Financial Mindset

Two golfers in Washington, D.C., sued the federal government on Friday to try to prevent the Trump administration  from overhauling  a more than 100-year-old public golf course, accusing the administration of violating environmental laws and polluting a park that is on the National Register of Historic Places. The suit is the latest in a series of legal battles challenging President Donald Trump’s extraordinary efforts to put his mark on public spaces in the nation’s capitol, including  shuttering the Kennedy Center . At the end of last year, a group of preservationists  filed a similar lawsuit seeking to prevent the administration from demolishing the East Wing of the White House in order to build a ballroom — a project slated to cost $400 million. Trump, who is an avid golfer himself, also plans on renovating a  military golf course  just outside of Washington that has been used by past presidents going back decades. The complaint filed against the De...

Wealth managers are increasingly letting the next generation of Asia’s wealthy “call the shots” in how to manage their money, amid an intergenerational wealth transfer that could shift as much as $5.8 trillion in assets by 2030. Previously, Asia’s rich were “typically very busy with business, so they looked to bankers to help them manage their wealth,” Alice Tan, head of group wealth management for Malaysian bank Maybank, tells Fortune .  The next generation, however, usually has an overseas education and comfort with financial instruments. “Some are even the chief investment officer in their family offices,” Tan says.  Wealth management providers are thus taking a step back, allowing younger clientele to “call the shots,” and instead engaging them in “healthy, intellectual discussions” on finance. Maybank is new to the wealth management space, establishing its private banking wing in 2013. Tan joined a year later, after stints at investment firms like Coutts & Co an...

While AI hyperscalers are committing hundreds of billions of dollar per year on capital expenditures, Anthropic’s spending plans are more cautious by comparison. But cofounder and CEO Dario Amodei said the reason for his more measured approach is because even a slight miscalculation could sink the company. In an interview with Dwarkesh Patel on Friday , the podcaster asked why Anthropic, the developer of the Claude chatbot, doesn’t spend more aggressively, given Amodei’s earlier prediction that an AI data center could one day be a “ country of geniuses .” Amodei replied that while he is confident the technical milestone is achievable soon, he’s less certain about the timing of the economic returns. “I really do believe that we could have models that are a country of geniuses in the data center in one to two years,” he added. “One question is: How many years after that do the trillions in revenue start rolling in? I don’t think it’s guaranteed that it’s going to be immediate. It thi...

SpaceX is considering a dual-class share structure in its planned IPO this year, according to people familiar with the matter, mirroring a strategy its billionaire founder Elon Musk floated for Tesla Inc. A two-tier structure would give select shareholders stock with extra voting power that would allow them to dominate decision making. The move would allow insiders such as Musk to maintain control of the company even with a minority stake. The US rocket and satellite maker is also in the process of adding members to its board of directors, the people said, to help steer the initial public offering and drive Musk’s space ambitions beyond its core rocket and satellite business. SpaceX is seeking to hold an IPO later this year, in a deal that could raise as much as $50 billion to fund AI data centers in space and a factory on the moon. SpaceX recently  acquired  Musk’s xAI, moving the company beyond its core businesses into artificial intelligence. Read More:  Musk’s B...

On August 20, 2011, legendary venture capitalist Marc Andreessen published a blog post —and an accompanying essay in The Wall Street Journal —that would become the sacred texts of the Silicon Valley bull run. Titled “Why Software Is Eating The World,” he argued that the global economy was undergoing a “dramatic and broad technological and economic shift” and that software companies were poised to take over large swathes of the industry. Fifteen years later, in February 2026, Andreessen’s prophecy has been fulfilled in a manner that even the biggest bulls failed to predict. Software did indeed eat retail (Amazon), video (Netflix), music (Spotify), and telecommunications (Skype) just as Andreessen predicted, but the market got a $1 trillion shock in February because something was eating software itself. That something, of course, was artificial intelligence. Morgan Stanley’s software analysts, led by Keith Weiss, offered a “gut check” this week in a major research note, arguing that “A...

The Sam Altman-chaired Helion Energy fusion power developer announced a new milestone Feb. 13 achieving record plasma temperatures at 150 million degrees Celsius—10 times the core of the sun—as part of its immensely ambitious goal to bring power to the grid in Washington state in 2028. Startup developers of fusion energy—the so-called power of the stars in a jar —are racing to prove their technologies and bring clean, limitless electricity to the grid to meet the power needs of the AI boom. While Helion has the most aggressive timeline for first commercial power—under contract for Microsoft data centers—skeptics have questioned Helion’s start date, its unique technological approach versus competitors, and its relative lack of scientific updates until now. “While interstitial milestones are really important to show that the technology works and you can get regulatory approval, at the end of the day, it’s about deploying power plants at scale to support the growing power needs,” Helio...

By bringing cofounder  Aneel Bhusri back to the CEO job, Workday has turned to a classic Silicon Valley tradition to deal with the AI threat squeezing software company stocks: the return of the founder. Bhusri’s return to the top job at the human resources software company reflects the belief that only a founder with billions on the line and a personal legacy at stake has the unique vision and authority to steer the ship through difficult waters. And with majority voting control plus operational authority as CEO, Bhusri will have more power to make any difficult changes he sees necessary. A close look at Bhusri’s compensation package however suggests that it’s also an acknowledgement of just how bleak the investor prognosis is for software-as-a-service (SaaS) companies.  To lure Bhusri back to the CEO job he left two years ago, Workday is giving him a $138.8 million pay package comprised of cash and performance-based and restricted stock. More than half ...