Asia-Pacific markets mostly climbed Tuesday, recovering from a sharp sell-off in the previous session as investors awaited clarity on U.S. President Donald Trump’s tariff rollout. Australia’s S&P/ASX 200 rose 1.04% to end the day at 7,925.20, after the Reserve Bank of Australia held interest rates at 4.1%, in line with expectations, as the country heads to the polls on May 3. Japan’s benchmark Nikkei 225 pared earlier gains to end the day flat at 35,624.48, while the broader Topix index was closed up 0.11% at 2,661.73. Over in South Korea, the Kospi index advanced 1.62% to end the day at 2,521.39 while the small-cap Kosdaq surged 2.76% to 691.45. Mainland China’s CSI 300 pared earlier gains to end the day flat at 3,887.68, while Hong Kong’s Hang Seng Index increased 0.38% to close at 23,206.84. China’s Caixin PMI for March came in at 51.2, compared to the 51.1 reading penciled by economists in Reuters’ poll, and slightly higher than the 50.8 reading in the previous month. India’s benchmark Nifty 50 fell 1.54% while the broader BSE Sensex dropped 1.84% as at 1.45 p.m. local time. U.S. futures slipped as investors awaited clarity on Trump’s upcoming tariff plans. Overnight, two of the three key benchmark indexes on Wall Street ended the session in positive territory. The S&P 500 clawed back earlier losses on to end the session higher. The broad market index added 0.55% to close at 5,611.85. At one point, it fell as much as 1.65% and traded 10% below its record. The Nasdaq Composite fell 0.14% and closed at 17,299.29. The Dow Jones Industrial Average advanced 417.86 points, or 1%, to settle at 42,001.76.

Markets around the world continue to sink on fears about President Donald Trump’s protectionist trade policies, and investors keep plowing money into gold, with futures hitting another record high Monday. Trump’s latest round of tariffs roll out Wednesday, which Trump has been calling “Liberation Day.” Interest in buying gold can rise sharply in times of uncertainty, as anxious investors seek safe havens for their money. Gold prices have been spiking as Trump’s tariff policies have started an international trade war that’s roiled financial markets and threatened to reignite inflation for families and businesses alike. If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — so the future is never promised. Here’s what to know.

What’s the price of gold today?

On Monday, the going price for New York spot gold hit a record $3,122.80 per troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams. That’s about $886, or 40%, higher than a year ago. The price of spot gold is up 19% since the start of 2025, per the data firm FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 is down 4.5% this year as even blue chip stocks have faded. Gold futures also reached a record in trading Monday, hitting close to $3,157.40 an ounce.

Why is the price of gold going up?

A lot of it boils down to uncertainty. Interest in buying gold typically spikes when investors become anxious — and there’s been a lot of economic turmoil in recent months. The heaviest uncertainty lies with Trump’s escalating trade war. The president’s on-again, off-again new levy announcements and retaliatory tariffs from some of the nation’s closest traditional allies have created a sense of whiplash for both businesses and consumers — who economists say will foot the bill through higher prices. Confidence began to slide at the start of the year for both U.S. households and businesses due to fears of inflation and tariffs. Those worries seem to only be worsening, as U.S. consumer confidence has been eroding for several months. Over the last year, analysts have also pointed to strong gold demand from central banks around the world amid geopolitical tension, including wars in Gaza and Ukraine.

Is gold worth the investment?

Advocates of investing in gold call it a “safe haven” — arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time. Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many say it is — and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments. The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.” If you do choose to invest in gold, the commission adds, it’s important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.

BERKELEY, Calif. — Over 1,000 demonstrators filled the street in front of a Tesla dealership Saturday in this Bay Area city synonymous with the free speech movement of the late 1960s, to voice their displeasure with Elon Musk’s efforts to dramatically scale down the federal workforce. “This whole thing about an unelected person doing so much damage to the federal government… I really wanted to come out,” Esther Hill, 66, a retired former employee of the Environmental Protection Agency, told Yahoo News. “I know how much good is being done by these so-called federal bureaucrats.” A week ago, just 200 people turned out for Berkeley’s “Tesla Takedown” protest, where a Trump supporter brandished a taser at demonstrators before being arrested. At this week’s protest, which was part of what organizers dubbed a “Global Day of Action,” police closed off traffic on the block of Fourth Street where the Tesla showroom is located. “I believe in the people’s right to express themselves,” an officer, who declined to be interviewed for this article, was heard telling a protester. The Tesla dealership locked its doors shortly before noon, as hundreds of protesters, most of whom appeared to be over the age of 55, began gathering on the sidewalk. Soon, they overflowed into the street, carrying signs showing Musk giving what appeared to be a Nazi salute and encouraging people to stop buying Teslas. A similar scene played out at Tesla protests at 253 locations around the world, a marked increase from the number of demonstrations in previous weeks, organizers said. In the U.S., that meant bigger crowds at dealership demonstrations in places like New York City, Los Angeles, Seattle, Dallas, St. Louis, Chicago, Palm Beach County, Fla., and dozens more. “If you got a CyberTruck, you’re an a**hole,” Michael Wong, 59, told Yahoo News. “You knew what he was by the time that came out. I know that people bought Teslas for a reason — to be ecologically beneficial — and I don’t begrudge them that, but I think if you’re still buying one and helping to line his pockets then you’re really being unconscionable.” In recent weeks, a spate of vandalism and sometimes violent protests of Musk’s role in President Trump’s government has occurred nationwide. Two weeks ago, the FBI issued an alert warning that acts of vandalism, including gunfire, have occurred at Tesla dealerships in at least nine states. The FBI warned citizens to “exercise vigilance” and to “look out for suspicious activity” on or around dealership locations. Last week, the agency announced it was creating a task force to investigate recent attacks on the company. Musk himself vowed this week to “go after” those who he blames for “pushing the propaganda” that he says has led to violence against his company. But Saturday’s demonstration in Berkeley was decidedly peaceful. “I’d like to see 5,000 people here. We need a swell of people and action, or we’re going to lose everything,” Wayne Bendell, 62, told Yahoo News. While Musk has justified federal job cuts as a way to try to address the national debt, Bendell sees another motivation. “I am 100% against what is going on in Washington, and I believe that Elon Musk is primarily responsible for most of what’s going on,” he said. “His intent is to erode the underpinnings of democracy.” That sentiment was repeated by many people that Yahoo News spoke with in Berkeley. “I’ve been protesting for about 40 years,” said Joyce Rybandt, 81. “I never imagined that we could lose our country, and now I’m not so sure. I hope these protests grow.” Now in their sixth week, the Tesla Takedown protests will give way next week to nationwide demonstrations planned on April 5, titled “Hands Off!” The question is whether any of the protests will grow so large that the Trump administration is unable to ignore them. “It’s definitely bigger today than it has been,” Wong said of Saturday’s rally, adding that he is frustrated that “Congress is giving away their power willingly.” “Who’s going to stop him at this point? We don’t want to see violent conflict happening, but that may be what it comes to,” he added.

Stocks are hovering near their lowest levels of the year, with President Trump’s latest tariff announcements and fears about the US economy’s path forward sending equities lower in the final full week of the first quarter. In the last five days of trading, the S&P 500 (^GSPC) fell nearly 3%, while the Dow Jones Industrial Average (^DJI) slipped about 2%. The tech-heavy Nasdaq Composite (^IXIC) led the losses, falling nearly 4%. In the week ahead, Trump’s tariffs will take center stage as the president’s April 2 “Liberation Day” looms on Wednesday. The president is expected to announce reciprocal tariffs on that day, with investors closely watching for specific details on how steep the levies will be. Later in the week, the focus will shift to the labor market, with the March jobs report set for release on Friday. Updates on private payrolls and job openings, as well as activity in the services and manufacturing sectors, are also expected to gain attention. On the corporate front, it’s expected to be a quiet week for quarterly earnings releases.

A tariff event ‘markets can’t dismiss’

Trump’s widely anticipated tariff announcements are expected to come on Wednesday. And there’s a growing list of Wall Street firms that believe markets may not be prepared for what’s coming. The economics team at Goldman Sachs says it believes markets will be surprised to the downside. Goldman’s recent survey of market participants shows investors likely expect a 9-percentage-point reciprocal tariff rate, per chief political economist Alec Phillips. But Goldman’s team believes the initially proposed rate will be higher, potentially closer to double what market participants expect. “Administration officials have said explicitly that the soon-to-be announced tariff rates are intended as the basis for negotiation, which incentivizes the administration to propose higher rates at the outset,” Phillips wrote. “This occurred in the recent experience with Canada and Mexico tariffs, which twice involved a steep tariff rate that was rescinded mostly or entirely after a few days.” Trump provided markets with a tariff appetizer last week when announcing 25% tariffs on foreign-made vehicles. Ajay Rajadhyaksha, the global chairman of research at Barclays, said during a media roundtable that these tariffs were “a bigger deal than the market is making it out to be.” “It is a statement of intent,” Rajadhyaksha said. “And at least in my mind, it releases the risk that April 2 is something that markets can’t dismiss. I think we will be negatively surprised.”

A pivotal labor report

Trump’s tariff turmoil has spooked consumers at a time when economic data is already showing signs of slowing growth and sticky inflation. On Friday, a release from the Bureau of Economic Analysis showed prices increased more than expected in February while consumer spending increased less than projected. Less than two hours after the release, the latest University of Michigan Consumer Sentiment survey showed expectations for inflation over the next year jumped to 5% in March, the highest since November 2022. The developments sent stocks tumbling, with the S&P 500 falling about 2% on Friday alone. Citi US equity strategist Scott Chronert wrote in a note to clients that Friday’s market action was an example of the prospect of stagflation — where inflation remains sticky and economic growth slows — getting further priced into the market. For now, economists have largely argued that the economy is only slowing from its above-growth trend of the past few years but not headed for recession. A key part of this narrative has been a labor market that is cooling, but not collapsing. The week ahead will bring a fresh look at just how quickly the jobs market is softening. The March jobs report, set for release on Friday morning, is expected to show the US labor market added 135,000 jobs in the month, down from the 151,000 seen in February. Meanwhile, the unemployment rate is expected to hold steady at 4.1%. “Risks around this report may be asymmetric,” Morgan Stanley chief US economist Michael Gapen wrote in a note to clients previewing the event. “We think it would take a lot of employment growth to alleviate fears of a sharper slowdown in the economy, while a mildly below-consensus print could fuel those concerns.”

Poor guidance

Amid the tariff talk, more companies than usual are falling short of analyst expectations with their earnings guidance. Of the 107 S&P 500 companies to issue guidance for the first quarter, 68 have issued negative guidance, per FactSet. This is above the five-year average of 57 companies issuing negative guidance and the 10-year average of 62. FactSet notes that negative guidance occurs when the number provided by a company is lower than the consensus earnings per share estimate from the day before the announcement. For now, this is one example of how Wall Street entered 2025 overly optimistic. As first quarter earnings season kicks off in earnest on April 11, the big market question will be whether analysts, and the market as a whole, have rerated their expectations low enough as corporates navigate the tariff headwinds.

Weekly Calendar

Monday Economic data: MNI Chicago PMI, March (45.5 expected, 45.5 prior); Dallas Fed manufacturing activity, March (-5 expected, -8.3 prior) Earnings: No notable earnings releases. Tuesday Economic data: Job openings, February (7.69 million expected, 7.74 million previously); ISM Manufacturing Index, March (49.8 expected, 50.3 prior); S&P Global US manufacturing PMI, March final (49.8 previously) Earnings: No notable earnings releases. Wednesday Economic data: MBA Mortgage Applications, week ended March 28 (-2% expected); ADP Private Payrolls, March (+119,000 expected, +77,000 previously); Factory orders, February (0.4% expected, 1.7% prior); Durable goods orders, February final (0.9% prior); Capital Goods orders nondefense excluding air, February final (-0.3% prior) Earnings: BlackBerry (BB), RH (RH) Thursday Economic data: Challenger jobs cuts, year-over-year, March (+103.2% previously); Initial jobless claims, week ending Mar. 29 (224,000 previously); S&P Global US composite PMI, March final (53.5 previously); S&P Global US services PMI, March final (54.3 prior); ISM services index, March (53.1 expected, 53.5 prior) Earnings: Conagra Brands (CAG), Lamb Weston (LW), Guess (GES) Friday Economic calendar: Nonfarm payrolls, March (+135,000 expected, +157,000 previously); Unemployment rate, March (4.1% expected, 4.1% previously); Average hourly earnings, month-over-month, March (+0.3% expected, +0.3% previously); Average hourly earnings, year-over-year, March (+3.9% expected, +3.9% previously); Average weekly hours worked, March (34.2 expected, 34.1 previously); Labor force participation rate, December (62.4% previously) Earnings: No notable earnings releases.

Car prices are about to shoot higher. That’s because a 25% tariff across all cars that the United States imports is set to take effect on April 3. And not long after, a 25% tariff on most foreign-made car parts is set to take effect. In President Donald Trump’s ideal world, his tariffs will cause auto producers to move more of their production to the US. But automotive experts have told CNN that’s more or less a pipe dream. And even if it were possible for companies to move all production to the US, it would end up costing a lot more to manufacture. On top of that, Trump has already enacted 25% tariffs on steel and aluminum shipped to the US and he’s threatened to impose tariffs on copper. All three metals are needed to make cars, therefore, tariffs on those will also raise the cost of making a car. But even putting that aside, the 25% tariff on imported cars could raise prices per vehicle by a range of $5,000 to $15,000, depending on the make and model, according to Goldman Sachs estimates. For decades, North America has functioned virtually without any border when it comes to producing cars, as a result of free trade agreements that allowed cars and car parts to come into the US duty-free. That’s in part why Mexico was the top source of cars imported into the US last year. Even though there is a lot of auto production that takes place in the US, there is no car that’s 100% American-made, given how many parts are shipped in from abroad. For instance, at least 60% of Volvo, Mazda, Volkswagen and Hyundai’s US car sales last year were imported, according to an analysis by S&P Global Mobility. For the time being, imported cars that comply with the United States-Mexico-Canada Agreement (USMCA), which was negotiated by Trump during his first term, will be able to come in to the US duty-free until US Customs and Border Protection has a system in place to apply tariffs to non-US parts, according to a fact sheet published by the White House.

Hundreds of “Tesla Takedown” demonstrations are taking place in the United States, Canada and Europe as activists ramp up their opposition to CEO Elon Musk’s efforts to slash federal government staffing and budgets. Since joining the Trump administration, Musk has aggressively pushed policies to reduce spending, curb regulations and downsize the workforce as the head of the so-called Department of Government Efficiency, all while repeatedly misleading the public about federal spending. More than 200 demonstrations are planned at US Tesla locations on Saturday as part of the “Tesla Takedown” movement, which called for a “global day of action” aiming for 500 protests worldwide. The campaign wants people to sell their Tesla vehicles and their shares of Tesla stock as a way to denounce Musk, the world’s richest man, whose wealth is overwhelmingly linked to his Tesla holdings. “It’s unfortunate that Musk has decided to use his power and riches for negative efforts,” said Austin Naughton, who runs a Facebook page for a grassroots organization and helped publicize the Washington, DC, protest for organizers. A demonstration that began around 11 a.m. local time outside a Tesla showroom in DC’s Georgetown neighborhood drew a crowd of over 100 people for a “Tesla Takedown Dance Party!” as it’s described on the Tesla Takedown Website. Those in attendance carried anti-Musk signs and danced to disco music as cars drove by honking in support. James Decherd, a DC native, said he was there to show his support for federal workers. “I’m just afraid for what kind of country this is going to be after these cuts,” Decherd told CNN. “The whole country is at risk of becoming a dystopian hellscape. I don’t know what’s going to happen.” DOGE has not slowed down in its sweeping efforts to dismantle or overhaul federal agencies. On Monday, the department attempted to shut down the United States Institute of Peace, an independent non-profit agency, and CNN reported on March 13 that DOGE had proposed cutting 20% of the staff at the Internal Revenue Service by May 15. Since Musk’s controversial alignment with the Trump administration, Tesla has transformed from an innovative car brand to a symbol of injustice and a prime target for escalating acts of vandalism and violence. On Thursday, authorities announced that a man suspected of setting fire to several Tesla vehicles at a repair facility in Las Vegas last week has been arrested. Paul Kim, 36, allegedly sprayed the word “RESIST” in pink paint across the front doors of a Tesla facility before shooting at multiple vehicles and using a Molotov cocktail to set them on fire, authorities said. Although acts of violence have been unfolding for months against Tesla vehicles and facilities, including charging stations and individually owned vehicles, Tesla Takedown organizers have stressed that the demonstrations are intended to remain strictly nonviolent.

What demonstrators are saying

At the protest in Georgetown, co-organizers Sara Steffens and Melissa Knutson stood alongside other demonstrators carrying signs. They have both planned multiple protests just like this one for months. “There’s a very serious and strategic component in what we’re doing. This is a way to say we’re not afraid,” said Knutson, who has neighbors who were recently fired in a round of DOGE cuts and have put their homes up for sale. Her daughter, who is disabled and relies on Medicaid, is another source of motivation for her, she said. Marisa Deline told CNN that this was her first Tesla protest. Although she supports the mission of electric vehicle makers like Tesla, she doesn’t believe Musk’s values align with her own. She now plans to attend more protests and take other actions, such as supporting nonprofits and mutual aid. “They’re not just able to do whatever they want,” Steffens said, referring to the dismantling of government agencies and lofty federal cuts. “They can pretend they can like bullies do, but they can’t have power unless we let them.” Melanie Aron, who was also in the crowd along the road holding a sign up, has a nephew conducting studies about Alzheimer’s disease at the National Institutes of Health (NIH) and saw his research funding slashed by DOGE. “Those studies benefit American people. When we cut those off, people are going to suffer,” Aron said. “I know we tend to talk about the workers. But we need to focus on the people who are impacted when the work doesn’t happen.” In Arlington, Virginia, Ed Grass, 56, echoes Aron’s sentiments. Grass, who has muscular dystrophy, a degenerative genetic muscle disease, was one of over 150 people who attended a protest against Musk and DOGE outside of a Tesla showroom on Saturday. Grass, sitting in his wheelchair holding up a sign, says he worries about the future of health care research for people like him with lifelong conditions. “There won’t be as many (medical) breakthroughs,” Grass said. “We have the jewel of the education system and they’re destroying it…It’s a long-term problem. I may be long gone but my grandchildren may suffer.” Protesters are also concerned about people in need who live in other countries that are also now impacted by Musk and the Trump administration’s decisions to freeze foreign aid and dismantling the agency that oversees it. Laura Plaia, 59, was also in attendance at the protest in Arlington and was recently laid off from the US Department of State where she worked in the Bureau of African Affairs. “Our work benefits all the countries in Africa,” she said. “Trump is running the country like a company. It’s been gut wrenching for so many people. Lives have been turned upside down.” Todd Post, 50, was laid off from the Health Services and Resources Administration on Monday. Prior to that job, he worked for the Office of Infectious Disease and HIV/AIDS Policy, which was recently eliminated by the Trump administration. “Now there are women in foreign countries not getting HIV treatment,” Post said, holding an American flag on the side of the road at the protest in Arlington. “This administration really has blood on its hands because it’s caused people to get life ending diseases as a result of their arbitrary cuts…How is that efficient?” Alainn Hanson brought her mother from Minnesota to their first Tesla protest. Hanson hopes there will be more protests as summer approaches and believes people should speak with their dollars, especially when it comes to hurting Tesla’s valuation. “I’m sick of billionaires trampling over working class people,” she said. There were about 750 protesters outside of a Tesla location in Rockville, Maryland, according to a post on Bluesky. Organizers told CNN that hundreds arrived at a protest in Boston and were still trickling in after 12:30 p.m. despite the rain. Roughly 200 gathered at a location in Chicago, according to a user on Bluesky. “I am proud of myself. Today I participated in my first protest against the Musk-Trump regime,” a Bluesky user wrote.

FBI launches task force

Both FBI Director Kash Patel and Attorney General Pam Bondi have referred to anti-Tesla acts as “domestic terrorism.” The FBI has created a task force intended to “crack down on violent Tesla attacks,” it announced Monday, following a spate of incidents appearing to target Musk’s electric car manufacturer. The new task force will work in conjunction with the Bureau of Alcohol, Tobacco, Firearms and Explosives to investigate anti-Tesla attacks, FBI Assistant Director for Public Affairs Ben Williamson said in a post on X. Anti-Tesla incidents have happened in at least nine states, the FBI said over the weekend, noting the pattern appears to be them occurring overnight and “conducted by lone offenders.” “These incidents have involved arson, gunfire, and vandalism, including graffiti expressing grievances against those the perpetrators perceive to be racists, fascists, or political opponents,” the FBI said, asking anyone with information about these crimes to contact law enforcement. Over the weekend, the FBI urged the public to look out for signs of a possible attack on Tesla dealerships or Tesla-related entities, including individuals surveilling or trying to break into Tesla properties or making threats against the company online. “I do worry that we’re conflating a bunch of random acts of violence with what is a very earnest attempt by many people who’ve not really spent a lot of time in the streets protesting but feel called to action right now,” said Joan Donovan, an assistant professor of journalism and emerging media studies at Boston University who has helped organize protests. Last weekend in Florida, protesters outside a Tesla dealership in Palm Beach County had to move out of the way of an SUV that jumped the curb and drove toward them,according to authorities. A black SUV was seen slowing down and crept by the protesters before suddenly accelerating. The SUV almost struck people, but no one was injured, authorities said. A Tesla employee told police the driver got out of his vehicle and then entered the showroom and said he “stands with Tesla,” according to an arrest report.

Musk responds to demonstrations and Tesla stock’s plunge

Musk has publicly discussed Tesla’s stock and the acts of vandalism against Tesla vehicles and showrooms. In a meeting on March 21 with employees that was broadcast on X, the social media platform Musk owns, he said, “there are times when there are ‘rocky’ moments,” and added, “What I’m saying is: Hang on to your stock.” Shares of Tesla (TSLA), which closed at $263.55 on Friday, have slid 45% since December 17. In an interview that aired Friday on Fox News, Musk responded to the backlash against Tesla, which has involved acts of vandalism that include the spray painting of vehicles and chargers. There have been no reports of injuries. “It’s actually disadvantageous for me to be in the government, not advantageous,” Musk told Fox News host Bret Baier about his role with DOGE. “My companies are suffering because I’m in the government.” Musk specifically referenced how the acts of vandalism have hurt Tesla’s revenue. “Do you think it helps sales if (Tesla) dealerships are gonna be fire-bombed? Of course not,” Musk said.

The nuclear industry is racing to launch advanced small reactors by the early 2030s, aiming to meet the deep-pocketed technology sector’s growing need for electricity to fuel artificial intelligence. The world has relied largely on the same pressurized-water reactor technology for the past 70 years, but those plants have proven incredibly expensive to build in the U.S. in the 21st century. The first new nuclear plant completed in decades, reactors 3 and 4 at Plant Vogtle in Georgia, infamously cost about $18 billion more than expected and opened seven years behind schedule. Each of those reactors can generate 1,114 megawatts of electricity, enough for more than 800,000 homes. “Doing these new builds with that older, high pressure technology is just unaffordable,” Chris Levesque, CEO of TerraPower, an advanced reactor company co-founded and backed by Bill Gates, told CNBC. Despite growing interest in restarting closed reactors, such as Palisades in Michigan and Three Mile Island in Pennsylvania, as a quicker and cheaper near-term solution, there remains “a whole lot of hesitation about a brand new plant,” Levesque said. The advanced reactors under development promise to have smaller, lighter footprints that could make them cheaper and quicker to build when they are fully commercialized. But the industry is crowded with more than 90 different technologies in various stages of development around the world, according to the Nuclear Energy Agency. The utility and tech sectors need to winnow down the field to five or 10 companies with the right technology, said John Ketchum, CEO of NextEra Energy, the largest power company by market capitalization in the U.S. “A lot of them are under capitalized,” Ketchum said of the small nuclear startups designing advanced reactors. “So we’ve got to pick out the ones that we really want to get behind and make the bets,” the CEO said at the CERAWeek energy conference in Houston earlier this month. Ketchum sees the first advanced reactor coming online around 2031 in the U.S., with more units potentially on the way around 2035. Technology companies will serve as a catalyst, with Levesque saying they are a “huge force” that can drive the industry forward due to their immense demand for electricity coupled with their deep pockets. Alphabet, Amazon, Meta and Microsoft together are worth seven times the value of the entire S&P 500 utility sector. The following are some of the leading players in the U.S. market to revive nuclear power, all three of them private but with significant financial backing — often from tech companies — and customers already lined up. TerraPower TerraPower is the first advanced reactor company in the U.S. to move from design to construction, breaking ground on its first plant near a former coal site in Kemmerer, Wyoming in the summer of 2024. The company aims to start dispatching power by the end of 2030 to Warren Buffett’s PacifiCorp. TerraPower’s Natrium reactor operates at atmospheric temperature, a feature that Levesque says will reduce construction costs. The U.S. currently relies on reactors that operate at about 300 Celsius (572 degrees Fahrenheit) and are cooled by water. The system operates under high pressure — water boils at 100 degree Celsius — to keep the coolant liquid, and the plants need heavy, expensive components to contain the pressure, Levesque said. TerraPower uses sodium, rather than water, as a coolant. Liquid sodium boils at 900 Celsius, much higher than the Natrium reactor’s operating temperature of around 500 Celsius. That means the plant does not need to be pressurized, Levesque said. Using a low-pressure, lighter plant to avoid high pressure systems “reduces tons of steel, tons of concrete, labor hours, numbers of systems,” Levesque said. He estimates that Natrium plants will cost about half as much to build as a traditional nuclear plant, with prices coming down as more are built. The Natrium reactor has a power capacity of 345 megawatts, enough for more than 250,000 homes. A plant will have the ability to ramp up to 500 megawatts for several hours by storing heat in a thermal battery made of molten salt, Levesque says. The idea is to be able to dispatch power on demand to the grid when renewable solar and wind power fade because the sun isn’t shinning or winds are slack. TerraPower has the financial backing of its key founder Bill Gates, SK Group, one of South Korea’s largest energy providers, and ArcelorMittal, a steelmaker. Gates and SK Group led TerraPower’s $830 million funding round in 2022. The Wyoming project is backed by $2 billion from the Department of Energy, which TerraPower says it will match dollar for dollar. TerraPower filed its construction license application with the Nuclear Regulatory Commission in 2024 and expects the regulator will issue a permit in December 2026. “We’re trying to show folks we’re inevitable,” Levesque said. X-Energy Of all the advanced reactor companies, X-Energy is the first to win a direct investment from a tech company, securing hundreds of millions of dollars from Amazon to build its Xe-100 reactor. “What this sector needs is risk capital to invest in plants because U.S. utilities aren’t doing it today,” X-Energy CEO Clay Sell told CNBC. X-Energy’s most recent financing round raised $700 million, led by Amazon and with additional capital from Citadel founder Ken Griffin, Ares Management, Segra Capital Management, Jane Street Capital and the University of Michigan, among others. “One of the largest corporations in America, a company that is in size larger than the entirety of the investor-owned utility sector in the U.S., was stepping forward and saying we want to facilitate the new nuclear future in the United States,” Sell said of Amazon’s investment. The cash will largely go to completing the reactor design so it’s ready for construction, and finishing the first phase of X-Energy’s fuel facility, Sell said. The Xe-100 is an 80 megawatt reactor sold in a pack of four units to construct 320 megawatts in total, the CEO said. The multiple units create redundancy and the small size allows the biggest component, the reactor vessel, to ship from a factory via road to the construction site, Sell said. The reactor uses helium gas as a coolant rather than water. X-Energy has its own proprietary fuel made of graphite pebbles that contain uranium kernels encased in ceramic. Sell said the graphite can’t melt, which makes the plant “intrinsically safe.” Amazon’s investment will finance four Xe-100 reactors in Washington state that will be built, owned and operated by Energy Northwest, a utility, with plants coming online in the early 2030s. The intent is to scale up to a dozen Xe-100s in Washington, Sell said. X-Energy is also working with Dow Inc. to deploy four reactors at the chemical company’s manufacturing facility in Seadrift, Texas. The Department of Energy has awarded X-Energy up to $1.2 billion to develop and deploy its technoloy. X-Energy aims to become the first company to commission an operational advanced reactor in the U.S., Sell said. Kairos Power Kairos Power signed a contract with Alphabet’s Google unit last year to deploy multiple, advanced reactors, aiming to supply the YouTube company with 500 megawatts of power. The first reactor is expected to come online in 2030, with additional deployments through 2035. Financial terms of the deal weren’t disclosed, but the Google contract is “immensely important,” allowing Kairos to “plan the infrastructure not just for one project but for a series of projects,” CEO Mike Laufer told CNBC. “It allows us to scale our infrastructure, production — our manufacturing capabilities,” Laufer said. The 75-megawatt Kairos’ reactor will be deployed in pairs to provide 150 megawatts of total power. Similar to TerraPower, Kairos’ reactor operates at near atmospheric pressure using molten fluoride salt instead of water as coolant. Like X-Energy, Kairos uses fuel that encases uranium kernels in ceramic and graphite pebbles that can’t melt in high-temperature reactors, according to the company. Kairos is building a low-power, demonstration reactor in Oak Ridge, Tennessee to showcase its ability “to deliver clean, safe, and affordable nuclear heat.” Oak Ridge, site of a national laboratory about 25 miles west of Knoxville, was where uranium was enriched as part of the Manhattan Project to build the first atomic bombs. Today, there will be a “natural thinning” in the number of advance reactor companies, Kairos CEO Laufer said: “It’s going to be driven by who can actually be in a position to execute projects,” he said.

Originally appeared on E! Online A little bird told us more changes are afoot for the company formerly known as Twitter. Elon Musk—who bought Twitter in 2022 and changed the social media platform’s name to X the following year—revealed that his artificial intelligence startup xAI has acquired the brand in a lucrative, all-stock deal. “The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” Musk wrote in a March 28 post to X. “Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale.” He continued, “X is the digital town square where more than 600M active users go to find the real-time source of ground truth and, in the last two years, has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth.” More than one year after Grok—an AI-powered chatbot created by xAI that’s similar to ChatGPT—was launched on X, Elon said it was officially time to “take the step to combine the data, models, compute, distribution and talent.” “xAI and X’s futures are intertwined,” he explained. “The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge. This will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress.” The Tesla CEO ended his message thanking the teams from both companies for their hard work and dedication, noting, “This is just the beginning.” After Musk’s announcement, CEO of X Linda Yaccarino echoed his outlook, reposting his update with her own words, writing, “The future could not be brighter.” As for how X users felt about the business deal? There were chirps all around. “I’m so curious as to why X folded into xAI and not the other way around,” one user wrote. “It seems like X has the broader base as a platform and that xAI would literally just be a medium/small feature on X.” Another simply commented, “Wow. Didn’t see this coming.” While Elon’s business portfolio continues to expand, so does his family. Read on for a deep dive into the many branches of his family tree.

Noted economist Arthur Laffer warns in a new analysis that President Donald Trump’s 25% tariffs on auto imports could add $4,711 to the cost of a vehicle, adding that the proposed taxes could weaken the ability of U.S. automakers to compete with their foreign counterparts. In the 21-page analysis obtained by The Associated Press, Laffer, whom Trump awarded the Presidential Medal of Freedom in 2019 for his contributions to economics, says the auto industry would be in a better position if the president preserved the supply chain rules with Canada and Mexico from his own 2019 USMCA trade pact. The White House has temporarily exempted auto and parts imports under the USMCA from the tariffs starting on April 3 so that the Trump administration can put together a process for taxing non-U.S. content in vehicles and parts that fall under the agreement. “Without this exemption, the proposed tariff risks causing irreparable damage to the industry, contradicting the administration’s goals of strengthening U.S. manufacturing and economic stability,” Laffer writes in the analysis. “A 25% tariff would not only shrink, or possibly eliminate, profit margins for U.S. manufacturers but also weaken their ability to compete with international rivals.” While Trump’s tariff plans have frightened the stock market and U.S. consumers, Laffer’s analysis shows the administration has yet to convince even his favored economists that his import taxes would deliver as promised. The paper reminds Trump that it’s not too late to change course, specifically complimenting the USMCA negotiated in his first term as a “significant achievement.” “The United States-Mexico-Canada Agreement (USMCA) has served as a cornerstone of President Trump’s first term and has quickly become a dominant feature of North American trade policy, fostering economic growth, stabilizing supply chains, and strengthening the U.S. auto industry,” Laffer writes. The analysis says that the per vehicle cost without the USMCA exemption would be $4,711, but that figure would be a lower $2,765 if the exemptions were sustained. Trump honored Laffer with the highest civilian honor 45 years after the economist famously sketched out on a napkin the “Laffer curve” showing that there’s an optimal tax rate for collecting revenue. The bell-shaped curve indicated that there’s a tax rate so high that it could be self-defeating for generating tax revenues. Many Republicans embraced the curve as evidence that lower tax rates could generate stronger growth that would lead to higher tax revenues. “Dr. Laffer helped inspire, guide, and implement extraordinary economic reforms that recognize the power of human freedom and ingenuity to grow our economy and lift families out of poverty and into a really bright future,” Trump said in awarding him the medal. Laffer served on the economic policy advisory board of President Ronald Reagan, in addition to being a university professor. He has his own economic consultancy, Laffer Associates. In 1970, he was the first chief economist of the White House Office of Management and Budget. Laffer also advised Trump during his 2016 presidential campaign and co-wrote a flattering book, “Trumponomics: Inside the America First Plan to Revive Our Economy.” Laffer Associates did not immediately respond to an email from the AP seeking comment Thursday night. Trump maintains that 25% tariffs will cause more foreign and domestic automakers to expand production and open new factories in the United States. On Monday, he celebrated a planned $5.8 billion investment by South Korean automaker Hyundai to build a steel plant in Louisiana as evidence that his strategy would succeed. Trump said the 25% auto tariffs would help to reduce the federal budget deficit while moving more production into the United States. “For the most part, I think it’s going to lead cars to be made in one location,” Trump told reporters on Wednesday. “For right now, the car would be made here, sent to Canada, sent to Mexico, sent to all over the place. It’s ridiculous.”

Lululemon beat Wall Street expectations for fiscal fourth-quarter earnings and revenue, but issued 2025 guidance that disappointed analysts. On an Thursday earnings call, CEO Calvin McDonald said the athleticwear company conducted a survey earlier this month that found that consumers are spending less due to economic and inflation concerns, resulting in lower U.S. traffic at Lululemon and industry peers. However, he said, guests responded well to innovation at the company. “There continues to be considerable uncertainty driven by macro and geopolitical circumstances. That being said, we remain focused on what we can control,” McDonald said. Shares of the apparel company fell more than 10% in extended trading. Lululemon was only the latest retailer to say it expects slower sales for the rest of this year as concerns grow about a slowing economy and President Donald Trump’s tariffs. Here’s how the company did compared with what Wall Street was expecting for the quarter ended Feb. 2, based on a survey of analysts by LSEG:

• Earnings per share: $6.14 vs. $5.85 expected
• Revenue: $3.61 billion vs. $3.57 billion expected

Fourth-quarter revenue rose from $3.21 billion during the same period in 2023. Full-year 2024 revenue came in at $10.59 billion, up from $9.62 billion in 2023. Lululemon’s fiscal 2024 contained 53 weeks, one week longer than its fiscal 2023. Excluding the 53rd week, fourth-quarter and full-year revenue both rose 8% year over year for 2024. Lululemon expects first-quarter revenue to total $2.34 billion to $2.36 billion, while Wall Street analysts were expecting $2.39 billion, according to LSEG. The retailer anticipates it will post full-year fiscal 2025 revenue of $11.15 billion to $11.30 billion, compared to the analyst consensus estimate of $11.31 billion. For the first quarter, the company expects to post earnings per share in the range of $2.53 to $2.58, missing Wall Street’s expectation of $2.72, according to LSEG. Full-year earnings per share guidance came in at $14.95 to $15.15 per share, while analysts anticipated $15.31. CFO Meghan Frank said on the Thursday earnings call that gross margin for 2025 is expected to fall 0.6 percentage points due to higher fixed costs, foreign exchange rates and U.S. tariffs on China and Mexico. Lululemon reported a net income for the fourth quarter of $748 million, or $6.14 per share, compared with a net income of $669 million, or $5.29 per share, during the fourth quarter of 2023. Comparable sales, which Lululemon defines as revenue from e-commerce and stores open at least 12 months, rose 3% year over year for the quarter. The comparison excludes the 53rd week of the 2024 fiscal year. Analysts expected the metric to rise 5.1%. Comparable sales in the Americas were flat, while they grew 20% internationally. Lululemon has been facing a sales slowdown in the U.S., although McDonald said its U.S. business stabilized in the second half of the year and partially attributed the improvement to new merchandise. He added that Lululemon will expand its stores to Italy, Denmark, Belgium, Turkey and the Czech Republic this year.