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The U.S. Treasury Department has issued new regulations allowing eligible children to be automatically enrolled in so-called 'Trump accounts' without parents needing to sign them up first. Parents will still need to claim the accounts afterward to gain full control over them.
CNBC's Jim Cramer said on 'Mad Money' that public sentiment has shifted against AI companies and their products, arguing that industry proponents have been slow to respond. He cited rising concerns over electricity costs, water use and job displacement, alongside a leaked Anthropic IPO document warning of 'catastrophic or existential risk' and OpenAI's delay of its next model over safety concerns.
President Trump said Mesabi Metallics will invest $15 billion to build what the White House describes as the largest steel plant of its kind in U.S. history, located in Iowa. A White House official told CNBC that production is expected to begin in 2030, with an initial phase producing about 7.5 million tons annually and supporting up to 6,000 construction jobs. Mesabi, based in Minnesota, said the plant would produce entirely American-made steel.
U.S. stocks posted a volatile week as Treasury yields hit multidecade highs, with the 10-year topping 5.2% and the 30-year touching 5.5%. Despite rising rate-hike expectations after strong manufacturing data and comments from Fed Governor Michael Barr, the Nasdaq gained 2%, the S&P 500 rose 1%, and the Dow added 0.3%, lifted by strength in Meta and Microsoft shares.
President Trump said Treasury Secretary Scott Bessent will not become his artificial intelligence czar, contradicting earlier Semafor and Reuters reports that he was under consideration for the post. Trump stated on Truth Social that Bessent does not want the role and is doing well at Treasury, where Trump wants him to stay.
Chinese President Xi Jinping landed at Joint Base Andrews and was greeted by President Trump ahead of a summit covering trade, AI and the Iran war, followed by a state dinner. Treasury Secretary Scott Bessent said the U.S. and China agreed to extend their trade truce to January 10, while a Chinese Commerce Ministry spokesperson said the two sides discussed lowering tariffs. Separately, Treasury yields hit multiyear highs and U.S. stock futures fell after a down session on Wall Street.
An Entrepreneur contributor writes that the modern CFO role increasingly stretches beyond accounting, treasury and financial planning into sales, product development, operations, technology, risk and strategy. Drawing on experience across construction and financial services CFO roles, the author says financial reporting, liquidity and controls should remain the foundation of the job rather than its outer limit. The piece calls for CFOs to embed themselves in commercial functions like sales pricing and incentive structures.
Bitcoin has surged to price levels not seen since January, extending a recent recovery across cryptocurrency markets after a difficult 2026. The rally follows months of subdued prices and comes alongside broader moves in interest rates and Treasury yields.
President Trump used social media posts to reject growing concerns about AI expansion and data centers, dismissing them as a 'hoax' and 'scam' while crediting AI investment for America's tech lead. Separately, Microsoft released a draft code of conduct that would impose limits on future AI models, following calls from Anthropic and OpenAI for a slower pace of AI development. Meanwhile, Bank of America CEO Brian Moynihan warned that investment banking fees could drop more than 10% in the third quarter after a strong prior quarter.
An Entrepreneur contributor writing from experience scaling a regulated payments company argues that surpassing roughly 100,000 customers does not mark the end of hard problems but the start of new, more dangerous ones. Early shortcuts in engineering, treasury, compliance and onboarding that worked at small scale begin to buckle under volume, often without warning until systems are already strained.
CNBC's Investing Club reported that its portfolio stocks diverged sharply from a broader market pullback driven by rising oil prices and a 10-year Treasury yield near 4.9%. Salesforce surged 21.3% on strong earnings and an AI-optimistic outlook, while Meta Platforms gained 9.9%, even as the Dow, S&P 500 and Nasdaq all declined over the past month.
A closely watched investment portfolio cut positions in AI-linked names Palo Alto Networks and Corning last week after big run-ups, locking in gains of roughly 148% and 52% respectively. Proceeds were redirected into more defensive holdings such as BNY and Kimberly-Clark, as rising oil prices and Treasury yields pressured risk appetite even after Nvidia's strong earnings failed to lift the broader AI trade.