Warnings that data center construction is outrunning compute demand set the tone, while Virginia, California and MEP Nina Carberry pushed chatbot rules for children, Reston residents fought data center noise, and micro1 committed $1 billion to enterprise training data.
The Fed raised rates in September and signaled more to come, landing on households that coverage calls stretched. Yields above 5% fed panic talk and selective bargain hunting, while Warsh's Fed faced questions about whether it can deliver price stability.
Treasury and the IRS moved against 351 ETF conversions and other tax-aware strategies while RIAs bought CPA firms and repriced toward flat fees. Consumers kept spending even as confidence slid, and donors from MacKenzie Scott to Bezos kept giving.