tons in 2024 alone. As Western sanctions tighten and the country’s economic woes deepen, gold has become a rare safe haven for both citizens and the Kremlin

Featured story

Editorial Image Credit: JHVE Photo @ ShutterStock

Conglomerates Are Out: Honeywell’s $120B Split Is Official 

Honeywell is breaking itself into pieces—and Wall Street loves it. The industrial giant, one of the last great American conglomerates, is splitting into three separate companies, following the breakup trend that already hit GE and Alcoa. Activist investor Elliott Investment Management, which took a $5 billion stake, had been pushing for the shake-up, arguing that Honeywell’s aerospace and automation businesses would be worth more as independent firms. Now, CEO Vimal Kapur is making the split official, betting that leaner, more focused companies will unlock major shareholder value.

The breakup will see Honeywell’s aerospace and automation businesses go their own way, while its advanced materials unit spins off by early 2026. With a market value north of $120 billion, the move will create three specialized players, each better positioned to dominate their respective industries. It’s a dramatic shift for a company that once prided itself on size and diversification—but in today’s market, bigger isn’t always better.

This is just the latest chapter in the slow death of the mega-conglomerate. Investors are demanding sharper, more agile companies that can move fast, not sprawling empires weighed down by bureaucracy. As GE, 3M, and now Honeywell break themselves apart, the message is clear: In 2025, specialization wins, and the era of industrial giants running everything under one roof is fading fast.

Off-balance sheet items

• Apple Insider: Airline now using AirTags to find lost luggage.

• People: Celebrities who have lost homes in the CA wildfires.

• Stanford Business: OpenAI drops sign-in requirements for web feature.

The bottom line

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The lowdown

Here’s what you missed while you were living your best life:

• 📊 Alphabet’s AI Bet Faces a Reality Check
  Alphabet reports earnings this week, and all eyes are on its cloud business and AI investments as competition heats up. With Chinese upstart DeepSeek delivering powerful AI models at a fraction of the cost, investors are wondering if Silicon Valley is overpaying for AI dominance.

• 🛢️ China Hits Back With Energy Tariffs
  China just slapped new tariffs on U.S. crude oil and LNG in response to Trump’s latest trade moves. With Beijing also limiting exports of key industrial minerals, the trade war is quickly escalating—and energy markets are feeling the heat.

• 🏭 U.S. Manufacturing Finally Back in Growth Mode
  For the first time in over two years, the U.S. manufacturing sector is expanding, with the ISM index climbing to 50.9%. While it’s a promising sign for the economy, supply chain pressures and trade tensions could make this recovery short-lived.

Featured story

Uncle Sam, Venture Capitalist? America Eyes Sovereign Wealth Fund

What happens when the world’s largest economy decides to cash in on its assets? President Trump has just greenlit the creation of a U.S. sovereign wealth fund, setting up a potential government-run investment powerhouse that could change how America manages its wealth. With whispers about using this fund to grab a piece of TikTok, this move has the tech world buzzing and the geopolitical stakes rising.

The idea here is to leverage America’s balance sheet to generate profits, much like Norway’s $1.8 trillion oil-backed behemoth. But without the cushion of surplus wealth that many other nations enjoy, can the U.S. really pull this off? 

Trump’s ambition is clear—he wants to see this fund rival the biggest players, like Saudi Arabia’s mammoth reserves. For businesses and investors, this development adds a new twist to the ever-evolving relationship between government and the private sector.

Off-balance sheet items

• Fast Company: Dyson is making a vacuum…for your car.

• Vice: At this point, they can’t even sell beer in Germany. (Das is Nicht Sehr Gutt)

• Variety: Beyoncé’s ‘Cowboy Carter’ Sees 795% Spotify Surge Following Grammy Wins

The bottom line

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Weekend roundup

Here’s what you missed while you were living your best life:

• 🏦 Banks Rebuild Liquidity, but Challenges Loom
  Commercial banks have restored liquidity to pre-crisis levels, but higher deposit costs are squeezing profits. To stay competitive, financial institutions are turning to AI and digital banking innovations to drive growth and fend off rising fraud threats.

• 🏀 The Worst Trade in Sports History?
  The Mavericks stunned the league by trading superstar Luka Doncic to the Lakers, a move some are calling the worst trade in NBA history. Rumors are swirling that team owner Miriam Adelson orchestrated the trade as part of a larger plan to legalize gambling and relocate the team to Las Vegas.

• 💰 Ether’s Price Plunge Triggers Wild Market Swings
  Ethereum’s price crashed 24% as volatility spiked to over 100%, sending traders scrambling for downside protection. With global trade tensions rattling markets, crypto investors are bracing for more turbulence ahead.

Featured weekend story

Trump’s Tariff Move: Smart Strategy or Risky Bet?

The U.S. just dropped a trade bombshell, slapping 25% tariffs on imports from Canada and Mexico and a 10% tax on Chinese goods. Markets didn’t sit still—Japan’s Nikkei tumbled 2.5%, European stocks slid, and the dollar surged as investors braced for the impact. Oil prices climbed, and traders scrambled to move gold and silver into the U.S. before new restrictions kick in. The White House says it’s about protecting American industries and cracking down on fentanyl trafficking, but not everyone’s buying it.

Canada is already firing back, calling the tariffs illegal and launching retaliatory duties on everything from cosmetics to motorcycles. Mexico and China are weighing their next moves, while businesses brace for supply chain disruptions. At the same time, Trump is hinting that the EU could be next, keeping investors on edge.

Where this goes next is anyone’s guess. Will the tariffs bring negotiating power, or are we looking at another drawn-out trade war? For now, the markets—and world leaders—are watching closely.

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 📉 Palantir’s High-Stakes Earnings Report
  Palantir is set to release its Q4 earnings, and Wall Street isn’t feeling optimistic—the stock is trading 37% above analysts' average price target. With AI hype fueling its meteoric rise, investors are watching closely to see if the data analytics firm can justify its valuation or if a sharp correction is coming.

• 🛒 Costco Dodges Strike—for Now
  Costco narrowly avoided a major disruption as last-minute negotiations with the Teamsters union kept operations running. While the retailer agreed to raise wages above $30 an hour for many employees, union leaders say the fight for better benefits isn’t over, keeping labor tensions simmering.

• 💰 Warren Buffett’s Cash Pile Raises Eyebrows
  Berkshire Hathaway has been quietly offloading stocks and stockpiling over $325 billion in cash, leading some to wonder if Buffett sees trouble ahead. With the market’s valuation near historic highs, investors are weighing whether to follow the Oracle of Omaha’s cautious approach.

  Big moves, big risks, and even bigger questions—this week is shaping up to be one to watch.

Off-balance sheet items

Here’s what we’re reading this week:

• Newsweek: Tech Companies Are Ditching Delaware

• WTAE: Punxsutawney Phil Predicts Six More Weeks of Winter

• Adweek: LinkedIn Cracks Down on AI Coworkers

Chart of the week

Gold Bullion Price Last 12 Months

Gold Bullion Spot Price: Chart Credit BullionValut

The bottom line

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Weekly roundup

Here’s what made waves this week:

• 📝 Tax season kicks off, and the IRS has some advice. The agency is urging taxpayers to file early, opt for direct deposit, and double-check deductions to avoid delays or audits. With refund amounts expected to be lower than last year, filers might need to brace for a little less cash back.

• 📉 The Fed holds rates steady as inflation clouds the outlook. The central bank kept rates unchanged, signaling caution as economic uncertainty lingers. With inflation still above target and the job market showing resilience, the Fed isn’t rushing into rate cuts just yet.

• 🤖 OpenAI calls out DeepSeek for allegedly copying its tech. The AI race is getting messy, with OpenAI accusing DeepSeek of profiting off its research. As competition heats up, the battle over who owns AI’s intelligence could reshape the entire industry.

Featured story

Photo by ANIRUDH on Unsplash

UPS Dumps Amazon, but Wall Street Isn’t Buying It

UPS just made a bold move, cutting back service with Amazon—the customer that made up 12% of its revenue. The reason? Profitability. CEO Carol Tomé says Amazon may be the biggest client, but it’s far from the most lucrative. By slashing Amazon shipments by more than 50% by 2026, UPS is doubling down on higher-margin business, like healthcare and small-to-medium-sized shippers.

But Wall Street isn’t convinced. The stock cratered 14% after the announcement, marking one of its worst trading days ever.

Behind the scenes, Amazon’s growing logistics empire looms large. The company has been rapidly expanding its in-house delivery network, sinking billions into its own fleet, cargo hubs, and EVs from Rivian. It even started moving third-party shipments, putting it in direct competition with UPS and FedEx. In 2025, UPS expects its U.S. daily volume to drop 8.5%, while Amazon Air keeps adding flights and aircraft. With the e-commerce giant squeezing suppliers and cutting costs, the real question is: Can legacy shippers survive in a world where Amazon delivers everything?

What to watch this weekend

Indices at 12:00 AM (ET)

Here’s what’s moving the markets.

• ⚠️ Trump tariffs set to hit Canada and Mexico. Starting February 1, the U.S. will impose 25% tariffs on imports from its two largest trading partners, with possible levies on oil still under consideration. The move is aimed at curbing illegal immigration and trade deficits, but retaliatory measures from Canada and Mexico could spark a fresh trade war—one that might hit American consumers at the gas pump.

• 🏬 Target’s DEI rollback sparks boycott debate. Target is phasing out its diversity, equity, and inclusion initiatives, prompting civil rights activists to call for a national boycott. But some Black entrepreneurs argue that abandoning the retailer could hurt minority-owned brands, igniting a fierce debate over how best to push for corporate accountability.

• 💾 Nvidia options surge as investors buy the dip. After a recent slide, Nvidia’s stock rebounded as traders snapped up call options, betting on a comeback. The AI chip giant remains one of the hottest stocks in tech, but with sky-high valuations and increasing competition, the market is questioning how long the rally can last.

Off-balance sheet items

Here’s what we’re reading this week:

• Skift: Royal Caribbean to launch river cruises under Celebrity brand in 2027.

• TechCrunch: Majority of U.S. teens have lost trust in Big Tech, survey finds.

• Business Insider: Christopher Walken avoids modern tech—no phone, email, or even satellite TV.

Chart of the week

Credit: Nicholas Colas, co-founder, DataTrek Research

The bottom line

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The lowdown

Here’s what you missed while you were crushing it:

• 📉 The Fed is keeping interest rates steady, citing economic uncertainty.

• 💼 A quarter of job seekers have been searching for over a year.

• ₿ The Czech National Bank is softening its stance on crypto, hinting at future regulations.

Featured story

Photo by Tesla Fans Schweiz on Unsplash

Tesla Takes on 2025 With Robotaxis and AI, as Questions Loom

Tesla’s earnings call was packed with big promises for 2025. Elon Musk vowed to launch a robotaxi service by midyear, ramp up production of the company’s humanoid Optimus robots, and roll out cheaper EV models in the first half. But after a rough 2024—plagued by slipping deliveries and missed earnings—can Tesla actually pull it off?

Musk’s confident rhetoric didn’t stop Wall Street from raising eyebrows. The CEO’s history of overpromising on timelines—especially when it comes to autonomous tech—is no secret. And while he boasted of an “epic” 2026, investors and analysts are taking a cautious stance on how much Tesla can truly deliver in 2025. With regulation remaining a key hurdle and Musk’s polarizing political ties stirring controversy, the road ahead is as uncertain as it is ambitious.

Despite the doubts, Tesla’s stock keeps climbing, fueled by its knack for selling a bold vision. With investors hanging on Musk’s every word, 2025 could be a make-or-break year—one that reshapes Tesla’s role in tech and auto, but only if it delivers on the hype.

The content we're consuming today

Here’s what we’re reading this week:

• Yahoo Finance: Southwest Airlines beats profit expectations with strong travel demand.

• CBS News: Egg prices are set to soar in 2025 due to bird flu outbreaks.

• Lifehacker: T-Mobile expands Starlink support to iPhones, offering satellite texting.

Off-balance sheet items

Credit: BluewoMeme @ Memedroid

The bottom line

Aquire new customers and drive revenue by partnering with us.

Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what you missed while you were living your best life:

• 🤖 Sam Altman Pitches "ChatGPT Gov" to the U.S. Government
  Sam Altman is taking OpenAI straight to Washington, rolling out ChatGPT Gov to help federal agencies "boost efficiency"—aka, let AI do the paperwork. With China’s DeepSeek shaking up the AI race and Trump’s administration embracing big tech, Altman is positioning OpenAI as America’s AI golden child. Whether it’s a power move or just good PR, he’s making sure OpenAI stays front and center.

• 🏠 Florida’s Home Insurance Market Gets Some Relief
  Florida homeowners, rejoice—after years of skyrocketing premiums and disappearing insurers, a new player, Mangrove Insurance, is stepping in to offer coverage to 81,000 homes. Regulators are celebrating, claiming the market is finally stabilizing, but Floridians know better than to trust a "fixed" insurance market. For now, at least, it’s one less headache for homeowners bracing for the next storm season.

• ✈️ Spirit Airlines Rejects Frontier’s "Woefully Insufficient" Merger Offer
  Frontier tried to swoop in and buy Spirit Airlines for $2.1 billion, but Spirit shot it down faster than a canceled budget flight, calling the deal "woefully insufficient." With Spirit clawing its way out of bankruptcy and Frontier insisting the airline won’t survive solo, the back-and-forth is starting to look like a bad reality show. For now, Spirit is staying single—and unbothered.

Featured story

Wall Street to SEC: We Need More Time

Wall Street is hitting the brakes on a major SEC overhaul of the $28 trillion U.S. Treasury market, demanding at least a one-year delay. The rule, set to take full effect by June 2026, would require centralized clearing of Treasury trades to curb risk and increase transparency. Banks and hedge funds don’t oppose the plan—but they warn that moving too fast could wreak havoc, especially with a flood of new Treasury issuances on the horizon.

The request comes as the SEC undergoes a leadership shake-up, with Trump appointing Mark Uyeda as acting chair and planning to nominate former SEC Commissioner Paul Atkins to lead the agency permanently. Uyeda replaces Gary Gensler, Biden’s SEC chief known for his aggressive regulatory stance, setting the stage for a potential policy shift that could favor Wall Street’s demands. Given the SEC’s recent clashes with financial institutions over crypto and market structure reforms, all eyes are on how the agency will respond.

If the delay is granted, it could slow one of the most significant Treasury market reforms in decades. But if the SEC holds firm, banks and funds will have to scramble to meet the deadline, risking volatility in one of the world’s most critical financial markets.

The bottom line

Meme Credit: SeveranceAppleTVPlus @ Reddit

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The lowdown

While you were out there winning, here’s the lowdown:

• 🛒 Whole Foods’ First Union
  Turns out the organic kale aisle just got a lot spicier. Workers at a Philly Whole Foods store formed the first-ever union at the Amazon-owned chain—no small feat considering the tech giant’s not-so-subtle union-busting reputation.

• 🚗 Waymo Robotaxi Attacked in LA
  A Waymo self-driving cab got absolutely wrecked by a crowd in LA. Sure, the car had no driver, but clearly it still managed to run afoul of the locals, who gleefully left it in shambles.

• 💰 Treasury Yields Rise Off 2025 Lows
  Treasury yields rebounded as global markets steadied and risk appetite crept back. With the Federal Reserve’s first decision of the year looming, traders are on edge and bracing for fresh policy clues.

Featured story

Image Credit: Mojahid Mottakin @ ShutterStock

DeepSeek’s Cost-Crushing AI Approach Leaves U.S. Rivals in the Dust

Move over, OpenAI—there’s a new player in town, and it’s causing a stir. Chinese startup DeepSeek just unveiled an AI model so advanced it’s making Silicon Valley nervous. Built on Nvidia’s older H800 chips—accessible before the U.S. widened export bans—the Hangzhou-based firm’s reasoning model outperformed OpenAI’s latest offerings and stirred up industry-wide concern. Wired reports that DeepSeek managed to achieve this breakthrough at a fraction of the cost and time that other AI giants have spent, further shaking investor confidence.

U.S. lawmakers, already concerned about the growing influence of Chinese AI, are now scrambling to figure out how to respond. DeepSeek’s use of open-source code complicates efforts to enforce trade restrictions, leaving regulators in “uncharted waters.” This rapid leap in AI development not only calls into question the effectiveness of current export controls, but also pressures American tech giants to reconsider their own development strategies.

As DeepSeek’s rise sparks global debate, it highlights a critical shift in the AI landscape: innovation is no longer confined to U.S. shores or reliant on the latest hardware. For competitors and regulators alike, the challenge now is to navigate this new terrain without stifling progress or losing their footing in the race for AI dominance.

Off-balance sheet items

Image Credit: Cheezburger.com

The bottom line

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Weekend roundup

Here’s what you missed while you were living your best life:

• 🏡 US Home sales rise, but 2024 sets a 30-year low
  In December, existing home sales increased by 2.2%, a sign of hope in a sluggish market. Still, 2024 marked the slowest year for transactions since 1995, with elevated mortgage rates keeping many buyers on the sidelines and home prices hitting record highs.

• 🌍 UK greenlights Europe’s largest AI data centre
  A £3.75 billion project near London got the go-ahead, poised to create thousands of jobs and grow the UK’s digital economy. By converting green belt land into a tech hub, the data center aims to meet surging demand for cloud capacity and AI technologies.

• ✈️ Colombia lifts ban on deportation flights after Trump tariff threat
  Colombia’s president reversed a ban on U.S. military deportation flights following Trump’s tariff threat. The decision eased tensions and averted a potential trade war, though it sparked continued debate over immigration.

Featured weekend story

Image Credit: ddRender @ShutterStock

1 Million New Tokens Per Week? Coinbase Plans Big Listing Overhaul

Crypto just hit a whole new level of chaos. Coinbase CEO Brian Armstrong sounded the alarm: the industry is now churning out a staggering one million new tokens every week. That’s right, every single week. The pace is so overwhelming that Coinbase can no longer vet each token individually. Armstrong’s solution? Move to a blocklist approach that filters out the bad actors using automated scans and community reviews. It’s a huge shift that underscores just how wild the crypto market has become.

In the midst of this frenzy, Donald Trump’s recent embrace of digital assets is turning heads. Pro-crypto campaign donations helped fuel his re-election efforts, and now Trump has gone all-in, launching his own $TRUMP and $MELANIA meme coins and issuing NFTs. His latest executive order has been hailed as a “sea change” for the industry, signaling that digital currencies are edging closer to mainstream legitimacy. Trump’s backing isn’t just symbolic—it’s a financial and cultural play that has the industry buzzing.

As crypto’s rapid expansion barrels forward, platforms like Coinbase face mounting pressure to keep users safe and maintain credibility. The big question: can crypto find balance amid runaway growth?

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 🎤 Universal Music shares jump after Spotify agreement
  Universal Music Group inked a multiyear deal with Spotify, sending shares up 6.2%. The agreement includes new subscription tiers and a richer catalog of music and non-music content, hinting at a more artist-centric future for streaming royalties.

• 🔋 Nuclear stocks soar on Stargate AI project
  A $500 billion AI infrastructure initiative is giving nuclear energy a major boost, with stocks rallying across the board. The project underscores nuclear power’s emerging role in meeting AI’s massive energy demands while lowering emissions.

• 💻 Microsoft earnings set to reveal AI growth trajectory
  Microsoft’s upcoming earnings call will shed light on how its $500 billion AI infrastructure push is shaping the company’s future. With its exclusive cloud deal with OpenAI over, investors will look for signals on AI expansion and how it affects Microsoft’s bottom line.

Off-balance sheet items

Here’s what we’re reading this week:

• The Hill: Costco is shaking up its food court offerings by swapping out Pepsi products, signaling a shift in the wholesale giant’s soft drink strategy.

• Entrepreneur: After last year’s viral crop top incident, Spirit Airlines introduced a new dress code, aiming for fewer controversies and a more consistent passenger experience.

• Trendhunter: Pop sensation Doja Cat takes center stage in Taco Bell’s Super Bowl ad, targeting younger audiences and raising the chain’s cultural profile.

Chart of the week

Retail Gas Price Lowest Since 2023

Chart Credit: GasBuddy

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what you missed while you were living you were making waves:

• ✈️ JetBlue Becomes First Airline to Accept Venmo
  JetBlue just changed the game, letting passengers pay for flights with Venmo—because splitting the bill for group trips should be as easy as booking the flight. Will other airlines catch on, or is JetBlue flying solo on this one?

• 🎓 U.S. College Enrollment Surges Past Pre-Pandemic Levels
  Higher ed is back on track—college enrollment jumped 4.5% last fall, the first major rebound since the pandemic. With community colleges seeing a 7.1% freshman boost, could this mark a turning point for the future workforce?

• 📉 CNN and NBC to Cut Jobs Amid Digital Shift
  Legacy media is taking another hit—CNN and NBC are cutting jobs as they chase digital audiences and cheaper production costs. Can traditional news survive in a world where streaming platforms are stealing the spotlight?

Featured story

AI Moonshot? Trump Unveils Massive $500B Stargate Project

Just a day into his second term, President Trump announced Stargate AI, a $500 billion venture aimed at cementing the U.S. as the global leader in artificial intelligence. Backed by OpenAI, SoftBank, and Oracle, the project plans to build 20 massive data centers nationwide, with the first already under construction in Texas. OpenAI CEO Sam Altman and SoftBank CEO Masayoshi Son praised Stargate’s potential to transform industries like healthcare, with Son calling it “the most important project of this era.”

But not everyone’s on board. Elon Musk, a longtime critic of OpenAI, questioned whether the funding is real, accusing SoftBank of falling short on its promised investment. Skepticism is also growing over whether the project can live up to its astronomical price tag, and critics point to a lack of clear details on how the funds will be spent. Still, Trump is positioning Stargate as the centerpiece of his plan to outpace China in the global AI race, doubling down on his promise to create hundreds of thousands of jobs.

With such sky-high ambitions, Stargate could revolutionize sectors like cancer detection and robotics—or it could become another overhyped moonshot that falls short. As construction begins and funding debates rage on, one thing is clear: the stakes for America’s AI future have never been higher.

Off-balance sheet items

• 

  Credit: ScriptLurker @ Reddit

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what’s catching our attention this week:

• 🌍 U.S. Federal Reserve Exits Climate Coalition
  The Federal Reserve has withdrawn from the NGFS, a global group focused on climate risk and green finance. As skepticism toward climate policies grows, the Fed argues its climate-focused efforts fall outside its mandate, sparking questions about how the financial system will address climate risks going forward.

• 👴 Bernie Sanders Files for Reelection at 89
  At 83, Bernie Sanders is gearing up for another Senate term, filing paperwork for a 2030 campaign that would make him 89 at reelection. Amid growing debates about age in politics, Sanders remains a vocal critic of oligarchy and authoritarianism, showing no signs of stepping down from the fight.

• ⛽ Rising Oil Prices Push Gas Costs Higher
  Despite low gas demand, prices at the pump are creeping up, with the national average hitting $3.10 per gallon. AAA cites strong winter heating demand and sanctions on Russia as key drivers, leaving consumers bracing for further fluctuations as oil prices hover around $80 per barrel.

Featured story

Image Credit: Koshiro @ ShutterStock

TikTok’s Last Dance? Perplexity AI Makes a Bold Move

TikTok’s U.S. fate just got a new twist—Perplexity AI has entered the race to save the wildly popular app from an impending ban. Under a looming law requiring ByteDance to sell or shut down TikTok in the U.S., Perplexity’s bold bid proposes merging with TikTok U.S. to create a new entity, allowing ByteDance investors to retain equity while adding fresh partners. The move could also supercharge Perplexity’s AI-powered search engine with TikTok’s massive video ecosystem—a game-changing combo for the tech world.

When the ban officially went into effect on January 19, TikTok went dark for millions of U.S. users—at least temporarily. Newly inaugurated President Trump has hinted at granting a 90-day extension, but ByteDance remains resistant to a sale, arguing it would cause more harm than good. This isn’t just about an app; it’s a high-stakes geopolitical clash between the U.S. and China.

Perplexity’s bold merger proposal could be the solution that brings TikTok back, but time is running out, and ByteDance’s reluctance could derail any deal. Will this plan revive the app and reshape the U.S. tech landscape, or is this the final countdown for the app that changed how we scroll?

The content we're consuming today

Here’s what we’re reading this week:

• Politico EU: French customs hit a record in 2024, seizing 13 tons of “erectile honey” laced with Viagra-like drugs. Sold on the black market, these tainted supplements are a health hazard, especially when mixed with medications like those for high blood pressure.

• Newsweek: MrBeast is rallying billionaires to support his next charitable video, aiming to feed people in need worldwide. With 346 million subscribers and millions of his own dollars invested, the YouTube star is proving philanthropy can be as big as his stunts.

• BBC: Archaeologists have uncovered a “once-in-a-century” find in Pompeii—a massive private bathhouse with stunning frescoes and mosaics. This extraordinary discovery sheds light on the luxurious lives of the Roman elite and the stark contrast with the slaves who powered their opulence.

Off-balance sheet items

• 

  Image Credit: Employee Tears

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what’s buzzing today”

• 💸 Average U.S. Tax Return Amount Falls Slightly
  Tax season kicks off on January 27, but don’t expect a big payday—average refunds are down to $3,138, a drop from their pandemic-era highs. With pandemic tax benefits expired, the numbers are still slightly higher than a decade ago, but don’t bank on a windfall this year.

• 🔒 Walgreens Says Locking Up Products Is Bad for Business
  Walgreens is rethinking its shoplifting strategy after locked shelves led to a sharp decline in sales, even as theft surged 52%. CEO Tim Wentworth says they’re now searching for “creative” solutions, but the chain still plans to shutter hundreds of underperforming stores this year.

• 🏢 JPMorgan Wants Employees Back in Office 5 Days a Week
  JPMorgan Chase is doubling down on in-office work, planning a full five-day return for staff. As remote work fades and corporate giants tighten policies, the move could signal a broader pushback against flexible work arrangements.

Featured story

Image Credit: ERICKPHOTOPRO @ ShutterStock

Barclays Eyes Apple Card Partnership

Apple is shaking things up with its Apple Card partnership, as Goldman Sachs looks ready to tap out after losing over $6 billion on the deal. Reports suggest Barclays may become the new partner, leveraging its retail banking experience to better handle the tech giant's financial ambitions. While JPMorgan Chase and Synchrony Financial are also in the mix, insiders say Apple’s original deal terms—like approving most applicants and issuing bills on the same day—have been a logistical nightmare for Goldman’s operations team.

With its existing infrastructure, Barclays might allow Apple to expand the card internationally or introduce new features without the same growing pains. Meanwhile, Goldman stands to save itself from further financial headaches, especially as its CEO hinted the partnership might end sooner than the 2030 contract suggests. For Apple, it’s an opportunity to realign its card’s underwhelming trajectory in a market filled with flashier, more rewarding credit card options.

Apple’s insistence on user-friendly policies—like unified billing dates—raises questions about whether the card’s customer-first ethos can coexist with bank-friendly profitability. If Barclays can strike that balance, it might not just replace Goldman but redefine what a tech-powered credit card partnership looks like.

Off-balance sheet items

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  Credit: BoredPanda.com

The bottom line

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The lowdown

Here’s what you missed while you were off the clock:

• 📈 All Eyes on US CPI Data, Bank Earnings Kick Off Q4 Season
  Investors are watching closely as the latest CPI report could reveal whether inflation is cooling and influence the Fed’s next moves. At the same time, major banks like JPMorgan, Citigroup, and Wells Fargo are preparing to release Q4 earnings, offering a pulse check on the financial sector amid economic uncertainty.

• ☕ Starbucks Reverses Its Open-Door Policy, Requiring People to Make a Purchase If They Want to Stay
  Starbucks is rolling back its 2018 open-door policy, now mandating that only paying customers can use its cafes and restrooms. This shift aims to enhance the in-store experience for patrons and staff, addressing concerns over safety and the store environment that have arisen since the original policy's implementation.

• 💴 JPY Rises Amid Risk Aversion
  The Japanese yen is gaining strength as investors flock to safe-haven assets amid global economic uncertainties. This surge reflects heightened market caution, with traders seeking stability in the yen.

Featured story

The Barrel Break: Jack Daniel’s Parent Company Faces the Heat

Whiskey giant Brown-Forman, the name behind Jack Daniel’s, just dropped a bombshell: they’re slashing 12% of their global workforce and shutting down their iconic Louisville barrel-making plant. This move is set to save the company $70-$80 million annually but comes at a steep cost—210 local jobs and a historic piece of their bourbon-making tradition. Brown-Forman says it’ll now source barrels externally, a shift that has bourbon fans raising their eyebrows over what this means for quality.

So, what’s driving the cuts? It’s a cocktail of tough challenges: younger generations are sipping less whiskey, the U.S. liquor industry is staring down renewed tariff threats, and new alcohol alternatives are crowding the market. Add to that the 14.3 million barrels of bourbon aging in Kentucky warehouses—an industry record—and you’ve got a recipe for potential overproduction. With EU tariffs on American whiskey set to spike to 50% in March, things could get even harder for brands already reeling from declining sales.

For Brown-Forman, the focus now is on “evolving to thrive,” with plans to reinvest savings into growth strategies. However, the broader picture is clear: the American whiskey industry is facing tough sledding. From shifting consumer habits to regulatory challenges, brands like Jack Daniel’s are being forced to adapt—or risk being left behind in an increasingly competitive market.

Here’s what we’re reading this week:

• ✈️ Arizona Republic:
  A United Airlines flight had an unexpected run-in with a coyote during takeoff in Phoenix, a rare and wild twist for the aviation world.

• 🏠 Realtor.com:
  Homeowners across the U.S. are feeling the pinch as HOA fees rise faster than inflation, sparking questions about where all that extra money is goin

• 🌸 Fast Company:
  In a desperate battle against wildfires, Los Angeles is being coated in pink flame-retardant spray—a vivid reminder of the city’s ongoing fight to protect lives and homes from devastating blazes.

Off-balance sheet items

• 

  Credit: Cheezeburger.com

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

While you were out there winning, here’s the lowdown:

• 🎯 Walmart’s Logo Update Backfires, Inspires Meme Frenzy
  Walmart’s attempt at a logo glow-up is backfiring as the internet responds with an endless supply of memes and mockery. From design critiques to laugh-out-loud comparisons, it seems everyone has an opinion on the retail giant’s new look.

• 💵 Dollar Cools Off as Markets Brace for Inflation Shake-Up
  The dollar finally stumbled from its recent highs, with markets jittery ahead of the latest U.S. inflation report. Investors are bracing for the numbers that could determine whether the greenback regains its momentum—or takes a deeper dive.

• 👻 Fake Job Listings Are Crushing Job Seekers' Spirits
  Job hunters are hitting dead ends chasing “ghost jobs,” those fake postings companies do not intend to fill. It’s adding to the frustration of job searches, with candidates feeling like they’re competing in a game they can’t win.

Featured story

The trial that could rewrite AI’s future

The New York Times just took OpenAI and its backer Microsoft to court, alleging ChatGPT owes its success to billions of dollars’ worth of pirated content. At the heart of the case is whether OpenAI’s use of copyrighted articles to train its AI models violates federal copyright law—or if it falls under “fair use.” With the Times demanding damages and even the destruction of ChatGPT’s dataset, the stakes are sky-high for the AI giant.

This lawsuit isn’t just a headache for OpenAI; it’s a potential game-changer for the entire generative AI industry. A win for the Times could set a precedent, forcing AI companies to rethink how they source their training data or face financial ruin. Meanwhile, the AI sector’s dependence on massive datasets raises broader questions about ethics, ownership, and innovation.

If OpenAI loses, it might have to rebuild its dataset from scratch—an apocalyptic scenario for the company and a major disruption to the industry’s momentum. With copyright lawsuits piling up, the future of AI could hinge on whether companies adapt—or get left in the legal dust.

Off-balance sheet items

• 

  Credit: Centime

The bottom line

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Weekend roundup

Here’s what you missed while you were living your best life:

• 💰 Bain Sweetens Insignia Bid
  Bain Capital raised its buyout offer for Insignia to nearly $1.8 billion, intensifying one of the year’s biggest private equity battles. Insignia, with advisors Citigroup and Gresham Advisory Partners, now has a juicier offer to consider, as industry eyes are glued to this high-stakes deal.

• 🏬 Wayfair Bids Germany Goodbye
  Wayfair is pulling out of Germany, cutting 730 jobs and refocusing its strategy on physical stores and loyalty programs. While the online retail giant struggles to grow abroad, it’s doubling down on key markets and in-store experiences to drive future success.

• 🛠️ U.S. Jobs Crush Forecasts
  December job creation surpassed expectations, capping 2024 with a surprise in the labor market. But the Federal Reserve warns 2025 could be tougher, with slower hiring and higher inflation expected to weigh on the economy.

Featured weekend story

California Slams Brakes on Insurance Cancellations

California is drawing a hard line on insurance cancellations, issuing a yearlong moratorium in wildfire-ravaged areas like Pacific Palisades and Pasadena. The move blocks major carriers such as State Farm and Allstate from pulling out of high-risk zones, even as wildfires continue to scorch 36,000 acres and rack up losses exceeding $135 billion. For homeowners already battling skyrocketing premiums and shrinking options, this pause offers temporary relief—but it’s far from a fix.

The state’s insurance market is in turmoil, with over 500,000 Californians forced into the state-backed FAIR Plan as private insurers retreat. Add to that $20 billion in projected insured wildfire losses, and it’s clear this crisis has no easy resolution. Critics argue the ban could deter future investment in the state’s housing market, leaving homeowners in limbo once the moratorium lifts.

California’s move might provide short-term relief, but it also raises tough questions about the future of the state’s housing and insurance markets. With insurers already fleeing and billions in losses piling up, homeowners are left wondering if stability is even possible—or if the Golden State is becoming too risky.

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 📈 Treasury Yields Surge
  Treasury yields are climbing fast, driving up borrowing costs and putting pressure on mortgage rates and the stock market. With the Fed's next moves in focus, higher yields are becoming a major headwind for economic growth and corporate earnings.

• 🔋 China’s Lithium Breakthrough
  China’s latest lithium discovery solidifies its dominance in the EV battery supply chain, further outpacing global rivals. As demand for lithium skyrockets, this breakthrough is poised to reshape the industry and tighten China’s grip on critical resources.

• 🚗 Tesla Faces Clean Credit Scrutiny
  Tesla’s heavy reliance on clean energy credits is drawing attention as the Trump administration signals potential regulatory changes. Any shift could impact Tesla’s profitability and force a rethink of its financial playbook in a rapidly evolving landscape.

Off-balance sheet items

Here’s what we’re reading this week:

• 76ers Stadium Deal Scrapped. After years of heated debate, the Philadelphia 76ers have abandoned plans for their $1.3 billion downtown arena. Community backlash over displacement concerns and environmental impact put the final nail in the project’s coffin.

• Singapore’s Passport Power. Singapore is back on top, claiming the title of the world’s most powerful passport for 2025. Citizens can now travel visa-free to 193 destinations, leaving other global passports in the dust.

• Tesla’s Model Y Makeover. Tesla has unveiled a sleek update to its Model Y, dubbed “Project Juniper,” featuring revamped interiors and cutting-edge tech. With EV competition heating up, this refresh aims to keep Tesla ahead of the pack.

Chart of the week

% of New U.S. Power Plants that were carbon-free

Credit: Canary Media

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

Weekly roundup

Here’s what you missed while you were hustling this week:

• 🛢️ Oil and gas activity rebounds. The Dallas Fed’s latest energy survey shows a slight uptick in oil and gas activity for Q4, with the business activity index rising from -5.9 to 6.0. While optimism is creeping back, mixed production results and rising costs are keeping the industry cautious about what’s next.

• 🌏 Jimmy Carter’s enduring Chinese legacy. As the U.S. reflects on Jimmy Carter’s transformative presidency, his role in establishing modern U.S.-China relations remains one of his most impactful achievements. In a world of shifting geopolitics, Carter’s diplomatic groundwork is more relevant than ever.

• 📈 Private employment grows in December. ADP data shows a 122,000-job increase in private employment last month, highlighting resilience in the labor market. However, slower job growth hints at employers exercising caution as economic uncertainties linger.

Featured story

Hershey Scrambles for Cocoa Amid Global Shortage

Hershey is in a sticky situation, petitioning the U.S. Commodity Futures Trading Commission to let it buy a jaw-dropping 90,000 metric tons of cocoa—nine times the usual limit. Blame it on a global cocoa shortage, fueled by crop disease, bad weather, and policy failures in top producers like Ivory Coast and Ghana. Prices have skyrocketed, stockpiles are at a 20-year low, and chocolate makers like Hershey are scrambling to secure supply before the situation gets worse.

Cocoa futures jumped 4.5% on the news, while Hershey’s stock slid 3.4%, underscoring the precarious balance between securing supply and rattling markets. This isn’t Hershey’s first high-stakes cocoa play; the company pulled a similar move during the pandemic. But with a 60-year high deficit looming, this latest push could reshape the market—and spark chaos among traders and competitors alike.

So, what’s next? If Hershey gets the green light, it could dominate the cocoa trade, driving up prices for everyone else. But if the bid fails, the chocolate giant faces an even tougher fight to keep costs—and candy bar prices—from melting down.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 📉 S&P Starts 2025 Shaky
  The S&P 500 stumbled into 2025 after skipping its Santa Rally, and analysts say a rough January could spell trouble for the rest of the year. Historically, a bad start means weaker six-month returns, and with a new presidential cycle adding uncertainty, investors are on edge.

• 🛠️ DOGE Goes Big
  Elon Musk and Vivek Ramaswamy’s Department of Government Efficiency (DOGE) is staffing up with salaried engineers, HR pros, and finance experts to hunt down $2 trillion in federal waste. It’s a bold move to tackle bloated government spending and prove that "efficiency" isn’t just a buzzword.

• 📸 Getty and Shutterstock Join Forces
  In a $3.7 billion megadeal, Getty Images and Shutterstock are merging to create the ultimate visual content giant. From AI innovation to 3D imagery, this powerhouse promises to shake up the media landscape and leave smaller players scrambling to keep up.

Off-balance sheet items

Here’s what we’re reading this week:

• Over-explaining is overrated. A management professor argues that constant over-explaining erodes trust and wastes time, urging leaders to embrace clarity and confidence instead.

• Ancient ice, new insights. Scientists in Antarctica drilled nearly two miles down to extract a 1.2-million-year-old ice core, offering unprecedented clues about past climate shifts and what’s ahead.

• The world goes beige. The “sad beige” aesthetic is taking over everything from fashion to furniture, as a love for neutral tones raises questions about creativity and self-expression.

2025 World GDP Growth Projections

Credit: BNY Wealth

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what you missed while you were living your best life:

• ✈️ UK pushes green aviation. A new sustainable aviation fuel mandate takes effect, aiming to slash emissions and propel the country’s green aviation efforts. As debates rage over the feasibility of green energy, this law puts pressure on airlines to adapt—or face turbulence ahead.

• 📺 Disney buys Fubo. Disney is shaking up the streaming world by acquiring Fubo, a sports-heavy platform known for bundling live TV and on-demand content. The move strengthens Disney’s hand in the fight to dominate streaming bundles as cord-cutters look for all-in-one solutions.

• 📉 Bridgewater cuts jobs. Hedge fund giant Bridgewater Associates is trimming 7% of its workforce as it retools to stay competitive in a tighter market. The layoffs are a stark reminder that even financial powerhouses aren’t immune to shifting economic tides.

Featured story

Mortgage Rates Surge, Homebuyers Retreat

Ouch! Mortgage rates have soared to their highest levels since July, hitting 6.99% for a 30-year fixed loan and crushing fragile demand. Applications to buy a home dropped 7% last week while refinancing saw a slight bump—but only because levels are so low, they skew the stats. With home prices still sky-high, buyers are sitting out, and the market is feeling the strain.

Higher rates and cautious consumers create a tough reality for the housing market, often serving as an economic bellwether. Even with more homes for sale than last year, affordability keeps the sidelines crowded. Analysts expect more rate-driven pressure as the Federal Reserve’s next moves and employment data could nudge rates higher.

The outlook? Grim for now, but a potential rate reprieve could bring relief later in 2025. Until then, the housing market is in survival mode, and buyers will need deep pockets—or nerves of steel—to jump back in.

Off-balance sheet items

• 

  Credit: Sarah @ Memes.com

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what you missed while you shoveling snow:

• 📉 Shell cuts gas outlook. Shell lowered its integrated gas production forecasts, sparking a slide in share prices as investors weigh the impact of a weaker energy market outlook.

• 💬 Meta shifts to community notes. Meta is ditching traditional fact-checking in favor of X-style community moderation, raising eyebrows over how misinformation will be handled.

• 🤖 CES 2025 spotlights AI. Smart home tech, AI-powered devices, and futuristic cars are stealing the show as CES 2025 kicks off with a focus on next-gen innovation.

Featured story

VC Funding in Emerging Markets Hits a Wall

Emerging markets just hit a funding wall, with VC investments plunging over 40% in 2024. It’s a brutal reality check for regions like MENA and Southeast Asia, as investors ditch non-AI sectors and late-stage deals in favor of safer bets. Fintech managed to weather the storm, pulling in $3.9 billion, but for everyone else, the money taps are running dry.

MENA showed some fight, with early-stage deals dominating and investor numbers climbing 18%. But late-stage funding? Practically a ghost town, with exits down 32% globally and public markets still snoozing. It’s survival of the scrappiest—and smaller startups are taking their shot while the big players scramble.

MAGNiTT’s CEO says relief is on the way, predicting rate cuts and a funding rebound by mid-2025. But let’s be real—this slump has exposed just how fickle VC cash can be when the hype shifts. The next wave of innovation will need more than flashy buzzwords to win back investor love.

The content we're consuming today

Here’s what we’re reading this week:

• Business Insider: JetBlue passenger opens emergency exit. A JetBlue flyer shocked everyone by deploying an emergency exit mid-flight after an argument with their partner, taking in-flight drama to a new level.

• The New York Times: Anthropic lands major AI funding. The AI startup raised a significant round, cementing its role as a leading competitor to OpenAI in the high-stakes race for artificial intelligence supremacy.

• Time: Justice Department targets rent-fixing scheme. A lawsuit against major landlords for alleged price-fixing could disrupt the housing market and potentially ease financial pressure on renters.

Off-balance sheet items

• 

  Credit: The Loaded Pig

The bottom line

Aquire new customers and drive revenue by partnering with us.

Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

Weekend roundup

Here’s what you missed while you were living your best life:

• 🛍️ Holiday Spending Rises
  Despite inflation biting into wallets, Americans opened theirs wide this holiday season, pushing sales up 3.8%—a faster climb than last year. With five fewer days between Thanksgiving and Christmas, retailers leaned hard on big discounts and online deals, and it paid off. Online shopping soared 6.7%, while clothing, electronics, and even dining out saw big gains. The final five days alone accounted for 10% of the season’s spending frenzy.

• 🔧 Nippon Steel’s Setback
  Nippon Steel’s $14.9 billion bid for U.S. Steel was blocked by President Biden over national security concerns, forcing the Japanese steel giant to rethink its global expansion plans. Analysts are divided—some see financial relief from the deal’s collapse, while others warn it stifles growth, leaving Nippon Steel short of its ambitious 100 million-ton production target. Japanese officials called the decision a “grave matter,” sparking fears it could chill future U.S.-Japan investments.

• ❄️ Storm Blair Disrupts Travel
  Washington, DC was buried under heavy snow as Storm Blair canceled hundreds of flights and left travelers stranded. The storm’s impact stretched across the region, creating a post-holiday headache for airlines and commuters alike.

Featured weekend story

Image Credit: @ Paparazzza ShutterStock

Political Shake-Up in Canada

Justin Trudeau, the poster child of progressive politics, is bowing out after nearly a decade at the helm of Canada. This comes amid plummeting approval ratings for his Liberal Party, voter dissatisfaction over inflation and housing crises, and a staggering 25-point lead for the opposition Conservatives. His exit underscores mounting pressure from party insiders who fear a landslide defeat in the next election.

Trudeau’s political unraveling accelerated last month when his deputy, Chrystia Freeland, resigned with scathing critiques of his ability to navigate growing economic threats, including President-elect Donald Trump’s proposed 25% tariffs on Canadian goods. Freeland’s departure shattered party unity, leaving Trudeau isolated and his government vulnerable. The resignation will likely spark a leadership battle just as Canada braces for a politically charged 2025 with a resurging Trump administration next door.

This moment not only shifts Canada’s political landscape but signals a broader trend of political turnover across North America. With Trump poised to test Canada’s economic resilience, Trudeau’s successor will inherit a precarious position—negotiating international relations, rebuilding party credibility, and addressing domestic woes. As the dust settles, one thing is clear: Canada’s political future just got a lot messier—and the stakes couldn’t be higher.

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 💰 Bitcoin Takes a Hit
  Bitcoin has tumbled over 10% from its $108,000 peak, dropping below $100k as exchange inflows and miner outflows dwindle. With questions swirling about whether the bubble is bursting, crypto investors are bracing for a volatile week ahead.

• 🚗 Ford and GM Rev Up Sales
  The Detroit giants are nearing 2019 sales highs, with strong performance across both EV and traditional portfolios. As models like the F-150 Lightning and Mustang Mach-E gain traction, the competition in the auto market is shifting into high gear.

• 📉 Overseas Stocks Surge Amid Tariff Buzz
  Global markets rallied while the dollar sank on reports that Trump’s incoming administration may adopt targeted tariffs on imports tied to national and economic security. This approach is reshaping investor sentiment, boosting European stocks and adding momentum to U.S. futures.

Off-balance sheet items

Here’s what we’re reading this week:

• Craft Beer Loses Its Spark: The craft beer boom is fizzling out as financial pressures, competition from hard seltzers, and a rise in non-alcoholic options push breweries to close their doors. While the industry searches for stability, beer lovers are shifting toward cheaper and healthier alternatives (Vice).

• Memecoin Madness Escalates: The wild world of memecoins is only getting weirder, with absurdist cryptocurrencies turning into a $100 billion spectacle. As regulation looms, the next chapter in this chaotic market could redefine how digital currencies operate.

• 'Breaking Bad' House Hits the Market: Walter White’s iconic home from Breaking Bad is up for grabs at a steep $4 million—more than ten times its estimated value. The current owners hope the buyer turns the property into a museum or fan-friendly bed-and-breakfast.

Chart of the week

World Uranium Production & Reactor Requirements

World-Nuclear.org

Canada has recently announced a plain to become the world’s uranium provider after demand grows amid discussion about powering AI & clean energy.

The bottom line

Aquire new customers and drive revenue by partnering with us.

Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

The lowdown

Here’s what you missed while you were sliding into 2025:

• ⚡ Germany's power prices turn negative. A surge in renewable energy production has outpaced demand, pushing electricity prices below zero and signaling challenges in balancing green energy supply.

• 📉 Inflation keeps U.S. businesses on edge. Despite settling rates, a new survey shows that small businesses continue to grapple with inflation's lingering effects on costs and operations.

• 🔋 China tightens its grip on critical minerals. Plans to curb exports of key materials for EVs and electronics highlight China's dominant role in global battery technology and its growing tech rivalry with the West.

Featured story

Image Credit: Michael Candelori @ ShutterStock

The Open Web Gets the Ax

It ends with a whimper and not a bang. After nearly two decades of squabbling, net neutrality has officially been struck down by the U.S. Court of Appeals. The rules, which once kept broadband providers from throttling your favorite sites or creating pay-to-play fast lanes, are now history. Telecom heavyweights like Verizon and Comcast are cheering, but consumer advocates? Not so much. This could mean higher costs, slower speeds, and a digital divide that hurts small businesses and creators the most.

Why should you care? Without these protections, ISPs now have the green light to prioritize traffic—think Netflix over niche streaming platforms or big box retailers over your favorite indie shops. It’s a major win for the telecom giants but a gut punch for internet equality. The dream of a fair, open internet may be fading into memory, but the fight over how ISPs wield their newfound power is just getting started.

This isn’t just about your streaming speed; it’s about the balance of power in the internet economy. History shows what happens when unchecked monopolies flex their muscles—remember Madison River blocking internet calls to save its phone business? As the dust settles, the big question remains: Will competition and innovation find a way, or are we heading toward a walled garden web?

The content we're consuming today

Here’s what we’re reading this week:

• Science.org: Laser mapping uncovers ancient Amazonian cities. Researchers have found 2,500-year-old settlements with roads, farms, and neighborhoods, rewriting what we know about early urban life in the rainforest.

• Hypebeast: Rolex raises watch prices for 2025. The luxury brand is hiking prices in the US and UK, citing inflation and soaring demand for its iconic timepieces.

• Newsweek: California sets quitting records. The state hit its highest job resignation numbers this year, signaling major shifts in workforce dynamics.

Off-balance sheet items

• 

  Credit: Reddit

The bottom line

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Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here. 

Top Posts of 2024

Here’s what you missed while you were living your best life:

Here were some of the hottest line items on the balance sheet this year:

• 📈 The Iron Giant

  Rio Tinto started the world's largest mining project in Guinea's Simandou mountains, aiming to extract vast iron ore deposits. This venture, in collaboration with the Guinean government and multiple partners, includes constructing over 600 kilometers of railway and a new port on the Atlantic coast.

• 📈 Rate Drop
  The Federal Reserve’s surprise rate cut flipped the script on the markets in 2024. The move, which dropped rates by 0.25%, sent borrowers cheering and investors scrambling to adjust strategies. While the Fed hinted at a cautious path forward, the unexpected cut signaled a renewed focus on balancing inflation concerns with economic growth.

• 📈 Rogan’s Riches
  Joe Rogan struck gold again with a massive Spotify renewal, solidifying his place at the top of podcasting’s money game. His deal raised eyebrows and the bar for industry payouts.

• 📈 Post-Brexit Porkies
  Post-Brexit trade chaos hit food supply chains hard, with pork prices making headlines. Skyrocketing costs and broken systems left businesses and consumers scrambling.

• 📈 SBF Jailed
  Sam Bankman-Fried’s sentencing closed the book on crypto’s wildest scandal of the decade. The downfall of FTX’s former CEO left the industry reeling and investors out billions.

Chart of the week

Image Credit: Yahoo

The bottom line

Aquire new customers and drive revenue by partnering with us.

Balance Sheet is rapidly growing, with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here.