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Venture capital fundraising in the U.S. fell 35% in 2025 to $66bn, the weakest showing in at least six years, as start-ups remain private longer and capital concentrates in top-tier firms, according to PitchBook. Fundraising is down 70% from 2022’s record high, with large players like Lightspeed and Founders Fund securing billions, while new managers struggle. The trend is driving cash-heavy AI start-ups toward alternative backers like sovereign wealth funds and hedge funds, amid a record $222bn raised for U.S. AI firms last year. Upcoming IPOs from companies including SpaceX and OpenAI could help revive the VC ecosystem.

 

Wall Street Journal

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Nvidia chief executive Jensen Huang, one of the world’s richest individuals, says he is “perfectly fine” with California’s proposed 5% one-time tax on billionaires, which is intended to fund healthcare, education, and food assistance. Despite a potential $7bn bill based on his $155.8bn fortune, Huang affirmed his commitment to Silicon Valley, citing the region’s talent pool. Other tech elite individuals left the state ahead of the January 1st residency deadline. On New Year's Eve, Peter Thiel announced he was opening a Miami office of Thiel Capital as he shifted his residency to Florida. Venture capitalist and current AI czar David Sacks also announced his departure from California for Austin.

 

Accounting Today

GameStop has announced a new compensation package for chief executive Ryan Cohen, contingent on achieving specific performance targets. According to a regulatory filing, he must increase the company's market capitalization to $100bn and achieve $10bn in cumulative performance EBITDA for his compensation to fully vest. GameStop said that Mr Cohen will not receive guaranteed pay, making his compensation entirely "at-risk". This structure aims to align his incentives with long-term value creation for shareholders. The new pay package requires shareholder approval at a special meeting in March or April.

 

Reuters

U.S. News

US News and World Report

U.S. factory orders declined 1.3% to $604.8bn in October, slightly more than economists’ expectations, according to a delayed Commerce Department report. The dip followed a drop in September and reflects ongoing volatility amid efforts to recover from last year’s government shutdown. Meanwhile, shipments rose 0.1%, and unfilled orders increased 0.2%, continuing a 16-month trend of rising backlogs.

 

Reuters

Wall Street Journal

U.S. services activity accelerated in December, with the ISM Services PMI rising to 54.4, the highest since October 2024, driven by robust new orders, business activity, and a rebound in hiring. Economists polled by the Wall Street Journal had expected the index to drop to 52.2 The expansion exceeded all economist forecasts, signaling renewed momentum in the largest sector of the U.S. economy.

 

Bloomberg

Investing

Market Watch

EY has named Hala Martin as office managing partner for its San Francisco office, effective January 2, 2026. A partner since 2015 and with over 25 years at the firm, she succeeds Phillip Mazzie, who becomes growth markets leader for the telecom, media, and technology sector. Ms. Martin will oversee approximately 3,000 professionals in the Bay Area, bringing deep expertise in assurance and advisory services for tech and fintech clients.

 

Consulting

Samsung Electronics has projected a record fourth-quarter operating profit of 20tn won ($13.8bn), triple the previous year, as surging AI-driven demand and tight supply pushed memory chip prices sharply higher. Revenue is expected to jump 23% to a record 93tn won. The semiconductor division is set to contribute the bulk of profits, with DRAM prices up 313% year-on-year. Analysts expect continued memory undersupply into 2026, though rising component costs could pressure margins in Samsung’s mobile and consumer electronics units. Detailed results are due on January 29th.

 

Korea JoongAng Daily

Financial Times

Reuters

JPMorgan Chase has agreed to take over the loans underpinning Apple’s credit card portfolio from rival Goldman Sachs. The move is estimated to bring over $20bn in card balances to Chase's platform once completed, the companies said, adding that the transition will take around two years to complete. Mastercard will remain the payment network for Apple Card.

 

Financial Times

U.S. job openings fell by 303,000 to 7.15m in November, a steeper decline than expected, according to the Labor Department's latest JOLTS report. Hiring also decreased by 253,000 to 5.12m, as economic uncertainty and structural changes such as artificial intelligence adoption restrained labor demand. However, the number of layoffs stood at 1.7m, down from 1.9m in October. The quits rate rose to 2%, from 1.9% a month prior.

 

AP News

Reuters

Wall Street Journal

A recent report by S&P Global predicts that copper demand will increase by 50% by 2040, largely due to the rise of artificial intelligence technologies and electric vehicles. The surge in demand will necessitate the development of new mining projects to ensure adequate supply, as existing operations may struggle to meet this heightened need. Analysts warn that without significant investment in mining infrastructure, the market may face critical shortages, influencing prices and availability globally.

 

Reuters

Senate Republicans say they are close to reaching a bipartisan deal with Democrats to restore enhanced Affordable Care Act subsidies for two years, after their expiration last year left millions facing higher insurance costs. “We’re in the red zone,” said Sen. Bernie Moreno (R-OH), though he cautioned that doesn’t mean it is a done deal. Sen. Susan Collins (R-ME) echoed his optimism, saying that senators “are close to coming up with a proposal that would be bipartisan,” while Sen Jeanne Shaheen (D-NH) told reporters "We should have a draft ready soon." The framework would reintroduce subsidies with added income caps, antifraud provisions, and potential flexibility for using funds in health savings accounts. A sticking point remains over abortion coverage, with GOP lawmakers demanding stronger restrictions. The proposal would require 60 Senate votes and House approval, and may gain traction as some Republicans express willingness to compromise ahead of the 2026 midterms.

 

CNBC

NPR

Politico

Wall Street Journal

President Donald Trump has signed an executive order directing U.S. departments to end participation in and funding for 31 United Nations entities and 35 non-UN organizations "as soon as possible." The entities include the Intergovernmental Panel on Climate Change and the UN Framework Convention on Climate Change. The move is seen as likely to diminish the U.S. role in addressing greenhouse gas emissions. The orders were signed on Wednesday after a review into causes that the White House said were "a waste of taxpayer dollars". "These withdrawals will end American taxpayer funding and involvement in entities that advance globalist agendas over U.S. priorities," it said in a statement.

 

Bloomberg

Deutsche Welle

Chevron is currently in discussions with the U.S. government to expand its operational license in Venezuela, which would allow increased crude exports. With plans to potentially supply up to 50m barrels of Venezuelan oil, the negotiations underscore the U.S.'s interest in capitalizing on Venezuela's vast oil reserves amid pressures to rejuvenate the local energy sector. The discussions follow restrictions imposed by the previous administration affecting Chevron's operating volume.

 

Reuters

Chinese officials are reviewing Meta’s $2bn purchase of artificial intelligence platform Manus for possible technology export control violations. Meta bought Manus after the Chinese group relocated to Singapore. Manus gained attention for launching an AI agent capable of autonomous decision-making, prompting interest from Beijing and establishing collaborations with major firms including Alibaba.

 

Financial Times

Reuters