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Trump's 2027 budget asks Congress for $1.5 trillion in defense spending, with 10% cuts elsewhere
White House seeks massive increase in defense spending with $1.5 trillion ask in new budget request
The White House is seeking roughly $1.5 trillion for defense as part of a fiscal 2027 budget request – a proposal that would boost military spending to its highest point in modern history as the Trump administration wages its war with Iran.
Trump calls for a major increase in defense spending alongside cuts in domestic spending
The White House is releasing details of President Donald Trump’s 2027 budget, including a $1.5 trillion defense spending request. That's the largest of its kind in decades.
Trump Requests $1.5 Trillion for Military Spending
The massive, proposed increase would be offset in part by steep cuts to domestic programs, some of which the administration describes as wasteful.
MUFG Chases Global Peers for Cash in $1.3 Trillion Bank Business
Mitsubishi UFJ Financial Group Inc. is trying to boost its transaction banking business by hiring more people and expanding domestic money transfer services in Asia, as it plays catch-up with global peers, according to a senior executive.
SpaceX's business and finances: rockets, satellite communications and budding AI
SpaceX is gearing up for a stock market debut that could value it at more than $1.75 trillion, Bloomberg News reported on Wednesday, as the Elon Musk-led company reaches for the stars in what could be the largest IPO in history.
The New Ideas Conundrum in Health Policy
In a new column, President and CEO Dr. Drew Altman writes about the "conundrum of health policy ideas" facing Democrats searching for new proposals because of competing, and complex, priorities: rebuilding Medicaid and the ACA after trillion-dollar cuts, reconstructing federal health agencies, and tackling underlying health care costs, when candidates want simple ideas they can campaign on and voters want their costs to come down.
Coatue Projected $1.995 Trillion Valuation for Anthropic in 2030
In a presentation to prospective investors in January, Coatue offered a rare look at how it justifies Anthropic’s heady valuations. An anonymous source sent me the slides, which give a unique look at how a top investment firm values Anthropic’s business. This is a moment in time when some of America’s most valuable, growing technology companies remain private. In the January presentation, Coatue estimated that Anthropic would lose $14 billion in EBITDA on $18 billion in revenue in 2026, ending the year with $30 billion in annualized run-rate revenue. Most recently, it’s been reported that Anthropic is at $19 billion in ARR, which could suggest Anthropic is already running ahead of Coatue’s expectations. By 2031, Coatue projected that Anthropic would be generating $48 billion in EBITDA profits on $200 billion in revenue, with $224 billion of ARR. That would give Anthropic a 41x forward EBITDA multiple at a projected $1.995 trillion valuation in 2030. Coatue told the investors it was pitching that Anthropic could be worth $2.413 trillion in 2031. In February, Coatue co-led a $30 billion Series G investment in Anthropic that valued it at $380 billion. Coatue declined to comment on this story. I first shared this slide and talked about the presentation on my new podcast, the Cerebral Valley Show, which I host with my CVAI co-hosts Max Child and James Wilsterman. I’ve got a few other slides from the Coatue presentation for Newcomer subscribers.
Scientists solved the mystery of missing ocean plastic—and the answer is alarming
Scientists have discovered that the ocean’s “missing” plastic hasn’t vanished—it has broken down into trillions of invisible nanoplastics now spread through water, air, and living organisms. These tiny particles may be everywhere, including inside our bodies, raising serious concerns about their impact.
Jeff Bezos Says 'I Would Love To See A Trillion Humans Living In The Solar System' — Then We Could Have '1,000 Mozarts And 1,000 Einsteins'
Amazon founder Jeff Bezos isn't thinking small. He's thinking a trillion people big. On the "Lex Fridman Podcast" in 2023, Bezos laid out a vision that sounds more like science fiction than a business...
Business Lookahead: Gauging the war's impact
STORY: From a worrying drop in stocks to a surge in energy prices from the war in the Middle East to key data on jobs and trade, these are the stories to watch in business and finance in the coming week. ::Look Ahead::War impactThe first quarter is ending with financial markets at the mercy of geopolitics.The Iran war has wiped roughly $7 trillion off global stocks since it erupted.With oil prices up nearly 70% year to date, suddenly interest rates are heading up, rather than down, and energy-hungry AI does not look like such a slam-dunk anymore.Meanwhile, gold has plunged 16% after being nearly unstoppable since the start of 2025.We’ll see whether markets roll on or rollover as the second quarter begins.::Job growth in focusThe U.S. jobs report for March comes out Friday.It will offer a crucial view into the economy's health as investors gauge fallout from the energy price surge.Monthly payrolls are seen rising by 48,000, according to a Reuters poll. February's surprisingly weak report caught Wall Street off guard, showing nonfarm payrolls fell by 92,000 while the unemployment rate increased to 4.4%.Uncertainty over the Iran war is also clouding the economic forecasts for the Federal Reserve, with Wall Street pulling back on expectations for U.S. interest rate cuts this year as the oil price surge fuels concerns about rising inflation.Other U.S. data in the coming week includes retail sales for February and reports on manufacturing and services activity.::Chip checkSouth Korea releases its trade data for March on Wednesday.It will provide an early indicator of how the global economy is holding up in the face of the war and the resulting shock to energy prices. Korea's export-heavy economy is a bellwether for global trade and one of the first to report data from the previous month.Its manufacturing fortunes are of even greater interest than usual, not just because of its dependence on Middle Eastern energy imports, but also because its world-leading DRAM chips are of critical importance to the AI sector and currently in short supply too. ::Inflation assessmentAnd flash euro zone inflation for March is due on Tuesday. After long hovering around the 2% mark, higher energy prices are now expected to push headline inflation up, as they did in 2022. The question is, how large and sustained any jump in inflation might be.Early data is not painting a pretty picture. Private sector growth in the euro zone slowed sharply in March, with input costs rising to their highest in more than three years and supply chains being significantly disrupted.Money markets are now heavily pricing in a rate hike which was almost unthinkable before the Iran war.
What We Do in the Shadows: Will Private Credit Take Down the Economy?
On Everybody’s Business, we find out if a trillion-dollar business is too big to fail
Franklin Templeton CEO Jenny Johnson on the values needed to keep a billion-dollar business in the family
Jenny Johnson is CEO of $12 billion family-run asset management business Franklin Templeton, which oversees nearly $2 trillion in assets. Growing the company and succeeding in the role took everyone in the family, including herself, putting their egos aside.
Jenny Johnson, third-generation Franklin Templeton CEO, on managing trillions for the family business
Franklin Templeton CEO Jenny Johnson leads a global fund manager with nearly $2 billion in assets and a 79-year-old family business started by her grandfather.
The Democrats are about to make a trillion-dollar mistake
The party must not surrender to the tax revolt.
White House advisor calls for food pyramid reform to lower healthcare costs
White House senior advisor Calley Means discusses diseases stemming from ultra-processed foods, such as diabetes and heart disease, costing the healthcare system trillions.
Trump is counting on his ‘favorite Mormon’ to deliver health care wins
Chris Klomp, a political unknown a year ago, is now steering the $2.6 trillion health department. Several controversial appointees have since left.
Trump is counting on his ‘favorite Mormon’ to deliver health care wins
Chris Klomp, a political unknown a year ago, is now steering the $2.6 trillion health department. Several controversial appointees have since left.
Big Tech’s Uncertain Future in the Persian Gulf
The expanding war in the Middle East has added new risks to the trillions of dollars in investments that tech companies have planned in the region.
Poor brain health costs the world economy $5 trillion a year. The world is waking up to the crisis
I'm the founding chairman of the Davos Alzheimer’s Collaborative and I see a difference this year: the world is realizing that brains are infrastructure.
Scientists capture a magnetic flip in 140 trillionths of a second
Scientists at the University of Tokyo have captured something never seen before: a frame-by-frame view of how electron spins flip inside an antiferromagnet, a material once thought to be magnetically “invisible.” By firing ultrafast electrical pulses into a thin layer of manganese–tin and tracking the response with precisely timed flashes of light, the team uncovered two distinct switching mechanisms. One relies on heat generated by strong currents, while the other flips spins directly with minimal heating — a far more efficient process.
The $2.8 trillion tax shelter hiding in plain sight
Ending tax-exempt status of business-like nonprofits can improve nation’s dire fiscal outlook.
The WHO Chief Thinks Trump Is Missing a Political Opportunity
WHO’s Dr. Tedros combats vaccine skeptics, a $3,000 minipig powers Europe’s drug pipeline, and we appear to be entering our trillionaire era.
The great (small business) wealth transfer: McKinsey sees $5 trillion of baby boomer companies coming up for sale over the next decade
Move over, Great Wealth Transfer. The McKinsey Institute for Economic Mobility sees the next decade as make or break for the Great Ownership Transfer.
The 'Great Wealth Transfer': A $3 trillion opportunity for Black business owners is on the horizon
Researchers forecast 6 million small- and medium-sized businesses, or SMBs, will be available for acquisition by 2035.
Meet the 20 most successful M&A bankers of 2025
The top US merger banker last year hails from Wells Fargo. Meet him and 19 other dealmakers who who shaped the $4.6 trillion M&A comeback.
Once believed impossible, scientists manage to transform lead into gold
For a trillionth of a second, lead became gold in CERN’s collider. The fleeting transformation may shape the future of high-energy physics.
Healthcare E-Commerce Market Report 2026-2035: A $1.12 Trillion Market by 2030, Driven by Rural E-commerce, Tech-health Partnerships, Home Healthcare, Telemedicine, Demand for Cost-effective Products
Key opportunities in healthcare e-commerce include rising internet use, expanding e-pharmacies, digital healthcare awareness, AI integration, mobile health apps, personalized medicine, rural e-commerce, tech-health partnerships, home healthcare, telemedicine, and demand for cost-effective products. Healthcare E-Commerce Market Healthcare E-Commerce Market Dublin, Feb. 20, 2026 (GLOBE NEWSWIRE) -- The "Healthcare E-Commerce Market Report 2026" has been added to ResearchAndMarkets.com's offering.
EPA sued for attacks on science & clean air which hike your energy costs $1.4T
17 groups filed suit against EPA's attacks on the public which will raise energy costs by $1.4 trillion - and trillions more in health costs.
Five Berkeley Lab Scientists Receive DOE Early Career Research Awards
Five scientists from Lawrence Berkeley National Laboratory (Berkeley Lab) have received Early Career Research Program (ECRP) awards from the Department of Energy. The ECRP program, now in its 16th year, was established to bolster the nation’s scientific workforce by supporting exceptional researchers at the outset of their careers, when many scientists do their most formative work. Recipients use the funding to pursue projects that have the potential to solve scientific challenges and advance the country’s STEM capabilities. To be eligible for the program, a researcher must be an untenured, tenure-track assistant or associate professor at a U.S. academic institution, or a full-time employee at a DOE national laboratory or Office of Science user facility, who is within 10 years of having earned their doctorate. Awards to an institution of higher education will be approximately $875,000 over five years, and awards to a DOE national laboratory or Office of Science user facility will be approximately $2,750,000 over five years. This year’s Berkeley Lab awardees and their projects are listed below: Timon Heim: Better detectors for more powerful particle colliders Timon Heim is a staff scientist in the Physics Division. His ECRP project will develop a new type of detector that can track the particles generated by collisions in particle colliders with high spatial and temporal resolution. Current detectors in use at high-energy colliders, like the ATLAS detector at the Large Hadron Collider (LHC) at CERN, can track the trajectory and measure momentum of particles, but they can’t track a particle’s time of arrival with sufficient precision to discern from which of the many particle interactions they originate. Heim’s proposed technology — called a 4D tracking detector, because it captures data about particles’ positions in space and time — aims to solve this challenge, allowing researchers to glean more precise data from collision experiments to uncover new insights into fundamental forces and potentially discover new particles. The enhanced capabilities of 4D detectors will be a necessity for experiments at future colliders, such as the Muon Collider or Future Circular Collider. The project will develop custom microelectronics that process the signal of a pixelated silicon sensor that can register charged particles passing through it in an extreme radiation environment that these colliders produce during operation. The goal is to measure individual particles’ position with 50-micro-meter spatial and 50 pico-second (one trillionth of a second) temporal precision, for an incoming flux of around 1 billion particles per second per square centimeter. Harrison Lisabeth: Studying underground processes to unleash abundant energy Harrison Lisabeth is a research scientist in the Energy Geoscience Division focused on combining real-world experiments and AI to guide development of geothermal energy systems. His project will explore how deep underground rock formations – where geothermal wells are dug – are stressed by chemical reactions of the minerals and mechanical strain from movements in the Earth. A better understanding of subsurface stresses is essential to engineer safe and reliable geothermal wells that access the heat of deep rocks to produce electricity. It is estimated that the U.S. could generate ten times the amount of energy needed to power the grid using geothermal sources. Lisabeth plans to simulate how minerals grow, dissolve, and influence the behavior of surrounding rock in geothermal reservoirs by tracking chemical changes in rock samples under pressure in the lab. The project will also develop machine learning models to predict geologic strain based on field measurements and refine existing models that describe how common rock types deform under stress. Combining these approaches, Lisabeth hopes to develop a framework to predict stress to improve stability and longevity of geothermal wells. Daniel Carney: Pushing the quantum boundaries of particle measurement Daniel Carney is a staff scientist in the Physics Division who uses quantum information science to study particle physics and gravity. At very small scales, “quantum noise” — random fluctuations from the act of measurement — can drown out faint signals from rare processes. Carney’s ECRP project, “Fundamental Physics at the Quantum Limits of Measurement,” aims to build a new mechanical quantum sensor that can measure extremely small particle interactions below the limits of that quantum noise. The approach uses lasers to hold a tiny bead containing radioactive atoms; when one decays, the system measures the bead’s motion and the energy of any particles emitted. The experiment’s initial goal is to search for heavy sterile neutrinos, hypothetical particles predicted by some extensions of the Standard Model. The system could also help measure the mass of the neutrino, study the way particles interact through the electromagnetic and weak forces, and hunt for low-mass dark matter — all unsolved mysteries in particle physics. Callum Wilkinson: Using machine learning to demystify neutrinos Callum Wilkinson is a staff scientist in the Physics Division and part of the international Deep Underground Neutrino Experiment (DUNE) hosted by Fermi National Accelerator Laboratory. DUNE will create an intense beam of neutrinos that interact in detectors in Illinois and, after an 800-mile journey through the earth, in massive detectors in South Dakota. By precisely measuring neutrinos and how they change, researchers will get a better understanding of their fundamental properties and whether they are responsible for why there is so much more matter than antimatter in our universe. Wilkinson’s ECRP project will apply two machine learning techniques to improve the analysis of DUNE’s data and enhance the experiment’s precision. One approach will look for hidden patterns in how neutrinos interact and produce low-energy particles, while the other will help correct for distortions in what the detectors record. The methods will be tested on one of DUNE’s prototype detectors and could be used in other neutrino experiments, improving their measurements and helping scientists build better models. Aditi Krishnapriyan: Machine learning methods that scale as datasets grow Aditi Krishnapriyan is a faculty scientist in Berkeley Lab’s Applied Mathematics and Computational Research Division (AMCR) and assistant professor at UC Berkeley. Her project, awarded through UC Berkeley, will develop machine learning methods that scale with dataset size for modeling complex, multi-scale phenomena. The resulting tools can be applied in a wide range of research, including the study of new electrolytes for batteries or the examination of molecular interactions. ### Lawrence Berkeley National Laboratory (Berkeley Lab) is committed to groundbreaking research focused on discovery science and solutions for abundant and reliable energy supplies. The lab’s expertise spans materials, chemistry, physics, biology, earth and environmental science, mathematics, and computing. Researchers from around the world rely on the lab’s world-class scientific facilities for their own pioneering research. Founded in 1931 on the belief that the biggest problems are best addressed by teams, Berkeley Lab and its scientists have been recognized with 17 Nobel Prizes. Berkeley Lab is a multiprogram national laboratory managed by the University of California for the U.S. Department of Energy’s Office of Science. DOE’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States, and is working to address some of the most pressing challenges of our time. For more information, please visit energy.gov/science.
Business Lookahead: Giddy Up
STORY: From bellwether Walmart reporting earnings... to new economic data out of the UK... these are the stories to watch in business and finance in the coming week.:: The trillion dollar clubFresh off hitting $1 trillion in market value, Walmart posts quarterly results on Thursday.Walmart's report offers a glimpse into consumer spending after recent data showed December U.S. retail sales were unexpectedly flat.A surprisingly strong employment report for January eased some concerns about economic weakening.Economic reports in the coming week include the advance reading of fourth-quarter GDP, a monthly consumer sentiment survey, and the personal consumption expenditures price index, a key inflation measure.:: Heavy metalsEurope's four largest mining companies report earnings in the coming week.Copper, gold, silver and other precious metals all recently hit records - but the January rally has given way to a sharp February sell-off.Last month's rally boosted the market values of Rio Tinto, Glencore, Anglo American and Antofagasta.Their earnings will test whether the momentum can be sustained.:: UK economic data UK labor market data and inflation readings will provide fresh fodder for markets, even though investors are still digesting the fallout from the recent government instability.Labor market numbers due on Tuesday will show if a gradual cooling of wage growth has continued.Then, January inflation data comes Wednesday.The political turmoil has set a tense backdrop, leaving markets highly sensitive to data swings. Fitch is also due to review its UK rating on Friday.
Private credit worries resurface in $3 trillion market as AI pressures software firms
Artificial intelligence is adding a new layer of uncertainty to the private credit industry, raising concerns that some lenders may face rising defaults.
Gut bacteria can sense their environment and it’s key to your health
Your gut is home to trillions of bacteria that constantly “sense” their surroundings to survive and thrive. New research shows that beneficial gut microbes, especially common Clostridia bacteria, can detect a surprisingly wide range of chemical signals produced during digestion, including byproducts of fats, proteins, sugars, and even DNA. These microbes use specialized sensors to move toward valuable nutrients, with lactate and formate standing out as especially important fuel sources.
The Sports Economy's $8.8 Trillion Potential
"Sport can reinforce today’s extractive patterns—or it can model a new definition of success," writes Sebastian Buckup.
How Nvidia became the first $5 trillion company, in 4 charts
Nvidia, not Apple or Microsoft, became the first company to surpass a $5 trillion valuation in October, cementing its role as the engine of the AI boom through the chips it designs.
Trillion-dollar question for AI business models
Investments in AI companies have surged, but profitability remains out of reach for many, prompting concerns about future business models.
US House passes $1.2 trillion spending package to end government shutdown
The spending package only funds the Department of Homeland Security for two weeks, through February 13.
Walmart hits $1 trillion market cap, fueled by growth of e-commerce, new businesses
Walmart joins a group of mostly technology companies in the $1 trillion market cap club.
Health care costs are cannibalizing the economy — consumers can fight back
American health care costs are cannibalizing the economy, with 2024 national health expenditures reaching $5.3 trillion, double the developed-world average, and hidden prices being the main reason …
The world's first trillionaire is coming. Here's what it will mean
Elon Musk may see his net worth surpass the trillion-dollar mark as soon as 2027, if not sooner. And he's not alone
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
Goldman Sachs adds 7 management committee members from asset and wealth
All seven new management committee members come from Goldman Sachs' growing asset and wealth management division, which oversees $3.6 trillion.
Exhaled breath may carry clues to gut microbiome health
The human gut is home to trillions of beneficial microbes that play a crucial role in health. Disruptions in this delicate community of bacteria and viruses—called the gut microbiome—have been linked ...
The weak business case for Trump acquiring Greenland: a $1 trillion price tag and few returns for two decades
An annexation of Greenland would be the largest geographic acquisition in U.S. history—but financial rewards would be a long time coming.
The weak business case for Trump acquiring Greenland: a $1 trillion price tag and few returns for two decades
It's bigger than the Louisiana Purchase—but is it anywhere near as valuable?
ChatGPT is getting ads
The move comes as OpenAI looks to increase its revenue amid $1.4 trillion in spending commitments and a possible IPO.
Sports for People and Planet
The $2.3 trillion global sports economy is experiencing robust growth, with annual revenues projected to reach $8.8 trillion by 2050. However, factors such as rising levels of physical inactivity and escalating environmental challenges could erode up to $1.6 trillion in annual revenue by mid-century. The World Economic Forum, in collaboration with Oliver Wyman, has developed this insight report to highlight the urgent social and economic imperative for coordinated public–private action to secure the sector’s long-term resilience, presenting transformative, multistakeholder pathways and innovative case studies.This approach ensures that the future of sport remains competitive and inspiring, while also being sustainable and inclusive for people and the planet alike.
Trump calls for $1.5T defense budget to build 'dream military'
"Our Military Budget for the year 2027 should not be $1 Trillion Dollars, but rather $1.5 Trillion Dollars," Trump wrote on Truth Social on Jan. 7.
Less than a trillionth of a second: Ultrafast UV light could transform communications and imaging
Researchers have built a new platform that produces ultrashort UV-C laser pulses and detects them at room temperature using atom-thin materials. The light flashes last just femtoseconds and can be used to send encoded messages through open space. The system relies on efficient laser generation and highly responsive sensors that scale well for manufacturing. Together, these advances could accelerate the development of next-generation photonic technologies.
Return of BTS, BigBang to lift Korean entertainment giants’ profit above $700 mn
South Korea’s big four entertainment companies are poised to post combined operating profit topping 1 trillion won ($700 million) this year, as the count
Govee's CES lineup includes a ceiling lamp that simulates skylights
An updated floor lamp can reproduce over 281 trillion colors.
CES 2026: Govee Announces New Matter-Connected Ceiling and Floor Lights
Govee today introduced three new HomeKit-compatible lighting products, including the Govee Floor Lamp 3, the Govee Ceiling Light Ultra, and the Govee Sky Ceiling Light. The Govee Floor Lamp 3 is the successor to the Floor Lamp 2, and it offers Matter integration with the option to connect to HomeKit. The Floor Lamp 3 offers an upgraded LuminBlend+ lighting system that can reproduce 281 trillion colors, and it supports 1000K to 10000K light temperature range.
Berkshire Hathaway shares drop as Warren Buffett era ends after 60 years as CEO with Greg Abel taking over
Berkshire Hathaway's stock dropped Friday as Warren Buffett officially stepped down after 60 years as CEO. Greg Abel is taking over the $1 trillion conglomerate.
The 10 wildest stock, crypto, and commodity market moments of 2025
Come for the Liberation Day stock-market crash. Stay for Nvidia's ascent to a $5 trillion valuation.
As Missouri stares down Medicaid cuts, it seeks federal rural health funding
The Trump administration’s budget bill included about $1 trillion in cuts to Medicaid. As part of an effort to offset those costs, Congress created the Rural Health Transformation Fund, a $50 billion bucket of money that goes to states.
Russian Business Leaders Ask Putin to Ease Wave of Nationalizations
Russian business leaders have appealed to President Vladimir Putin to rein in a wave of state asset seizures that has affected factories, ports and major corporations worth more than 4 trillion rubles ($43 billion), the Kommersant business daily reported.
ETF race hits $1T at record speed with more gains coming
Money is flowing into ETFs so fast this year that the industry hit $1 trillion in October, months ahead of last year's pace, as gold, bonds and crypto lure investor dollars.
Don't make these mistakes when planning your family's inheritance
More money, more problems? Billionaires are passing down trillions to their kids. Here's what they are doing wrong.
It's the 'gold standard' in autism care. Why are states reining it in?
Budget shortfalls and nearly $1 trillion in looming federal Medicaid cuts have prompted states to rein in spending on a widely embraced autism therapy, pinching families who depend on the services.
The big wrinkle in the multi-trillion-dollar AI buildout
There’s a giant question mark hanging over the tech industry’s future: How long will its massive investments in AI infrastructure really last?
Small Business Administration unveils new initiative to roll back federal regulations
SBA unveils new initiative targeting Biden-era regulations that imposed $6 trillion in compliance costs on American families and small firms nationwide.
Uber CEO says robotaxis are a 'trillion-dollar-plus' business — and one market will drive the boom
Uber CEO Dara Khosrowshahi says robotaxis are a "trillion-dollar-plus" business and he expects Asia to drive the wave of autonomous expansion.
SpaceX’s possible $1.5 trillion IPO could be big business for Texas
SpaceX, the Elon Musk-owned aerospace company, is planning to go public next year with a potential $1.5 trillion IPO, which would set a new record for a new public offering and have a huge impact on the Texas economy.
Legal tech is too big for one winner, says Harvey's CEO
Even with an $8 billion valuation, Harvey's CEO says no company will dominate the $1 trillion legal market.
Despite US tariff hikes, global trade remains surprisingly strong
Global trade is proving far more resilient than many economists expected in the face of escalating U.S. tariffs, The Wall Street Journal writes. Despite forecasts of a decline earlier this year, the U.N. now projects global trade in goods and services will reach $35 trillion in 2025—a 7% jump driven by both higher prices and […]