Finance
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U.S. Treasury will have to borrow $2 trillion this year just to continue functioning—more than $166 billion every month
The U.S. Treasury will likely have borrowed more than $2 trillion by the end of the fiscal year, according to the latest estimates out of the Executive Office of the president—a figure described as “beyond scary” by budget hawks. Yesterday, the department headed by Scott Bessent released its latest Quarterly Refunding Documents, which communicate any
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AI is quietly splitting the housing market in two: Bay Area luxury homes are up 13%, affordable ones are collapsing
As AI mints new millionaires, billionaires, and even trillionaires, it’s also threatening to replace entry-level workers and sparking fearful chatter of the “permanent underclass.” There’s no place that’s more evident than in the Bay Area, at the heart of Silicon Valley, where technology is wedging a deeper divide in the K-shaped economy, especially in the
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Iran War is hitting low-income Americans the hardest at the gas pump, New York Fed says
Lower-income Americans sharply reduced their gas consumption in the month following the Iran war, yet spiking prices still forced them to spend more at the pump, worsening the economy’s economic disparities, new research released Wednesday showed. Higher-income households, meanwhile, ratcheted up their spending on gas while barely reducing their consumption, according to a report from the Federal Reserve
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Cargo ship crews face attacks waiting the Gulf as Trump pauses two-day-old project to ‘guide’ ships
With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. On Sunday, President Donald Trump announced “Project Freedom,” a way for the U.S. to “guide” ships
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Vornado CEO Steven Roth ‘shocked that our young mayor would pull this stunt’ and says Zohran Mamdani should know better than to target Ken Griffin
Steven Roth, chairman and CEO of Vornado Realty Trust—one of New York City’s largest landlords and taxpayers—used his company’s Q1 2026 earnings call on Tuesday to deliver a six-minute rebuke of Mayor Zohran Mamdani, calling his viral “tax the rich” video “irresponsible and dangerous” and comparing the phrase itself to hate speech. Hours later, Citadel
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Trump’s AI policy team came into office opposing everything Biden did. Now it’s on the cusp of implementing many of the same policies
When it comes to AI, the Trump Administration has largely positioned itself as the opposite of the Biden White House—criticizing what Trump’s tech policy advisors saw as overly burdensome AI safety efforts and licensing regimes, and embracing an anti-regulation approach. Former Trump “AI and crypto czar” David Sacks best embodied this policy ethos. But the
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‘FOMO has proven a stronger incentive than poor stock performance’: Goldman Sachs just issued a brutal verdict on the AI boom
The numbers coming out of Wall Street’s most influential research shop tell a story that Silicon Valley would rather not hear. In two separate reports published last month, Goldman Sachs analysts examined the great AI infrastructure build-out from opposite ends of the telescope — one team studying how much the machine will cost to build,
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Wall Street is abuzz about ‘tokenized assets’—but most activity is limited to a nascent ‘wrapper’ phase, report finds
Finance leaders from BlackRock’s Larry Fink to Robinhood’s Vlad Tenev have displayed enthusiasm for tokenization, a term for representing real-world assets as tokens on the blockchain. But despite the excitement, roughly 78% of tokenized assets remain only as “wrappers,” or receipts for assets that primarily operate off-chain, according to a new report from crypto asset
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AI could solve America’s $39 trillion debt crisis—but only if Washington abandons displaced workers, Yale report warns
The big bet on AI—the near-trillion dollars that hyperscalers are spending to build out the technology’s infrastructure—is predicated on the belief that productivity will skyrocket. If that bet pays off, a new report from policy research center Yale Budget Lab finds AI could help tackle one of the country’s most urgent crises: the $39 trillion
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Zcash spikes 30% after Multicoin managing partner says firm bought the token, calls it protection against wealth taxes
ZEC, the native token of the privacy-focused Zcash network, rose by more than 30% after Multicoin Capital co-founder and managing partner Tushar Jain said the crypto fund had built a “significant position” in ZEC since February. “Zcash is a return to the cypherpunk ideals crypto was founded on,” Jain wrote on X. “California’s proposed wealth