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.
Boards, regulators and pension giants like CalPERS and OMERS argued over who should steer portfolios, while Fitch, SLR and Oaktree flagged private credit defaults and weak recoveries, fraud cases widened, and private equity sat on 33,575 unsold companies.
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.