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

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

The bottom line

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