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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