Good Afternoon. Today’s through-line is infrastructure, who controls it, who’s investing in it, and who’s already behind. From the race to 6G and options clearing to record dealmaking, the pipes are getting all the attention. Meanwhile, flu season is reminding doctors that not everything slows down for the holidays. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Stocks Rise as Gold and Silver Steal the Spotlight

The News: U.S. stocks edged higher Monday, keeping hopes alive for a year-end “Santa Claus” rally, even as precious metals stole the show. Gold and silver both closed at record highs, supported by rising U.S.–Venezuela tensions, a softer dollar, and ongoing central-bank buying. Gold is now up nearly 70% this year. Oil futures also rallied after President Trump intensified the blockade on Venezuelan shipments, while tech shares continued a modest rebound.

Media stocks added some drama. Paramount and Warner Bros. Discovery jumped after Paramount escalated its bid for Warner, backed by a personal $40 billion financing guarantee from Larry Ellison. Netflix is also circling, with $25 billion in bank financing lined up.

Why It Matters: Markets are hedging their optimism. Equities are grinding higher, but the real enthusiasm is in hard assets, gold, silver, and oil, signaling investors still want insurance against geopolitics, inflation surprises, and central-bank curveballs. The media bidding war shows capital is available for the right assets. When stocks rally and gold hits records, it’s less full blown celebration and more cautious confidence.

What to Watch: Whether precious metals keep climbing if yields stay elevated, this rally is already testing gravity. Keep an eye on the Paramount–Warner saga for signs of a deal or a bidding truce, and on energy prices as Venezuela tensions evolve. For now, markets are in a holiday mood but they’re still keeping the receipts.
Source: wsj.com

2. Trump Clears Federal Airwaves to Jump-Start the 6G Race

The News: President Trump signed a national security memorandum Friday ordering federal agencies to begin relocating wireless systems to free up spectrum for next-generation 6G networks. The directive targets the 7.125–7.4 GHz band first, with agencies given 12 months to submit relocation plans that protect national security missions. The order also launches studies into additional frequency ranges that could be repurposed for commercial 6G use, part of a broader push to restore U.S. leadership in advanced wireless technology.

Why It Matters: This is Washington treating spectrum like strategic real estate and starting to evict tenants accordingly. China currently leads in 6G patent filings and has already launched a test satellite, while the U.S. lost ground during years of stalled spectrum auctions. Clearing high-quality airwaves is essential for faster networks, AI-driven systems, and future industries measured in trillions, not billions. Translation: whoever controls 6G standards controls the next era of connectivity and the economic gravity that comes with it.

What to Watch: Watch how quickly federal agencies can actually move off prized spectrum without tripping over defense or grid reliability concerns. Also watch the FCC’s next auctions now that its authority has been restored through 2034. For now, the U.S. is officially back in the 6G race, just with a lot of very expensive movers to schedule first.
Source: whitehouse.gov

3. Flu Season Is Heating Up and Doctors Aren’t Feeling Festive

The News: U.S. health experts warn that this flu season could be rougher than usual as a fast-spreading H3N2 strain takes hold while vaccination rates lag. Doctors are already seeing higher-than-normal cases of influenza A, with early data from the U.K. and Japan pointing to more hospitalizations. The CDC estimates at least 4.6 million flu cases so far this season, with nearly 2,000 deaths, including several children. While current vaccines don’t perfectly match H3N2, they still provide meaningful protection, especially against severe illness.

Why It Matters: H3N2 has a reputation and it’s not a friendly one. This strain tends to evolve quickly, hit seniors harder, and deliver higher hospitalization rates, meaning more strain on hospitals right when RSV and a winter COVID wave are lining up. Vaccines may be less effective over time, but skipping them entirely is like declining a seatbelt because traffic looks calm. For families, employers, and the healthcare system, a tougher flu season translates into missed work, crowded ERs, and higher costs, all from a virus most people assume is “routine.”

What to Watch: Watch hospitalization trends closely as the holidays drive more indoor mixing, and pay attention to how fast vaccine effectiveness wanes. Antivirals like Tamiflu still work best when used early, so testing matters. Bottom line: get the shot, wash your hands, and don’t try to “power through” a 104-degree fever. Flu season doesn’t reward toughness, it rewards preparation.
Source: cbsnews.com

4. The Fed Dusts Off the Repo Button and Crypto Is Watching Closely

The News: The Federal Reserve injected $6.8 billion into markets on December 22 via repurchase agreements, marking its first liquidity-adding repo operation since 2020. The move is part of year-end cash management, with roughly $38 billion deployed over the past 10 days to ease funding pressures as banks juggle balance sheets and regulatory needs. Officials stress the operation is routine and temporary, distinct from quantitative easing, and designed to keep short-term rates from spiking during a seasonally tight period.

Why It Matters: Anytime the Fed adds liquidity, even briefly, markets lean in and crypto leans in hardest. While this isn’t money-printing, it does signal that cash is getting snug under the hood, and the Fed is stepping in to keep things running smoothly. Historically, easier funding conditions tend to help risk assets, which is why crypto traders are treating this like a small but welcome espresso shot. Translation: it’s not a pivot, but it’s also not nothing.

What to Watch: Watch whether these repos stay a one-off year-end fix or quietly become more frequent in early 2026. Also watch short-term funding rates for signs stress is easing or returning. For now, the Fed says this is plumbing, not policy. Markets hear “liquidity,” nod politely… and then place their bets anyway.
Source: finance.yahoo.com

5. Wells Fargo Steps Into the Options Clearing Club

The News: Wells Fargo is entering the options clearing business, pushing into a $3.9 trillion-a-day market dominated by a small group of global banks. The move follows the Federal Reserve’s decision in June to lift the asset cap that had constrained Wells Fargo since 2018, freeing the bank to expand its Wall Street operations. Options clearing is a highly concentrated business, with firms like Goldman Sachs, Bank of America, and ABN Amro handling most market-maker positions as U.S. options trading hits record volumes.

Why It Matters: This is Wells Fargo signaling it wants back into the serious parts of finance. Options clearing is capital-intensive, operationally complex, and not exactly a beginner’s course, which is precisely the point. Regulators and exchanges have been warning about concentration risk in clearing, so a new large entrant is welcome in theory. In practice, Wells is stepping into a business where mistakes are expensive and margins are thin, but influence is enormous. Think less flash, more plumbing and a lot of risk manuals.

What to Watch: How quickly Wells can scale without tripping over risk controls, especially as options volumes keep breaking records. Also watch whether regulators quietly encourage more banks to join the clearing ecosystem to reduce concentration risk. For Wells Fargo, this is another step in its post-penalty rehabilitation tour, this time, with more money and very little room for error.
Source: bloomberg.com

1. Global M&A Hits $4.8 Trillion

The News: Global mergers and acquisitions surged to roughly $4.8 trillion in 2025, up 36% from last year and the second-highest total on record. December capped the year with $463.6 billion in deals, including Trump Media’s $6 billion fusion merger and IBM’s $11 billion acquisition of Confluent. Technology led the rebound, with tech M&A jumping 76% to $478 billion, as companies pushed through uncertainty to lock in strategic moves before year-end.

Why It Matters: The holidays are optional if valuations look right. The deal boom signals renewed corporate confidence despite higher rates, trade tensions, and geopolitical noise, with AI acting as the ultimate justification for pulling the trigger. Nearly half of large tech deals cited AI benefits, underscoring how strategy conversations have shifted from “should we?” to “how fast can we?” For markets, robust M&A supports equity valuations and fee-driven sectors, while hinting that CEOs believe conditions in 2026 may be less forgiving than today.

What to Watch: If this momentum spills cleanly into early 2026 or if exhaustion, regulation, or financing costs finally slow things down. Also keep an eye on media and AI-heavy sectors, where bidding wars are heating up fast. For now, dealmakers are still working through the holidays, which usually means they think the window is still open.
Source: money.usnews.com

2. Italy Slaps Apple With $115M Fine Over Tracking Rules

The News: Italy’s competition authority fined Apple €98.6 million ($115 million) on Monday, accusing the company of abusing its dominance through its App Tracking Transparency (ATT) policy. Regulators said Apple forces third-party developers to ask users for consent twice to collect data, while Apple’s own services operate without the same friction. The probe, launched in 2023 and coordinated with the European Commission, concluded that ATT imposes unilateral and disproportionate terms that harm ad-dependent developers.

Why It Matters: Privacy may be priceless, but regulators are still putting a number on it. Italy’s ruling adds to a growing European backlash against how Apple enforces privacy while competing in advertising, arguing the rules tilt the field in Apple’s favor. The fine follows France’s €150 million penalty earlier this year and comes as Germany and Poland circle with their own investigations. For investors and developers, the message is clear: Europe isn’t just regulating outcomes anymore, it’s scrutinizing the mechanics behind platform “choices.”

What to Watch: Watch Apple’s appeal and whether regulators force concrete changes to ATT, not just fines. Also watch how far this spreads: Poland could levy penalties tied to global revenue, and Germany is already testing fixes. Apple still wins the privacy argument with users but in Europe, that argument is getting increasingly expensive.
Source: siliconrepublic.com

3. China’s Moore Threads Takes Aim at Nvidia With New GPU Architecture

The News: Chinese GPU maker Moore Threads unveiled its new Huagang architecture over the weekend, pitching it as a major leap in AI and gaming performance despite U.S. export restrictions. At its first developer conference in Beijing, the company introduced two chips, Huashan for AI computing and Lushan for gaming, claiming big gains in speed, energy efficiency, and support for modern graphics standards. Moore Threads says mass production will begin in 2026, alongside new AI infrastructure, an AI laptop, and large-scale GPU clusters designed for domestic developers.

Why It Matters: This is China’s most direct attempt yet to shrink the gap with Nvidia, on China’s terms. With access to advanced Western chips constrained, Moore Threads is positioning itself as a “good enough, right now” alternative for local AI developers who don’t want to wait in line for sanctioned hardware. The claims are ambitious, the IPO pop was enormous, and the losses are real, which makes this both a strategic milestone and a reminder that national tech ambitions rarely come cheap—or on schedule.

What to Watch: Watch whether these performance claims hold up in real-world workloads once developers get their hands on the chips. Also watch manufacturing constraints: being on the U.S. entity list makes scaling harder than announcing. For now, Moore Threads has momentum, capital, and a geopolitical tailwind. Profitability, as always in chips and in AI, remains firmly scheduled for “later.”
Source: bloomberg.com

Q: How does the ocean say hi?

A: It waves.

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A deviation from what is normal, expected, or usual, often one that is unwelcome.

“The sudden drop in temperature was an aberration for the season.”

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