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As Measles Spreads, Vaccination Push Is On U.S. Vows

What’s
News To Raise
Business & Finance Tariffs
 Amazon’s cloud-comput-
ing business unveiled its first
On Three
quantum-computing chip,
which it said was a step in
the development of useful, re-
liable quantum computers. B1
Countries
 Microsoft called on the Trump plans higher
Trump administration to levies on China and
overhaul a system of curbs
on the sale of cutting-edge ending a reprieve
U.S. artificial-intelligence for Canada, Mexico
chips to friendly nations. B1
 U.S. stocks fell as investors BY GAVIN BADE
tried to digest Trump’s new AND LINGLING WEI
tariff threats and federal
spending cuts. The S&P 500, WASHINGTON—The U.S.
Nasdaq and Dow slid 1.6%, plans next week to impose an
2.8% and 0.5%, respectively. B1 additional 10% tariff on im-
ports from China over its role
 A gauge of the number of
in the fentanyl trade and
homes going under contract in
move forward with 25% tariffs
the U.S. fell to its lowest level
on products from Canada and
ANNIE RICE/REUTERS

on record in January amid high

Mexico, President Trump said
prices and mortgage rates. A2
Thursday, setting up a pivotal
 Meta apologized for what week for his protectionist
it said was an error that led trade agenda.
to graphic and violent vid- OUCH: Devonay Pena comforts her daughter, Jaqi Herrera, after the 13-month-old received her first dose of the MMR vaccine The China move, slated to
eos flooding the feeds of a Thursday in Lubbock, Texas. A measles outbreak in West Texas has sickened scores of people and one child has died. take effect Tuesday along with
vast number of Instagram the Canada and Mexico ac-
users, including minors. B1 tions, doubles up on the previ-

Trump Softens His Tone on Kyiv

ous 10% additional tariff
 NFL teams gathered de-
Trump placed on Chinese
tailed consumer data, including
products this month.
geolocation, without clear dis-
In a post Thursday on his
closures and opt-outs, failing

But Won’t Give Security Pledge

Truth Social platform, Trump
to meet standards set by the
reinforced his threat to im-
Digital Advertising Alliance. B1
pose 25% tariffs on products
 HP said it would lay off up to from Canada and Mexico.
2,000 more employees as part Later in the Oval Office, he
of a cost-cutting plan, bringing said the U.S.’s neighbors
the total number of job reduc- President, meeting Starmer raised a plan to
By Alexander Ward,
That could lower the ten- hadn’t done enough to curb
tions to as many as 9,000. B4 send European peacekeepers sions ahead of a high-stakes drug smuggling to win an-
U.K.’s leader, says he to Ukraine, seeking a U.S. mili- Natalie Andrews meeting with Zelensky on Fri- other delay for those duties.
 The Agnelli family’s hold- and Siobhan Hughes
ing company said it would has confidence in tary “backstop” of air de- day, the fourth European leader Please turn to page A2
fenses and intelligence sup- in a week to meet with Trump
sell part of its stake in Fer- Russia making peace port. Trump repeatedly said would be “trust and verify.” about trans-Atlantic security  Trump’s tariff threats hit
rari to raise billions of dol-
he would only consider those Trump also tempered some and Russia’s invasion. “We’re S&P 500, Nasdaq............... B1
lars to pursue an acquisition
WASHINGTON—President options after a cease-fire is of his harshest criticisms of going to get along really well. I
and buy back shares. B3
Trump struck a more support- reached between Moscow and Ukraine. Asked if he still have a lot of respect for him,”
 7-Eleven owner’s founding
family failed to get financing for
ive tone on Ukraine during his
meetings with U.K. Prime Min-
Kyiv, an agreement he said he
expects President Vladimir
thought President Volodymyr
Zelensky of Ukraine was a “dic-
Trump said of Zelensky.
If Starmer failed to rope Student Debt
a proposed management buy-
out that could have deterred a
ister Keir Starmer on Thurs-
day, but stopped short of
Putin of Russia to honor.
“I have confidence, if we
tator,” Trump said: “Did I say
that? I can’t believe I said that.”
the U.S. into a peacekeeping
Please turn to page A6 Pain Grows
foreign takeover attempt. B2 promising the security guar- make a deal, it’s going to He also vowed to help Kyiv re- Borrowers who haven’t yet
antees for Kyiv that European hold,” he said in the Oval Of- claim as much seized territory  Ukraine rattled as U.S. resumed their student-loan
World-Wide allies want. fice, adding that his approach from Russia as possible. eyes 2022 plan................... A6 payments are taking hits as
their credit scores suffer. A3

Ill-Prepared North Korean Soldiers

 Trump struck a more sup- Federal student-loan debt
portive tone on Ukraine during
$1.75 trillion
his meetings with U.K. Prime
Minister Starmer, but stopped

Describe Chaos Before Ukraine Capture

1.50
short of promising the secu-
rity guarantees for Kyiv that
1.25
European allies want. A1, A6
 The U.S. intends next 1.00
Two North Korean soldiers Days later, they were fight- mount to treason. tures yet of how young soldiers
week to impose an addi-
captured by Ukraine knew ing Ukrainians on the front The indoctrination didn’t dispatched by Kim’s regime to
tional 10% tariff on China 0.75
nothing about the war they lines in Russia’s Kursk region, stop even under Ukrainian ar- aid Russia are experiencing the
and proceed with 25% tariffs
were sent to fight. They were they said. tillery fire. Military command- war. The Wall Street Journal 0.50
on products from Canada
They were instructed to ers read a letter from North was the first Western outlet to
and Mexico, Trump said. A1
By Matthew Luxmoore evade capture at all costs—by Korean leader Kim Jong Un, speak with the men, who are 0.25
 Mexico extradited to the in Kyiv, Ukraine, blowing themselves up if they which some soldiers were told being held at a facility in the
U.S. Rafael Caro Quintero, and Dasl Yoon in Seoul had to. That message was re- to transcribe by hand. “I really Ukrainian capital, Kyiv. 0
a drug boss wanted for the inforced by North Korean se- miss you comrades,” Kim said Their accounts of the arc of
2013 ’15 ’20 ’2&
1985 killing of a DEA handed Kalashnikov rifles and cret police who conducted ide- in the New Year’s greeting. their lives—from leaving home
agent, delivering on a long- told they would be facing off ological sessions on the In interviews, the two North as militarized teenagers steeped Note: Quarterly data
standing U.S. demand. A3 against South Koreans who ground in Russia, stressing Koreans captured by Ukraine in Kim’s personality cult to be- Source: Education Department

 Trump administration of- were aiding Ukraine. that surrender was tanta- offered the most detailed pic- Please turn to page A7
ficials moved to drop a CFPB
lawsuit that accused Capital
One of misleading customers
over the interest rates on
their savings accounts. A4
Nvidia Hackman’s Death Probed
The ‘Spy Sheikh’
 Andrew Tate, under investi-
gation for human trafficking in
Adapted Taking the AI
Romania, arrived in the U.S. af-
ter a Trump official discussed
the case with Bucharest. A5
Its Chips World by Storm
To Keep
20TH CENTURY FOX/EVERETT COLLECTION

 Imprisoned Kurdish mili-

tant leader Abdullah Öcalan
urged his followers to disarm
after decades of violence
that destabilized Turkey and
the wider Middle East. A6
AI Lead Abu Dhabi royal has more than $1.5
trillion to spend and he’s in a hurry
 Three Austrian mainstream BY ASA FITCH
parties said they would form BY ELIOT BROWN pound in recent months. On
a government, elbowing aside Nvidia faced a growing AND BERBER JIN a fall trip to the U.S., he
a far-right group that doubled threat early last year: The ar- SCREEN LEGEND: Two-time Oscar winner Gene Hackman, 95, grappled with fellow Brazil-
its share of the vote in an elec- tificial-intelligence world was shown in 1971’s ‘The French Connection,’ and his wife, Betsy The Abu Dhabi royal ian jujitsu devotee Mark
tion five months earlier. A8 shifting in a way that invited Arakawa, 64, were found dead in a New Mexico home. A3, A10 sometimes called “the spy Zuckerberg, and donned a
competition. sheikh” is accustomed to us- sweatshirt and jeans for a
 An illness linked to bats
As millions of people ing his vast wealth to master visit with Elon Musk at
has killed scores of people in
started using AI tools, operat- his many obsessions, which Tesla’s Texas factory.
the Democratic Republic of
Congo, with nearly half dy-
ing the underlying models to
respond to their many queries
Becoming a Beer Sommelier have ranged over the years
from martial arts to chess to
All of this is possible in
part because the 56-year-old
ing within 48 hours of show-
ing symptoms. A8
became more important than
the computing-intensive work
Is Tough. Explaining It Is Harder. videogames.
Now Sheikh Tahnoon bin
Tahnoon controls more
money than almost anyone
 Died: Gene Hackman, 95, of training them—which pro- i i i Zayed Al Nahyan, the United on the planet, as the chair-
storied American actor. A3, A10 pelled Nvidia to the top of the Arab Emirates’ national se- man of two Abu Dhabi
AI boom. Many expected that Exclusive club of Master Cicerones curity adviser and brother of wealth funds with an esti-
CONTENTS Markets........................ B9 shift could give competitors, the president, is deploying a mated $1.4 trillion in assets
Arts in Review. A10-11
Business & Finance B2
Markets Digest..... B6
Opinion................ A13-15
including Advanced Micro De- finds title comes with perks and questions similar playbook at a much and the steward of an enor-
Business News...... B3 Sports.......................... A12 vices, an opening to pry away grander scale. He wants to mous personal fortune.
Crossword................. A11 Technology................ B4 market share. muscle his tiny emirate to A new artificial intelli-
Heard on Street.. B10 U.S. News.............. A2-5 But Nvidia was already pre- BY KRISTINA PETERSON His parents were surprised. the front of the race to de- gence fund he leads, MGX, is
Mansion............... M1-12 World News........ A6-8
paring to adapt and stay at the AND LAURA COOPER Although the post at Miller velop and control AI systems set to be infused with more
forefront of the AI race despite Brewing in Milwaukee in- that could transform the than $50 billion from his
> the shift away from creating Jason Pratt was working in volved science, his primary global economy. wealth and other Abu Dhabi
models and toward operating a grad school laboratory doing qualification when it came to The world is taking no- sources, according to people
Please turn to page A4 microbiology research at beer was knowing where to tice. The CEOs of Apple, Mi- familiar with the fund. Bil-
Michigan State University find the cheapest pitcher. crosoft and BlackRock have lions of dollars more are set
s 2025 Dow Jones & Company, Inc.
 Heard on the Street: Nvidia when he decided to leave aca- Now Pratt is part of one of all paid homage at his elabo- to be spent on AI by Group
All Rights Reserved has more road to run.....B10 demia for beer. Please turn to page A9 rate Persian Gulf royal com- Please turn to page A9
 A2 | Friday, February 28, 2025 * * THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH PENNSYLVANIA
Hiker Finds Puppy
PENTAGON
Trans Troops
NEW ENGLAND
Ocean Temperature
30-year fixed rate mortgage,
weekly
Thursday
Missing for Week Face Removal Lower Last Year 8%
6.76%
A Pennsylvania hiker had The military services have The waters off New Eng-
followed his dog off a moun- 30 days to figure out how land had another warm year 7
tain trail this week when he they will seek out and iden- but didn’t heat up as fast as
glanced toward a deep coal tify transgender service earlier this decade, bucking a 6
pit below and saw a tail members to remove them trend of higher warming
move near a pile of rocks. from the force—a daunting worldwide, said scientists %
Collin Leiby, an avid hiker task that may end up relying who study the Atlantic Ocean
and wedding photographer, on troops self-reporting or near Maine.
4
locked eyes with the animal tattling on their colleagues. The Gulf of Maine, which
and knew it was Freddy, a 6- A memo sent to Defense touches three New England
month-old golden retriever Department leaders on Thurs- states and Canada, emerged 3
whose disappearance had day—after the Pentagon filed it as a test case for climate
sparked a weeklong search in as part of a response to a law- change about a decade ago 2
Pottsville, a community in suit—orders the services to set because it is warming much 2018 ’20 ’2%
eastern Pennsylvania’s his- up procedures to identify faster than most of the
toric coal country. Leiby had troops diagnosed with or being world’s oceans. The gulf is Source: Freddie Mac
been on alert for the missing treated for gender dysphoria home to some of the coun-
dog and finally found him
Monday, about 10 feet down
the coal pit, too weary to
by March 26. They will then
have 30 days to begin remov-
ing those troops from service.
try’s most valuable seafood
species.
The gulf’s annual sea sur-
Pending
U.S. Home
make his way out. The order expands on the face temperature last year
Pam and Joe Palko had executive order signed by was 51.5 degrees Fahrenheit,
pulled out all the stops since President Trump during his according to the Gulf of
Freddy went missing on Feb. early days in office setting out Maine Research Institute in
17. They took to social media. steps toward banning trans- Portland. That was more than
Sales Hit
COLLIN LEIBY/ASSOCIATED PRESS

They chased tips. They orga- gender individuals from serv- 0.88 F above the long-term
nized volunteers to distribute ing in the military. The direc- average from 1991 to 2020,
fliers in schools, churches and
across town in Pottsville. They
even hired a company that
tive has been challenged in
court. An initial but incomplete
count of transgender troops
the institute said in a report
released this month. Although
last year was the gulf’s 12th
New Low
Collin Leiby found Freddy in a coal pit in Pottsville, Pa. The
puppy’s disappearance sparked a massive community search.
uses search dogs to track
missing pets, and another that
flew thermal drones overhead.
—Associated Press
easily identifiable through
medical records is in the hun-
dreds, U.S. officials said.
—Associated Press
warmest year on record, it
was down from the fifth
warmest a year earlier, it said.
—Associated Press
In January
BY ED FRANKL

A monthly gauge of the

number of homes going under
contract in the U.S. fell to its
lowest level on record in Janu-
ary amid high prices and
mortgage rates.
According to a report from
the National Association of
Realtors, released Thursday,
the pending home sales index,
a leading indicator of house
sales based on contract sign-
ings, declined 4.6% to a low of
70.6 in January.
Economists polled by The
Wall Street Journal had ex-
pected sales to fall just 1%.
The index remains well below
100, which represents the level
of contract activity in 2001.
“It’s evident that elevated
home prices and higher mort-
gage rates strained affordabil-
ity,” said NAR Chief Economist
Lawrence Yun. However, it
was unclear if the coldest Jan-
uary in 25 years meant fewer
buyers were in the market,
and if so there could be
greater sales activity in the
coming months, he noted.
Compared with a year ear-
lier, pending home sales were
5.2% lower.
Sales fell most on month in
the South, followed by the
Midwest and West regions.
They rose slightly in the
Northeast.
U.S. existing home sales
slumped 4.9% in January as el-
evated prices and mortgage
rates put off buyers, the NAR
PATRICK T. FALLON/AFP/GETTY IMAGES

said last week.

FAA Will
President Trump plans to use higher tariffs on goods from China, Mexico and Canada to try to force those countries to curb drug smuggling into the U.S.
Hire More
Trade Fight hint that the Canada and Mex-
ico tariffs could be delayed
we can reach an agreement.”
Mexican authorities extra-
While the National Security
Council is in contact with ma-
chemicals used to make fenta-
nyl, according to people close
Air-Traffic
Expands on
again, saying that they were
scheduled for April 2. The ad-
ministration backed off those
dited to the U.S. drug boss Ra-
fael Caro Quintero, who is
wanted for the 1985 killing of
jor foreign partners such as
China, intensive negotiations
haven’t been conducted on
to Beijing’s decision-making.
The people said the lack of an
offer from China on fentanyl
Controllers
comments at the time, and on a Drug Enforcement Adminis- how to avoid the tariffs, an was a reason that no direct

Three Fronts Thursday a White House offi-

cial said that “as of now, the
decision has been made” to
tration agent, The Wall Street
Journal reported Thursday.
Prime Minister Justin
administration official said,
and reductions in tariffs
would hinge on Trump seeing
conversation had yet taken
place between Trump and Chi-
nese leader Xi Jinping.
BY ANDREW TANGEL

OKLAHOMA CITY—U.S.
impose the tariffs, though Trudeau of Canada said on fewer fentanyl overdose Liu Pengyu, the spokesman Transportation Secretary Sean
Continued from Page One talks are ongoing. Thursday that less than 1% of deaths in the U.S. at the Chinese Embassy in Duffy said the federal govern-
The administration had post- Trump’s initial tariff the fentanyl smuggled into the “It’s 10 plus 10,” Trump Washington, defended ment would take steps to hire
poned the Canada and Mexico threats set off a flurry of ne- U.S. comes from Canada. said in the Oval Office, refer- China’s record in fighting more air-traffic controllers
tariffs for 30 days at the be- gotiations on how to avoid “Canada is not the source ring to his China tariffs. drug-trafficking. and spend billions of dollars
ginning of February to allow the duties, with Mexico com- of problems for the United Mexican cartels making Unlike Canadian and Mexi- to upgrade the nation’s avia-
for negotiations. mitting troops to the U.S. bor- States,” he said. “If on Tues- bootleg fentanyl, often with can leaders, Xi has shown lit- tion system.
“The drugs continue to der to curb migration and day there are unjustified tar- China-sourced precursor chem- tle interest in focusing solely As part of plans to increase
pour into our country, killing Canada setting up a fentanyl iffs brought in on Canada, we icals, are the major source of on a deal about fentanyl, the staffing, Duffy said the Fed-
hundreds of thousands of peo- task force. will have an immediate and the opioid that has caused a people said. Rather, he aims to eral Aviation Administration
ple,” said Trump, a Republi- President Claudia Shein- strong response.” U.S. public-health crisis. negotiate a broader agreement would boost pay for students
can, after being asked about baum of Mexico said Thurs- China responded to the Evidence suggests that the with Trump that could define at its air-traffic control acad-
whether he had seen progress. day, referring to Trump’s first round of U.S. tariffs deadly drug also is increas- the tone of bilateral relations. emy in Oklahoma City by 30%
“The families are destroyed comments: “As you know, he with retaliatory duties of its ingly manufactured and ex- In a bid to prepare for trade to $22.84 an hour in the com-
after that happens.” has his way of communicat- own and is likely to do so ported from Canada, though talks with the Trump adminis- ing days.
The announcement came a ing, but as usual, we have a again when new U.S. duties numbers remain small com- tration, the Journal reported Duffy said Thursday the FAA
day after Trump appeared to cool head and optimism that are imposed. pared with Mexico. early this month, Beijing has would streamline hiring and
The most recent federal been trying to put together an shave more than four months
data show fatal overdoses kill- initial proposal that involves from the process of training
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  ing about 240 people every
day. At the same time, the
reinstating a trade agreement
signed with the first Trump
new controllers. “We have to
pay young people more to stay
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
AMPLIFICATIONS numbers are declining quickly.
Preliminary data show
administration in early 2020, a
renewed pledge not to devalue
in the academy,” Duffy said.
The secretary touted what
Published daily except Sundays and general legal holidays. graduates can earn: an average
Periodicals postage paid at New York, N.Y., and other mailing offices.
about 86,900 fatal overdoses the yuan to help its exporters,
A photo caption with a in the 12 months ended last and an offer to make more in- of $160,000. Pay varies by loca-
Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. Page One article on Wednes- September, down 24% from vestments in the U.S. tion, and the FAA said the fig-
All Advertising published in The Wall Street Journal is subject to the applicable rate card, day about a Ukrainian-U.S. the prior 12-month period. But Xi has yet to make that ure didn’t include overtime.
copies of which are available from the Advertising Services Department, Dow Jones & Co. minerals deal incorrectly iden- The driver of the decline is a offer, the people said. For now, Airline executives and con-
Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right tified an excavator as a roughly 31% decline in deaths Beijing thinks it can handle troller-union officials praised
not to accept an advertiser’s order. Only publication of an advertisement shall constitute
final acceptance of the advertiser’s order. bucket-wheel excavator. linked to synthetic opioids, the 10% additional tariffs. The Duffy’s plan. “This is a critical
Letters to the Editor: Fax: 212-416-2891; email: [email protected] the drug class that largely in- levies have raised the average initial step to making our avia-
Need assistance with your subscription?
In some editions Thursday, cludes fentanyl. duty rate on Chinese imports tion system even safer,” Ameri-
By web: customercenter.wsj.com; By email: [email protected] a U.S. News article about pos- U.S. overdose deaths have to 24.5% from about 14.5% as can Airlines Chief Executive
By phone: 1-800-JOURNAL (1-800-568-7625) sible tariffs on goods from the largely gone in one direction— of 2023, according to Gavekal Robert Isom said.
Reprints & licensing: European Union incorrectly up—for decades, and a decline Dragonomics, an economic- Duffy said he would ask
By email: [email protected]
By phone: 1-800-843-0008
identified Sen. Bill Hagerty of this size is unprecedented. consulting firm. Congress to fund upgrades to
(R., Tenn.) as from Louisiana. Beijing so far hasn’t made Chinese companies already the technology underpinning
WSJ back issues and framed pages: wsjshop.com
an offer to the Trump admin- have proven adept at avoid- the nation’s air-traffic control
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THE WALL STREET JOURNAL. * * * * * Friday, February 28, 2025 | A3

U.S. NEWS

Mexico Extradites Killer of DEA Agent

Drug lord wanted in exports to the U.S. if the gov- past decade, this extradition cocaine, methamphetamine top smuggler and distributor recaptured by an elite unit of
ernment of President Claudia was unprecedented because of and fentanyl. of narcotics with a solid foot- Mexico’s navy.
1985 incident is one Sheinbaum didn’t boost efforts its size, observers said. In re- Several senior Sinaloa car- hold in the U.S., Mexico and His extradition “represents
of 29 imprisoned to fight U.S.-bound fentanyl, cent years, many U.S. extradi- tel members have been cap- the rest of Latin America. a blow for the Caborca cartel,”
which kills tens of thousands tion requests of high-profile tured in recent days. One of Caro Quintero was convicted which Caro Quintero helped
people sent to U.S. of Americans each year. Sev- drug kingpins faced long de- them was extradited on in Mexico of the 1985 Camarena create and has expanded in
eral members of her cabinet lays in Mexican tribunals. Thursday. José Ángel Canno- murder and sentenced to 40 the border state of Sonora as
BY SANTIAGO PÉREZ are in Washington this week to “We will prosecute these bio, known as “El Güerito,” years in prison. The Camarena the once-dominant Sinaloa
AND JOSÉ DE CÓRDOBA discuss bilateral cooperation criminals to the fullest extent was indicted in federal court case had led the U.S. to briefly cartel was rocked by turf
and make the case that Mexico of the law in honor of the in Chicago last year. He is con- close the border with Mexico. wars, said Alberto Islas, a
MEXICO CITY—Mexican au- shouldn’t be punished with tar- brave law enforcement agents sidered to be a top adviser DEA Acting Administrator Mexican security consultant.
thorities extradited to the U.S. iffs. who have dedicated their ca- and the security chief for Iván Derek Maltz said Caro Quin- Mexico’s security ministry
drug boss Rafael Caro Quin- Mexico’s government said reers—and in some cases, Archivaldo Guzmán, the leader tero had spent four decades said Thursday that the 29 peo-
tero, who is wanted for the Caro Quintero was part of a given their lives—to protect of the “Chapitos,” one of the atop the agency’s most wanted ple had been held in different
1985 killing of a U.S. Drug En- group of 29 imprisoned Mexi- innocent people from the two most important factions fugitives list. “Today we can prisons throughout Mexico
forcement Administration cans accused of crimes in the scourge of violent cartels,” of the Sinaloa cartel. proudly say he has arrived in and were wanted for their
agent, delivering on a long- U.S. who were extradited on U.S. Attorney General Pam Those who were extradited the United States where jus- links to criminal organizations
standing demand by the U.S. Thursday. Two leaders of the Bondi said. include leaders of cartels des- tice will be served,” he said. and drug trafficking, among
amid rising pressure from the violent Zetas cartel, notorious Authorities have arrested ignated foreign terrorist or- In 2013, a Mexican appeals other crimes.
Trump administration. for carrying out massacres in more than 700 people since ganizations last week by the court ordered the release of Caro Quintero was indicted
Caro Quintero faces charges Mexico, were also extradited. early February, when Shein- Trump administration. Caro Quintero on grounds in 2020 in New York on charges
in the kidnapping, torture and “This action is part of bilat- baum agreed to deploy 10,000 Caro Quintero has long that his case should have of smuggling tons of heroin,
killing of DEA agent Enrique eral reciprocity and coordina- National Guard troops to been seen as one the founders been heard by a state court meth, marijuana and cocaine
“Kiki” Camarena, a crime that tion and cooperation efforts,” boost security and combat of Mexico’s international rather than a federal court. into the U.S. from Mexico and
roiled relations between the the Mexican government said fentanyl trafficking along the drug-smuggling industry that Mexico’s federal government Colombia. U.S. prosecutors ac-
U.S. and Mexico in the 1980s. in a statement. U.S.-Mexico border. Authori- began purchasing cocaine then issued a warrant for his cused him and other leaders of
His extradition comes as Presi- While Mexico has extra- ties have also seized close to from Colombian gangs in the arrest, which Caro Quintero his organization of using hit
dent Trump threatened to im- dited numerous people to face 12 tons of illegal narcotics 1980s. Mexican organized evaded for nearly a decade men to carry out murders, kid-
pose 25% tariffs on Mexico’s charges in the U.S. over the across the country, including crime groups then became a until early 2022, when he was nappings and acts of torture.

Actor Hackman
And His Wife
Are Found Dead
BY ELLEN GAMERMAN working.’ ” Hackman went on
AND ALYSSA LUKPAT to win a best actor Oscar.
He sometimes spoke about
Gene Hackman, a two-time his father’s abandoning his
Oscar winner whose storied family when Hackman was 13
acting career included “The years old. Driving away, he

FROM TOP: EVERETT COLLECTION, MARK J. TERRILL/ASSOCIATED PRESS

French Connection” and “Un- gave his son a casual wave
forgiven,” and his wife were while the boy played in the
found dead at a home in Santa street. He instantly knew his
Fe, N.M., authorities said. dad wasn’t coming back.
Hackman was 95 years old, “Maybe that’s why I became
and his wife, classical pianist an actor,” Hackman told Van-
Betsy Arakawa, was 64, ac- ity Fair in 2004. “I doubt I
cording to the Santa Fe would have become so sensi-
County Sheriff’s Office. Au- tive to human behavior if that
thorities haven’t said how the hadn’t happened to me as a
couple died, and while they child—if I hadn’t realized how
didn’t suspect foul play, they much one small gesture can
have deemed the deaths “sus- mean.”
picious enough in nature” to Recounting the story in
warrant an investigation. 2001 on the TV show “Inside
The couple was found the Actors Studio,” an other-
Wednesday afternoon at an wise restrained Hackman Gene Hackman, above, in ‘The Conversation,’ and below with his wife, pianist Betsy Arakawa, at the Golden Globes in 2003.
address on a road where paused to fight back tears.
Arakawa owns a home, ac- “It’s only been 65 years or so,” Other Oscar nominations his age and joined the Ma-
cording to property records. he said. came in 1971, for his perfor- rines, serving in China while
Hackman was known as an Hackman might never have mance as a man living in the his friends were juniors in
actor’s actor, sought out by made “Bonnie and Clyde” had shadow of his aging parent in high school. After the military,
movie stars and top directors he not just been quickly fired “I Never Sang for My Father,” he worked a series of odd
who craved the experience of from “The Graduate,” where and in 1989 for his portrayal jobs, including as a furniture
working with him. With a he had been cast as Mr. Rob- of an FBI agent investigating mover and doorman in New
roughed-up face that defied inson. Warren Beatty, the star the disappearance of civil- York City. In 1956, already in
Hollywood glamour, he helped of 1967’s “Bonnie and Clyde” rights activists in “Mississippi his late 20s and married, he
carve a path for who had Burning.” He won a best sup- moved to California to take
unconven- worked with porting actor Oscar for his acting classes at the Pasadena
tional leading Hackman on chilling turn as the sheriff Lit- Playhouse.
men who in an- Stars and top the film “Lilith” tle Bill Daggett in Clint East- At 6-foot-2 and feeling like
other era might directors craved several years wood’s “Unforgiven.” a “big lummox kind of per-
have been pi- earlier, helped Hackman’s other roles have son” with the face of “your
geonholed as the experience of him land the ranged from a priest in “The everyday mine worker”—as he
side characters. role of Clyde’s Poseidon Adventure” to a once told Vanity Fair—he
His signa-
working with the brother Buck blind man in “Young Franken- didn’t fit in with actors he
ture role was Oscar winner. Barrow. stein” to a surveillance expert called “walking surfboards.”
that of Jimmy “There was a in Francis Ford Coppola’s He befriended another actor
“Popeye” Doyle, little two-min- “The Conversation.” He also there, an awkward 19-year-old
the brutish nar- ute scene that played Lex Luthor in the Su- outsider named Dustin Hoff-
cotics police officer in the he had with me,” Beatty said perman movies, a high-school man. The two sometimes
1971 thriller “The French Con- of “Lilith” in a 2001 Los Ange- basketball coach in “Hoo- banged bongos on the roof of
nection.” Director William les Times interview. “It’s diffi- siers,” a cheesy movie pro- the theater. Their peers voted
Friedkin recalled Hackman’s cult to define that thing that ducer in “Get Shorty” and the them “Least Likely to Suc-
reluctance to dive into the makes acting fun. I felt with estranged father of quirky ge- ceed.”
character’s violence and rac- him it was just more fun, so niuses in “The Royal Tenen- After leaving movies in
ism. “I knew I had to get him that when I did ‘Bonnie and baums.” 2004 with the comedy “Wel-
angry,” the filmmaker said at Clyde,’ I wanted Gene to be in Gene Allen Hackman was come to Mooseport,” in which
a 2016 event with the Acad- it.” born in San Bernardino, Calif., he played a retired U.S. presi-
emy of Motion Picture Arts Hackman once said that on Jan. 30, 1930. He grew up boy made for himself in the rol Flynn—he was trans- dent, Hackman devoted time
and Sciences. just before Buck’s death scene, in Danville, Ill., a blue-collar basement of their home, oper- ported. She told him maybe to writing novels. He married
Friedkin said instead of yell- director Arthur Penn whis- town, where his family lived ated the printing press for a one day he would appear on Arakawa in 1991. He is sur-
ing “cut” he would try to get pered a single phrase in his with his grandmother. Hack- local paper. When Hackman’s the big screen. She died in a vived by three children with
into his star’s head. “I would ear: “A bull in a bull ring, man’s father, who the actor Canadian-born mother, a wait- house fire in 1962, two years his first wife, Faye Maltese.
say, ‘Pal, you better get a day wounded.” The image held. said would sometimes dole ress, took him to the movies before his first significant
job, you better look for some- Hackman was nominated for a out physical punishment in a to see his favorite actors—in- movie role.  Appreciation: Hackman’s
thing else, because this isn’t supporting actor Oscar. little cardboard hideaway the cluding James Cagney and Er- At 16, Hackman lied about unsentimental grit ........ A10

Student Borrowers Are Hit by Steep Declines in Credit Scores

Americans with student estimated the lower score How much do borrowers owe? Ben Kiser, a spokesman for tration decided to give borrow- would now need a cosigner for
loans are waking up to the re- would add $400 to the monthly loan servicer Nelnet, acknowl- ers another year before the new home in Colorado he
35 million people
ality that skipping payments payment for the new home she edged the concerns from some reporting delinquencies to had been planning to buy.
comes with consequences wanted to buy. 30 borrowers about communica- credit bureaus. The Education “I had the whole down pay-
again. “I’m devastated,” said Gar- tion. But he said in a written Department and loan servicers ment ready,” Matthews said. “I
cia, a 39-year-old nurse in Mo- 25 statement that “like any credit reached out to borrowers with don’t have anyone to cosign and
By Oyin Adedoyin, desto, Calif. “It’s like having card, auto loan, mortgage emails and texts in 2023 before who knows how long it will take
Angel Au-Yeung your whole life put in limbo 20 loan, or consumer loan it is ul- payments were required again, to get that score back up.”
and Matt Grossman over a simple mistake.” timately the borrower’s re- according to a Government Ac- Garcia, the California nurse,
15
About 43% of borrowers who sponsibility to ensure their countability Office report. said she didn’t resume making
The pandemic-era relief on owe payments on federal stu- 10 loan servicer has accurate Jack Matthews is among payments because she had ap-
federal student loans ended in dent loans haven’t resumed contact information.” those who noticed this month plied for a program that lowers
October, starting the 90-day making them, according to an 5 The student-loan saga began that his credit score took a hit, payments based on income. The
clock people have to make pay- analysis of government data by in 2020, when the pandemic hit falling to 620 from 784. program, SAVE, was created
ments before their credit scores VantageScore, a credit-score 0 and the government paused Matthews, 28, said his loan under the Biden administration
take a hit. That time is up, and provider. That puts more than Less than $5K $60K $200K+ payments on federal loans. servicer had been contacting an and is being challenged in
borrowers are feeling the pain. nine million people at risk of a $5K to to The reprieve looked as if it old email and home address for courts. Meanwhile, payments in
Shiloh Garcia was notified serious credit-score drop. $60K $200K would become permanent in his parents. It is possible he ig- the program were suspended.
by her bank this month that The setbacks could have rip- Note: As of 2024's fourth quarter 2022, when the Biden adminis- nored calls from the company, After seeing her credit score
her credit score had dropped to ple effects, putting homeowner- Source: Education Department tration tried to cancel loans for Nelnet, if he didn’t recognize hit, Garcia called Nelnet. The
620 from 720. She discovered ship or a new car further out of a swath of borrowers. The Su- the number, Matthews said. He loan servicer eventually told
she was more than 90 days de- reach for late-payers. quate communication from loan preme Court tossed that deci- added that he didn’t get any her it had no record of her
linquent on payments for her Borrowers cite a mix of rea- servicers. Some say bill remind- sion a year later, putting pay- voice mails or text messages SAVE application.
$16,000 in student loans, which sons for not resuming pay- ers were sent to outdated home ments back on track to resume. from the loan servicer. Garcia plans to file a com-
she had thought were still sus- ments, including confusion over or email addresses from when That was set to happen in Sep- As a result of his lower score, plaint with the Consumer Fi-
pended. Her mortgage broker their loan status and inade- the Covid-19 pandemic started. tember 2023, but the adminis- his mortgage lender said he nancial Protection Bureau.
A4 | Friday, February 28, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS
USAID CFPB Aims
Staffers Bid To Drop
Farewell
WASHINGTON—U.S.
Capital One
Agency for International De-
velopment workers, some in
tears, carted away belongings
Lawsuit
from a final visit to their
now-closed headquarters on BY DYLAN TOKAR
Thursday as the Trump ad-
ministration’s rapid-fire dis- Trump administration offi-
mantling of the congressio- cials are moving to drop a gov-
nally authorized agency ernment watchdog’s lawsuit
moved into its final stages. that accused Capital One Fi-
Notices are going out to nancial of misleading custom-
terminate over 90% of USAID’s ers over the interest rates on
contracts for humanitarian their savings accounts.
and development work around A notice of voluntary dis-
the world, and the Supreme missal was filed in federal
Court has temporarily blocked court in Virginia, where the
a judge’s order requiring the Consumer Financial Protection
administration to release bil- Bureau brought its case in Jan-
lions of dollars in foreign aid. uary. Mark Paoletta, chief legal
“We’re just here to say officer for the CFPB, also
thank you for your service. moved to dismiss other en-
We appreciate everything forcement actions, including
you’ve done and all the sacri- the agency’s lawsuits against
fices you’ve made in service real-estate company Rocket
to your country,” said Randy Homes and a student-loan ser-
NATHAN HOWARD/REUTERS

Chester, right, vice president vicer based in Pennsylvania.

of the American Foreign Ser- The future of the CFPB and
vice Association. its pending actions against
“Heartbreaking,” 25-year- banks have been in doubt since
old Juliane Alfen said. its acting director instituted a
—Associated Press work freeze, laid off employees
and closed the headquarters in
Washington. Lawyers for the

Patel Has Whirlwind Start as FBI Director

Trump administration this
week said Russell Vought, the
agency’s acting director, was
moving to cancel leases for the
agency’s offices and four re-
BY SADIE GURMAN gional offices.
AND ARUNA VISWANATHA President Trump’s nominee
to lead the CFPB, Jonathan
WASHINGTON—FBI officials McKernan, maintained Thurs-
from regional field offices day that he would ensure the
gathered on a video call this agency continues to enforce
week to hear from their new consumer financial-protection
director, Kash Patel, who rat- laws at a Senate Banking Com-
tled off so many changes that mittee hearing. Democrats
employees couldn’t tell if he questioned his statements in
was serious about all of them. light of the legal dismissals.
He was planning to reorga- “At the moment that we’re
nize the Federal Bureau of In- sitting here talking about you
vestigation with a regional taking on this responsibility,
command structure, raise fit- Russell Vought and others are
ness requirements for special dismissing lawsuits that you
agents and arrange a partner- just told me you were going to
ship between the FBI and the have the opportunity to re-
UFC cage-fighting league run view,” said Sen. Tina Smith (D.,
by a close friend of President Minn.).
Trump’s, people familiar with “This makes me question
the meeting said. who’s really going to be in
He said he didn’t like meet- charge of the CFPB,” Smith
ings, that the weekly video- said.
WILL OLIVER/PRESS POOL

conference might turn into a During the Biden adminis-

monthly one, and at one point tration, former CFPB Director
he stepped out to take another Rohit Chopra pursued an ag-
phone call, the people said. gressive line of enforcement
Patel, a prosecutor-turned- against financial institutions,
political operative, has prom- as well as new regulations that
ised radical change at the Kash Patel being sworn in as FBI director this month. He has promised radical change at the agency. were challenged by the indus-
agency, including plans to shift try. The standing of some of
part of the focus from na- as a surrogate for Trump dur- Erica Knight, said Patel was but some said they were put officials haven’t publicly ex- Biden-era actions depends on
tional-security work and for- ing the 2024 election campaign “focused on strengthening the off by what they saw as Patel’s plained how he plans to over- whether the agency decides to
eign threats toward fighting vi- and open criticism of the FBI, prioritizing national secu- insensitivity to the personal see both agencies simultane- defend them in court.
olent crime across the U.S. and agency set him apart from pre- rity, and putting agents where challenges and costs agents ously. The Capital One suit related
other Trump priorities. vious FBI directors. Patel and they’re needed most—real would face if forced to leave Patel also appears to be to changes the bank made dur-
His first week at the bureau the president share the view leadership means making quickly. bringing many stylistic ing a period of low interest
has laid bare the extent to that the FBI must be purged of tough changes, not protecting Patel had been relying on a changes to the job. rates.
which his tenure could upend what they perceive as bias the status quo.” small committee of outside ad- He told officials he planned The bank in 2019 introduced
the tradition-bound agency against Trump and other con- Knight declined to answer visers, some of them former to spend a lot of time in Las a savings account called 360
and transform its culture, ac- servatives. His ascendance to specific questions, but added: senior FBI officials, but at least Vegas, where he was living last Performance Savings, while
cording to interviews with a the job after officials from “Internal inaccurate leaks only two have left, concerned about year. He ordered new decor for keeping existing customers in
dozen current and former FBI Trump’s first administration hurt the mission of the force.” the direction of some of the his Washington office and older accounts with a similar
officials. found him unqualified and un- Last Friday, his first day on early moves, people familiar asked for his personal trainer name. When the Federal Re-
Soon after arriving, Patel trustworthy is a remarkable the job, Patel ordered officials with the group said. to be cleared to enter the serve raised interest rates,
cleared out all civil-service one. to relocate 1,500 employees On Sunday, Trump named building for his workouts. Capital One only raised rates
staff in the leadership suites “Man, this is effing crazy,” from Washington to cities with conservative commentator and Past directors rarely at- on new accounts. The CFPB’s
and replaced them with politi- Patel, whose family hails from high crime rates including fellow FBI critic Dan Bongino tended Washington social lawsuit said Capital One cus-
cal associates; ordered 1,500 India, said last week at a White Minneapolis, Detroit and as Patel’s deputy. Patel had events—to avoid being alone tomers thought they were get-
employees relocated out of House ceremony where he was Cleveland. Another FBI official told an FBI agents group that with a lawmaker or chief exec- ting the higher rate that was
Washington without money in sworn in for his 10-year term. piped in with a harsh reality, he would stick with tradition utive who might make an un- being advertised. It said mil-
place to pay for the move; and He took the oath on the according to people familiar and pick a career agent for the comfortable request—and cul- lions of customers lost out on
broke a promise he made to Hindu holy book the Bhagavad with the exchange: The re- No. 2 role. tivated an office dress code of $2 billion in interest payments.
agents to appoint a deputy Gita, held by Attorney General structuring could cost $100 Several other senior FBI of- suits and ties. Patel has been “We welcome the CFPB’s
from their ranks. Pam Bondi, as relatives and million, with each move esti- ficials put in for their retire- spotted around Washington, decision to dismiss this action,
He also got a second job fellow Trump officials looked mated at up to $100,000, and ment upon hearing of the pick. including a party at the British which we strongly disputed,” a
running another law-enforce- on. After his confirmation, the bureau didn’t have the The next day, Patel was ambassador’s residence on Capital One spokesman said.
ment agency, an unusual ar- supporters of Patel shared a funds to cover it. Patel was un- sworn in as acting director of a Wednesday. He also showed up A spokesman for Rocket
rangement given that being Bollywood dance video with moved. Figure out how to do it different law enforcement to the regional meeting with- Homes called the CFPB’s case a
FBI director is seen as one of Patel’s face superimposed into anyway, and fast, he told them. agency with more than 5,000 out a jacket. “I’m not planning “misrepresentation of the
the toughest jobs in govern- it celebrating victory over op- Current and former agents employees—the U.S. Bureau of on wearing a suit, and I don’t facts” in a statement. “We are
ment. ponents. have said they support sending Alcohol, Tobacco, Firearms and expect you to wear one,” he proud to put this matter be-
Patel’s partisan background A spokeswoman for Patel, more personnel to field offices, Explosives. Justice Department said. hind us,” he said.

How Nvidia included sales and profit that

exceeded analysts’ expecta-
tions, coupled with an optimis-
Colette Kress, Nvidia’s chief
financial officer, added that
many early deployments of the
In the past, Huang sug-
gested inference and training
will converge as AI more
making purpose-built chips,
said there was already serious
adoption and consideration of
vanced Micro Devices, whose
AI chips are largely aimed at
the inference market. And all

Prepared tic forecast for the company’s

current quarter.
Despite the strong results,
company’s Blackwell chips
were earmarked for inference
work. That pattern was a first
closely aligns with how hu-
mans operate. People don’t ab-
sorb new information and ref-
alternatives. He said Nvidia’s
chips were fundamentally lim-
ited by their origins as graph-
of the largest tech companies
are developing their own AI
inference chips.

For AI Shift Nvidia shares fell 8.5% to

$120.15 on Thursday, its largest
post-earnings percentage drop
for a new generation of the
company’s chips, she said.
Among the companies pur-
erence it separately, he said at
Stanford University last year.
“You’re learning and inferenc-
ics-processing units adapted
for AI instead of custom-made
for the moment. “Sharpening
Jim Piazza, an executive at
information-technology man-
agement company Ensono who
since November 2018. Investors suing reasoning models are ing all the time,” he said. the Swiss Army knife only gets worked on computing infra-
Continued from Page One got cold feet as analysts OpenAI, Google and the Chi- Nvidia faces strong compe- you so far,” Wachen said. “You structure at Meta Platforms,
them, a process known in the pointed to narrower profit mar- nese AI upstart DeepSeek. tition in inference, industry have to build specialized hard- said Nvidia might need to take
industry as “inference.” gins in the quarter and con- The emer- insiders said. ware if you want to get maxi- further steps to address the
Its latest AI chips, called cerns about chip sales in China. gence in Janu- W h i l e mal performance. You’re hit- competition in inference by de-
Blackwell, are larger in size, Inference has become a ary of Deep- Nvidia’s ad- ting a wall here.” veloping chips specifically for it.
have more computer memory growing focus as AI evolves Seek, which Inference is a vances in hard- A number of startups have “I have to imagine Nvidia is
and use less-precise numbers toward so-called reasoning said it built so- growing focus ware and in- begun making inroads among going to drop some kind of in-
in AI computations. They can models, where a digital brain phisticated AI vestments in its large AI customers. Cerebras, a ference powerhouse sooner
be linked together in large thinks through answers to us- models that re- as AI shifts to AI software startup that designs the larg- rather than later because I
numbers with superfast net- ers’ queries step by step. quired fewer have kept cus- est chips ever produced, said think they will get eclipsed in
working, which Dylan Patel, That process can require a Nvidia chips,
reasoning tomers around, this month that it was working that market,” Piazza said.
the founder of industry re- hundred times more comput- touched off the models. a variety of with the French AI developer Huang is already thinking
search firm SemiAnalysis, said ing power, Chief Executive first significant new chips from Mistral on the world’s fastest through a future that involves
led to “breakthrough gains” in Jensen Huang said on a call scare for Nvidia startups and AI chatbot. Saudi Arabia’s oil a lot more computing power—
inference. “Nvidia’s perfor- with analysts Wednesday. since the AI more estab- giant Aramco is working Nvidia’s, he hopes.
mance gains for Blackwell are “The vast majority of our boom began. lished chip makers mean it closely with AI-chip startups Reasoning models, he said
much larger in inference than compute today is actually in- Huang brushed off that won’t be easy for Nvidia to Groq and SambaNova Systems Wednesday, could eventually
they are in training,” he said. ference, and Blackwell takes threat on Wednesday, describ- maintain its top position. to set up large computing fa- require thousands or millions
Nvidia’s quarterly earnings all of that to a new level,” he ing DeepSeek’s advances as Robert Wachen, a co- cilities for inference. of times more computing
report on Wednesday partly said. “We designed Blackwell “an excellent innovation” that founder of AI chip startup Nvidia’s more-established power than their predeces-
reflected its success in adapt- with the idea of reasoning AI developers everywhere Etched, which aims to compete competitors have efforts of sors. “This is just the begin-
ing to the industry’s shift. It models in mind.” were taking inspiration from. with Nvidia in inference by their own, including Ad- ning,” he said.
THE WALL STREET JOURNAL. Friday, February 28, 2025 | A5

U.S. NEWS

House Votes
Become Tricky
For Democrats
Injuries, age weigh Several Republicans were on
the fence, but the party was
on party attendance anticipating some breathing
as tiny GOP majority room, because of Democrats’
spotty recent attendance re-
puts bills in doubt cord. On previous contentious
votes, including the Laken
BY XAVIER MARTINEZ Riley immigration bill and a

ANDREW HARNIK/GETTY IMAGES

ban on transgender athletes in
WASHINGTON—Rep. Nancy women’s sports, absences by
Pelosi shuffled into the House Democrats far outpaced those
chamber leaning on what ap- of Republicans, helping the
peared to be a hiking pole. Rep. GOP expand its winning mar-
Brittany Pettersen brought her gins.
new baby snuggled in her As GOP leaders worked to
arms. Rep. Kevin Mullin rushed get the handful of holdouts in Clerks tallied votes for House speaker on the first day of the new Congress in early January at the Capitol.
back from a hospital on the line, several Democrats in par-
West Coast, his wife adminis- ticular were seen as possible House members who have missed at least one vote* Median age of voting members have missed votes at
tering intravenous antibiotics no-shows. Rep. Raul Grijalva of Democrat Republican House members† higher rates than their younger
throughout the long flight. Arizona, 77, who has been un- counterparts, and older Demo-
All of these recently side- dergoing treatment for cancer, 100% %3 years crats have missed more votes
lined Democrats made it to the hadn’t voted since Jan. 3. Mul- than older Republicans.
Capitol on Tuesday night to lin, the 54-year-old California %2 Democrats The median age of House
Rep. Raul Grijalva (Ariz.)
vote “no” on Republicans’ bud- congressman, had missed votes 80 Republicans Democrats and Republicans is
PERCENTAGE OF VOTES MISSED

(Missed 95% of votes due

get measure, hoping their op- after he was hospitalized for %1 almost identical, according to
position would be enough to complications following a Janu- to cancer treatment) congressional biographical
sink it. And for a moment, it ary knee surgery. Florida Rep. %0 %0 data, but Democrats account
looked like it might. Frederica Wilson, 82, hadn’t for 16 of the 20 oldest mem-
Democrats can make life un- voted in nearly a month. Pet- 59 bers in the House.
comfortable for Republicans tersen of Colorado, 43, had just 40 Age and generational power
because of the GOP’s razor-thin given birth. 58 has been a running theme in
House majority and constant House Minority Leader Democratic politics. Former
infighting. But only if they Hakeem Jeffries (D., N.Y.) told 20 Speaker Pelosi left leadership
57
show up. Democrats typically Democratic lawmakers in a let- after the 2022 election and
miss more votes than Republi- ter Monday morning that “it’s passed the torch to Jeffries.
0 5%
cans do, a Wall Street Journal imperative that we are present Pelosi, 84, fell and broke her
analysis shows, often giving with maximum attendance,” 30 40 50 %0 70 80 90 2017 ’19 ’21 ’23 ’25 hip in December while in Lux-
the GOP extra padding on the given the expected closeness of AGE OF CONGRESS MEMBER embourg with a congressional
most contentious measures. the budget vote. Democrats say delegation. She has missed
*From the start of the 119th Congress to Feb. 23. †Includes members sworn in on the first day of each Congress. Members whose ages were unable
Ahead of Tuesday’s show- that party leaders regularly is- to be confirmed are not included. about half of all votes so far
down, House Speaker Mike sue attendance reminders and Source: U.S. House of Representatives this Congress.
Johnson (R., La.) said passing in certain cases speak one-on- Jerrold Nadler, 77, who en-
the GOP budget blueprint one about the importance of For a moment, it looked like sided with Democrats in voting Trump’s plan for border secu- tered the House chamber in a
would be difficult, given his showing up. the Democrats might have no. rity, tax relief and spending wheelchair during Tuesday’s
slim margin and the near-cer- The push seemed to work. mustered enough opposition to The voting pattern could later this year. votes—he tore a muscle—cam-
tainty that no Democrat would Pettersen arrived at the Capitol defeat the measure. Republi- continue to play out this year. The Journal analysis of paigned last year to retain his
support it. “This is a prayer re- with her three-week-old son. cans, who were uncertain While lawmakers regularly House voting records shows position as the highest-ranking
quest,” Johnson said. “Just Mullin used a walker to get to about their head count, miss votes because of travel how much weaker Democrats’ Democrat on the House Judi-
pray this through for us be- the House floor. Wilson, who skipped over the expected bud- delays and one-off conflicts, attendance has been compared ciary Committee. But the New
cause it is very high stakes.” hadn’t voted since Jan. 23, also get vote to another bill. But more disruptive are long-term with Republicans’. Democrats York lawmaker dropped out of
The GOP has a 218-215 ad- showed up. She didn’t respond minutes later, they put the absences due to age, health is- accounted for 17 of the 20 the race after he was chal-
vantage in the House, meaning to questions about her ab- budget proposal on the floor, sues and other circumstances. chronic vote-missers, defined lenged by 62-year-old Jamie
the party can afford no more sences. Only Grijalva, who has and it was adopted 217-215. All Attendance will remain an is- as members who missed at Raskin of Maryland.
than one “no” vote if all Demo- been undergoing treatment for Republicans were in atten- sue as Republicans take the least 20% of the votes cast Nadler has had near-perfect
crats are present and oppose a cancer, was unable to cast a dance, and just one, Rep. framework they adopted Tues- from the session’s start on Jan. attendance this year, missing
bill. vote. Thomas Massie of Kentucky, day and work to pass President 3 through Feb. 23. Older House one vote in January.

Tate Arrives From Romania, The LOWEST Price

You Will Ever Pay for

Site of His Trafficking Probe

a Swiss Watch

“Great Swiss quality ImpStaue ®
ossi r
b
Onl le Price
BY MAX COLCHESTER
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high tactical style”
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Social-media influencer An-

CRISTOBAL HERRERA-ULASHKEVICH/EPA/SHUTTERSTOCK

drew Tate, under investigation

for human trafficking and
other criminal charges in Ro-
mania, left Bucharest on a pri-
vate jet to the U.S. alongside
his brother, shortly after a se-
nior Trump official discussed
the case with Romanian offi-
cials.
Andrew and Tristan Tate,
who have U.S. and U.K. citi-
zenship, have been barred
from leaving Romania since
2022, when they were put un- Andrew Tate spoke with the media as he and his brother Made in
der investigation. On Thurs- Tristan arrived in Fort Lauderdale, Fla., on Thursday. Switzerland
day, Romania’s special prose-
cutor’s office said that it gave and the brothers’ case has with a belt and threatening
the brothers permission to been championed by several her. Over the ensuing years,
travel but that they were still right-wing commentators. he styled himself as a self-help
under investigation and would “This is a democratic soci- guru for young men while
be expected to return to the ety,” Andrew Tate said, stand- criticizing a Western culture
country at a later date. ing outside Fort Lauderdale that denigrated what he called
Romanian authorities accuse airport. “It is meant to be in- the traditional role of men in

Tactical Meets Practical

the brothers of exploiting nocent until proven guilty.” society. After starting a web-
women via an adult content Joseph McBride, a lawyer cam business in the U.K., he
business that allegedly oper- for the brothers, said they moved to Romania.
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A6 | Friday, February 28, 2025 * * THE WALL STREET JOURNAL.

WORLD NEWS
Leader Urges Kurds to Disarm Ukraine Rattled as
Path is uncertain
to ending the deadly
U.S. Eyes 2022 Plan
conflict that has BY YAROSLAV TROFIMOV need to reinvent the wheel, the
AND MICHAEL R. GORDO person said. The U.S. approach
destabilized Mideast should be to take the frame-
A suggestion by the Trump work from that 2022 negotiat-
BY JARED MALSIN administration’s top negotiator ing effort and adapt it to the
AND ELVAN KIVILCIM that a Ukraine peace deal current circumstances, the
would be based on talks con- person said.
ISTANBUL—An imprisoned ducted in Istanbul nearly three Witkoff also didn’t intend
Kurdish militant leader urged years ago has buoyed Russian his comments to be an en-
his followers on Thursday to officials and spooked Ukraine dorsement of capping the
give up their weapons, open- and its backers. Ukrainian military at a low
ing an opportunity to defuse a To Kyiv, recent remarks by level of troops, the person said.
YASIN AKGUL/AGENCE FRANCE-PRESSE/GETTY IMAGES

conflict that has killed tens of Steve Witkoff appeared to em- The U.S. believes Ukraine
thousands of people in recent brace the Kremlin’s key, and in- needs security safeguards, the
decades, and destabilized Tur- correct, talking point over the person said, adding that the
key and the wider Middle East. past three years: That Ukraine Trump administration and its
Abdullah Öcalan, who is in and Russia were about to interlocutors would have con-
his mid-70s, is the leader and strike a peace deal in Istanbul versations about what that
founder of the outlawed Kurd- and that Kyiv walked away un- means and which nations
istan Workers’ Party, known der pressure the West. could provide them.
as the PKK. He also called for Russian President Vladimir The White House’s National
the group to disband and for Putin has demanded that any Security Council didn’t reply to
its allied factions to disarm af- future peace talks be based on questions about what Witkoff
ter some 40 years of violence. a return to the meant by a re-
“All groups must lay down People hold a photograph of jailed PKK leader Abdullah Öcalan in Diyarbakir, Turkey. Istanbul param- turn to the Is-
their arms and the PKK must eters, which in tanbul frame-
dissolve itself,” Öcalan wrote in curity threat and help settle In Syria, Öcalan’s call, if im- thing, Turkey has offered in Moscow’s inter- Negotiator’s work.
a statement composed in the is- one of the nation’s most im- plemented, could help the coun- return for the PKK laying pretation fore- comment seen The Witkoff
land prison off the coast of Is- portant political questions af- try’s fragile transition away down their arms. The Turkish see a sharp cut comments came
tanbul where he has been held ter decades in which millions from autocratic rule. Kurdish- government could free Öcalan in Ukraine’s as an embrace ahead of an ex-
since 1999, when he was cap- of Kurds have demanded rec- led Syrian militias allied with or other Kurdish leaders from military, a ban pected meeting
tured in Kenya by Turkish intel- ognition. Öcalan’s statement is the PKK are among the main prison as a part of a possible on foreign
of Kremlin between Presi-
ligence officers. He called on his likely to strengthen President obstacles to the new govern- future deal, some analysts say. weapons and talking points. dent Trump and
movement to use democratic Recep Tayyip Erdoğan, who ment in Damascus consolidat- The president’s office troops, and a Zelensky over a
means to achieve their aims. could claim the call to disarm ing power after rebels ousted didn’t respond to a request for Russian veto on deal to give the
The statement follows as a domestic victory that Bashar al-Assad, ending some comment. Western secu- U.S. rights to
months of negotiations and boosts Turkey’s security. 14 years of rebellion and war in The conflict also has been a rity assistance in case of re- Kyiv’s mineral resources.
was read on his behalf at a Öcalan’s move comes after December. The militias control source of friction between An- newed conflict. Ukraine refuses The Istanbul talks were con-
news conference in Istanbul, more than a year of conflict that a swath of northeastern Syria kara and Washington for a de- to return to that draft, which vened as Russian tanks were
after pro-Kurdish officials altered the balance of power in where some of them are backed cade, since the Obama admin- was never completed or ap- on the Kyiv ring road, a culmi-
brought it from the prison. The the wider Middle East, includ- by U.S. troops and air power. istration partnered with some proved by President Volodymyr nation of negotiations that be-
message could have far-reach- ing Israel’s war with Hamas The path to resolving the Syrian Kurdish militants in Zelensky. gan shortly after the Feb. 24,
ing consequences for Turkey, militants in Gaza and Iranian- conflict remains uncertain, the war against Islamic State. “I think we will be using 2022, Russian invasion. They
Syria and the broader region. allied militias across the region. with no clear plan for a peace Washington in recent years that framework as a guidepost reflected the battlefield situa-
The PKK, designated as a The weakening of Iran contrib- process and thousands of PKK- has said it makes a distinction to get a peace deal done,” Wit- tion when Ukraine’s statehood
terrorist group by Turkey and uted to the fall of the Assad re- affiliated fighters spread between the PKK and members koff said on CNN about the Is- was on the verge of collapse,
the U.S., has fought a slow- gime in Syria in 2024, further across the region. Much will of its Syrian branch that have tanbul talks, which were held and Russia was dictating terms
burning war with the Turkish realigning the region and re- depend on how Erdogan and worked with the U.S. military. in March 2022. for a surrender.
state, including gun and bomb moving a key Turkish opponent. the Turkish government choose The leader of the U.S.-backed Witkoff’s comments weren’t Russian troops, however,
attacks and years of guerrilla A resolution to the conflict to respond to Öcalan’s message Syrian Democratic Forces, Gen. intended to be an endorsement were defeated around Kyiv and
warfare, since the 1980s. The with PKK could help remove an and whether Kurdish militants Mazloum Abdi, on Thursday of the Russian view that the rest of northern Ukraine as
group initially fought for an in- irritant from Turkey’s relation- comply with the call to disarm. said Öcalan’s call for disarma- Ukraine should be largely de- negotiators gathered in Istan-
dependent Kurdish state and ship with the U.S., which has Thousands of battle-hard- ment didn’t apply to his organi- militarized or that Russia bul. Ukraine has since re-
later demanded more rights been strained by an American ened Kurdish fighters would zation, though he said he wel- should have a veto over foreign claimed additional areas of the
for Kurds, a broad ethnic group military partnership with some have to be demobilized. Key comed the initiative for a peace military support for Kyiv or se- Kharkiv and Kherson regions.
of tens of millions of people Kurdish fighters in the battle leaders of PKK affiliates, in- process with Turkey. curity assurances for Ukraine, Even after hostilities end,
spread across Turkey, Syria, against Islamic State extremists. cluding a political party linked Some Kurdish citizens said said a person familiar with his Ukraine will maintain armed
Iraq and Iran. The PKK has af- “We believe it will help bring to the group in Syria, recently they felt deflated because the thinking. His view is that the forces at the maximal size that
filiates in all four countries. peace to this troubled region,” have said they would comply statement lacked specifics two parties were close to a is required to deter another
In Turkey, an end to the said Brian Hughes, National Se- with Öcalan’s message. It is about how the conflict would deal in Istanbul and that the Russian invasion, Zelensky
conflict could resolve a top se- curity Council spokesman. also not clear what, if any- be resolved. Trump administration didn’t said.

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THE WALL STREET JOURNAL. Friday, February 28, 2025 | A7

WORLD NEWS

Pair Fought dergoing treatment for injuries

and giving testimony to offi-
cials. Paek is mostly bedrid-

For Russia den, wounded in both legs. Ri

is nursing a badly injured arm,
and struggled to speak after a

In Ukraine Ukrainian bullet tore through

his arm and part of his jaw be-
fore his capture in January.
Paek’s deployment to Russia
Continued from Page One came with no warning. He was
ing flung into the vicious fight trained to follow orders with-
for Russian territory—offer a out asking questions. He was
rare insight into the secretive drafted at the age of 17 into
world of North Korea and its the special forces of the Re-
armed forces, the regime’s par- connaissance General Bureau,
amount institution. which trains for raids and sab-
They also shed light on otage operations in South Ko-
Russia’s deepening ties with rea. North Korea has manda-
the reclusive dictatorship that tory military conscription for
has supplied it with missiles men, which lasts for a decade.
and around half the artillery Paek, a rifleman, recalls
shells Moscow is using on the regular defense training and
front lines, Ukraine said. The deployments to other regions
involvement of North Korean where help with major build-
soldiers reflects how the war, ing projects was needed. The
now entering its fourth year, day he went off for military
has taken on a global dimen- service in May 2021 was the
sion, even as the Trump ad- last time he saw or heard

SASHA MASLOV FOR WSJ (2)

ministration has moved to end from his parents, he said.
Russia’s isolation and push for In November, he was taken
a quick peace deal to end it. by train to Russia’s Far East,
President where he said
Volodymyr Zel- he was issued a
ensky of Russian army
Ukraine said on Paek, injured, uniform and a
Sunday that thought of Russian mili- North Koreans Ri, above, and Paek faced heavy artillery and
4,000 North Ko- tary ID. Unfa- drone fire in Kursk before being wounded and captured.
reans had been suicide in line miliar with the
killed or Cyrillic alpha- and suddenly unable to move be very different from us North
wounded in the
with North bet, he was un- his legs, he realized that Koreans. Maybe even weird,”
war and that Korean protocol. able to recog- shrapnel had lodged in them. he said. “Having seen them
Pyongyang had nize the name. He thought of committing sui- here, I see there’s nothing dif-
recently dis- “I didn’t know I cide in line with North Korean ferent between them and us.
patched up to was going to military protocol. They’re all good people.”
2,000 more troops to make up Russia,” he said. “I realized it He lost consciousness. Then Ri was captured the same
for the losses. Neither Russia only when I arrived.” he lay on the frigid forest floor day. He said he was the only
nor North Korea has confirmed He received body armor for five days, losing blood. By survivor of a three-man squad
these troops’ involvement. and an assault rifle and began the time enemy soldiers found sent to assault Ukrainian posi-
The soldiers who spoke to training. The drills were simi- him on Jan. 9, he had been on tions. The bodies of at least
the Journal are the only two lar to those he had done in the front lines for only a week. five North Koreans lay near
North Koreans who have been North Korea, but there was The men who took him cap- him in the forest, he said,
captured alive, Ukraine said. one key difference: Drones tive were Ukrainian special where he was found in critical
The two men arrived in Rus- were involved. The Russian in- forces dispatched with the ex- condition after being shot in
sia last fall together with some structors, aided by Korean press purpose of taking him the arm and jaw.
12,000 North Korean troops translators, explained to Paek alive. The Ukrainian troops Paek and Ri acknowledged
tasked with helping Moscow and his comrades how the kill- said in an interview that the that returning to North Korea
retake territory occupied by ing machines used by Mos- motivated to fight by claims motherland,” he said. “I don’t North Korean brandished a as former POWs could be dan-
Ukraine in Russia’s Kursk re- cow’s forces worked. from his North Korean superi- know why, but I had no fear.” grenade as they approached, gerous. Last year, the Kim re-
gion. Used in infantry attacks After a multiday journey by ors that South Korean troops In early January, Paek was threatening to blow himself up. gime labeled South Korea its
and largely unsupported by ar- plane, train and bus to Kursk, were fighting with the Ukrai- assigned to a 10-man unit of They calmed Paek down, fed principal enemy and declared
mored vehicles or artillery, Paek arrived near Russia’s nians. In October, he boarded a North Koreans sent to block a him, and gave him first aid. it would no longer seek reuni-
hundreds of North Koreans border with Ukraine and was Russian naval vessel for Vladi- strategic road. They advanced Gangrene in his feet was so se- fication. But most North Ko-
with no combat experience posted immediately to a net- vostok, hoping for a “real bat- on foot toward the road, mov- vere that he later had several rean escapees still choose to
were cut down as they trekked work of bunkers not far from tlefield experience,” he said. ing obstacles onto it to pre- toes amputated, Ukrainian offi- resettle in the South, for which
across barren fields on deadly the front line. It was at this Once in Kursk, Ri was told he vent vehicles from passing. cials said. Other than the Rus- their defection is of enormous
missions set by the Russians. point that it dawned on him was taking part in a battle to The men came under heavy sians he saw from afar in strategic and symbolic value.
The two captured sol- that he was at war. liberate the Russian region from artillery and drone fire. Paek Kursk, the special forces were “At the end of the day, we
diers—21-year-old Paek and Ri, a sniper in the Recon- occupying Ukrainian forces. “I saw a number of his comrades the first foreigners he had met. are one nation, one people,”
26-year-old Ri—are now un- naissance Bureau, said he was fought as if Russia were my killed. Thrown to the ground “I thought foreigners would Paek said.

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A8 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

Israel Missed Signs in Plain Sight Austrian

Coalition
A military probe
reviewed battles,
destroyed. Some soldiers and
commanders drove themselves
to southern Israel after seeing
Excludes
decisions before
Oct. 7, 2023, attack
reports on social media about
the attack but large-scale rein-
forcements took hours.
Far Right
“The big challenge in those
BY DOV LIEBER critical hours was to under- BY BERTRAND BENOIT
stand what was going on,” said
TEL AVIV—The first Israeli a second senior military official. BERLIN—In the latest sign
military commission into the Israel had one or two drones of the political center’s push-
Oct. 7, 2023, attacks found that in the air but lacked the forces ing back in Europe, three Aus-
military officials were blind- on the ground. The military trian mainstream parties on
sided by the Hamas-led assault said friendly fire incidents were Thursday said they would form
after badly misinterpreting the limited but wouldn’t elaborate. a government, elbowing aside
militant group’s intentions and the far-right group that had
vastly underestimating its capa- won the country’s election.
bilities—right up to the attack. Israel hoodwinked Earlier in the week, Ger-
Signs of an impending as- Hamas deceived Israel into many’s center-right Christian
TSAFRIR ABAYOV/ASSOCIATED PRESS

sault were everywhere. But thinking its priority was eco- Democratic Union said it would
even preparations by Hamas as nomic concessions to seek a coalition with its smaller
blatant as militants activating strengthen its rule over Gaza, center-left rival, after an elec-
Israeli sim cards and moving the Israeli military officials tion in which the far right dou-
forces to designated gathering said. bled its share of the vote.
points on Oct. 6, 2023, weren’t Hamas sat out fighting be- The two events could mark
treated with urgency by Israel tween Israel and another the start of resistance to U.S.
officials, the report concluded. smaller militant group in Gaza pressure on European main-
Those officials believed An Israeli soldier stands by the bodies of Israelis killed during the Oct. 7, 2023, Hamas attack. following its 2021 battle with stream parties to share power
Hamas was either doing a mil- Israel. That led Israeli officials with far-right groups whose
itary exercise, preparing to pied by a potential attack in the area and three days to any major confrontation. That to assume Hamas had been agendas more closely match
defend from an attack by Is- its north by Hezbollah mili- fully repel the attackers. was true, the Israeli officials deterred. the Trump administration’s.
rael, or readying small pin- tants from Lebanon, making Israel had regular soldiers said, until Sinwar took control Crucially, Israel misjudged Politicians and analysts in
point cross-border raids. The Gaza a blind spot that became in intelligence and observers and reoriented the group toward how much Hamas thought Germany have billed the Ger-
indicators were reminiscent of an easy target for Hamas. in the field who warned a direct attack on Israel. But Is- Iran, Lebanese militant group man coalition negotiations as
events over the previous year, Hamas took advantage on Hamas was planning an at- raeli intelligence missed the Hezbollah, Palestinians in the the last chance for the politi-
strengthening the misconcep- Oct. 7, storming the border on tack. But that information strategic shift, the probe said. West Bank and Israel’s own cal center to reverse a popu-
tion among military officials the Jewish holiday of Simchat wasn’t enough to dissuade se- Hamas launched the Octo- Palestinian citizens would join list trend that has turned the
that nothing was unusual. Torah when fewer troops nior intelligence officials from ber 2023 attack, its own offi- the battle. Hamas ultimately Alternative for Germany from
The findings, the result of posted along the border. the overall assessment that cials have said, after seeing never received the full backing a fringe group with connec-
the highest-level probe into Hamas didn’t want a war. the internal upheaval in Israel from any of these groups, tions with neo-Nazis into the
the worst attack on Israel in caused by a controversial plan though Hezbollah launched country’s second-largest polit-
the country’s history, shed Overwhelming attack to overhaul the judiciary. rockets across Israel’s border, ical force. The group, created
new light on the scale of Is- In gaming out an assault Missed signals As the assault neared its creating a two-front war that in 2013, now holds a quarter
raeli intelligence failures and from Gaza, Israel’s military Even after discovering in crescendo, Mohammad Deif, divided Israel’s forces. of seats in Parliament and will
scope of Hamas’s planning. planners assumed a worst- 2022 a Hamas plan to attack the group’s military chief, Israeli intelligence lacked lead the opposition to the gov-
The details likely will case scenario in which Hamas southern Israel, the country’s called on all Gazans to grab any real internal criticism of ernment.
prompt further reckoning in tried to breach four to eight officials determined the docu- any weapon and storm Israel. its thinking, an official said. In On Thursday, almost five
Israel, where no politician and points along the border, the ment, called Operation Jericho Thousands of civilians rushed recent decades, military intel- months after Austria’s election,
only a handful of military fig- report found. In fact, the mili- Wall, was more an aspiration across the border, looting and ligence strayed from the key the center-right People’s Party,
ures have resigned over the tants attacked nearly 60. than an actual assault manual. engaging in violence. mission of providing an early or ÖVP, center-left Social Dem-
failings, though the report Hamas’s first target was the The theoretical plan for an By noon on Oct. 7, 2023, warning and became deeply ocratic Party and pro-business
doesn’t apportion blame. Israeli base responsible for the attack on southern Israel was there were 5,600 militants and involved in providing tactical Neos party said they had
area around the Gaza Strip, approved by Hamas in 2019, civilians from Gaza inside Is- intelligence for Israel’s wider agreed to form a government.
where it killed the top com- and got operational approval rael. Israel only had hundreds military operations. “Behind us are what were
Focus was on north manders and wiped out Israel’s in August 2021. By April 2022, of soldiers defending the bor- “The specific intelligence perhaps the most difficult gov-
Hours before the attack, se- area intelligence capabilities. Hamas was considering dates der that morning. details that popped up during ernment negotiations in the
nior military officials were up The strike left Israel blind for for the attack, which was only that night [of Oct. 6, 2023] history of our country,” said
late into the night discussing three hours as the broader op- known to a select few, but for weren’t strong enough to Christian Stocker, ÖVP head
suspicious behavior by Hamas. eration unfolded and allowed which thousands of operatives Fighting blind break a yearslong conception,” and designated chancellor.
Israeli military chief of staff waves of militants to cross the had trained for years. Starting at 6:29 a.m., as the official said. Their program includes
Herzi Halevi told his deputies fence into Israel unopposed. The origins of the Oct. 7 at- Hamas fired rockets, 1,500 measures right-wing populists
to gather more information for Militants had free rein to tack stretch back to 2016, with fighters invaded. have called for, such as cutting
a briefing the next day. No one attack military bases, kill civil- the rise of the group’s now- “We are at war,” Israeli bri- Upshot for Israel welfare payments to asylum
thought time was a critical ians at a desert rave and in deceased leader Yahya Sinwar gade commander Asaf Hamami The report recommends Is- seekers, abolishing family re-
factor, Israeli officials said. agricultural communities. In through the leadership ranks, said over the radio at 6:45 a.m. rael establish an intelligence unification for refugees and
However, Israel’s top gen- total, 1,200 security personnel the investigation said. The first hours of the attack unit whose sole purpose is to barring Islamic headscarves for
eral in its north was sum- and civilians were killed that Israel had believed Hamas were the most damaging and evaluate warning signals, sig- girls under 14. The parties also
moned late that night to army day and 251 people were taken was focused on building a state deadly for Israel because it nificantly increase the size of said they would freeze rents
headquarters in Tel Aviv. Is- hostage. It would take 5½ in Gaza and trying to take con- had no eyes on the ground af- the military and beef up bor- for a year and combat exces-
rael’s military was preoccu- hours to get reinforcements to trol of the West Bank, before ter its chain of command was der defenses. sive government spending.

Bat-Linked Disease WORLD WATCH

Kills Scores in Congo

BY NICHOLAS BARIYO ing aid, but stop-work orders
remain in place for agencies
KAMPALA, Uganda—A fast- operating with American
spreading mystery illness linked funding. Humanitarian groups
to bats has killed scores of peo- in Congo, where more than 26
ple in the Democratic Republic million people rely on emer-
of Congo, with nearly half dying gency aid, are running out of
within 48 hours of showing food and medicine.
symptoms, the World Health The WHO warned that the
Organization said on Thursday. yet-to-be-identified illness
The disease, which causes poses a “significant public
uncontrolled bleeding, vomit- health threat.”
ing, diarrhea and other symp- Congo, a vast country that
toms of hemorrhagic fever, stretches across the waistline
NELSON ALMEIDA/AGENCE FRANCE-PRESSE/GETTY IMAGES

had infected 1,096 people and of Africa, already was strug-

killed 60 as of Feb. 23, the gling to respond to various
WHO said. emergencies, including the re-
The disease was discovered cent seizure of key eastern cit-
in three children in the remote ies by Rwandan-backed rebels.
Équateur Province, in January. Congo “is facing many con-
The children vomited blood, current crises and outbreaks,
suffered nosebleeds and died putting a further strain on the
within two days. health sector,” the WHO’s Af-
A few weeks later, a second rica office said.
and larger out- Test samples
break was re- shipped to a
corded 100 laboratory in
miles away in The WHO Kinshasa, the CUB SCOUT: Accompanied by her Russian mother, Aurora, polar-bear cub Nur—born on Nov. 17 in a first for Latin America—
the village of warned the country’s capi- made her public debut at Brazil’s São Paulo Aquarium on Thursday as part of the International Polar Bear Day celebrations.
Bomate, where tal, have ruled
hundreds of illness poses a out Ebola and THAILAND GERMANY DUBAI FRANCE
people are ill. Marburg vi-
Some 141 fell
‘significant public ruses, which
Dozens of Uyghurs Munich Airport Hit Pyongyang Blamed Paris Is Pursuing
sick with the health threat.’ also cause Sent Back to China By Two-Day Strike In Big Crypto Theft Ukrainian Minerals
illness in a sin- deadly bleeding. Authorities on Thursday de- Airlines canceled about The FBI has accused North Like the U.S., France is
gle week, the Some samples ported dozens of Uyghur men 80% of flights to and from Korean-linked hackers in the seeking access to Ukraine‘s
WHO said. tested positive to China, despite public objec- Munich Airport, Germany’s theft earlier this month of critical minerals, with talks
“This could be a new virus for malaria, suggesting more tions and weeks of U.S. diplo- second-biggest, the airport some $1.5 billion in Ethereum, under way for months, French
that has never been discov- questions about the outbreak macy. The men had been in operator said, and further one of the most popular cryp- Defense Minister Sébastien
ered,” said Matteo Bassetti, in a region that straddles the Thai detention for more than cancellations weren’t ruled tocurrencies, from Dubai- Lecornu told broadcaster
professor of infectious diseases Congo River, near the border a decade after fleeing China’s out, after workers began a based crypto exchange Bybit. France Info on Thursday.
at Italy’s University of Genoa. with the Republic of Congo. Xinjiang region, where the pre- two-day strike Thursday. The U.S. identifies the hack- “I have defense industries
The WHO and the Congo- While researchers are still dominantly Muslim Uyghur The union called the ers by the names TraderTrai- that will need access to a
lese are still figuring out how rushing to identify the illness, minority faces persecution. “warning strike,” a tactic of- tor and the Lazarus Group. certain number of raw mate-
the disease is transmitted. the link to bats has raised China said 40 immigrants ten used in Germany, on North Korean state media rials in the years to come,” he
The outbreak comes as concerns that more diseases had been repatriated “to Monday as it seeks to step hasn’t acknowledged either said, not specifying which
President Trump rapidly re- are spreading from animals to combat illegal immigration up pressure in talks on wages the theft or the FBI accusa- minerals France is seeking.
verses the U.S. policy of lead- humans. Much of Congo is and other cross-border and working conditions for tion. Pyongyang’s mission to Ukraine has been offering to
ing global health and relief heavily forested, and villagers crimes.” The Thai foreign public-sector employees. The the United Nations in Geneva supply the U.S. with rare-
work. He announced on his regularly eat wild animals. ministry didn’t respond to a industrial action is set to end didn’t respond to a request earth elements critical for
first day back in office that Congo also is battling an request for comment. at midnight on Friday. for comment from the Asso- various technologies.
the U.S. would withdraw from outbreak of Mpox, registering Secretary of State Marco Public-sector workers also ciated Press. Lecornu said France could
the WHO, and his administra- more than 55,000 cases and Rubio last month suggested walked out in other locations. Bybit has said a routine possibly purchase the miner-
tion had frozen foreign aid 1,200 deaths since the begin- that U.S. ties with Bangkok Those included some workers transfer of Ethereum was als and isn’t seeking access
during a 90-day review and ning of 2024. would serve to protect the at Hamburg Airport, though “manipulated” by an attacker. as a way to recoup the bil-
ordered thousands of U.S. gov- From 2018 to 2020, Congo men. Thailand is one of the airport said the only The blockchain analytics firm lions of dollars in aid that
ernment aid workers overseas experienced the world’s sec- America’s oldest allies in flights canceled were those Certik has described it as the Paris has supplied to Ukraine.
to return home. ond-deadliest Ebola outbreak, Asia, but its economy is to and from Munich, German largest breach in the history “We are not looking for
The administration an- which infected more than deeply dependent on China. news agency dpa reported. of blockchain transactions. payback,” he said.
nounced a waiver for lifesav- 3,400 people and killed 2,280. —Austin Ramzy —Associated Press —Associated Press —Associated Press
THE WALL STREET JOURNAL. Friday, February 28, 2025 | A9

FROM PAGE ONE

The Sheikh sidents.

The ties of both Tahnoon
and the U.A.E. to China have

Obsessed frustrated U.S. national secu-

rity hawks. Tahnoon’s CEO of
G42, Xiao, was previously a

With AI Chinese citizen, and the com-

pany relied on Chinese-made
equipment from Huawei rout-
ers and owned stakes in Chi-
Continued from Page One nese startups.
42, a company he controls. So when Tahnoon wanted
Tahnoon’s entities are part G42 to buy cutting-edge U.S.
of the more than $70 billion AI tech, members of the Biden
the U.A.E. pledged to invest in administration told him in a
France and Italy earlier this 2023 Washington, D.C., visit
month. Last month, MGX was they wanted the investment,
one of the few names men- but he couldn’t straddle both
tioned backing Stargate, a sides of the China-U.S. divide.
$100 billion data center proj- “You have to choose,” Gina
ect announced at the White Raimondo, the former Secre-
House to be led by SoftBank tary of Commerce said she
and OpenAI. It also has writ- told the sheikh in a blunt mes-
ten big checks for OpenAI, sage. “This is a one-strike-
Musk’s XAI and Amazon- and-you’re-out kind of policy.”
backed Anthropic.
Even in an AI world awash
in funds, Tahnoon stands out. Picking the U.S.

CLOCKWISE FROM TOP: UAE PRESIDENTIAL COURT/REUTERS; YUKI IWAMURA/BLOOMBERG NEWS; RON SACHS/CNP/ZUMA PRESS
While many are plunging tens The U.A.E. has long seen it-
of billions of dollars into con- self as something of a Swit-
centrated areas—SoftBank is zerland—a trusted point of
making a huge bet on OpenAI trade for East and West—and
and the tech giants are heav- choosing sides on AI would
ing money at data centers— risk damaging relations with
Tahnoon is planning to spread China. But the allure of the
more money broadly around U.S. lead on AI was too much
the fledgling sector than al- to ignore.
most anyone else. Tahnoon picked the U.S.
Huawei routers were ripped
out of G42’s offices and West-
Risky time ern equipment put in its place,
It is a risky time to be while Tahnoon and his aides
splashing so much cash on AI. continued negotiating with
The low-cost AI model from the administration on details.
China’s DeepSeek has abruptly To enable a deal, the ad-
shaken assumptions on the ministration paired Tahnoon’s
need for heavy investment. company with Microsoft. G42
Valuations across tech have agreed to use Microsoft’s
skyrocketed, and even opti- cloud for AI work and also to
mistic venture capitalists of- comply with U.S. export re-
ten acknowledge the market is strictions as a part of the deal,
in a searing frenzy. Leading AI and Microsoft invested $1.5
companies expect to lose bil- billion in G42, joining its
lions of dollars for years to board of directors.
come, while pledges of future The country has ambitions
profitability rest on hazy as- to host massive data centers
sumptions of a tidal wave of that run Western large lan-
demand. Sheikh Tahnoon bin Zayed Al Nahyan meets in Dubai with Bill Gates, top. Jeffrey Ding, bottom left, caught Tahnoon’s guage models. Semiconductor
Many see parallels to the attention with a book on AI. Right, news of AI breakthroughs by China’s DeepSeek sent stocks plummeting in January. manufacturing could follow, as
late-stage dot-com bubble, government officials have had
when the cash-splashers of from the U.A.E. embassy was so intrigued by computer- At the time, Abu Dhabi’s ing him as the main custodian discussions with TSMC and
the era plunged tens of bil- knocked on his door and said, aided chess that he hired a wealth and economic strategy of Abu Dhabi’s wealth. Samsung about building chip
lions of dollars into building “I cannot find your book in sizable team of engineers to were largely under the control Taken with his own busi- fabrication plants in Abu
out fiber-optic cable networks any bookstore. Can I get two make him a program named of Tahnoon’s brother, Mo- ness empire—a sprawling col- Dhabi, people familiar with
based on projections that in- copies?” Smith recalled. Hydra that could compete hamed. As de facto leader of lection of real estate, mari- the discussions said.
ternet growth would be even Tahnoon grew up in the with the world’s best players. the country, he pushed to si- time, banking and food assets, “We definitely would like
more rapid than it was. A glut shadow of his brother Sheikh Erdogan Günes, a computer phon off part of the emirate’s many with government ties— the U.S. government to give us
of fiber and enormous losses Mohamed bin Zayed Al chess specialist for opening oil wealth and put it into in- that gave Tahnoon control more green lights,” Xiao said,
followed. Nahyan, the longtime crown moves, said he often talked by vestments and economic de- over more than $1.5 trillion as adding U.S. companies are
Tahnoon isn’t deterred. prince who was named presi- phone for two or more hours a velopment, building the of last year, according to data ready to do deals with G42.
His strategy is to use his dent of the U.A.E. in 2022. day with the sheikh as they wealth fund bounty Tahnoon firm Global SWF.
cash and influence not only to While his brother rubbed monitored Hydra’s games. would later inherit. Western business leaders
enable the U.A.E. and Abu shoulders with foreign leaders In late 2017, Tahnoon’s in- Mohamed had long viewed were enamored. Practical obstacles
Dhabi to profit from the rise and crafted plans to remake terest increased after he the tech sector as a big piece Microsoft’s Smith first met Many practical obstacles
of AI, but to make the U.A.E. a Abu Dhabi’s economy, Tah- learned that Google’s AI pro- of that puzzle, and in 2017 Tahnoon in March 2023 on a beckon. There’s no obvious
global hub for the technology. noon honed extracurricular gram AlphaZero had beaten made a push into AI, launch- business trip to Abu Dhabi, link between building data
Seeing enormous global de- activities. the world’s best computer ing a national strategy for the where they struck up a con- centers—scant generators of
mand for years to come, his He became so hooked on chess program after needing technology to make the U.A.E. versation about AI and energy. employment, often located in
vision is that chip plants, data competing with his brothers just four hours to learn the “the world leader in AI” by Tahnoon has also developed a remote locations—and spark-
centers and local AI compa- in “Age of Empires,” a video- rules. It was far more power- 2031. (It was later changed to rapport with OpenAI’s Sam ing a rush of AI software jobs
nies will build a post-oil eco- game where players develop ful than Hydra ever was— “a” world leader). Altman. Early last year, the nearby.
nomic future for the tiny-but- hunter gatherers into power- opening his eyes to the power After Mohamed became the two men discussed a since- Abu Dhabi also faces geo-
powerful emirate a 90 minute ful civilizations, that he hired of AI, he told associates. UAE’s president, there was abandoned plan to finance a political challenges similar to
drive from Dubai—and for the an employee from the com- The following year, he speculation that Tahnoon global network of chip facto- the Microsoft deal. The U.A.E.
country overall. pany that makes the game to tapped Peng Xiao, the former would be named crown prince. ries to be built by TSMC. would need U.S. clearance to
coach him on tactics, former chief technology officer at Instead, Mohamed gave the BlackRock CEO Larry Fink buy far more chips—as well as
employees said. software-turned-Bitcoin firm role to his own son and says he frequently visits the for chip building equipment if
Ornate palace He turned a palace within MicroStrategy, to start G42, a awarded Tahnoon an apparent U.A.E. and talks to Tahnoon it wants to host semiconduc-
From his ornate palace in his royal compound into a company devoted to applica- consolation prize: oversight of about technology, health, lon- tor fabrication plants.
Abu Dhabi, Tahnoon person- gym. He funds one of the tions of AI. two sovereign funds, enthron- gevity—another obsession of The Trump administration
ally tracks the progress of world’s top cycling teams— the sheikh’s—and AI. hasn’t yet weighed in on the
global large language models UAE Team Emirates—and he topic, but Ahmed Yahia,
on a dashboard his research- rides on an island near the MGX’s CEO, said the company
ers built for him on his phone presidential palace he ringed ‘Unique advantage’ plans to spend 70% to 80% of
and computer. He urges subor- with cycling paths. He liked Abu Dhabi “has a position its money in the U.S.
dinates at the giant network super-light Colnago bikes so of influence way beyond the Meanwhile, Tahnoon is
of companies he owns to rap- much that he instructed one size of the population,” said sowing seeds with those in
idly incorporate AI. of his companies to buy the Fink, whose firm is partnering the president’s orbit. MGX
Tahnoon has “the capital to Italian firm that makes them. with a Tahnoon-led entity to took part in a $6 billion fund-
invest in what is a very capi- Tahnoon has poured money invest in AI infrastructure. raise by xAI late last year.
tal-intensive endeavor,” said into building up Brazilian jiu “He believes they have a Tahnoon’s asset manager
Brad Smith, the president of jitsu and other forms of grap- unique advantage in AI.” Lunate recently participated
Microsoft, who has worked ex- pling around the globe. A After the AI frenzy took off in a $1.5 billion additional in-
tensively with the sheikh. black belt, he started a well- in 2023, Tahnoon’s ambitions vestment in Affinity, the in-
During one meeting with funded championship tourna- ran into thorny geopolitics. vestment fund run by Presi-
Tahnoon, he and Microsoft ment that has “become the As national security ad- dent Trump’s son-in-law,
CEO Satya Nadella mentioned Olympics of our sport,” said viser, he has long attracted Jared Kushner, whom Tah-
a book by George Washington Bobby Razak, a filmmaker who criticism for overseeing the noon met in the first Trump
KEVIN DIETSCH/GETTY IMAGES

University professor Jeffrey is making a documentary on UAE’s vast spying operation. administration.
Ding that suggests AI could be Tahnoon and the event. Due to an eye condition, he is Speaking to a podcast in
the base of coming global eco- “He’s definitely one of the almost always photographed December, Kushner recalled a
nomic growth. Founding Fathers of mixed indoors in sunglasses, adding 2018 meeting when he was
The sheikh scribbled it martial arts,” he said, a sport to his aura of intrigue. visiting the region. Tahnoon
down on his notepad, and that “would not be where it Security analysts have told him, “Jared, I’m not
soon after, Ding was eating was today” without Tahnoon. warned G42 subsidiaries have meeting with you unless you
lunch in his Washington, D.C., The interest in AI has roots U.S. President Joe Biden and U.A.E. President Sheikh been involved in surveillance spend two hours after with
office when a representative in the early 2000s, when he Mohamed bin Zayed Al Nahyan met last year in Washington. of Emirati residents and dis- me to talk about AI.”

Beer Pros Rich Higgins, 46, a Master

Cicerone and a wine somme-
lier, said the two camps share
of four certification levels and
involves 16 essays, eight blind
beer-tasting panels and 12
chelin-starred restaurants.
They often work inside beer
companies, developing brews
school, test takers form study
groups. “It’s kind of a lonely
process because of the degree
Pat Fahey, when he was an
employee of the board that
administers the exam and she

Pore Over a deep, geeky devotion to their

beverages. But some brew ex-
perts are “kind of bruised be-
oral exams over two days.
The test, given once a year,
covers brewing, serving, tast-
and assessing when they are
ready, and assisting with de-
sign and operations. They are
of kind of obsession it takes,”
said Imdieke, who recalled go-
ing to a Starbucks at 5:30 a.m.
was first attempting the test.
They started dating, and he
subsequently had to recuse

Questions cause they love beer and beer

can’t get the respect they
think it deserves,” in part be-
ing and pairing beer with
food, among other topics. It
costs $1,095 to take, with a
frequently tapped for beer-ed-
ucation events and to judge
competitions.
every day on a trip to Hawaii
to cram for two hours before
his family woke up. “I wasn’t
himself from proctoring her
future tests. In 2018, Swanson
became the 17th Master Cice-
cause wine is more expensive. discount for repeats. Neil Witte, 53, the sixth going to let Hawaii stop me rone in the world and the
Continued from Page One Other beer aficionados em- Studying typically takes person to become a Master Ci- from studying,” he said. third woman. The couple is
the most exclusive clubs in the brace it as an affordable lux- years. Of the 28 Master Cice- cerone, consults for breweries “It’s all-consuming,” Shel- now building a craft brewery
world. He is one of 28 Master ury, he said. “It’s essential to rones, all but a handful had to and the Beer Institute, a trade ley Smith, a Master Cicerone in Santa Fe, N.M., named
Cicerones, the highest certifi- always remind people that take the final more than once, association. He also conducts who works at Boston Beer “Keeping Together.”
cation among beer experts. beer is fun.” said Dan Imdieke, 46, who tasting dinners, pairing beers brewing Samuel Adams and Even experts sometimes
They’re similar to wine som- Master Cicerones have since last year has run the with strawberries, cheese other beer, said of the prepa- need a break from beer. At the
meliers, except few people highly trained palates honed program with Pratt, 45. The curds and chocolate, among ration. “It’s really the only end of the grueling Master Ci-
know they exist or what they through years of yes, drinking word “cicerone” refers to a other comestibles. “When you way you can do it.” cerone test, participants take
do. beer, but also sniffing spices, knowledgeable guide, which put it in front of them, they’re The tight knit-group of a shot of Malört, a worm-
“People don’t know there is and even trying to guess jelly they try to be for beer drink- like, ‘yeah, I don’t know about Master Cicerones has a group wood-based liqueur.
a certification for beer,” said bean flavors. “There’s only so ers, Imdieke said, “meeting this,’” he said. “And then they chat where they ask each For Swanson and her hus-
Andrew Van Til, 47 years old, much beer you can drink and someone wherever they are at eat the food, and they drink other questions. The arduous band, relaxing often involves
who became the first Master be productive,” Pratt said. in their beer journey.” the beer, and they’re like, certification process has a glass of wine. “Beer is work,
Cicerone in 2009. “So we have The Master Cicerone exam, Cicerones describe their ‘Wow, OK, I get it.’” sparked friendships. which, it’s still a lot of fun,
a little bit of a chip on our administered by an indepen- jobs as different from somme- Preparing for the exam can Averie Swanson met her but we honestly don’t drink
shoulder.” dent group, marks the highest liers swanning around Mi- be so intense that, as in law husband and business partner, that much at home,” she said.
A10 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

ARTS IN REVIEW

D
eparting his lovely FILM REVIEW | KYLE SMITH Finn Cole, Woody Harrelson and
home in Scotland for a Simu Liu in ‘Last Breath,’ which is

Claustrophobic Cinema
deep-sea diving expe- based on a true story.
dition, a young man
tells his fiancée not to
worry: It’s just like go- even condescending toward his
ing into outer space, except in the new partner, Chris, that he is beg-
opposite direction. Not unreason- Divers race against time to rescue their trapped coworkers ging for an arc of redemption, but
ably, she asks: Is that supposed to it never comes. Mr. Harrelson,
reassure me? who brings so much zingy energy
Unlike the audience, young dersea line. Sealing themselves in cated technological marvels, but countdown clock appears: His re- and intelligence to virtually every
Chris (Finn Cole) and his be- a submarine-like tube that sub- as Mr. Parkinson illustrates with serve system grants him only 10 role he takes, does somewhat bet-
trothed, Morag (Bobby Rains- jects them to 10 atmospheres of supreme suspense, all of it is ulti- minutes of breathing time as ter, even though he gets only a
bury), do not know they are char- pressure, they prepare for a walk mately at the mercy of the fickle storms force the ship some 600 few lines to build his back story.
acters in a movie, and so cannot on the sea floor, some 300 feet and feral sea. Moreover, there is a feet away. Mr. Parkinson does a To have such a talented actor in
hear the doomy sounds of onrush- below the waves. This being a no- particular cinematic challenge lay- superb job of showing us just how the cast and give him so little to
ing disaster in the subaquatic toriously grumpy body of water, ered atop the natural one: So sty- dark it is underneath, so inky that do feels like dereliction of duty.
thriller “Last Breath.” There 20-foot swells bedevil the ship as gian is the darkness underwater, even with a light you might not As for Chris, an everyman
wouldn’t be a movie if everything it tries to maintain its position and such is the nature of the div- be able to see something a few rather than a hero whose misad-
were about to go perfectly for over the target, and when some ing helmet, that it’s difficult to yards in front of you. As the situ- ventures are the heart of the
Chris, and when we hear that it’s systems go offline the divers’ capture either what is happening ation becomes ever more agoniz- story, Mr. Cole simply seems too
the last mission for a retiring col- problems are just beginning. or the expressions of the actors. ing, seemingly going well past the small and recessive for the part,
league, Duncan (Woody Harrel- Based on the 2019 documen- Most of the acting burden there- point of survivability, every tech- which demands someone with the
son), the potential for a serious tary of the same name, “Last fore falls on Mr. Harrelson, exhort- nical challenge becomes the cen- world-class charisma Tom Hanks
mishap hits approximately 100%. Breath” intently, gravely evokes ing his divers (without a helmet) ter of its own suspenseful mini- displayed in “Apollo 13.” That film
True to its lovers’ discussion, the the details of one of the most dan- from the relative safety of the bell, drama. took its time establishing the cul-
film is much like an outer-space gerous trades on earth. Every and to Mark Bonnar and Cliff Cur- Yet “Last Breath,” which runs ture from which the endangered
adventure, one in particular: valve, dial, tube and air hose looks tis as the dive supervisor and a compact 91 minutes, doesn’t feel astronauts came and gave us am-
“Apollo 13.” like it carries the potential for cat- ship’s captain who try to manage like a finished film: The dialogue ple reason to love them; “Last
Chris, his fellow diver Dave astrophic failure in the eyes of the a chaotic situation from the bridge is strictly functional, and there is Breath” feels, by contrast, rushed.
(Simu Liu), and Duncan, who is to director, Alex Parkinson, who also against a ticking clock. so little time for establishing Mr. Parkinson should have put as
FOCUS FEATURES

supervise their operations from a co-wrote the script, having writ- When one man gets his “umbil- character that none of the three much care into personalities as he
diving bell, head out on a ship ten and co-directed the earlier ical”—his oxygen line—stuck, and principals really makes an impres- did into their harrowing environ-
from Aberdeen into the North Sea nonfiction film. Ships and diving consequently gets separated from sion. This is especially true of Mr. ment. In short, these characters
to perform maintenance on an un- bells are extraordinarily sophisti- the other diver, an onscreen Liu, whose Dave is so cold and don’t get enough room to breathe.

APPRECIATION man. Yet he could be

Gene Hackman’s
lovable, too; equaled
perhaps only by Bur-
gess Meredith’s
Mickey in “Rocky,” he

Unsentimental Grit
created one of the
most revered of all
the sports-movie
coaches in 1986’s
“Hoosiers.” With his
BY KYLE SMITH he personified unsentimental grit. caustic voice—he
For boomers whose taste for bleak could tear into the air

T
he term “character actor” is a and rough-edged cinema started to like a police siren—he
puzzler. Don’t all actors play take over the Hollywood studios was seemingly an ur-
characters? For decades, the starting around 1967, his rise was ban figure, but he
label was applied to performers perfectly timed. After building a made a delightful,
who weren’t beautiful enough to reputation on the New York stage, and unexpected,
play leads. In “Bonnie and Clyde,” he received an Oscar nomination for move into westerns,
Warren Beatty was a leading man; “Bonnie and Clyde,” and earned an- winning an Oscar for
the fellow who played his brother, other three years later as a sensi- playing a typically
Buck Barrow, was a character actor: tive son dealing with his father’s cantankerous sheriff
Gene Hackman. impending death in “I Never Sang in Clint Eastwood’s
Mr. Hackman, who was found for My Father.” Mr. Hackman was “Unforgiven.”
dead Wednesday in his home in now cemented as an unlikely star. Citing heart prob-
Santa Fe, N.M., at age 95, gave such He proved a successor to James lems, Mr. Hackman
a crackling, vivid per- Cagney and Hum- retired unexpectedly
formance that he and phrey Bogart, with in 2004, leaving
others who would the critical difference 2001’s Wes Anderson
previously have been The star pushed that, in accordance dramedy “The Royal
dismissed as charac- boundaries with the new prefer- played Popeye Doyle. Largely ignored The actor in ‘The French Tenenbaums” as one of his final
ter actors—his one- ence for all things by audiences, and overshadowed by Connection’; he was found dead in roles. It was an especially poignant
time classmate and created new dark and menacing, Mr. Coppola’s “The Godfather Part II” his home on Wednesday. one, built around the decline and de-
Dustin Hoffman, Jack
Nicholson, Al Pacino—
kinds of his characters often
faced failure. “The
the same year (not to mention an-
other 1974 hit, “Young Frankenstein,” blockbuster “The Poseidon Adven-
mise of his character, a woefully bad
father whose blunders leave his chil-
joined the front rank characters. French Connection,” a in which an uncharacteristically ture,” he portrayed a rugged minister dren warped and depressed. Yet
of a new generation manhunt set against wacky Mr. Hackman was hilarious as forced into an impossible situation such was Mr. Hackman’s charm that,
of leading men in vis- a brutally realistic de- a blind hermit), “The Conversation” at the climax, hanging by a valve by the time his character was laid to
ceral, punchy movies piction of a collapsing would later join the pantheon of mo- wheel that he used his last reserves rest under a fictitious gravestone
like 1971’s “The French Connection,” New York, ended with Popeye’s tar- mentous 1970s cinema. Mr. Hack- of strength to painfully turn. Doom- (“died tragically rescuing his family
in which Mr. Hackman’s blistering get—“Frog One”—still at large. And in man would essentially reprise his ing himself in the act, he cleared a from the wreckage of a destroyed
performance as the cynical but ob- a follow-up that was at least as character for a flashier thriller, the passage for others but was left with sinking battleship”), he had turned
sessively dedicated NYPD detective powerful, 1975’s “The French Con- 1998 Will Smith man-on-the-run no option but to plunge to his death, an aggressively eccentric figure in a
Popeye Doyle won him an Oscar. nection II,” Doyle was not only cap- tale “Enemy of the State,” which using his final words to scream at severely whimsical movie into a
Mr. Hackman—balding, gruff, pug- tured but shot up with drugs and was prescient about the potential God: “We’ve come all this way, no proxy for every failed dad whose
nacious, not infrequently angry, oc- forced to undergo heroin withdrawal. for technology to keep tabs on us all. thanks to you. . . . We didn’t ask you children nevertheless can’t conceive
casionally snakishly charming, with In 1974’s “The Conversation,” a Mr. Hackman’s work, such as the to fight for us, but dammit, don’t of existence without him. Mr. Hack-
MOVIESTORE/SHUTTERSTOCK

a surprisingly effective if rarely de- groundbreaking Francis Ford Coppola 1975 noir “Night Moves” and the fight against us.” man’s importance to his profession
ployed smile—was among the hand- drama about wiretapping, corruption 1973 road movie with Mr. Pacino, In another huge hit of the period, was similar: Looking back, it’s hard
ful of actors upon whom 1970s cin- and the elusiveness of truth, Mr. “Scarecrow,” found him stubbornly his impish Lex Luthor was like a to imagine the movies without him.
ema was built. As befitting a man Hackman hogtied his energies to fighting a deeply troubled culture spoof of a sleazy politician that
who in real life had lied about his play a meek, withdrawn, painfully while doing his best to maintain a played perfectly off the utter sincer- Mr. Smith is the Journal’s film
age to join the Marine Corps at 16, shy man as convincingly as he shred of dignity. Even in the 1972 ity of Christopher Reeve’s Super- critic.
 THE WALL STREET JOURNAL. Friday, February 28, 2025 | A11

ARTS IN REVIEW

S
New York THEATER REVIEW | CHARLES ISHERWOOD

A Two-Actor Play of Quiet Power

amuel D. Hunter
has quietly estab-
lished himself as
one of the finest
American play-
wrights working
today. Quietly, because none Samuel D. Hunter’s ‘Grangeville’ is a moving drama about estranged half-brothers who reconnect
of his plays has been seen
on Broadway, despite being
widely produced regionally
and off-Broadway. Also be-
cause he is a rigorously—
and rewardingly—economi-
cal dramatist. Consider his
past three works: “A Case
for the Existence of God,”
“Little Bear Ridge Road,”
and now “Grangeville” at
the Signature Theatre. In
each Mr. Hunter deploys
just two actors, on minimal-
ist sets. Each runs roughly
90 minutes—shorter than
the first act of many a
Broadway musical.
Yet with his small tool-
box Mr. Hunter builds wide
worlds of beautiful emo-
tional breadth and depth, in
plays that measure down to
the millimeter the distance
between human beings: how
it can grow to an echoing
vastness, how it can collapse
to the point of invisibility.
“Grangeville,” directed by
Jack Serio and starring Paul
Sparks and Brian J. Smith
as two long-estranged
brothers, marks a depar-
ture—at least geographi-
cally. Mr. Hunter’s previous
plays were set in Idaho,
where he was born. Here,
while Mr. Sparks’s Jerry still
lives in the Idaho town of
the title, where the broth-
ers—half-brothers, techni-
cally, who had different fa-
thers—grew up in disorderly
poverty, Mr. Smith’s Arnold,
who is 10 years younger, in Paul Sparks and Brian J. tive kid, neglected by his al- ing drawn back into the ment is deeply rooted in all
his early 40s, has long since Smith in ‘Grangeville,’ at the coholic parents and physi- painful past indicates how that has come before. Mr.
left Grangeville behind. He Signature Theatre. cally abused by Jerry. The economy of deeply it has scarred him. Hunter is the rare dramatist
has put as much distance, But while it seems Ar- the playwright’s We also come to understand who seems incapable of
physical and emotional, as nold has moved beyond the how his inability to come to writing a scene, or even a
he can between himself and move the discussion onto past, as well as away from works contrasts terms with it has tainted his single line of dialogue, that
his troubled upbringing. An more general, more personal any reminders of it, and the life—and even endangered doesn’t ring powerfully and
artist, Arnold moved to the territory (“Let’s please not hapless, feckless Jerry has
with their his relationship with Bram, often painfully true.
Netherlands some years be- make this more complicated remained rooted in a place emotional fullness. who wants to reassess their
fore, where he lives with his than it needs to be,” Arnold of disappointment (his wife marriage. Grangeville
Dutch husband, Bram. barks again when Jerry has recently announced she Unusually, “Grangeville” Signature Theatre, 480 West
The occasion for the sud- shyly says, “It’s good to wants a divorce), Mr. contains a brief passage of 42nd St., New York, $69-$164,
den end of Arnold and hear your voice”). Hunter subtly establishes cile with his brother. physical violence—virtually 212-244-7529, closes March 23
Jerry’s lack of communica- As the play unfolds—on a that their fortunes are Mr. Smith is likewise ex- unheard-of in Mr. Hunter’s
tion is their mother’s hospi- set by the collective called somewhat seesawing. Jerry cellent as Arnold, whose largely soft-spoken plays. Mr. Isherwood is the
talization after a stroke. dots that consists of a dark has matured and is sincerely seething antagonism at be- But even this startling mo- Journal’s theater critic.
Jerry is flummoxed by the wall, the door to the trailer trying to come to terms
paperwork involved (“I’m where Jerry recently moved with his mistakes, while Ar-
dumb”), and calls Arnold for in to help out the brothers’ nold, despite living in an-
help. He calls repeatedly, de- mother, and a pair of other cultural universe, is
spite Arnold’s irritation (“I benches—we learn through still the unhappy boy shack- The WSJ Daily Crossword | Edited by Mike Shenk
don’t know why we have to phone and video calls the led to the past.
do this over the phone,” he reasons that Arnold cut his Tellingly, when he asks
1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
barks) and his resistance to mother and brother out of to see one of Arnold’s art- 14 15 16 CONTEST
Jerry’s tentative attempts to his life. Arnold was a sensi- works, Jerry offers, sheep-
ishly, the observation that 17 18 19
the painting is “really un-
29 Slugger
settled”—which is more as- 20 21 22
Rodriguez
tute than he or Arnold real-
izes. The overriding theme 23 24 25 26 30 “Jason Lives,”
of “Grangeville” is the diffi- in the “Friday
culty, and the necessity, of 27 28 29 30 the 13th”
attempting to heal old franchise
wounds and traumas—both 31 32 33 34 35
33 Leave the
ours and those of the peo-
gate
ple in our lives, even if, as 36 37 38
Arnold repeatedly says, he 34 “Safety hoist”
would prefer Jerry and 39 40 41 42 inventor
their mother to be out of 35 Winner’s
his. 43 44 45
check?
As always with Mr.
Hunter’s dramas, the play- 46 47 48 49 38 Super
wright relies on the talents 40 Site of the
of his actors and his direc- 50 51 52 53 54
Wat Phra
tor to break open the im- Kaew
mense wealth of feeling and 55 56 57 58 59
Buddhist
tangled personal history temple
gently embedded in his 60 61 62
seemingly mundane dia- 41 Letter
logue. Perhaps because of 63 64 65 addition
this generosity, his writing 43 Western
invariably brings out the sight
best in his collaborators. END PRODUCTS | By Mike Shenk
Brendan Fraser, who won The answer to 27 Thrashes 56 1972’s “Fist 9 Allow to use 44 Pitching stat
an Oscar for his perfor- this week’s contest severely of Fury,” e.g.
mance in the movie of Mr. 10 “Wait for me!” 45 Boosts
crossword is a
Hunter’s play “The Whale,” 31 One of a car 60 Trim 11 Like 46 Contract
four-letter word.
was initially cast as Jerry pair chrysalises addition
Across 61 Sweet
but dropped out due to a 32 Spitball sound creation of 47 Undermine
12 Additional
scheduling conflict. With all 1 Swinton of 1912
33 Waits in a 13 River through 48 Salad bar tool
respect for Mr. Fraser, it “Asteroid
recording 62 Plane !igure Bremen
would be impossible for an City” 51 Monaco
studio
actor to give a performance 6 Clock 63 Vacation 18 Race rounds money
superior to Mr. Sparks’s. He feature 36 Risked a ticket goal
brings endless nuances to 22 Knee injury 53 TV handyman
10 Pour out 37 Stole stuff 64 Japanese site, often Bob
Jerry’s life-battered but zither
open spirit. Jerry attempts plentifully 38 Breezy 24 Ready to 54 North
to atone for, or at least ex- 14 Female farewell 65 Does a over!low Carolina
plain, his earlier brutal friends, in 39 Beantown checkout university
treatment of Arnold; sens- chore 25 Had a major
France team reaction? 57 Invoice line
ing he was gay, he wanted Down
to “toughen him up”—a 15 “Picnic” 40 Ashtray 27 Popular game 58 Tar or sap,
sadly misguided but sincere playwright accumulation 1 Hindi word !ish e.g.
attempt to help. 16 Like !ive-star 42 Way to go for “crown”
And Mr. Sparks finds
28 Trade show 59 High pts.
hotels 43 It’s estimated 2 Shock jock
wonderful humor in Jerry’s legend Previous Puzzle’s Solution
self-deprecation. When Ar- 17 Act to be a foot in
S A L E M N A S H AM I D
nold asks if adultery was a prematurely the next 25 3 Like K N U T E O A H U L O S E
cause of his failing mar- 19 Is decisive years overcooked I N C A N K N I T S K U L L
riage, Jerry wanly jokes: 46 Investing goal pasta M A I L S I D E P A N E L
20 Cathedral P L A I D G A M S A L T O S
“We’re not that interesting.” 4 Shown
feature 49 More ominous B U T S N I F F
All but shellacked in quiet A R T I E S E A R S UM S
21 Antivirus 50 When steel 5 Daikin Park
despair, Mr. Sparks’s Jerry D U H L I T B R I T J A R
app since forging began team D R EW L U B E R H I N O
nevertheless exudes an af-
A T A L L P I E
fecting gentleness—he’s de- 1999 6 Lose power
52 Uncle’s A L I V E L A M B B R A N D
voted to his mother, despite 23 Nail polish relative? 7 Gerund ender N A T E S A L A S MO O R
her flaws—and an equally applications G R A S S K N O T P A R S E
moving yearning to recon- 55 Oxford 8 Contents of L E N A A C N E A N T I C
26 Vision-based academics un lago E A S T L E E S R O A R K
EMILIO MADRID (3)

▶ Email your answer—in the subject line—to [email protected] by 11$59 p.m. Eastern Time Sunday,
The characters are brought March 2. A solver selected at random will win a WSJ mug. Last week’s winner: Blair Seelinger, Wake Forest,
together after their mother NC. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
has a stroke. residents 18 and over only.)
 A12 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

SPORTS
JASON GAY

75 Seasons of Army Hockey With the Rileys

A member of the Riley family has coached the Black Knights since the 1950-51 season
When Army hockey
hits the ice next week
for its conference
playoffs, a silver-
haired man with a fa-
miliar last name will
be calling shots behind the bench:
Brian Riley, the head hockey
coach at West Point for 21 sea-
sons.
And the third consecutive Riley
to hold the head coach position
since the 1950-51 academic year.
It’s one of the most impressive,
underrecognized dynasties in col-
lege sports: A member of the Riley
family has coached Army Black
Knights hockey for the past 75
seasons.
First was the late patriarch
Jack Riley, a legend of the sport,
who became Army’s head coach on
a one-year handshake and wound
up staying 36 seasons.
Jack was a hockey titan who
starred at Dartmouth, served as a
Navy pilot, made the 1948 U.S.
Olympic team, and later coached
the U.S. Olympic Team to gold at
the 1960 Winter Games in Squaw
Valley—the original “Miracle on
Ice,” as the old hockey heads
know.
“A fiery guy, and I mean that in
the best sense possible,” said
friend Bill Cleary, a member of
that 1960 Olympic team who went
on to coach Harvard.
Jack was succeeded in 1986 by
his son Rob, who
coached 18 more sea-
sons at West Point. Army coach Brian Riley, above, is set to retire at the end of
Rob Riley was then the season. Left, Jack Riley after the 1960 Olympics.
followed by brother
Brian, who stepped up
from assistant to head in the military piece,” and say, “Brian, guess how many
coach for the 2004-05 Rob said. “It’s amazing cars passed me on the way from
campaign. what they do in 24 Cape Cod to West Point?” he said,
Now the Riley head hours…you can’t under- imitating his father, who died in
coaching era is end- stand until you see it.” 2016 at age 95. “‘Not one!’”
ing. At the season’s Current Black “There’s a passion inside the
finish, Brian Riley is Knights captain Mi- entire family, and it grows expo-
retiring. His successor chael Sacco, a senior nentially when they’re in the
is Zach McKelvie, a set to graduate as an rink,” said Pierre McGuire, the
former Black Knights infantry officer—on longtime NHL executive and ana-
player and current as- Wednesday he learned lyst and Riley family friend.
sociate head coach he will be heading off “Continuity is hard,” McGuire
who will be the first to Fort Carson in Colo- continued. “How unusual is it to
non-Riley in three rado—said he and his see a family legacy extend for
quarters of a century teammates consider three quarters of a century? I
to helm the program. hockey practice “the can’t think of anything like it.”
Or maybe not. best part of our day.” Army held an appreciation
“I did tell him, “You go through night for Brian and his family at
we’re going to have to physical curriculum, West Point on Feb 22. It was
change your name to academic curriculum, punctuated by a 3-2 overtime win
‘Zach McKelvie military curriculum,” over American International Col-
Riley,’” Brian Riley he said. “For me, I’m lege.
told me. always waiting for 3 This has been a stirring send-
He was kidding. I p.m. I can get on the off season. The Black Knights went
think. “It went on forever,” Brian stand,” he continued. “Now that bus, go up to the rink, see 26 of unbeaten in the season series with
For Brian, Army hockey has said. I’ve sat in his chair: I under- my best friends, and play the archrival Air Force. There’s more
been a life’s calling. West Point is Jack Riley’s success also stand.” sport I love.” action left—an upcoming Ameri-
where he grew up, along with sib- loomed large. Brian called coaching at the I asked Sacco how he’d de- can Hockey Association quarterfi-
lings Rob, Jay, Mark and Mary When Brian had buddies over, U.S. Military Academy the “most scribe the Army hockey style un- nal starting March 7 against Niag-
Beth, hockey players all. he’d go up to father’s and his rewarding and humbling” job in der Brian Riley. ara, with an automatic NCAA
MIKE BUSCHER/ASSOCIATED PRESS; ASSOCIATED PRESS

He has endless memories of a mother Maureen’s room, fish sports. “Toughness,” he said. tournament bid to the conference
hockey childhood, skating the around a T-shirt drawer, and grab “What makes our players spe- McKelvie, the coach in waiting, winner.
frigid Smith Rink until his Dad’s Dad’s 1960 gold medal to show cial is what they’re willing to do described it as “rugged.” There will be a Riley on staff
team practiced. Back then, facili- off. for their country,” Riley said. “We want a team that is able to next season, too. As has been the
ties were spartan, but there was a “Every time I did that, I’d “They want to be part of some- wear teams down through physi- case for the past couple of years,
sizable home ice advantage— [think], ‘Why does Dad stay at thing bigger than themselves.” cality and competitiveness,” he one of the Black Knights assistants
Smith Rink was enormous, West Point?’” Brian recalled. “He Rob Riley, who served as head said. will be Brian’s son, a former col-
stretching an exhausting 233 feet, could be coaching in the NHL. He coach from 1986 until 2004, No one, I’m told, was more lege hockey star and developing
Brian said. (NHL rinks are 200 could be coaching any big time echoed his brother’s admiration of competitive than Jack Riley, who coach himself.
feet long.) hockey school—but he’s staying at the cadets. remained that way long into re- His name is Jack Riley.
Visiting teams got tired just West Point.” “It’s such a challenging grind— tirement, Brian said. You can’t keep a good hockey
looking at it. “As a kid, you don’t under- the academic piece, and you throw “He’d come up to me at a game family away from the ice.

Commanders Improve lanta Falcons (25th

to 3rd) also making
notable year-over-

On and Off the Field

year jumps.
The same
couldn’t be said for
the team that has
After an upturn in fortunes this past season, long wrestled with
Washington for the
the team fared well in poll of NFL players title of the NFL’s
most hapless fran-
BY ANDREW BEATON provements included the food pro- chise: the New York
gram and new owner Josh Harris’s Jets.
FOR YEARS, WASHINGTON wasn’t willingness to invest in the facili- Their ranking
just a wretched NFL team that ties and improve the culture. fell from 21st to
didn’t come close to sniffing a Su- The survey reflects how the su- 29th in the survey,
per Bowl. Somehow, the franchise perstars of the NFL players have and while other
was even more miserable off the many of the same gripes about teams were praised
field. their working conditions as those for addressing
There was the controversy over of us who are holding down a desk player concerns
the team name, a series of scandals job. The difference is that their of- from previous
under former owner Dan Snyder fices happen to be NFL stadiums. years, Jets players
and facilities that had become di- And while the Commanders im- felt the opposite—
lapidated, all of which contributed proved across the board in 2024, that management
to players grading Washington as one of the curious parts of the responded by mak-
the worst club to play for in the union’s annual survey is that there ing their working
entire league for two straight is no correlation between a team’s conditions worse.
years. performance in the standings and Commanders owner Josh Harris, right, has improved the team’s culture. Players thought the
But this season, the Command- the grades it receives as a place of team cut the food budget and gave
ers have engineered a pair of turn- work. This year’s two Super Bowl “A” or better in each of the 11 cate- resources and to give our team the Woody Johnson an “F,” the lowest
arounds. First, led by rookie quar- teams, the champion Philadelphia gories, which range from the treat- greatest opportunity to succeed,” grade among team owners.
terback Jayden Daniels, they made Eagles (22nd) and runner-up Kan- ment of families to the training the Cardinals said. “We are work- After a season that saw the
a surprise run to the NFC Champi- sas City Chiefs (26th), both fin- staff to the quality of travel ac- ing hard to achieve that.” Jets’ playoff hopes with crash to a
onship. Now, even more stunningly, ished in the bottom half of the commodations. Past editions of the survey were 5-12 finish, Johnson himself ac-
it turns out players actually enjoy league. The Arizona Cardinals, mean- marked by horror stories such as knowledged that he has to “look in
STEPHANIE SCARBROUGH/ASSOCIATED PRESS

playing for them again. “This is about their experience while, took over in last place, with malfunctioning toilets, showers the mirror” and “be a better
In the third annual survey con- at work, and it’s not what happens players describing the facility as that didn’t work, and a rat infesta- owner.” That rings especially true
ducted by the NFL Players Associa- on the field,” said former offensive outmoded while also giving poor tion. But this year, Washington’s after the team stood out last year
tion, Washington ranked 11th out lineman JC Tretter, the NFLPA’s marks to the food they’re served. improvement was part of a broader for reasons that had nothing to do
of 32 teams after finishing dead chief strategy officer. “There is no The team noted in a statement that theme of positive change that with their on-field flameout.
last in the first two editions. Play- connection to those things.” it has plans for a state-of the art union officials saw as welcome re- Union officials said most team
ers pointed to the hiring of Dan For the second consecutive sea- facility that it hopes to complete in sponse to their feedback. Overall, owners used last year’s feedback as
Quinn, who rated No. 1 among all son, the Dolphins and Minnesota 2027. there was a 41% increase in grades an impetus to make changes in the
head coaches, as one of the keys Vikings topped the survey, with “Our goal is to provide the best of A- or above, with the Los Ange- right direction—and the Jets were
behind the turnaround. Other im- Miami the only team to receive an possible environment, facilities and les Chargers (30th to 5th) and At- the lone exception.
THE WALL STREET JOURNAL. Friday, February 28, 2025 | A13

OPINION
Why Dems Are in the Wilderness BOOKSHELF | By Brandy Schillace

D o n a l d
Trump’s shock
lapse was years in the mak-
ing. The left’s takeover of the
uity” and the “human rights”
of government-provided
direction? Engage muscle
memory and do the easy:
First Words and
Final Moments
troops are bro Democratic Party began with health, housing, education fight, fight, fight. Thus the bi-
fist-bumping, the rise of Barack Obama and and daycare. To agree with zarre sight of Democrats ral-
having used it steadily eradicated dissent- Bernie Sanders only 95% of lying fervently in favor of
their online ing voices. Nancy Pelosi’s the time is, in today’s Demo- government waste, fraud and
POTOMAC influence to “majority makers”—the Blue cratic Party, iconoclastic. inefficiency. Expect this to
browbeat GOP Dogs and moderates who won A few Democrats are feel- continue.
WATCH
senators into her the speakership in 2006— ing their way toward a new This could be the MAGA
Bye Bye I Love You: The Story
By Kimberley
A. Strassel
confirming were made to support unpop- model of economic populism, future. The GOP is a party of Of Our First and Last Words
most of the ular legislation and paid for it many factions, and their
By Michael Erard
p r e s i d e n t ’s in lost elections. Progressives policy disagreements fre-
MIT, 344 pages, $32.95
nominees. They might be care- targeted and polarized other Republicans shouldn’t quently produce stalemates
ful of the political conformity holdouts, picked them off in and governing heartache. In-
get smug. They’re
O
they wish for. primaries, or drove them to fluential Trump supporters lga Janá!ková did not have long to live as she lay
Democrats are wandering resignation. It was Saul Alin- repeating the other are honing their own meth- still upon the sofa, her hair in waves surrounding
somewhere between the des- sky’s “Rules for Radicals.” ods for stamping out even a “wide, gentle face.” The 21-year-old had con-
ert and the wilderness. Their The Squad’s wild proposals party’s mistakes. mild disagreement with the tracted typhoid and come home to die, watched over by
Trump thumping left them for the Green New Deal, open president’s approach: rally her father, the Czech composer Leoš Janá!ek. For hours
without power, a leader or a borders, Medicare for all—a online supporters to pile on, that February in 1903 Janá!ek waited at his daughter’s
message, and their current, program of socialism that tra- deep-sixing the wokeism, label the target a member of side, making notes of her “speech melodies”—her words
near total irrelevance is one ditional Democrats initially carving out sensible posi- the “uniparty” or the “estab- but also her sighs, her intonation, the music of her final
result. Mr. Trump blazes his rejected—is now mainstream tions here and there on the lishment,” threaten a pri- moments (“I am dying, I am dying”). He also captured
way through Washington thinking, the policy litmus border or Israel while dou- mary. This exact playbook her feverish deliriums: “that was some walk we took!”
while Democrats—a day late, test for party entry. Who even bling down on redistributive was exercised numerous and “there are just angels there.” These were among the
and two topics short—stage remembers the politics of goodies for the working times over the past few last words Janá!ková spoke, but they weren’t the final
stand-ins outside the Trea- Sens. Mark Pryor, Evan Bayh class. The most prominent weeks of nomination votes. sounds she uttered.
sury building, Chuck and Mary Landrieu, much less example is Pennsylvania’s “Rules for Radicals.” With an ear for every
Schumer shout-gasping “We those of John Breaux, Sam Sen. John Fetterman. This It’s a recipe for intellectual exhalation, her father
will win!” Nunn and Fritz Hollings? Joe isn’t being met with open stagnation. It’s a departure marked down single
Win what? The Democratic Manchin and Kyrsten Sinema arms. At a recent anti-Trump from the modern conservative syllables, such as “kuk,”
Party can’t effectively oppose tried imposing a smidgen of protest, Pennsylvanians movement, which has been “tak” and “jeje,” along
Mr. Trump’s worldview if it fiscal sanity and energy real- lumped Mr. Fetterman into defined by its innovative with the sound of her
doesn’t formulate a coherent ity on Joe Biden’s agenda. their tirade, while Fetterman ideas, from school choice to sighs, “a-ja.” Nonsense,
one of its own. Many Demo- Their reward was to be staffers keep resigning in civil-service reform. It sits maybe. Or perhaps a dif-
crats rolled out of the election hounded in their homes, protest. One recent ex-em- unnaturally in a movement ferent kind of sense,
acknowledging the urgent chased into bathrooms by ac- ployee derided him as “a use- that has long prized individu- akin to that made by
need for a change in direc- tivists, and discouraged from ful idiot for Republicans.” alism and entrepreneurship preverbal children trying
tion—for moderation, an end seeking re-election. If Democrats didn’t already and condemned the left’s col- to communicate using a
to cultural radicalism, a re- The problem isn’t so much know the progressive agenda lectivism. It mistakes the goal meaning all their own.
connect with working-class that Democrats won’t em- was a political loser (and Ka- of party unity (the act of Care for the dying
Americans. They immediately brace moderation as they no mala Harris’s campaign sub- members compromising on resembles nothing so
crashed into the left-wing longer know how. Today’s terfuge proves they did), they strongly held positions for a much as care for the
base, threatening political Democratic “moderate” is a do now. What to do with an legislative victory) with the newly born. This deep,
death to heretics. Even if the lawmaker who ventures the ash heap of a political plat- tyranny of party conformity immeasurable connection
party had the spine to push occasional criticism of Hamas form, one nonetheless rigidly (think like we do, or get the is precisely what Michael
back, who exactly on the Dem- or of men in women’s sports enforced by liberal shock boot). Erard, a linguist and historian, most wants to explore.
ocratic bench even remembers while hurrying to flag his troops, and no charismatic And look how it worked “With our earliest utterances,” he writes, “we announce
how to be a moderate? support for gun control, cli- figure with the spine or out for Democrats. ourselves” and are recognized “as persons ready to par-
What looks like a rapid col- mate absolutism, racial “eq- know-how to lead a change of Write to [email protected]. ticipate in social life.” With our last sounds, we carve
out a space for leaving it. “Bye Bye I Love You” follows
both of these journeys, searching for what these words—

Fyodor Dostoevsky’s Struggle With Faith and our desperate need to hear them—reveal about their
meaning, our mortality and the ephemerality of being
human.
HOUSES OF As Fyodor student of natural science, I believe, help Thou my unbe- there is no happiness in inac- In the West, we hang our own myths upon our babies’
WORSHIP Dostoevsky Ivan accepts that amoral natu- lief.” That Dostoevsky writes tivity, that the mind which first words, imbuing them with meaning that is sup-
By Gary Saul was taken to ral laws govern everything “even if” someone were to does not labor will wither, posed to tell us something about the child’s burgeoning
Morson Siberia as a and that good and evil are so- prove that the truth excludes that it is not possible to love personality. In American English, the most common first
political cial conventions. But he can’t Christ already indicates that one’s neighbor without sacri- words are “mommy,” “daddy,” “ball,” “bye,” “Hi” and
prisoner in relinquish a belief in transcen- he, like Ivan, will never be con- ficing to him of one’s own la- “No.” But there are similarities between languages, too.
1850, Natalya Fonvizina gave dent, absolute morality. His tent with the complacent nihil- bor.” In short, Dostoevsky When a child says “mommy,” it feels like a deep connec-
him a copy of the New Testa- whole being tells him that not ism of other intellectuals. concluded: “Happiness lies tion. Yet these are words likely spoken around the baby
ment, the only book prisoners all standards are mere conven- This peculiar kind of faith, not in happiness but only in with high regularity. “Interactions with parents and
were allowed to have. It sus- tion; some things, such as which consists partly of doubt, the attempt to achieve it.” So caregivers are important to babies,” Mr. Erard explains.
tained him in adversity and child abuse, are plainly wrong. has become Dostoevsky’s does faith. They will use the words for things that most intimately
led him to faith. Five years Ivan is torn by this contradic- trademark and explains why Variations on this theme relate to themselves, things that are a part of their new
later, when Fonvizina was tion. Dostoevsky’s spokesman, he has brought so many peo- appear in several of his novels. world.
deeply depressed, Dostoevsky Father Zosima, assures Ivan ple to God. It is hard to imag- In “The Idiot,” Ippolit declares First words are also a matter of interpretation. Babies
consoled her in what is doubt- that even if he never finds ine educated Westerners con- that “Columbus was not happy speak protophones first—sounds that aren’t quite words
less the best-known letter in faith, he will never give up verted by Dante or Milton, for when he had discovered Amer- but that we might read as the “runway of his creative
Russian literature. searching for it. “That is the ica, but when he was discover- experimentation.” Mr. Erard provides one such example
Recalling his own days of peculiarity of your heart,” Zo- ing it. . . . It’s life that matters, using his own child’s first words, “round round,” uttered
despair, Dostoevsky explained sima instructs, “but thank the The Russian novelist nothing but life—the process while peering at a ceiling fan. As a father, the author
that “at such moments one Creator who has given you a of discovering, the everlasting found himself trying to plot a future personality based
thirsts for faith like ‘parched lofty heart capable of such accepted the idea that and perpetual process, not the on these words: Perhaps the child would like a ball; per-
grass,’ and one finds it at last suffering . . . [and] of seeking belief includes doubt discovery itself.” But that is haps he will enjoy sports. The words had meaning for
because the truth becomes evi- for higher things, for our absurd, the unnamed hero of the speaker as much as the listener, an identifiable sub-
dent in unhappiness.” The faith dwelling is in the heavens.” and embraces wonder. “Notes From Underground” text: “I am he who notices fast-moving round things.” I
Dostoevsky found resembled To be sure, Dostoevsky comments. After all, once one speak, therefore I am.
not an unshakable conviction writes to Fonvizina, God knows he doesn’t really want The first half of “Bye Bye I Love You” provides this
but a struggle with doubt. “I sometimes sends blissful mo- whom God’s existence was a the goal, how can he strive for linguistic geography, but the heart of the book is in the
will tell you that I am a child of ments when “I love and feel simple fact. Dostoevsky’s idea it? For the underground man, country beyond, where there are no maps. Death comes.
this century, a child of disbelief loved by others.” Then he af- that the essence of faith lies in “there seems to be a kind of When it arrives, via age and illness, when the mind and
and doubt,” he wrote. “I am firms his own “credo”: Noth- the process of searching for it pun in it all.” body give way to encroaching entropy, last words carry
that today and (I know) will re- ing is “more beautiful, pro- speaks to those who are also Tolstoy once criticized Dos- deep and abiding meanings. And yet, most dying people
main so until the grave.” found, sympathetic . . . and children of “disbelief and toevsky as “all struggle,” but it
Since the rise of modern more perfect than Christ.” doubt.” is that characteristic that ex-
science, educated people have Whether or not Christ existed, Dostoevsky’s focus on pro- plains why his ideas resonate As we enter and leave the world, the task of
often found it difficult to be- his image is an unsurpassable cess rather than goal shaped with so many. Those who can’t communication looms large. Simple sounds
lieve with calm certainty the ideal, a picture of the best his view of human life. The view life with fashionable
ideal of their medieval prede- possible moral being. utopian socialists of his day complacency, who understand and gestures can take on great importance.
cessors. Like Dostoevsky, they Dostoevsky continues: “If presumed that if you gave that uncertainty can be a
experience a painful internal someone proved to me that people everything so that blessing and that no scientific
conflict. “How much terrible Christ is outside the truth, and they had nothing to strive discovery will ever reveal life’s are, in their last moments, silent. Reliable databases of
torture this thirst for faith has that in reality the truth were for, they would be happy. meaning, find inspiration in last words do not exist. Collections of famous last words
cost me even now, which is all outside Christ, I should still Dostoevsky believed the op- Dostoevsky’s supremely para- are rarely bedside recordings; more likely they are
the stronger in my soul the prefer to remain with Christ posite. People would instead doxical idea that true faith in- highly curated and probably mythologized. In the “ordi-
more arguments I find against rather than with the truth.” soon see that “they had no cludes doubt and embraces nary language of ordinary dying,” deep philosophical
it,” Dostoevsky wrote. How can one believe in what more life left, no freedom of wonder. utterance is rare. “It seems cruel to dangle such a pros-
Readers of “The Brothers one knows to be untrue? In the spirit . . . no personality. . . . pect in front of people,” Mr. Erard writes. “After all,
Karamazov” will recognize Gospel of Mark, the father who They would see that their hu- Mr. Morson is a professor of rainbows don’t happen every time it rains.”
this same tortured struggle in implores Jesus to cure his af- man image had disappeared.” Slavic languages and literatures Dying is not only the stopping of heartbeats and the
its intellectual hero, Ivan. As a flicted child exclaims: “Oh Lord They would recognize “that at Northwestern University. cessation of breath; it happens incrementally all over.
The brain and its gifts are not exempt. As hypoxia sets
in, there isn’t enough oxygen to feed the brain. Thoughts

Rubio Can Unhijack ‘Human Rights’ cloud, grow confused, collide. Words fail. There are sto-
ries unnumbered where loved ones are left in silence,
watching their beloved struggle and fail to communicate.
By Robert P. George of human rights. The rights to human life in all stages and concerns about violations of We pine for those precious last things to be said. We
life, religious freedom, freedom imposing conditions to fun- human rights—especially free- want assurances that we are heard and understood, too.

S
ecretary of State Marco of expression, and due process neling foreign aid on behalf of dom of speech and religion— We want those last moments to be ones of linguistic
Rubio has taken swift of law are all rooted, as Martin gay rights and transgender not only in Russia and China, connection, a memento mori we can keep. But should
action against woke Bi- Luther King Jr. observed, in ideology. but even in democracies like we? Have we, in our focus on words as the mark of
den-era policies. Passports natural law and enshrined in This reconception of human Germany, Sweden and the U.K. being and becoming, missed something more important?
now list a holder’s sex, not our nation’s founding docu- rights spurred Secretary Mike In bluntly condemning the po- In Papua New Guinea, aging people are described as
“gender,” and there’s no “X” ments. An understanding of Pompeo to establish the Com- licing of speech in Germany becoming children again. They lose mobility, they make
option; and U.S. embassies are mission on Unalienable Rights and thought in the U.K., where less sense, they end as nonverbal zik mandion—“unripe”
forbidden to display “pride” in 2019, under the chairman- people have been arrested for or a “not yet ready child.” And here, the first part of Mr.
flags or any other banners The Founders’ ship of Harvard legal scholar praying silently, Mr. Vance Erard’s study returns with great poignancy. In the unripe
than the Stars and Stripes. definition of the term Mary Ann Glendon. In its re- sent a message that protec- utterance of babies, we can still find connection. The
These efforts are important port, the commission outlined tion and promotion of human body language, the look, the touch, the flutter of lashes.
and commendable. But Mr. is ripe for revival. the historical Western concep- rights is in the U.S. national “The final utterance, in whatever mode it appears”—
Rubio can do more. He can re- tion of rights and recom- interest. whether the squeeze of the fingers, or perhaps a letting
institute the State Depart- mended that the U.S. be “cau- Mr. Rubio ought to revive go of them—can smooth the path to dying. What matters
ment’s efforts during the first rights as deriving from the in- tious” about “expanding” it. the report of the Commission is that we are open to that moment, ready to receive
Trump administration to re- herent and equal dignity of ev- The effort to stifle “legiti- on Unalienable Rights and use what the dying can give, even in silence. There doesn’t
store the original understand- ery person echoes the Ameri- mate debate by recasting con- it as a guidance document to need to be a word for everything.
ing of human rights. Over the can Founders’ prophetic testable policy preferences as reform human-rights policy.
past 30 years, the definition proclamation “that all men are fixed and unquestionable hu- Americans deserve a State De- Ms. Schillace, the editor in chief of the journal Medi-
of human rights has been re- created equal” and “endowed man rights imperatives,” the partment that defends rights cal Humanities, is the host of the online “Peculiar Book
worked by progressives to by their Creator” with “un- commission’s report noted, that accord with the constitu- Club” podcast and the author of “Death’s Summer Coat.”
promote socially liberal alienable rights.” “promotes intolerance, im- tional order that our Founders
causes and woke dogma. During the Obama and Bi- pedes reconciliation, devalues established.
Human rights have long den administrations, the State core rights, and denies rights Coming in BOOKS this weekend
been a driving moral force in Department reconceived hu- in the name of rights.” Mr. George is a professor of Meghan Cox Gurdon on the best 20 children’s books of
America’s foreign policy. Ron- man rights to advance left- In his recent speech at the jurisprudence and director of the last 20 years • Silicon Valley and the future of the
ald Reagan made the case wing causes, from castigating Munich Security Conference, the James Madison Program West • Catholic confession in America • Merle Oberon’s
against Soviet expansionism countries like Poland for laws Vice President JD Vance ex- in American Ideals and Insti- life on screen • How to manage our emotions • & more
and oppression in the language that uphold the sanctity of pressed the U.S. government’s tutions at Princeton.
A14 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Mineral Deal Ukraine Can’t Refuse Two Views on the ‘Myth of the Trade Deficit’
In their Feb. 21 op-ed “Trump’s Messrs. Gramm and Boudreaux do

V
olodymyr Zelensky visits the White Ukraine’s budget. That’s important because
House on Friday to nail down a mineral Ukraine uses domestic revenue to fund its mili- Myth of the Trade Deficit,” Phil an excellent job of explaining the ne-
Gramm and Donald Boudreaux cor- cessity of trade deficits when the U.S.
rights deal between the U.S. and tary, including soldier pay and weapons. Russia
rectly note that when American de- has a net inflow of foreign investment,
Ukraine, and it’s an offer the wants a peace deal that limits mand for investment exceeds domes- a capital account surplus. Too often,
Ukrainian President couldn’t The agreement gives Ukraine’s military. tic savings, trade deficits create people view this accounting identity
refuse. But regardless of Presi- the U.S. a stake in the no The mineral deal includes American jobs by funding otherwise as bookkeeping mumbo jumbo. The
dent Trump’s bullying de- U.S. security guarantees unfunded domestic investment with case of the Volkswagen plant in Chat-
mands, the deal gives the U.S. country’s peaceful future. but says the U.S. “supports offshore savings. But that hasn’t tanooga, Tenn., can help illustrate the
a stake in Ukraine’s future. Ukraine’s efforts to obtain se- been the case for decades. Risk- tangible reality of this link.
Ukraine is in many ways an curity guarantees needed to averse offshore savings proffered at In 2008 Volkswagen announced its
underdeveloped country, and that includes its establish lasting peace.” It’s hard to know what near-zero interest rates didn’t fund plan to spend about a billion dollars
natural resources. The country has Europe’s that unspecific promise means, but in Mr. increased business investment. They to build a factory in Chattanooga. The
largest supply of uranium, second-largest sup- Trump’s mind it probably means Europeans funded a one-time increase in sub- plant was built by American workers
prime consumption before the finan- using American materials on Ameri-
ply of natural gas, and substantial reserves of help first.
cial crisis and an enormous deficit-fi- can soil. German ownership of the fa-
lithium and other rare-earth minerals. These re- Mr. Trump continues to peddle falsehoods nanced increase in handouts after cility only makes sense if Americans
sources are valued at about $1 trillion, and about how much aid the U.S. and Europe have the financial crisis. received goods and services of equal
about a third are in Russian-occupied territory provided Ukraine. He claims the U.S. is “in for We borrowed and gave away value in exchange. That is, to get the
in eastern Ukraine. $350 billion” in Ukraine. But through December goods made by offshore workers who money, Volkswagen had to sell a bil-
Mr. Trump wants a share of those resources the real U.S. total was nearly $120 billion in mil- would have been unemployed when lion dollars of goods directly to Amer-
as repayment for the aid the U.S. has provided itary, financial and humanitarian support. their savings exceeded investment. icans, or indirectly by selling to others
Kyiv during the war. This is the transactional He says Europe has given much less than the Even if we had insisted that Ameri- who sell to Americans, which deducts
way Mr. Trump views the world and it smacks U.S., but it has spent or promised $137 billion, cans work to pay back their bor- a billion dollars from the trade ac-
of reparations, but Mr. Zelensky had little according to Europe’s authoritative Kiel Insti- rowed income, it wouldn’t have in- count. Were this not the case, we
creased employment. It would have would have given away a billion-dollar
choice other than to oblige if he wants to secure tute. The U.S. has provided more arms because
re-employed workers who lost their factory.
a credible “peace” with Russia. Mr. Zelensky it has more, but Europe has provided more aid jobs when we bought goods made by Ironically, had the factory been
was at least able to negotiate better terms than overall. offshore workers who lent us their built on barges in the Tennessee River
Mr. Trump first demanded. By the way, Mr. Trump on Thursday walked savings rather than buying our and shipped overseas, along with the
Under the final deal, Ukraine will pay half of back his claim last week that Mr. Zelensky is a goods—an identity that’s hard to rec- jobs it created in Chattanooga, it
all revenue from developing these resources to “dictator.” Press question: “Do you still think ognize when lower wages equilibrate would have counted as an export and
an investment fund jointly owned with the U.S. Zelensky is a dictator?” employment. been cheered by those who view trade
The agreement says contributions will be in- Mr. Trump: “Did I say that? I can’t believe ED CONARD surpluses as economic gains.
vested “to promote the safety, security and pros- I said that. Next question.” American Enterprise Institute DAVID W. KREUTZER
perity of Ukraine.” The details will be worked out That welcome, if head-spinning, reversal is New York Falls Church, Va.
between the economic ministries, and Ukraine’s more proof that what matters isn’t what Mr.
Parliament will have to ratify it. Trump says but what he does. That is especially
The war has caused enormous destruction true as the war negotiations begin in earnest
in Ukraine, which will need hundreds of billions between the U.S. and Russia. French and British Remember Putin’s Long and Bloody Résumé
of dollars to rebuild. Foreign taxpayers can’t be leaders traveled to Washington this week to Your editorial Feb. 20 “Trump Tilts Politkovskaya, who was assassinated
expected to cover this cost, and Ukraine will lobby Mr. Trump to provide a U.S. backstop for Toward a Ukraine Sellout” notes that in her apartment building for expos-
need private investment. Other investors might any European troops that deploy to Ukraine af- President Trump has been feuding ing rights abuses in Chechnya; Alex-
be more inclined to help Ukraine rebuild if the ter a deal is struck. with President Zelensky over the war ander Litvinenko, who was poisoned
U.S. is involved. If the mineral deal makes Mr. Trump more between Russia and Ukraine. Mr. in London after accusing the Russian
The deal won’t apply to resources that have inclined to provide that guarantee, so much the Trump has evidently become buddies Federal Security Bureau of trying to
already been developed and contribute to better for Ukraine, Europe and the U.S. with Vladimir Putin and claims, for murder the oligarch Boris Berezovsky;
instance, that Mr. Zelensky is a dicta- Natalya Estemirova, noted human-
tor because there hasn’t been an elec- rights activist who was abducted near
‘Crush Zionism’ on Your Own Time tion since the war began. Never mind
that under Ukrainian law elections
her home and found with bullet holes
in her head and chest after she began
are suspended during wartime. investigating kidnappings and murder

R
emember when Sen. Chuck Schumer was The students recited droning slogans and In making such statements this in Chechnya; Sergei Magnitsky, the
revealed to have told the president of handed out leaflets reading “Crush Zionism,” way, the president forgets or ignores whistle-blowing lawyer who had im-
Columbia University not to worry about with a boot stomping on a star of David. Prof. a long list of horrors that have flowed plicated Russian officials in a tax
Congressional oversight because “universities’ Avi Shilon, a top scholar visiting from Israel, from the only true authoritarian in fraud and later died in jail; and Boris
political problems are really only among Repub- tried to reason with the four wannabe Hamas- the conflict. Here are a few: Nemtsov, shot dead on a bridge near
licans”? Well, Republicans are now in power in niks in Arabic but they didn’t speak any. The assassinations of Russian dissi- the Kremlin for protesting against
Washington. Will colleges adapt? The two Barnard students were expelled and dent Alexei Navalny; Yevgeny Prigo- Russia’s aggression against Ukraine.
Columbia’s anti-Israel student coalition an- zhin, head of the Wagner mercenary Mr. Trump says that his Russian
a third from Columbia is suspended pending an
group, who died in a suspicious heli- counterpart wants peace. The free
nounced Sunday that two student activists investigation. The fourth hasn’t been identified; copter crash; Sergei Yushenkov, world, and the families of those he
have been expelled by Barnard College, which masks can provide impunity. leader of the anti-Kremlin party Lib- has slain, await the evidence.
is closely affiliated with Columbia across the Barnard’s first statement after the expulsion eral Russia who was shot in front of HARVEY A. SILVERGLATE
street. The two seniors disrupted a class to explained, “When rules are broken, when there his Moscow home; the journalist Anna Cambridge, Mass.
shout Hamas propaganda, so Barnard kicked is no remorse, no reflection, and no willingness
them out and told them don’t come back. to change, we must act.” We hope Barnard redis-
Imagine that.
But on Wednesday masked anti-Israel activ-
covers its backbone and punishes the rioters.
Colleges allowed hard-left and Islamic bul-
Reciprocal Tariffs Only Cause Reciprocal Pain
ists stormed a Barnard building to demand the lies to break the rules last year. Typically they Douglas A. Irwin writes powerfully changing their trade policies, Mr.
expulsions be reversed. Barnard says a staff got off scot-free or were put on probation. about the problems of outsourcing Trump should take a page out of
our trade policy to other countries “The Art of the Deal” and find win-
member was physically assaulted and sent to the Some received suspensions that, with faculty
(“‘Reciprocal’ Tariffs Make No Sense,” win propositions that reduce barriers
hospital by the rioters, but it allowed them to help, were reduced to a requirement to take a op-ed, Feb. 14). By promising to re- to trade, not erect new ones. Doing
camp out for hours, vandalize walls and shout joke course on lawful protest. ciprocate others’ tariffs, we are prom- so would enrich the lives of all Amer-
support for Hamas “resistance.” Instead of re- The likes of Sen. Schumer were never going ising to reciprocate their foolishness. icans, boost domestic manufacturing
moving them, Barnard canceled classes. to hold schools accountable. Now, colleges that It’s time to end the failed experi- and lower prices for domestic pro-
At one point Columbia Students for Justice let activists get away with intimidating Jews— ment with tariffs, especially against ducers and consumers—exactly the
in Palestine boasted, “Dean Leslie Grinage of even if they hide behind the word “Zionist”—risk larger economies, like China. Mr. goals Mr. Trump promised on the
@BarnardCollege just asked for our permission federal investigation for failing to uphold Jewish Trump’s own Council of Economic campaign trail.
to use the bathroom. Guess who has the upper students’ civil rights. As the lawyer Alyza Lewin Advisers confirmed the policy’s fail- DAVID HEBERT
hand now?” They refused to take off masks and asks, “Would university administrators permit ure in 2019. Writing of the adminis- American Inst. for Economic Research
dispersed only after being assured they wouldn’t student clubs to demand that Catholics disavow tration’s attempts, the group stated: Grand Rapids, Mich.
“Rather than changing its practices,
face disciplinary consequences. the Vatican or that Muslims shed their connec-
China announced retaliatory tariffs
Here’s what they were rallying to defend: On tion to Mecca in order to be accepted?” on U.S. goods,” as did Canada, the Eu- Rauch Responds to Criticism
Jan. 21, four masked students banging on drums Another route is to investigate discrimina- ropean Union, Mexico, Russia and
entered a History of Modern Israel class. They tion against Israeli students on the basis of While, like any author, I welcome
Turkey. President Biden’s trade repre-
held up a picture of Hamas terrorists pointing their national origin. That, too, violates Title VI attention from the estimable Wall
sentative in 2024 reported that China
Street Journal, neither the headline
guns with the caption “The Enemy Will Not See of the Civil Rights Act. There are plenty of op- “persisted and even [became] more
nor the text of Barton Swaim’s review
Tomorrow,” along with the inverted red trian- tions when the party in power doesn’t consider aggressive” in response to U.S. levies.
accurately represents my work (“It’s
gle Hamas uses to mark targets in its videos. antisemitism to be somebody else’s issue. The president has adopted tariffs
All the Evangelicals’ Fault . . . Again,”
as a hammer but not all of our prob-
Houses of Worship, Feb. 21). My book
lems are nails. Such blunt instru-
A Total Subsidy That Needs DOGE ments ultimately fail to accomplish
their aims. Rather than seek to pun-
is framed as an apology to Christians
for my own misguided celebration of
secularization, and it ends with a
ish or threaten other countries into

H
ard to believe, but the U.S. Export-Import businesses that don’t need or receive govern- plea to fellow secular liberals to rec-
Bank may underwrite a foreign-backed ment support? The Mozambique project would ognize and support, rather than ne-
glect or dismiss, Christianity’s impor-
liquefied natural gas export project in Af- be capable of exporting 13 million tons a year How DOGE Could Wield AI tant role in our country’s political
rica that would compete with (MTPA). The U.S. currently can
American fuel shipments. Talk Why should U.S. export 140 MTPA with another Against Waste in Healthcare and cultural health.
Mr. Swaim correctly notes that I
about an agency in need of the taxpayers underwrite a 86 under construction, plus 89 Your Feb. 11 editorial “The Federal
join with many Christians in criticiz-
DOGE treatment. under regulatory review. Spending Boom Rolls On” states that
ing white evangelicals’ choice to put
The ExIm Bank’s putative foreign LNG project? Earlier this month TotalEn- the Department of Government Effi-
power ahead of principle. For one
purpose is to finance purchases ergies said it planned to boost ciency is only nibbling at the edges of
such criticism, see Matthew 4:10. But
Washington’s spending problem so
of U.S. exports and make Amer- investments in U.S. LNG. Great. readers will find my book to be more
long as it takes Medicare and Medic-
ican products more globally competitive. In prac- Europe and Japan could use all the U.S. LNG ex- aid off the reform list. There’s a way
balanced than his portrayal.
tice, the agency finances investments by big busi- ports they can get as they try to wean them- JONATHAN RAUCH
to solve this problem. Elon Musk’s em-
nesses that primarily benefit foreign companies selves off Russian gas without damaging their Washington
ployees doubtless have the know-how
and governments, much like the U.S. Agency for economies with high energy prices. France in- to develop the DOGE Smart Payment
International Development. creased imports of Russian LNG by 81% last year, System, powered by artificial intelli-
France’s TotalEnergies’ Mozambique LNG ex- despite the war in Ukraine. gence, to screen claims for Medicare
port project is an example. Mozambique boasts Unlike other Western energy giants, TotalEner- and Medicaid and weed out question- Pepper ...
large natural gas reserves off its coasts, but the gies didn’t withdraw from Russia after the Ukraine able ones before they are paid.
The goal would be to reduce
And Salt
East African country suffers from conflict and in- invasion. It still owns large stakes in three major
stability, which has spooked private investors. To- Russian LNG export projects. TotalEnergies last fraud, waste and abuse, which is es- THE WALL STREET JOURNAL
timated to be a significant percent-
tal wants the U.S. and other governments to finance year also signed “a strategic cooperation agree-
age of the $1.5 trillion CMS budget.
its $20 billion LNG project to reduce its risk. ment to deepen their collaboration” with state- The DOGE system could be trained
The ExIm Bank approved a $4.7 billion loan owned China Petroleum and Chemical Cooperation. using the gigantic database of claims
for the project in 2020 on the rationale that TotalEnergies seems to be leveraging its part- that have been paid and denied.
China and Russia might otherwise finance the nerships with Russia and China to argue that the Think about it: A 5% reduction would
deal. But this justification strays from the U.S. should finance its Mozambique project to generate billions in savings each
agency’s stated mission. counter those U.S. adversaries in Africa. The Bi- year. Repeat offenders would be held
Attacks by Islamic militants in the region den ExIm leaders invoked a similar rationale to accountable, limiting future abuse in
prompted TotalEnergies to pause the project in approve a $1.6 billion loan guarantee for a solar a virtuous cycle.
2021. Biden officials never finalized funding, but and battery storage project in Angola, among HANK WERRONEN
Washington
TotalEnergies CEO Patrick Pouyanne recently other wasteful projects.
said he expects the Trump team to do so soon. If Republicans in Congress let ExIm’s authori-
Letters intended for publication should
“Security has improved, but it will never be per- zation lapse next year, they could claim victory be emailed to [email protected]. Please
fect,” he noted. Not perfect? Islamic State mili- for shutting down at least one agency. Mean- include your city, state and telephone
tants are rampaging across the region. time, the Trump Administration can order the number. All letters are subject to
Why should U.S. taxpayers underwrite a risky agency to freeze new deals to avoid throwing editing, and unpublished letters cannot “This isn’t what I intended
be acknowledged.
foreign project that competes with American good taxpayer money after bad. when I started Casual Fridays.”
THE WALL STREET JOURNAL. Friday, February 28, 2025 | A15

OPINION

Following the Do National Parks Need the Feds?

Money, AP By Robert Showah Before legal challenges brought by

A
Moves Left t Yosemite National Park,
one person is responsible
Native American tribes and environ-
mentalists could make it to court,
Joe Biden was inaugurated and re-
for rescuing visitors from stored the Obama boundaries,
By Ira Stoll locked bathrooms: a feder- prompting lawsuits from Utah offi-
ally employed locksmith. cials. With Mr. Trump back in office,

A
t the end of a recently pub- When he was fired recently in Presi- affected communities are likely in
lished Associated Press investi- dent Trump’s bureaucratic purge, for more political whiplash. But Mr.
gation into American tech com- park rangers could do little but pro- Trump’s actions didn’t relinquish the
panies “that have supported Israel’s test by scaling El Capitan with an area to an unregulated Wild West.
wars” came a disclosure: “The Asso- upside-down American flag. The ab- Then and now, the Bureau of Land
ciated Press receives financial assis- surdity of having access to basic fa- Management has overseen the area,
tance from the Omidyar Network.” cilities hinge on one man reflects a along with the 65% of Utah’s area
The language indicates a shift at deeper dysfunction that goes beyond that is designated federal public
the media outlet, whose special Mr. Trump’s scattershot effort. land. It isn’t hard to see why Utahns
White House access President Trump After the outcry, the Trump ad- are angry.

BRITTANY COLT,
recently withdrew. The news-gather- ministration reversed some firings, Political observers too often oper-
ing cooperative was once funded and the National Park Service said it ate on the false premise that with-
largely by dues from member news- would hire several thousand sea- drawing the feds necessarily means
papers. Now it increasingly relies on sonal workers—presumably a lock- An upside-down American flag hangs on El Capitan in Yosemite. that no constituencies, institutions
handouts from left-leaning charities. smith or two among them. The Na- or incentives will arise to deliver
Yet it insists its journalism is “inde- tional Park Service’s operations are was established, California has data on land conditions, while data what is good for the people. That
pendent” and “nonpartisan.” a vivid microcosm of a broader dis- passed laws that protect Yosemite analytics help optimize tourism doesn’t mean federal power has no
Bloomberg estimates eBay cussion about the federal govern- from environmental and commercial through timed entries, online reser- role—but that it should serve as a
founder Pierre Omidyar’s fortune at ment’s purview in the modern age. harm. The California Environmental vations and crowd monitoring. facilitator of localism, supporting
$12.5 billion. Federal election re- The National Park Service was es- Quality Act mandates environmental Meanwhile, state park systems, pri- pluralism rather than undermining it
cords show he gave $1 million in tablished in 1916 to manage and pro- reviews for developments near the vate conservation initiatives and in the name of some nebulous
March 2024 to the ACLU Voter Edu- tect national parks, ensuring the park, while the California Endan- nonprofit organizations already “unity.”
cation Fund and $450,000 in 2016 to preservation of natural and cultural gered Species Act protects vulnera- manage vast landscapes, proving If Yosemite became a California
political-action committees oppos- resources amid growing tourism, in- ble species like the California condor. that effective land stewardship state park tomorrow, would it sud-
ing the Trump-Pence ticket. dustrial expansion and threats from doesn’t depend on federal oversight. denly become a strip mall? Of course
unregulated development. The na- Yet the bureaucracy remains. not. Federal control persists not be-
tional parks themselves came before If Yosemite became a Why? Because it follows the Lindy cause it’s necessary, but because it’s
The nonprofit media that, beginning with Yellowstone in
California state park effect: The longer it’s been estab- the status quo—an assumption
1872. At the time, there were few le- lished, the longer it endures and—in rarely challenged despite changing
outlet takes handouts from gal safeguards for conservation, tomorrow, would it the case of federal power—expands realities. As environmental protec-
the Omidyar Network and leading to concerns about deforesta-
turn into a strip mall? beyond its original purpose long af- tions, technology and governance
tion, excessive grazing of livestock, ter its necessity has faded. Returning structures progress, so should the
other ideological charities. commercial development and unreg- federal public lands to state and local approach to public lands. If Congress
ulated tourism spoiling these scenic control isn’t only about parks. It’s had the backbone, it could strike a
treasures. Over the next four de- Air-quality standards through the about preventing many policy mat- deal that ensures joint local control
Previous media spending by Mr. cades, environmental activists suc- California Air Resources Board help ters from being needlessly subjected between state officials and indige-
Omidyar, his wife and their network ceeded in getting national parks keep Yosemite’s air clean. The Forest to the micromanagement and twisted nous groups.
has supported stridently far-left and federalized. Practice Act regulates logging to pre- incentives of federal politicking. For many Washington technocrats
anti-Israel outlets, including the In- That was more than 100 years vent habitat destruction, and Propo- In 2017, Mr. Trump reduced the accustomed to an antiquated govern-
tercept, which recently launched as ago—long before Washington had sition 65 protects water quality by size of the Bears Ears National Mon- ing philosophy of reflexive federal-
an independent nonprofit, and In anywhere near as much on its plate limiting toxic chemical releases. All ument in Utah. The year before, ization from the steam engine era,
These Times. The Intercept has ques- as it does today. Yet many elected of- these laws, alongside existing federal President Obama, under the Antiqui- that’s an uncomfortable conversa-
tioned the reporting of the New York ficials speak of protecting public protections, help preserve Yosemite. ties Act, had designated those 1.3 tion. When it comes to the long-term
Times on Hamas’s systematic sexual lands as though the only thing stand- Technology has revolutionized en- million acres—larger than some na- risks of power consolidation, they
assault of Israelis. It also suggested ing in the way of Yosemite turning vironmental management, allowing tional parks—a national monument. will continue to miss the forest for
that the Times is biased in favor of into an exploited quarry is its desig- local agencies to oversee natural re- Both Mr. Obama’s and Mr. Trump’s the trees.
Israel because the current Times ex- nation as federal public land. The re- sources without heavy federal in- decrees divided locals and stoked
ecutive editor’s late father was active ality is quite the opposite. volvement. Satellite monitoring and fears that sacred sites would be ex- Mr. Showah writes That Patch-
in a pro-Israel press-watchdog group. Since the National Park Service remote sensing provide real-time ploited for mining. work, a Substack newsletter.
In These Times devotes an entire
section to “Palestine” alongside “pol-
itics” and “opinion.” It cheers boy-
cotts of Israel and smears the Jewish
state’s war of self-defense as a “geno-
How MAGA Bungled the German Election
cidal onslaught.” Germany’s election Vance come in—or rather, don’t. In Messrs. Musk and Vance simply must be equally false. But this effort
The Omidyar Network’s grant to on Sunday pro- the last two months, these tri- didn’t know what they were talking to graft U.S. political and culture
the AP is ostensibly to expand cover- duced a lot of los- bunes of Donald Trump and Make about. wars onto Germany—with its own
age of artificial intelligence, but ers, and two of the America Great Again national con- For instance, there are good rea- history and present concerns—
somehow the funds paid for report- bigger ones aren’t servatism threw their weight be- sons for that firewall Mr. Vance de- proved baffling or off-putting rather
ers to scrutinize Microsoft’s and even German: Elon hind the AfD. cried. Among the AfD’s most promi- than compelling to many Germans.
Google’s use by the Israeli govern-
POLITICAL Musk and JD Mr. Musk opined that only this nent politicians is Björn Höcke, the The trouble is that more is at
ment. The AP had a hard-earned rep-
ECONOMICS Vance. They can’t party could “save” Germany, and in- party’s leader in the state of Thurin- stake than embarrassment for a cou-
utation for nonpartisanship. It’s sad say they weren’t troduced party leader Alice Weidel to gia, who’s been convicted twice of ple foolish American politicos. This
By Joseph C.
to see that reputation rented to warned. the Anglosphere via a one-hour inter- ill-fated foray into German politics
Sternberg
Omidyar and ruined for what appears To recap: Ger- view in English on his X platform. Mr. could have negative consequences
to be a quarter-million-dollar grant. man voters have Vance met Ms. Weidel during a trip to A center-right chancellor for American interests.
That sum is a small share of the swung toward the right in frustra- Munich a little more than a week be- The most serious is the possibility
AP’s total foundation action. The AP’s tion over out-of-control immigration fore the election—a much-publicized should be good news for Messrs. Musk and Vance alienated
2023 annual report boasts of “81 and economic malaise. The biggest conference—and then in a speech the GOP. Musk and Vance Mr. Merz. Europe’s largest economy
grants totaling $60.9 million.” Other winner was Friedrich Merz, leader of warned Germany against erecting po- has just elected one of the more pro-
money comes from groups with agen- the center-right Christian Democrats litical “firewalls.” shouldn’t have meddled. U.S. politicians within the country’s
das. The KR Foundation, a Denmark- Union, whose 28.6% vote share—in- Mr. Vance’s comment was a direct most pro-U.S. party. But widespread
based organization that backs “a cluding that of the CDU’s Bavarian jab at mainstream German politi- irritation at MAGA’s pro-AfD turn,
rapid phase-out of fossil fuels,” is an sister party, the Christian Social cians’ refusal to contemplate coali- using a Nazi slogan—“Alles für plus Mr. Trump’s recent erratic ap-
AP funder. So is the Hewlett Founda- Union—will make him the next chan- tions with the AfD, a stricture born Deutschland,” the motto of Hitler’s proach to the Ukraine war, seems to
tion, which was a force behind Joe cellor. The biggest losers were par- of the AfD’s refusal to purge appar- Brownshirts—in campaign rallies. have pushed a politician who once
Biden’s inflationary spending poli- ties of the center-left, the Social ent Nazi sympathizers from its lead- (Mr. Höcke, a former history teacher, led Atlantic Bridge—a political net-
cies. Hewlett has spent more than $2 Democrats (a humiliating 16.4%) and ership ranks. has appealed the convictions and working organization that’s exactly
million backing AP coverage. the Greens (11.6%). Embarrassingly for the two Amer- said he hadn’t known the phrase’s what the name implies—to now
A spokeswoman for AP told me Then there’s the far-right Alterna- icans, these interventions appear to historical associations.) Ms. Weidel speak of the need for German “inde-
that “each foundation goes through a tive for Germany, or AfD. In many have had zero effect on German vot- said during the campaign she regret- pendence” from Washington.
thorough standards review to ensure ways, this party had a very good ers. The AfD’s slight rise in opinion ted trying to expel him from the MAGA promises a realism-based
its commitment to editorial indepen- election. Its 20.8% vote share dou- polls after Mr. Musk started stomp- party in 2017, and now he may be approach to foreign policy. What
dence” and that “AP retains complete bles the tally from the 2021 election, ing around the china shop in January trying to seed his loyalists among Messrs. Musk and Vance delivered in
editorial control over its journalism.” despite (not, as some worry, because looks like a mere continuation of a the AfD’s parliamentary caucus, the Germany is almost exactly the oppo-
She said omitting Omidyar from a of) some of its leaders’ persistent gradual polling improvement that Frankfurter Allgemeine newspaper site: a headlong rush into the politics
public list of AP’s funders was an flirtations with Nazi rhetoric. had been already under way for reported this week. of a country they apparently don’t
“oversight” and will be corrected. Still, some caveats attach. The some time. And it may have been an The MAGA case for the AfD understand, in an effort to project
The Omidyar Network didn’t reply to party’s final vote count was notice- illusion, given that the party fell seemed to be that America’s main- America’s particular set of cultural
my questions. ably short of the 22% to 23% support short on election day. stream media launched a deceptive and political neuroses onto the rest
One journalistic project unlikely to it enjoyed in many opinion polls at One explanation for MAGA’s lack resistance against Mr. Trump and of the world, and with ill effects for
be funded by big foundations: ener- times in 2023 and 2024. In parlia- of influence on the election outcome therefore negative reporting else- America. Next time perhaps they’ll
getic investigative coverage of the mentary coalition building, a few may be Germans’ suspicion that where about parties of the right want to stick to “America first.”
charities themselves—their out-of- points is a big deal. The party is a
touch politicized groupthink, extrava- significant force, but it hasn’t yet
gantly compensated executives and
counterproductive spending.
Meanwhile, if Mr. Trump’s roll-
shaken off the question of whether
there’s a ceiling to its support.
The AfD’s underperformance is all
Congress Can Easily Green-Light DOGE
back of AP’s special access makes the more noticeable because fate By Jed Rubenfeld of constitutional rights.) Such claims provision would satisfy these restric-
readers more skeptical, that may be seemed to arrange current events in would be made moot if Congress gave tions because it’s directed at reduc-

T
healthy. For-profits can make the the party’s favor. Its signature issue he firestorm over President the president express power to take ing expenditures, but Senate Demo-
idealistic, evidence-based case that is hostility to migration. The last Trump’s alleged executive these actions. crats would surely object.
good journalism is good business. month of the campaign was domi- overreach—and most of the The reason Mr. Trump’s Republi- Here’s where things get interest-
Perhaps in nonprofit journalism, nated by news of two terrible crimes court cases challenging it—could be can allies in Congress haven’t already ing. In the event of an objection, the
both parties to the transaction will allegedly committed by migrants largely extinguished if a single sen- done so is the Senate filibuster. De- nonpartisan Senate parliamentarian
realize that when a news organiza- who ought to have been deported tence were added to the soon-to-be- spite taking control of the White determines whether a provision in a
tion starts selling its reputation, its months, or years, earlier. And still passed reconciliation bill: “Notwith- House, the Senate and the House, Re- reconciliation bill is “in order.” But
value diminishes. In any case, read- the AfD managed not to achieve even standing any other provision of law, publicans are still powerless to enact the parliamentarian’s determination
ers will figure it out. the 22% support many polls pre- for fiscal years 2025-26 the presi- is only advisory. The real power lies
dicted right before the election. dent is hereby authorized and di- with the Senate’s presiding officer,
Mr. Stoll writes at TheEditors.com. This is where Messrs. Musk and rected to identify and eliminate at A simple sentence in the who can ignore the parliamentarian.
least $500 billion of waste, fraud and reconciliation bill would The Senate’s presiding officer hap-
abuse in federal spending by auditing pens to be the vice president.
expenditures, discharging employees resolve legal concerns. In other words, JD Vance would
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY or officers, canceling grants and re- have the ultimate authority to decide
Lachlan Murdoch ducing or eliminating agencies and if the provision on waste, fraud and
Executive Chairman, News Corp departments.” most of their legislative agenda be- abuse could stay in the reconciliation
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Most of the challenges to Mr. cause they don’t have the 60 Senate bill. The Senate can overrule the vice
Emma Tucker Almar Latour Trump’s executive orders and the ac- votes needed to overcome a filibus- president, but it would require a
Editor in Chief Chief Executive Officer and Publisher tions of the Department of Govern- ter. But the Senate can’t filibuster a three-fifths vote.
Liz Harris, Managing Editor DOW JONES MANAGEMENT: ment Efficiency don’t involve consti- reconciliation bill. Reconciliation is Majority Leader John Thune
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, tutional rights. Instead, the plaintiffs virtually the only opportunity for warned Republicans in January to re-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; claim that Mr. Trump is violating congressional Republicans to enact a spect the parliamentarian’s determi-
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; statutes or exercising authority Con- law with a simple majority in the nations. The last vice president to ig-
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; gress hasn’t granted him. That’s the House and Senate. nore the parliamentarian was Nelson
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; core claim behind the court cases at- The catch is that a federal statute Rockefeller in 1975. But this adminis-
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business tacking Mr. Trump’s firings, grant and Senate traditions limit what can tration doesn’t seem likely to feel
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
freezes, dismantling of the U.S. go into a reconciliation bill. In gen- constrained by unwritten senatorial
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & Agency for International Develop- eral, reconciliation can be used only norms that stand in the way of Con-
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; ment, decision to give Elon Musk ac- for measures directed at federal reve- gress’s majority will.
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer cess to agency data and so on. (His nue and expenditures—but not those
1211 Avenue of the Americas, New York, N.Y., 10036 executive order on birthright citizen- that affect Social Security. There’s a Mr. Rubenfeld is a Yale law
Telephone 1-800-DOWJONES ship does involve an alleged violation good argument that my proposed professor.
 S&P 5861.57 g 1.59%
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Friday, February 28, 2025 | B1

Amazon Unveils Quantum Chip

BY BELLE LIN Google in December said it de- Share-price performance, past six months can be useful in areas includ-
Tariff
Threats
veloped a new chip, called
Amazon.com’s cloud-com- Willow, that it said marks an
puting business on Thursday advance in solving quantum’s
40% Amazon
ing drug discovery, data en-
cryption and cybersecurity.
While some companies have
Hit S&P,
unveiled its first quantum error-correction issues.
computing chip, which it says Amazon’s Ocelot chip is a
marks an important step in prototype, not a “full-blown
30

Alphabet
been working on building
practical quantum computers
for decades, the technology is
Nasdaq
the development of useful, re- quantum system,” said Oskar still at least a decade away
20
liable quantum computers. AW Painter, head of quantum from commercial use, accord- BY HEATHER GILLERS
The chip, dubbed S/R
EU hardware for AWS. “It’s ing to Painter. Other compa- AND ANGUS BERWICK
TE
Ocelot, can lower RS designed to test our 10 nies and industry experts say
the costs of reduc- ability to perform it is just a few years away. Fresh tariff threats and a
ing quantum com- quantum error cor- Amazon, Microsoft and tech selloff dragged stocks
puting errors by as rection, and once we 0 Google are all trying to solve lower, with the S&P 500 sur-
much as 90%, the Seattle- have that building block, the challenge of quantum er- rendering the last of its gains
based tech giant said. Amazon’s then we can scale it up Microsoft ror correction, though for the year.
The race to build a Ocelot chip to a much larger size.” –10 Google’s work in developing A reported uptick in jobless
practical quantum com- One of quantum com- Sept% 2024 Oct% Nov% Dec% Jan% ’25 Feb%
superconducting quantum cir- claims Thursday followed dis-
puter has been heating up puting’s biggest challenges is cuits is most similar to Ama- appointing home-sales data.
among startups and the that qubits, the basic units of Source: FactSet zon’s, according to Painter. Re- Investors, meanwhile, tried to
world’s biggest tech compa- quantum computation, gener- sults of Amazon’s work were digest the Trump administra-
nies. Amazon Web Services’ ate errors as they tackle prob- the environment like heat and Quantum computers can published in Nature, a leading tion’s plans on tariffs and fed-
announcement comes just a lems, with the errors increas- vibrations, which force them crunch numbers in a funda- scientific journal, on Wednes- eral spending cuts.
week after Microsoft claimed ing as quantum systems get out of their quantum state. mentally different way from day. The technology-heavy Nas-
a quantum-computing break- bigger. Qubits are fragile and Quantum error correction is traditional computers and can Amazon formally kicked off daq Composite fell 2.8%, or
through by creating a new susceptible to “noise,” essen- used to help fix the problems do certain computations or- its efforts to build a quantum 530.84 points, to close at
state of matter. Alphabet’s tially small disturbances in created from that noise. ders of magnitude faster. They Please turn to page B2 18544.42, while the Dow Jones
Industrial Average fell 0.5%, or
193.62 points, to 43239.5. The

Microsoft Higher Coffee Prices Are Coming, Smucker Says S&P 500 dropped 1.6%, or
94.49 points, to 5861.57, push-
ing its total return for the year

Asks That into negative territory.

“What the market hates is
surprises,” said Michael Anto-

AI Limits nelli, managing director at

Baird. “We’re in this world
Please turn to page B9

Be Eased
BY AMRITH RAMKUMAR
Meta
AND TOM DOTAN

Microsoft is pushing the

Apologizes
Trump administration to
loosen and simplify a new sys-
tem that would restrict the
For Violent
sales of cutting-edge U.S. arti-
ficial-intelligence chips to
much of the world.
Instagram
In a blog post Thursday, Mi-
crosoft called for Trump’s
team to ease the limits on
Video Feeds
RICHARD B. LEVINE/ZUMA PRESS

chips that can be used in data

centers for training AI models BY MEGHAN BOBROWSKY
so they no longer apply to a AND JEFF HORWITZ
group of U.S.-friendly nations
including India, Switzerland Meta Platforms apologized
and Israel. Wednesday night for what it
Those countries are in the said was an “error” that led
second tier of a three-tier sys- In January, Arabica coffee prices hit a record after President Trump threatened 25% tariffs and sanctions on Colombia. to graphic and violent videos
tem that underpins the export flooding the feeds of a vast
controls. Your morning cup of joe Arabica coffee futures price J.M. Smucker revenue by when millions of Americans number of Instagram users,
Microsoft says the unin- isn’t getting any cheaper. past year segment* began working from home. including minors.
tended consequence of that J.M. Smucker, which sells More recently, shoppers have The videos, which were
$4%50 a pound $2%5 billion
proposed system would be that the Dunkin’, Folgers and Café Int’l and been looking for deals as gro- recommended on some users’
countries facing limited U.S. Bustelo brands, said it would other† cery bills continue to increase. Reels tab, included people
chip supply would turn to continue raising prices on cof- 4%00
2%0 Chief Executive Mark who appeared to have been
Sweet
China to get the tech infra- fee to offset its own higher baked
Smucker said at-home coffee shot to death and run over by
structure they need. costs. 3%50 snacks drinking remains strong, and vehicles.
China is using the proposed Smucker raised prices for 1%5 the company’s products are Some of the recommended
rule to argue to other coun- some coffee products last Pet affordable compared with cof- videos had “sensitive con-
tries that it would be a better June, and then again in Octo- 3%00 foods fee shops or energy drinks: “A tent” warnings on them while
long-term partner for AI infra- ber, reflecting record green- 1%0 Frozen brewed cup of coffee, even a others didn’t.
structure than the U.S., Micro- coffee costs. The Orrville, 2%50 handheld/ K-Cup, is a fraction of the A Wall Street Journal re-
soft President Brad Smith said Ohio-based company said spreads cost.” porter’s account featured
in an interview. Thursday that it expects to 2%00
0%5 He said the coffee industry scores of videos of people be-
“Their message is these lift prices further, likely in the Coffee has made progress helping ing shot, mangled by machin-
countries can’t rely on the U.S., first half of its next fiscal smallholder farmers improve ery and ejected from theme-
1%50 Continuous contract 0
but China is willing to provide year. their crops, and with breeding park rides, often back to back.
what they need,” he said. Higher prices helped boost March 2024 ’25 FY2024 ’25 programs focused on creating The videos originated on
“That is not good for American sales for Smucker’s retail cof- *Latest fiscal quarter ended Jan. 31. †Other includes sales to schools, offices, restaurants and others coffee plants that are more pages that the reporter didn’t
business or American foreign fee business in its latest Sources: FactSet (prices); S&P Capital IQ, the company (revenue) resistant to climate change. follow with names such as
policy.” quarter, Smucker said. “The commodity is cycli- “BlackPeopleBeingHurt,”
DeepSeek, the Chinese com- Coffee prices have soared bica coffee hit an record after jor exporter, before backing cal,” the CEO said. “Over time “ShockingTragedies” and
pany that took many U.S. law- as poor weather in major President Trump threatened down. the commodity will moder- “PeopleDyingHub.”
makers and companies by sur- growing regions has disrupted 25% tariffs and economic Sales of at-home coffee ate.” View counts on some of
Please turn to page B2 production. In January, Ara- sanctions on Colombia, a ma- jumped during the pandemic, —Jesse Newman Please turn to page B2

INSIDE NFL Teams Gathered Consumer Data

Without Standard Notice, Opt-Outs
YUKI IWAMURA/BLOOMBERG NEWS

BY PATRICK COFFEE data and privacy have become “We are committed to pro-
a common feature of the on- viding a seamless user experi-
A combination of websites line economy, where informa- ence for our fans, as well as
and apps for all 32 teams in tion that can help advertisers safeguarding their informa-
STEPHANIE SCARBROUGH/AP

the National Football League better target consumers is tion,” the NFL said in a state-
collected detailed data from prized. A patchwork of state ment that was included in the
consumers without directly laws has attempted to rein in report. The statement also
AUTOS informing them that their the use of these data, but thanked the DAAP for ac-
The holding company data could be used for tar- businesses’ self-regulation knowledging that the NFL is
geted advertising or providing programs are often the closest now compliant.
behind Italy’s Agnelli them with clear ways to opt thing to a na- The league’s NFL team websites and apps attract significant traffic.
family plans to cut its out, according to a report tional code. collection of ge-
stake in Ferrari. B3 from the Digital Advertising The report’s olocation data data, consumers have to be olocation data might then be
Accountability Program, an in- author, also The advertising made the omis- able to opt in with that clear, shared with advertisers. The
dustry watchdog. known as the alliance sion of clear meaningful and prominent app has now been updated to
Information collected by DAAP, is part disclosures and disclosure,” said Sridhar. include such language, accord-
third-party ad-tech vendors of BBB National acknowledges o p t - o u t “They have to know when ing to the report.
PATRICK T. FALLON/AFP/GETTY IMAGES

included online behavioral Programs, a prompts partic- they’re consenting, what Other teams’ apps told us-
data and geolocation data, business asso-
that the NFL is ularly signifi- they’re consenting about and ers that their data may be col-
which may be used by adver- ciation that en- now compliant. cant, because exactly what that means with lected by advertisers but
tisers or other parties to de- courages ad- location is very regard to how their data is be- didn’t explicitly seek consent.
termine the exact locations herence to self- closely tied to a ing used for interest-based ad- The apps now include such
and movements of an individ- regulatory single individ- vertising.” prompts.
ual’s phone or other mobile principles such as those of the ual, said Divya Sridhar, vice In early 2023, for example, NFL team websites and
device. DAA. president of global privacy di- the Cleveland Browns’ app apps attract a significant
The lack of clear disclo- The NFL worked with the vision and privacy initiatives called on consumers to enable amount of traffic. Approxi-
HEARD ON sures and opt-outs didn’t meet DAAP for more than a year be- operations at BBB National location services to “get ac- mately 1.2 million people vis-
THE STREET standards set by the Digital fore the report’s release to up- Programs. cess to FirstEnergy Stadium ited the San Francisco 49ers
Advertising Alliance, a data date its global privacy policy Companies should make features, receive in-stadium website across desktop and
Nvidia is far from privacy-focused nonprofit con- and ensure that all affiliated withdrawing from data collec- notifications and unlock con- mobile in January, the last
running out of sisting of various ad-industry properties comply with the tion as easy as consenting, she tent and promotions based on month that the team played a
road. B10 trade groups, the report said. program’s data-privacy princi- said. your location.” But it didn’t game, according to digital
Skirmishes over consumer ples, the report said. “Since this is sensitive warn customers that their ge- Please turn to page B4
B2 | Friday, February 28, 2025 NY * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A HKEX.................................................B9 Nelnet...............................................A3
Amazon
Advanced Micro Devices..A1
Affirm Holdings....................B10
Alphabet...............................B1,B10
HP........................................................B4
J
Nvidia..............................A1,B2,B10
P
PayPal............................................B10
Unveils
New Chip
JetBlue Airways...................B10
Amazon.com.....................B1,B10
J.M. Smucker..............................B1 Pinterest......................................B10
Apple..............................................B10
Autodesk........................................B2 JPMorgan Chase..................B10 R
C K Rolls-Royce Holdings..........B3

Capital One Financial.........A4 Klarna Bank..............................B10 S Continued from page B1

Couche-Tard................................B2
computer about five years ago
L Seven & I Holdings..............B2
with the creation of a quan-
E London Stock Exchange T tum lab on the California In-
Exor....................................................B3 Group............................................B9 Temu.................................................B2 stitute of Technology’s cam-
F M Toronto-Dominion..................B9 pus in Pasadena, Calif.
Ferrari...............................................B3 Meta........................................B1,B10 V That decision was made to
G Microsoft......................B1,B9,B10
purposefully straddle the lines
Verifone........................................B10
between academia and indus-
Goldman Sachs Group......B9 Moderna.........................................B4 W

NOAH BERGER/AMAZON WEB SERVICES/AP

try, Painter said. Since the
H N WPP...................................................B4 lab’s founding, the team—
which is also located in San
Francisco, Boston and New
INDEX TO PEOPLE York—has grown to more than
100, he said.
A S P Amazon has created a new
Antonelli, Michael.................B1 Painter, Oskar...........................B1
approach for quantum error
Saas, Heidi.................................B4
Plank, Kevin.............................M2
correction, said Paul Smith-
B Smith, Brad................................B1 Goodson, a quantum-comput- Amazon Web Services, or AWS, is where the technology company houses its cloud-
Bennett, Brandi M..............B4 Smith-Goodson, Paul.........B2 R ing analyst at technology re- computing operations.
E Smucker, Mark.........................B1 Read, Mark................................B4 search firm Moor Insights &
Erginbilgic, Tufan..................B3 Solomon, David......................B9 S Strategy. And though it en- “I would categorize this as “There’s not at this point a society’s shift toward the
Saas, Heidi.................................B4 tered the quantum race later, much more of an advancement known solution to how we’re technology. In 2019, it an-
G Sridhar, Divya...........................B1
Smith, Brad................................B1 it could still catch up to com- and less of a breakthrough,” going to reduce these errors in nounced a cloud-based service
Griffin, Ken...............................M2 Bennett, Brandi M..............B4
Smith-Goodson, Paul.........B2 petitors if its method proves West said, referring to Ama- quantum systems,” she added. called Amazon Braket, which
N G Smucker, Mark.........................B1 out, he said. zon’s Ocelot chip. The com- For Amazon, the launch of lets businesses develop and
Nadella, Satya.........................B2 Solomon, David......................B9 Still, there is a fair amount pany’s approach also isn’t its first quantum chip is part test quantum algorithms in
Griffin, Ken...............................M2
P Sridhar, Divya...........................B1 of skepticism that should be completely novel, West said, of an effort to get businesses simulations.
H applied to any quantum devel- because others have already on board with quantum com- Amazon’s next quantum up-
Painter, Oskar...........................B1 W
Plank, Kevin.............................M2 Hunter, Richard......................B3 opment, said Heather West, an demonstrated the usefulness puting. Last year, the company date is likely a few years away
West, Heather.........................B2
analyst focused on quantum of superconducting qubits de- launched a quantum-comput- as it continues building up
R N Z computing at research firm signed to be more resistant to ing advisory program that what Ocelot is capable of,
Read, Mark................................B4 Nadella, Satya.........................B2 Zuckerberg, Mark.................B2 International Data Corp. certain types of errors. aims to prepare customers for Painter said.

Software Firm Autodesk Microsoft’s capabilities. Trump’s team is

now reviewing them and con-
strengthen the restrictions
while simplifying the export-

JOSE SENA GOULAO/EPA/SHUTTERSTOCK

sidering feedback from indus- control rules, according to peo-

To Cut 9% of Workforce AI-Chip try groups before deciding how

to move forward.
The request from Microsoft
ple familiar with the matter.
Smith said Microsoft is in
favor of some aspects of the

BY PAUL ZIOBRO Lobbying critical business areas, such as

artificial intelligence, and opti-
highlights the challenge Trump
faces trying to
enact pro-busi-
rules, such as some of the ex-
port-licensing
requirements
Autodesk said it would mizing its go-to-market ap- ness policies and the sys-
eliminate about 9% of its work- proach to better serve custom- Continued from page B1 while also look- The company tem’s third tier
force, part of a global restruc- ers. The San Francisco prise when it recently released ing tough on seeks changes of countries Microsoft’s Brad Smith says
turing plan at the software company disclosed the plan as an advanced AI model, is one China. that would be the rules would help China.
company. it reported another double- of seven Chinese startups Mi- In the previ- to curbs on fully locked out
The layoffs are expected to digit quarter of revenue crosoft views as having strong ous administra- of AI chips—in- club in Florida.
hit about 1,350 employees, the growth. potential, Smith said. tion, national-
chips for some cluding China, Microsoft has been quieter
company said Thursday, and Autodesk reported earnings Microsoft’s giant global s e c u r i t y markets. Iran and North than many of its peers, though
the company will also reduce of $303 million, or $1.40 a business depends on an open officials became Korea. Chief Executive Satya Nadella
its office footprint. It will incur share, compared with $282 mil- flow of products and services. frustrated that Tech compa- did visit Trump at Mar-a-
total restructuring charges be- lion, or $1.31 a share, a year It has data centers and cus- those sympa- nies are in- Lago.
tween $135 million and $140 ago. Adjusted earnings came in tomers around the world. thetic to businesses’ selling creasing their lobbying efforts Another company that has
million, it said. at $2.29 a share. Analysts The previous administration abroad often delayed or wa- in the new administration after been vocal about export con-
Chief Executive Andrew polled by FactSet $2.14 a share. proposed the chip-control rules tered down their actions. many executives donated to trols is Nvidia. The AI chip gi-
Anagnost said the company is Revenue rose 12%, to $1.64 bil- in the final days of Joe Biden’s Trump administration offi- Trump’s inauguration and vis- ant has called the proposed
reallocating resources toward lion. presidency to limit China’s AI cials are weighing steps to ited him at his Mar-a-Lago rules “sweeping overreach.”

7-Eleven Owner’s Founding Family

Fails to Prevent Foreign Takeover
BY KOSAKU NARIOKA In September, the Japanese
AND ADRIANO MARCHESE government classified Seven &
i as a company that engages in
A son of the founder of the businesses critical to national
Japanese retail giant behind security. Seven & i said Thurs-
the 7-Eleven convenience-store day that it will continue to as-
chain failed to secure financing sess a full range of strategic al-
for a proposed management ternatives, including the
FRANCK ROBICHON/EPA/SHUTTERSTOCK

buyout that could have staved proposal from Couche-Tard,

off a takeover attempt by the and remains committed to ex-
Canadian owner of Circle K. ploring all opportunities to un-
Faced with declining profit, lock value for shareholders.
Seven & i Holdings is now un- The 7-Eleven owner in Sep-
der increasing pressure to re- tember rejected an initial $39
structure and seek growth on billion buyout bid from
its own, or else it could be ac- Couche-Tard, saying the pro-
quired by Canada’s Alimenta- posal underestimated the com-
tion Couche-Tard. A 7-Eleven store in Tokyo. pany’s value. Couche-Tard
The 7-Eleven owner said later raised its offer to about
Thursday that there is no ac- national-security issues in- $47 billion. Thursday’s slump
tionable proposal from the volved. reduced the market cap to
founding family to consider The 7-Eleven owner said about ¥5.5 trillion, equivalent
since the family has been un- Thursday a potential takeover to nearly $37 billion.
able to get the financing. by the Canadian owner of Cir- Japanese trading house
That caused shares to cle K would likely face serious Itochu, which was considering
plunge 12%, erasing all the U.S. antitrust challenges. Seven participating in the manage-
gains made since November, & i said a special committee is ment buyout at the request of
when the company said it had engaging with Couche-Tard to the founding family, said
received a buyout proposal determine whether a proposal Thursday that it decided not to
from Junro Ito, a top Seven & i that addresses the antitrust is- join the effort.
executive. He is the second son sues can be made. Seven & i has said it would
of Masatoshi Ito, the revered A Couche-Tard spokesperson consider strategic initiatives to
founder who, from a single out- said the company remains com- unlock the potential value of
let in Japan, built the business mitted to a deal that benefits its North American conve-
empire behind one of the customers, employees, franchi- nience-store business. It plans
world’s biggest and best-known sees and shareholders. “We look to bring in partners for its
convenience-store brands. forward to working construc- business of supermarkets, spe-
An acquisition by Couche- tively with Seven & i to reach a cialty stores and other opera-
Tard is unlikely to be straight- friendly agreement,” the com- tions and spin off and list the
forward given the antitrust and pany spokesperson said. holding company.

Meta Says “We apologize for the mis-

take.”
The spokesman declined to
ity” violations.
The company also said it
planned to disable proactive

Sorry Over comment on the scale of the

issue.
Despite that assurance,
scanning for a swath of pro-
hibited content, refraining
from using AI to remove or

Violence videos of shootings and acci-

dents dominated a Journal
reporter’s Reels feed late
demote posts unless human
users officially reported the
content as objectionable. The
Wednesday night, some ap- company didn’t respond to a
Continued from page B1 pearing next to advertise- question about whether that
the promoted videos sug- ments for law firms, massage system remains in place for
gested that Instagram’s rec- studios and e-commerce re- content categories such as vi-
ommendations had massively tailer Temu. olence and gore.
boosted their viewership, of- The spokesman also said Meta removed more than
ten exceeding that of the ac- the torrent of videos were un- 10 million pieces of violent
counts’ other posts by mil- related to the company’s deci- and graphic content from In-
lions of views. sion to adjust its content stagram in the July to Sep-
“We have fixed an error moderation policies to avoid tember period last year, ac-
that caused some users to see governing content in a way cording to its transparency
content in their Instagram that censored speech. In- report. Nearly 99% of that
Reels feed that should not stead, Chief Executive Mark content was proactively found
have been recommended,” an Zuckerberg said the company and taken down by Meta be-
Instagram spokesman said. would focus on “high-sever- fore users reported it.
THE WALL STREET JOURNAL. Friday, February 28, 2025 | B3

BUSINESS NEWS

Italy’s Agnelli Family

To Cut Ferrari Stake
Holding company of about 4% in the Italian lux- the company.
ury sports-car maker for Exor has a long history of
says sale will raise roughly 3 billion euros, equiv- investing in companies that
funds for a sizable alent to $3.15 billion. the Agnelli family sees as
The company said it had promising.
new acquisition

YUKI IWAMURA/BLOOMBERG NEWS

already priced an accelerated It also wields prominent
bookbuild offering of roughly stakes in Jeep maker car-
BY MAURO ORRU 7 million common shares maker Stellantis, Dutch
AND SARAH SLOAT which it expects to settle on health-technology company
March 3. Royal Philips and machinery
The holding company of It- It commands a 24.9% stake maker CNH Industrial.
aly’s powerful Agnelli family and 36.7% of voting rights in The company said the Fer-
is selling part of its stake in Ferrari, making it the car- rari stake sale would help re-
Ferrari in a bid to raise bil- maker’s single largest share- duce concentration within its Ferrari on Thursday said it had agreed to buy back shares valued at $314.6 million from Exor.
lions of dollars to pursue a holder. portfolio and raise funds to
sizable acquisition and The sale will trim its stake pursue a sizable new acquisi- slightly in European trading, back shares valued at $314.6 transaction was part of the
launch a share-buyback pro- and take its voting rights to tion as well as a share buy- while Ferrari stock was down million from Exor in a trans- multiyear share-buyback pro-
gram. about 30%, but Exor said it back program of 1 billion eu- nearly 8%. action that would be financed gram of about €2 billion an-
Exor said late Wednesday remained fully committed as ros. Ferrari said on Thursday by cash on hand. nounced at its 2022 capital
that it planned to sell a stake a long-term shareholder of Exor shares were up that it had agreed to buy The carmaker said the markets day.

Rolls-Royce Shares Jump on Dividend, Raised Outlook

BY DOMINIC CHOPPING Rolls-Royce underlying for longer, generating stronger ating margin of 15% to 17% by
operating profit/loss servicing demand. Renegotiated 2028. Free cash flow is seen at
Rolls-Royce shares surged long-term service contracts also £4.2 billion to £4.5 billion and
£3 billion
Thursday after the company re- helped, it said. return on capital at 18% to 21%.
sumed shareholder payouts, £2.46B The company also manufac- Previous midterm targets
raised midterm guidance and 2 tures small modular reactors. that ran to 2027 had targeted
launched a buyback of £1 billion After being named preferred underlying operating profit of
or $1.27 billion. supplier to build reactors by £2.5 billion to £2.8 billion
Shares advanced 100.60 1 the Czech Republic, it is on a pounds, an operating margin of
pence, or 16%, at 731.60 pence Swedish shortlist to potentially 13% to 15%, free cash flow of
in European trading. build a fleet of nuclear plants £2.8 billion to £3.1 billion and a
The U.K. engineering-and- 0 and has moved into the third return on capital of 16% to 18%.
defense company resumed divi- and final step of a U.K. assess- Richard Hunter, head of
dend payments after a five-year ment process. markets at interactive investor,
NADJA WOHLLEBEN/REUTERS

break, as previously guided, de- –1 “We are well-placed to be- said the company’s unexpected
claring a payout of 6 pence for come a market leader in SMRs, announcement of a share buy-
2024—its first since January where we see a significant back has lighted a fire under
2020 when the Covid-19 pan- –2 value creation opportunity,” the the shares.
demic forced it to implement 2018 ’20 ’24 company said. “The burning platform has
measures to preserve cash. Note: £1=$1.27 Rolls-Royce expects to de- long been extinguished, propel-
Since taking charge two Sources: the company Rolls-Royce resumed paying dividends after a five-year break.. liver 2025 underlying operating ling Rolls-Royce to a group
years ago, Chief Executive Tu- profit—a key metric for the which is now firing on all cylin-
fan Erginbilgic has worked to commercial flights since the significantly improved perfor- ings that significantly beat ex- group that strips out excep- ders.”
tighten focus, prioritize core end of the pandemic. mance, despite a supply chain pectations. tional items—of between £2.7 The company said underly-
activities and drive efficiencies. “Strong 2024 results build environment that remains chal- The civil aerospace business billion and £2.9 billion. That ing operating profit in 2024
After initially calling the com- on our progress last year, as we lenging.” was the key driver: Engine de- would see the company beat its was £2.46 billion, up from £1.59
pany “a burning platform,” he transform Rolls-Royce into a Rolls-Royce—which sells and liveries increased 16% while previous midterm target two billion and ahead of the com-
has overseen an increase of high-performing, competitive, maintains civil aircraft engines, revenue from its engine servic- years earlier than planned. pany’s guided range of between
more than sevenfold in the resilient, and growing busi- produces engines for military ing business increased 28% due In new midterm targets, the £2.1 billion and £2.3 billion.
share price. ness,” Erginbilgic said in a aircraft and vessels and powers to continued growth in air company now expects £3.6 bil- Revenue on an underlying basis
The engine maker also has statement. the U.K.’s nuclear submarine travel and as tight aircraft ca- lion to £3.9 billion of underlying rose to £17.85 billion from £15.41
benefited from a rebound in “All core divisions delivered fleet—reported full-year earn- pacity means engines are flying operating profit with an oper- billion.

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 B4 | Friday, February 28, 2025 * *** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Google Tweak Stings Product-Review Sites

New search rules data firm Similarweb. CNN Un- site owners, including notify-
derscored and Buy Side from ing them and providing details
threaten business WSJ, which is operated by about which pages are affected
models, bruise Wall Street Journal parent and why. Publishing executives
Dow Jones, were both down by say the appeals process is
outside writers more than 25% in that period. murky.
Time magazine’s Time After its content was re-
BY ALEXANDRA BRUELL Stamped and the Associated moved from Google search in
Press’s AP Buyline, powered by November, Buy Side from WSJ
Google changed its rules Taboola Turnkey Commerce, changed its arrangement with
around how product-review ended their efforts in recent third-party firm Credible,
sites appear in its search en- months. Taboola closed the which was creating content for
gine. In the process, it devas- commerce operation. the site, according to a person
tated a once-lucrative corner Publishers’ relationships familiar with the situation.

MICHAEL FISHER
HOLLY JOHNSON

of the news media world. with Google have long been The site is now publishing
Sites including CNN Under- fraught with challenges. They pieces from one full-time
scored and Forbes Vetted offer scramble when Google tweaks writer and considering hiring
tips on everything from mat- its algorithms, updating web- Freelance writers such as Holly Johnson and Christian de Looper are struggling to adapt. more full-time staff, this per-
tresses and knife sets to sav- site designs or crafting head- son said.
ings accounts, making money lines to notch higher in search By its definition, separate enti- on Google’s search engine. why who wrote it, in terms of CNN Underscored, which
when users click on links and rankings. The latest changes ties can include freelancers They determined that Google their employment status, has worked with Marketplace for a
buy products. are among the most dramatic, and content from services and had flagged the site for run- anything to do with it,” he portion of its content, found
They depend on Google to say executives. people not employed directly ning afoul of its guidelines, but added. De Looper, who is 31 many of its articles were also
drive much of their traffic, and “Google is gatekeeping the by the host site. weren’t sure which specific years old, said he lost upward delisted from Google late last
therefore revenue. But over revenue models publishers use Google says that affiliate rules they violated, according of 25% of his income as work year. The company ended the
the past year, Google created to stay in business,” Jeff Li, a content and freelancers aren’t, to people close to Forbes. with affiliate sites disap- relationship with Marketplace,
stricter rules that dinged cer- general manager for digital at on their own, violations of its The Forbes leaders had a peared. removed freelancer-written
tain sites that farm out arti- Time who recently left the policy, and that it is targeting hunch the foul was related to Since eliminating freelancer posts from Google search and
cles to freelancers, among company, said in a November content explicitly designed to its use of freelancers. In De- contributions, Forbes Vetted stopped its work with many
other things. LinkedIn post. get clicks by piggybacking on cember, Forbes Vetted told content began appearing back freelancers.
The goal, Google has said, Google launched its “site publishers’ brands. freelancers it was cutting ties. in Google’s search engine. “Most of the publications
was to give users higher-qual- reputation abuse” policy early A Google spokesman said Christian de Looper, who “Forbes continues to part- just said this business model is
ity search results. The out- last year and updated its lan- that sort of abuse “leads to a has been writing about con- ner closely with Google to en- not viable now,” said Holly
come was a crisis for some guage in November to specify bad search experience for peo- sumer technology for more sure we’re better serving our Johnson, who has been writing
sites. Traffic for Forbes Advi- that its spam policy prohibits ple and an uneven playing than a decade, was one such audiences,” a Forbes spokes- about personal finance for 15
sor, a personal-finance recom- certain content “created by a field for content creators.” freelancer. He said he under- woman said. years, including for CNN Un-
mendation site, fell 83% in separate entity” from appear- About a week before Black stands that Google is trying to The Google spokesman said derscored. “If you don’t show
January from the same month ing in its search pages, even Friday, leaders at Forbes Vet- ensure users see high-quality the company has a careful re- up in Google search, you might
the year before, according to with a publisher’s oversight. ted couldn’t find their content content. “But I don’t really see view and appeals process for as well not exist.”

Blue Origin to Fly Bezos Partner, Celebrities HP to Eliminate Up

To 2,000 More Jobs
BY CONNOR HART first announced in November
2022, HP’s cost-cutting plan
HP Inc. said it would lay off initially called for workforce
up to 2,000 more employees cuts of about 7,000 employees.
as part of a continuing cost- The company said at that time
cutting plan, bringing the to- that it expected to incur ap-
tal number of job cuts under proximately $1 billion in re-
the restructuring to as many structuring charges.
as 9,000. Following the new round of
The computer and printer layoffs, the company now ex-
maker on Thursday said it pects to realize approximately
CHIP SOMODEVILLA/REUTERS

MARIO ANZUONI/REUTERS

would save an additional $300 $1.9 billion in savings under

million by the the plan. Total
end of its fiscal restructuring

9,000
2025, which and other
ends in Octo- charges are ex-
ber. It expects pected to be
to incur about around $1.2 bil-
Jeff Bezos is taking more sian cosmonaut’s solo space- $150 million in Total number of lion.
celebrities—as well as his flight in the early 1960s. additional re- The details
partner—to the great beyond. Blue Origin has been flying structuring and
layoffs as a result of of the layoffs
Bezos’ Blue Origin said its people on short trips to other charges restructuring at HP came shortly
next space-tourism trip will space since 2021, when Bezos in connection Inc. after HP re-
include pop star Katy Perry, and three others flew on its with the cuts, ported higher
above right, and Gayle King, New Shepard vehicle. The primarily due revenue for its
the broadcast journalist, trips to space with New to cash labor fiscal first
right. Also joining the crew: Shepard send passengers on costs. quarter, boosted by what Chief
Lauren Sánchez, Bezos’ part- board more than 62 miles The layoffs will vary by Executive Enrique Lores said
ner, above. Sánchez put the above Earth in a capsule, country, based on local legal was strong demand for its
group together for the mis- where they experience a few requirements and consulta- new technologies, which is
sion, according to Blue Origin. minutes of floating and take tions with employee works sparking an upgrade cycle for
Former NASA scientist Aisha in views of the planet. councils and other employee personal computers.
Bowe, Kerianne Flynn, who The company has taken representatives, HP said. The The Palo Alto, Calif., com-
JAMIE MCCARTHY/GETTY IMAGES

worked in fashion, and re- other high-profile people on company employed approxi- pany posted a profit of $565
search scientist Amanda the trips, including Star Trek mately 58,000 workers across million, or 59 cents a share,
Nguyen will be on the flight. actor William Shatner. 59 countries, according to its for its three-months ended
Bezos’ company described Blue Origin on Tuesday said most recent annual filing with Jan. 31, compared with $622
the all-female crew as the it completed its 10th human the Securities and Exchange million, or 62 cents a share, a
first in decades, saying there mission with New Shepard. Commission. year earlier. Revenue in-
hadn’t been one since a Rus- —Micah Maidenberg Dubbed “Future Now” and creased 2.4% to $13.5 billion.

ADVERTISEMENT HHS Review Hits Moderna WPP Misses Forecasts

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Moderna shares fell 7.4%
in Thursday trading, closing
mans.
The Trump administration As China Proves a Drag
at $31.09, after reports that is currently reviewing the
federal health officials are re- contract, according to a per-
COMMERCIAL REAL ESTATE evaluating the company’s son familiar with the matter. BY ADRIÀ CALATAYUD WPP annual net profit/loss
$590 million contract to help Bloomberg first reported
£2 billion
UCC Public Sale Notice develop a bird-flu vaccine. the news. WPP shares fell sharply af-
Please take notice that Eastdil Secured, L.L.C., on behalf of DWF VI 1 LINCOLN LENDER, LLC, a Delaware limited Moderna was awarded the A bird-flu outbreak has ter the company posted a
liability company (together with its successor and assigns, “Secured Party”) offers for sale at public auction on contract from the U.S. De- plagued American farmers, steeper-than-expected drop in £542
April 3, 2025 at 2 p.m. (prevailing Eastern Time) at the offices of Gibson, Dunn & Crutcher LLP, located at 200 Park 1 million
Avenue, New York, New York 10166, and also being broadcast for remote participation via a virtual videoconference, partment of Health and Hu- infecting commercial and its top-line figure for the
in connection with a Uniform Commercial Code sale, 100% of the limited liability company membership interests in
LINCOLN STREET PROPERTY OWNER, LLC, a Delaware limited liability company (the “Pledged Entity”), and all other man Services in January dur- backyard poultry that has fourth quarter, hit by head-
collateral pledged by LINCOLN STREET MEZZ, LLC, a Delaware limited liability company (“Debtor”) under that certain
Pledge and Security Agreement, dated as of September 14, 2022 (as amended, supplemented or otherwise modified ing the Biden administration’s contributed to sky-high egg winds in China and North
0
from time to time, the “Security Agreement”) made by Debtor in favor of Secured Party (collectively, the “Collateral”). efforts to accelerate develop- prices and dozens of people America, and forecast little
Debtor directly owns the Pledged Entity, which directly owns certain real property commonly known as One Lincoln
Street, located at 1 Lincoln Street, Boston, Massachusetts (the “Premises”). ment of its mRNA-based vac- getting sick. improvement this year.
Pursuant to that certain Mezzanine Loan Agreement, dated as of September 14, 2022 (as amended, restated,
supplemented or otherwise modified from time to time, the “Mezzanine Loan Agreement”), by and between Debtor cine, and as part of an effort Moderna didn’t comment The London-based advertis-
–1
and Secured Party, Secured Party made a loan to Debtor in the original principal amount of up to $145,000,000.00
(the “Mezzanine Loan”). In connection with the Mezzanine Loan, Debtor granted to Secured Party a first priority lien
to address growing concerns on the matter. ing group said Thursday that
on the Collateral pursuant to the Security Agreement. Secured Party is offering the Collateral for sale in connection of a bird flu pandemic in hu- —Jared S. Hopkins revenue less pass-through
with the foreclosure on the pledge of such Collateral. The Pledged Entity is a borrower under a loan in the original
aggregate principal amount of $763,000,000.00 (the “Senior Loan”), which is secured by, among other things, a costs fell 2.3% on a like-for-like
mortgage encumbering the Premises. Secured Party may, prior to the sale described herein, assign all of its right,
basis in the fourth quarter, –2
title and interest in and to the Mezzanine Loan. In the case of such assignment, the assignee shall be considered the

NFL Took cording to Heidi Saas, an at- weaker than the 0.2% decline
“Secured Party” for all purposes hereunder.
The sale of the Collateral will be subject to all applicable third-party consents and regulatory and other governmental
approvals, if any, as well as the terms of sale prepared by Secured Party. Without limitation to the foregoing, please torney specializing in data that consensus estimates com-
take notice that there are specific requirements for any prospective bidder in connection with bidding on the Collateral.
privacy and related technolo- piled by Vuma pointed to. –3
The Collateral is being offered as a single lot, “as-is, where-is”, with no express or implied warranties, representations,

User Data gies who reviewed the report. Like-for-like revenue less pass-
statements or conditions of any kind made by Secured Party or any person acting for or on behalf of Secured Party, 2015 ’20 ’24
without any recourse whatsoever to Secured Party, Secured Party’s affiliates, direct and indirect holders of equity in
Secured Party, directors, officers, agents, or employees of Secured Party or its affiliates or equity holders, or any other It is also unclear whether through costs, a closely Note: £1 = $1.27 Source: S&P Capital IQ
person acting for or on behalf of Secured Party of Secured Party or its affiliates or equity holders. Each bidder must
make its own inquiry regarding the Collateral. The winning bidder shall be responsible for the payment of all transfer ad-tech vendors will delete watched measure of top-line

Improperly
taxes, stamp duties, and similar taxes incurred in connection with the purchase of the Collateral.
Secured Party reserves the right to (i) credit bid, (ii) reject any bid if Secured Party determines, in its sole and absolute any data they have already performance, strips out ex- cline. Analysts had forecast a
discretion, that such bid was made by a participant that is not a Qualified Bidder (as defined in the Terms of Sale), (iii)
accept a lower bid if the bid is on terms that Secured Party determines is more favorable to Secured Party or is from
collected from consumers who penses billed to clients, cur- 1.8% rise, according to the
a bidder that, in Secured Party’s determination, offers a more certain likelihood of execution, (iv) adjourn the sale to now decide to opt out, Saas rency movements and the ef- same consensus.
another date and time, and (v) impose any other commercially reasonable conditions upon the sale of the Collateral
as Secured Party may deem proper. said. fects of acquisitions and Analysts attribute WPP’s
Each prospective bidder (other than Secured Party or its affiliates) will further be required to represent in writing to
Secured Party, among other things, that such bidder (a) is acquiring the Collateral for investment purposes, solely Continued from page B1 The NFL, speaking for itself business sales. underperformance relative to
for the purchaser’s own account and not with a view to distribution or resale of the Collateral; (b) is an accredited
investor within the meaning of the applicable securities laws; (c) has sufficient knowledge and experience in financial
market intelligence firm Simi- as well as its individual teams, Weakness in project-based some peers to its greater reli-
and business matters so as to be capable of evaluating the merits and risks of investment and has sufficient financial larweb. declined to comment beyond work made last year and last ance on tech and China. WPP
means to afford the risk of investment in the Collateral; (d) will not resell or otherwise hypothecate the Collateral
without a valid registration under applicable federal or state laws, including, without limitation, the Securities The team’s iOS and Android its statement in the report. quarter tougher, but the com- said revenue from tech compa-
Act of 1933, as amended (the “Securities Act”), or an available exemption therefrom; provided that Secured Party
reserves the right to verify that each certificate for the limited liability company interests to be sold bears a legend apps also had 3,200 daily ac- Despite more state-level pany’s performance should nies stabilized in the second
substantially to the effect that such interests have not been registered under the Securities Act and to impose such
other limitations or conditions in connection with the sale of the Collateral as Secured Party deems necessary or
tive users last month, Similar- lawsuits and fines stemming pick up over the course of this half, with growth in North
advisable in order to comply with the Securities Act or any other applicable law; (e) is not an Embargoed Person (as web said. from data-privacy violations, year, WPP Chief Executive America in the final quarter
defined in the Terms of Sale); (f) is not capitalized with a Crowd Funding Structure; and (g) will purchase the Collateral
in compliance with all applicable federal and state laws. Meeting any requirements of the foregoing shall be at the The report leaves several the primary risk for large and Mark Read said. after a period in which clients
sole responsibility, risk, cost, and expense of a prospective bidder.
All bids (other than credit bids of Secured Party) must be for cash with no financing or other conditions, and the
questions unanswered, such influential organizations such Its shares fell 16% in London, sought to rein in spending.
successful bidder must be prepared to deliver immediately available good funds as required by the Terms of Sale and as for how long the NFL teams as the NFL still concerns dam- to levels last seen in late 2020. “Having had a challenging
otherwise comply with the bidding requirements and the Terms of Sale. The selected bidder must (i) deposit with a
title company or other agent designated by Secured Party 10% of the selected bidder’s final bid within twenty-four collected the consumer data, age to brand perception and For 2025, the owner of 18 months, I think that is posi-
(24) hours of completion of the auction, (ii) pay the full amount of its bid as the purchase price for the Collateral, after
deduction of the selected bidder’s deposits, by wire transfer of immediately available federal funds, no later than 2:00 how much data the teams ac- reputation, according to agencies including GroupM, tive,” Read said.
p.m. prevailing Eastern Time on April 14, 2025, as set forth in, and subject to the terms of, the Terms of Sale, and (iii)
otherwise comply with the bidding requirements and the Terms of Sale.
cumulated in total and how Brandi M. Bennett, a data pri- VML and Ogilvy expects like- But China continued to
Further information concerning the Collateral, the requirements for obtaining information and bidding on the interests widely it was shared across vacy and security attorney for-like revenue less pass- weigh on results, with quar-
and the Terms of Sale can be obtained by contacting Sarah Lagosh, Managing Director, Eastdil Secured, L.L.C., by
telephone at (617) 784-3978 or by email at [email protected]. the NFL’s network of teams whose past clients have in- through costs to range from a terly like-for-like revenue less
and third-party vendors, ac- cluded NFL franchises. flat performance to a 2% de- pass-through costs down 21%.
B6 | Friday, February 28, 2025 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
43239.50 t 193.62, or 0.45% Trailing P/E ratio 25.91 27.13 5861.57 t 94.49, or 1.59% Trailing P/E ratio * 25.82 22.85 18544.42 t 530.84, or 2.78% Trailing P/E ratio *† 34.12 34.12
High, low, open and close for each P/E estimate * 20.42 18.62 High, low, open and close for each P/E estimate * 22.57 21.25 High, low, open and close for each P/E estimate *† 28.05 30.65
trading day of the past three months. Dividend yield 1.87 1.83 trading day of the past three months. Dividend yield * 1.25 1.49 trading day of the past three months. Dividend yield *† 0.71 0.81
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

45000 6200 20400

44400 6100 20000

65-day 43800 6000 19600

moving average

43200 5900 19200

Session high
65-day moving average
DOWN UP
Session open Close 42600 5800 18800
t

Close Open 65-day moving average

t

42000 5700 18400

Session low
Bars measure the point change from session's open
41400 5600 18000
Nov. Dec. Jan. Feb. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,089,181,593 13,986,929
Industrial Average 43884.19 43224.53 43239.50 -193.62 -0.45 45014.04 37735.11 10.9 1.6 8.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 366,702,082 1,410,815
Transportation Avg 15962.02 15737.69 15762.80 -98.27 -0.62 17754.38 14781.56 -0.5 -0.8 1.2 Most-active issues in late trading Decl. volume* 715,193,384 11,933,055
Utility Average 1014.38 989.95 990.42 -24.97 -2.46 1079.88 833.04 17.8 0.8 1.8 Volume After Hours Issues traded 2,838 295
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 59317.90 58019.57 58037.14 -926.30 -1.57 61024.05 49376.46 14.2 -0.6 9.2 Advances 894 70
NVIDIA NVDA 18,650.3 120.94 0.79 0.66 190.91 97.21
Barron's 400 1255.17 1234.91 1235.14 -16.16 -1.29 1356.99 1092.05 10.2 -1.3 6.8 Declines 1,864 215
SPDR S&P 500 ETF Trust SPY 12,354.9 585.45 0.40 0.07 586.10 549.66
Unchanged 80 10
Nasdaq Stock Market SoundHound AI SOUN 9,804.6 10.12 0.91 9.88 10.79 9.19 New highs 38 3
Nasdaq Composite 19242.69 18535.22 18544.42 -530.84 -2.78 20173.89 15282.01 15.2 -4.0 10.6 iSh 20+ Year Treasury Bd TLT 7,820.3 91.52 0.21 0.23 91.60 85.78 New lows 132 1
Nasdaq-100 21323.91 20540.68 20550.95 -581.97 -2.75 22175.60 17037.65 13.9 -2.2 13.1 ProShares Ultra QQQ QLD 6,650.5 102.49 0.35 0.34 103.02 101.91 Closing Arms† 1.01 1.28
Super Micro Computer SMCI 6,219.9 43.29 0.34 0.79 43.64 42.81 Block trades* 5,819 160
S&P
-1.59
Arcadium Lithium ALTM 5,956.8 5.84 0.01 0.17 5.84 5.83
500 Index 5993.69 5858.78 5861.57 -94.49 6144.15 4967.23 15.0 -0.3 10.2 Nasdaq NYSE Arca
iQIYI ADR IQ 5,389.3 2.11 -0.06 -2.74 2.18 2.10
MidCap 400 3113.48 3063.76 3064.91 -36.78 -1.19 3390.26 2825.94 6.0 -1.8 4.8 Total volume*7,700,291,581 351,396,952
SmallCap 600 1373.52 1351.55 1351.80 -19.88 -1.45 1544.66 1241.62 3.6 -4.0 1.0 Percentage gainers… Adv. volume*2,242,892,806 89,108,320
PepGen PEPG 3,930.9 2.86 0.43 17.69 3.10 2.45 Decl. volume*5,406,969,779 258,731,544
Other Indexes
Progyny PGNY 179.4 26.75 3.87 16.91 29.00 22.88 Issues traded 4,578 2,137
Russell 2000 2177.79 2139.41 2139.66 -34.51 -1.59 2442.03 1942.96 4.1 -4.1 1.6
Advances 1,208 317
NYSE Composite 20042.99 19803.33 19808.15 -124.70 -0.63 20272.04 17388.09 12.5 3.7 6.4 Elastic ESTC 345.4 118.09 16.81 16.60 121.00 101.28
Declines 3,231 1,789
Value Line 607.82 598.93 598.93 -8.84 -1.45 656.04 568.94 0.6 -2.0 -1.7 SoundHound AI SOUN 9,804.6 10.12 0.91 9.88 10.79 9.19
Unchanged 139 31
NYSE Arca Biotech 6144.33 6014.31 6015.84 -76.90 -1.26 6318.63 4861.76 16.0 4.7 6.5
Bloom Energy BE 515.5 25.25 2.21 9.59 27.30 23.04
New highs 61 13
NYSE Arca Pharma 1030.59 1020.87 1023.10 -1.37 -0.13 1140.17 912.71 1.9 9.5 8.9 ...And losers New lows 312 76
KBW Bank 134.88 132.20 132.61 0.02 0.01 140.59 96.38 37.1 4.0 -0.8 Iovance Biotherapeutics IOVA 3,070.0 4.00 -1.26 -23.96 5.49 3.98 Closing Arms† 0.90 0.50
PHLX§ Gold/Silver 158.88 154.34 154.46 -6.03 -3.76 175.74 105.37 46.6 12.6 2.6 Archer Aviation ACHR 4,680.1 6.06 -1.86 -23.48 8.17 5.90 Block trades* 37,899 1,777
PHLX§ Oil Service 70.13 68.86 68.88 -0.31 -0.45 95.25 68.88 -13.8 -5.1 0.6 dLocal DLO 1,090.7 11.30 -2.45 -17.82 13.75 10.55 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5041.15 4684.78 4686.75 -304.07 -6.09 5904.54 4306.87 -0.8 -5.9 10.7 DoubleVerify DV 161.6 18.39 -3.34 -15.37 21.73 18.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.47 17.67 21.13 2.03 10.63 38.57 11.86 57.7 21.8 -8.5 Binah Capital Group BCG 437.6 2.44 -0.43 -14.98 2.92 2.30 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 857.26 –11.85 –1.36 1.9 Red Robin Gourmet Burgers RRGB 6.08 1.56 34.51 9.20 2.97 -18.7 Ibotta IBTA 34.01 -29.08 -46.09 117.59 33.53 ...
MSCI ACWI ex-USA 346.79 –3.27 –0.93 6.4 iBio IBIO 5.05 1.29 34.31 5.20 1.05 300.8 Digimarc DMRC 15.39 -11.65 -43.08 48.32 15.26 -56.1
MSCI World 3767.35 –53.69 –1.41 1.6 Montrose Environmental MEG 23.13 5.69 32.63 49.97 15.21 -44.1 ARKO ARKO 4.52 -2.74 -37.74 7.84 4.09 -30.8
MSCI Emerging Markets 1124.03 –11.38 –1.00 4.5 Xunlei ADR XNET 3.76 0.86 29.66 4.81 1.45 153.0 GCL Global Holdings GCL 1.85 -1.06 -36.43 15.55 1.81 -82.9
Americas MSCI AC Americas 2207.18 –35.32 –1.58 –0.2 Global Star Acqn Cl A GLST 7.75 1.76 29.46 20.89 5.00 -27.2 Tandem Diabetes Care TNDM 21.75 -11.84 -35.25 53.69 21.43 -18.3
Canada S&P/TSX Comp 25128.24 –200.12 –0.79 1.6 Root Cl A ROOT 123.95 25.24 25.57 141.23 27.24 286.0 PicoCELA ADR PCLA 5.63 -2.75 -32.82 9.80 2.21 ...
Latin Amer. MSCI EM Latin America 2016.95 –21.45 –1.05 8.9 LZ Technology Holdings LZMH 5.00 1.00 25.00 7.24 4.00 ... Defiance Dly Target 2X Lg SMCX 58.08 -27.46 -32.10 412.20 16.80 ...
Brazil Bovespa 124798.96 30.25 0.02 3.8 Aurora Mobile ADR JG 12.55 2.48 24.63 20.94 2.36 316.9 GrShr 2x Long SMCI Daily SMCL 21.44 -10.09 -32.00 54.67 9.50 ...
Chile S&P IPSA 3964.98 22.41 0.57 9.7 AtlasClear Holdings ATCH 3.48 0.66 23.40 118.79 1.73 -96.8 Siyata Mobile SYTA 2.98 -1.19 -28.54 885.58 2.82 -99.5
Mexico S&P/BMV IPC 52607.61 –689.10 –1.29 6.2 Rapid Micro Biosystems RPID 3.31 0.60 22.14 4.04 0.58 200.9 Mullen Automotive MULN 2.96 -1.08 -26.73 47100.00 2.29 -99.9
EMEA STOXX Europe 600 557.11 –2.56 –0.46 9.7 Marqeta MQ 4.25 0.74 21.08 6.98 3.37 -34.9 CAMP4 Therapeutics CAMP 3.75 -1.36 -26.61 12.30 3.50 ...
Eurozone Euro STOXX 560.51 –4.93 –0.87 10.9 Aris Water Solutions ARIS 30.98 5.32 20.73 32.00 10.56 157.3 CTRL Group MCTR 4.90 -1.64 -25.08 12.00 3.76 ...
Belgium Bel-20 4447.31 –28.75 –0.64 4.3 Stoneridge SRI 5.07 0.87 20.71 18.57 4.11 -71.1 TransCode Therapeutics RNAZ 2.52 -0.83 -24.78 66.33 2.47 -89.2
Denmark OMX Copenhagen 20 2172.04 –10.08 –0.46 3.3 SuRo Capital SSSS 6.56 1.09 19.93 6.83 3.52 52.6 AAON AAON 78.64 -23.38 -22.92 144.07 70.28 -6.4
8102.52 Oatly Group ADR OTLY 9.61 1.53 18.94 26.80 6.00 -56.7 Unusual Machines UMAC 6.87 -1.97 -22.29 23.62 0.98 141.9
France CAC 40 –41.40 –0.51 9.8
Germany DAX 22550.89 –243.22 –1.07 13.3
Israel Tel Aviv 2469.61 –2.36 –0.10 3.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 38622.84 –601.87 –1.53 13.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 925.91 –6.18 –0.66 5.4
Oslo Bors All-Share 1710.45 NVIDIA NVDA 437,667 79.9 120.15 -8.48 153.13 75.61 iSh US Thematic Rotation THRO 9,803 144398 33.28 -1.80 35.42 27.48
Norway –8.37 –0.49 4.0
Quoin Pharm ADR QNRX 161,067 4648.4 0.36 15.40 6.18 0.28 iSh JPX-Nikkei 400 JPXN 624 9497 72.99 -0.54 78.24 64.09
South Africa FTSE/JSE All-Share 87325.35 –996.41 –1.13 3.8
Spain IBEX 35 13270.60 –61.40 –0.46 14.5 Urgent.ly ULY 153,991 51171.4 0.67 60.50 3.45 0.41 AllianzIM US LC Bf10 Jul JULT 286 5584 39.52 -1.15 40.73 34.76
1038.18
Direxion TSLA Bull 2X TSLL 144,428 112.8 12.47 -6.17 41.50 4.94 BondBloxx Bbg 10Y US Trea XTEN 3,862 5500 46.38 -0.19 50.05 43.92
Sweden OMX Stockholm –9.91 –0.95 8.8
Direxion Dly SCOND 3 BL SOXL 142,222 93.0 21.75 -17.27 70.08 21.73 iSh ESG Adv MSCI EAFE DMXF 1,696 4231 68.03 -2.13 73.20 63.32
Switzerland Swiss Market 12958.34 –84.17 –0.65 11.7
Turkey BIST 100 9741.07 167.86 1.75 –0.9 NIO ADR NIO 133,722 169.7 4.79 1.48 7.71 3.61 iShares S&P 100 ETF OEF 7,256 3299 285.09 -1.93 300.35 233.95
U.K. FTSE 100 8756.21 24.75 0.28 7.1 Interactive Strength TRNR 126,552 2761.9 1.53 22.40 2428.00 0.86 iSh 10-20Y Treasury Bond TLH 27,472 2643 103.64 -0.30 111.83 96.95
U.K. FTSE 250 20414.73 –181.17 –0.88 –1.0 Lucid Group LCID 124,245 39.5 2.23 -1.11 4.43 1.93 iSh ESG 1-5Y USD Cp Bd SUSB 2,863 2023 24.93 -0.04 25.20 24.17
Super Micro Computer SMCI 120,214 50.7 42.95 -15.97 122.90 17.25 iShares S&P 500 Value ETF IVE 12,352 1952 194.58 -0.47 206.63 176.09
Asia-Pacific MSCI AC Asia Pacific 188.07 –0.87 –0.46 3.5
ProShares UltraPro QQQ TQQQ 102,020 119.0 71.64 -8.29 93.79 48.80 Melar Acquisition I Cl A MACI 583 1929 10.19 0.10 10.22 9.95
Australia S&P/ASX 200 8268.20 27.52 0.33 1.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3388.06 7.85 0.23 1.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 23718.29 –69.64 –0.29 18.2
India BSE Sensex 74612.43 0.01 –4.5
Scan this code
10.31
Japan NIKKEI 225 38256.17 113.80 0.30 –4.1 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3921.19 13.14 0.34 3.5 track most-active stocks,
South Korea KOSPI 2621.75 –19.34 –0.73 9.3 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 23053.18 –349.37 –1.49 0.1 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1215.73 –15.41 –1.25 –13.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003916 25535 0.2
CREDIT MARKETS Argentina peso .00091062.0154 3.0 Europe
Brazil real .1712 5.8416 –5.5 Czech Rep. koruna .04160 24.037 –1.3
0.4 –0.4
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.6927 1.4436
.001050 952.74 –4.2
Denmark krone
Euro area euro
.1394 7.1727
1.0399 .9617 –0.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000242 4132.25 –6.2 Hungary forint .002595 385.32 –3.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007156 139.74 0.5
A consumer rate against its Five-year ARM, Rate Mexico peso .0488 20.4897 –1.6 Norway krone .0889 11.2480 –1.2
benchmark over the past year 6.00% Uruguay peso .02355 42.4600 –2.8 Poland zloty .2497 4.0043 –3.1
Bankrate.com avg†: 6.25% 10% Asia-Pacific Sweden krona .0930 10.7556 –2.8
5-year One year ago Switzerland franc 1.1114 .8998 –0.8
Chemung Canal Trust Company 5.50% t 5.00 Australiadollar .6235 1.6038 –0.8
adjustable-rate 8.00% Elmira, NY 607-737-3711 5 WSJ Dollar Index Turkey lira .0274 36.4402 3.1
China yuan .1372 7.2862 –0.2
mortgage (ARM) 4.00 s Ukraine hryvnia .0241 41.5500 –1.2
Florence Savings Bank 5.50% t Hong Kong dollar .1286 7.7778 0.1
t 6.00 0 UK pound 1.2600 .7937 –0.7
Tradeweb FTSE Thursday Close 3.00 India rupee .01145 87.334 2.1
Florence, MA 800-644-8261 Middle East/Africa
Indonesia rupiah .0000604 16561 1.8
4.00 The Torrington Savings Bank 5.63% 2.00 –5 Japan yen .006675 149.82 –4.7 Bahrain dinar 2.6536 .3769 –0.1
s s
Torrington, CT 860-496-2152 Kazakhstan tenge .002001 499.72 –4.8 Egypt pound .0197 50.6528 –0.4
t
Yen Euro
5-year Treasury 2.00 1.00 Macau pataca .1247 8.0170 0.2 Israel shekel .2795 3.5781 –1.7
Grow Financial FCU 5.75% –10
note yield Malaysia ringgit .2250 4.4445 –0.6 Kuwait dinar 3.2409 .3086 0.1
Hillsborough, FL 800-839-6328 1 3 6 1 2 3 5 7 10 20 30 2024 2025
0.00 New Zealand dollar .5632 1.7756 –0.7 Oman sul rial 2.5974 .3850 ...
Star One Credit Union 6.00% month(s) years
MA M J J A S O N D J F Pakistan rupee .00358 279.650 0.5 Qatar rial .2745 3.643 –0.1
Sunnyvale, CA 408-742-2801 maturity Philippines peso .0172 58.005 –0.1 Saudi Arabia riyal .2666 3.7506 –0.2
2024 2025
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7416 1.3484 –1.2 South Africa rand .0542 18.4628 –2.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006892 1450.86 –1.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033876 295.19 0.7
WSJ Dollar Index 101.47
Close Net Chg % Chg YTD%Chg
0.67 0.67 –1.25
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.25 Taiwan dollar .03035 32.947 0.4
Yield (%) 52-Week Total Return (%) Thailand baht .02935 34.070 –0.8 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 7.50 7.50 7.50 l 8.50 4.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.33 4.35 4.27 5.40 4.28
Money market, annual yield 0.41 0.42 0.40 l
l
0.51 0.34
U.S. Treasury, Bloomberg 2241.230 4.210 4.430 4.880 3.630 4.950 –1.044 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.85 2.85 2.80 l 2.89 2.42 U.S. Treasury Long, Bloomberg 3180.310 4.600 4.800 5.050 3.990 3.526 –8.301 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.04 7.20 6.69 l 7.72 2.81 Aggregate, Bloomberg 2140.160 4.640 4.850 5.310 4.100 5.822 –0.308
15-year mortgage, fixed† 6.46 6.60 6.02 l 7.11 3.01
DJ Commodity 1061.90 -0.29 -0.03 1095.84 942.52 11.96 3.86
Fixed-Rate MBS, Bloomberg 2120.090 4.920 5.130 5.570 4.340 6.669 –0.265
Jumbo mortgages, $806,500-plus† 7.09 7.22 6.78 l 7.79 2.85 FTSE/CC CRB Index 306.03 0.85 0.28 316.63 265.48 11.25 3.14
High Yield 100, ICE BofA 3871.587 6.404 6.482 7.871 6.208 9.246 4.952
Five-year adj mortgage (ARM)† 6.25 6.29 5.88 l 6.78 3.32 Crude oil, $ per barrel 70.35 1.73 2.52 86.91 65.75 -10.11 -1.91
Muni Master, ICE BofA 601.585 3.309 3.406 3.760 3.074 2.615 1.009
New-car loan, 48-month 7.45 7.45 7.18 l 7.94 3.90 Natural gas, $/MMBtu 3.934 -0.025 -0.63 4.280 1.575 111.51 8.29
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 921.852 7.324 7.454 8.073 7.084 9.181 2.449
banks.† Excludes closing costs. Gold, $ per troy oz. 2883.20 -34.60 -1.19 2947.90 2045.70 40.94 9.66
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * * Friday, February 28, 2025 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
March 293.20 295.60 290.70 290.90 –2.50 12,497 March 118-070 118-100 117-140 117-230 –18.0 330,672 March .04884 .04902 .04855 .04873 –.00008 148,299
Contract Open June 117-300 117-300 117-060 117-160 –18.0 1,694,389
May 302.50 305.00 299.60 300.20 –2.30 249,970 June .04821 .04841 .04797 .04813 –.00008 1,292
Open High hi lo Low Settle Chg interest Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Copper-High (CMX)-25,000 lbs.; $ per lb. March 44.95 45.65 44.58 44.75 –.22 8,343 March 110-245 110-275 110-135 110-195 –7.5 200,869
March 1.0495 1.0505 1.0405 1.0413 –.0089 616,551
March 4.5375 4.6230 4.5040 4.5800 0.0400 9,099 May 45.59 46.23 45.20 45.35 –.24 241,045 June 110-255 110-265 110-140 110-205 –8.0 4,750,947
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1.0552 1.0552 1.0458 1.0466 –.0088 34,615
May 4.5835 4.6685 4.5490 4.6185 0.0320 122,084 Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Gold (CMX)-100 troy oz.; $ per troy oz. March 13.31 13.31 t 13.19 13.28 .06 1,408
March 107-155 107-170 107-087 107-135 –3.2 382,518
March 2918.50 2922.80 2870.40 2883.20 –34.60 12,069 June 107-210 107-230 107-137 107-192 –3.2 5,942,119 Index Futures
May 13.61 13.65 13.53 13.62 .04 10,174
April 2931.40 2935.80 2879.00 2895.90 –34.70 370,604 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Wheat (CBT)-5,000 bu.; cents per bu. March 103-029 103-037 103-002 103-020 –1.0 184,392 Mini DJ Industrial Average (CBT)-$5 x index
May 2937.30 2942.40 s 2893.90 2909.70 –35.20 185 March 566.00 566.50 544.00 546.75 –19.25 6,999
June 2959.70 2963.20 2907.00 2923.90 –35.00 83,985 June 103-107 103-122 103-079 103-102 –.8 3,792,749 March 43484 43949 43277 43297 –209 76,084
May 579.25 580.25 560.00 562.50 –17.25 217,657 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 2959.00 2959.00 s 2921.00 2936.60 –35.10 22 June 43828 44317 43649 43667 –209 1,858
Wheat (KC)-5,000 bu.; cents per bu. Feb 95.6700 95.6725 t 95.6700 95.6700 505,965
Aug 2986.10 2987.40 2932.70 2949.60 –35.10 24,837
March 582.50 590.50 566.25 571.25 –13.75 4,402
Mini S&P 500 (CME)-$50 x index
May 95.7300 95.7350 95.7200 95.7300 364,508
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 5980.00 6014.50 5873.00 5876.25 –94.50 2,079,208
March 923.50 925.00 t 899.00 901.30 –21.60 467
May 598.00 599.50 579.50 585.25 –13.25 118,942 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 95.6350 95.6375 t 95.6350 95.6350 –.0025 1,032,162
June 6040.75 6071.00 5929.00 5932.00 –95.25 36,433
June 927.50 931.00 t 910.00 915.30 –13.60 18,320
March 274.650 277.250 274.350 276.450 2.075 16,131 March'25 95.7000 95.7025 95.6925 95.6975 –.0050 1,278,706 Mini S&P Midcap 400 (CME)-$100 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. April 273.575 276.200 273.500 275.550 2.025 25,843 March 3114.20 t 3066.10 3068.40
3132.00 –39.40 41,824
March 962.70 962.70 953.60 951.90 –18.60 388
Cattle-Live (CME)-40,000 lbs.; cents per lb. Currency Futures June 3128.00 t 3097.30 3093.00
3149.70 –37.90 1
April 975.60 982.70 951.80 957.70 –18.90 71,491
Feb 198.825 199.725 198.825 199.400 .575 753 Mini Nasdaq 100 (CME)-$20 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. April 194.750 196.400 194.450 196.125 1.500 149,142
Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 21249.00 21386.50 t 20583.25 20605.75 –581.25 279,875
March 32.235 32.290 31.470 31.801 –0.471 21,874 March .6726 .6735 .6671 .6685 –.0049 291,178
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 21506.25 21618.25 t 20810.25 20833.50 –584.25 4,931
May 32.535 32.595 31.765 32.110 –0.465 113,624 June .6800 .6804 .6741 .6754 –.0050 34,967
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
April 87.200 87.275
t 84.300 84.375 –3.925 107,481
Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Russell 2000 (CME)-$50 x index
June 100.000 100.175
t 97.425 97.600 –3.275 60,352 March 2183.10 2200.60 t 2143.30 2144.50 –33.70 421,762
April 68.82 70.54 68.61 70.35 1.73 305,639 March .6978 .6988 .6926 .6930 –.0053 306,310
May 68.49 70.13 68.32 69.95 1.65 182,420
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June .7010 .7016 .6956 .6960 –.0052 9,409 June 2205.10 2218.80 t 2162.30 2163.60 –33.90 3,915
March 627.50 634.50 616.00 630.50 5.00 2,104 British Pound (CME)-£62,500; $ per £ Sept 2202.00 2223.70 t 2202.00 2182.70 –34.70 12
June 68.13 69.69 67.99 69.50 1.55 190,184
May 656.50 667.00 651.50 662.00 5.50 3,386 March 1.2608 –.0076 193,146
Sept 66.92 68.20 66.72 67.99 1.29 103,440 1.2675 1.2689 1.2597 Mini Russell 1000 (CME)-$50 x index
Dec 65.83 66.96 65.70 66.71 1.10 185,913
Milk (CME)-200,000 lbs., cents per lb. June 1.2651 1.2686 1.2597 1.2606 –.0077 8,234 March 3227.00 3284.50 3214.90 3215.40 –50.60 6,127
June'26 64.74 65.62 64.57 65.33 0.87 97,515
Feb 20.22 20.22 20.20 20.21 .01 3,668 Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index
March 19.00 19.12 18.82 19.00 .18 5,098 March 1.1202 1.1207 1.1124 1.1136 –.0077 96,028
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 106.51 107.24 106.35 107.18 .85 36,590
March 2.3480 2.3981 2.3392 2.3959 .0516 12,318
Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.1323 1.1331 1.1245 1.1255 –.0077 410
March 8,863 8,863 8,836 9,130 30 444 Australian Dollar (CME)-AUD 100,000; $ per AUD June 106.10 106.85 106.10 106.79 .84 1,419
April 2.2962 2.3496 2.2875 2.3481 .0561 101,429
May 9,216 9,338 8,907 9,255 25 48,866 March .6309 .6315 .6233 .6244 –.0065 181,330
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
March 1.9464 2.0020 1.9394 1.9966 .0477 12,948
Coffee (ICE-US)-37,500 lbs.; cents per lb. June .6313 .6319 .6238 .6249 –.0065 2,746 Source: FactSet
April 2.1949 2.2448 2.1896 2.2418 .0496 120,000 March 378.00 378.00 377.80 378.75 –.70 323
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 371.60 382.65 369.05 373.60 –1.60 81,284
April
May
3.966
4.030
4.065
4.118
3.878
3.944
3.934 –.025
3.984 –.035
220,352
218,392
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 20.75 20.85 19.61 19.69 –.95 48,483
Bonds | wsj.com/market-data/bonds/benchmarks
July 4.333 4.410 4.259 4.293 –.035 101,329 May 19.60 19.71 18.78 18.89 –.70 369,696
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Sept
Oct
4.359
4.393
4.429
4.465
4.286
4.323
4.313 –.039
4.349 –.038
102,585
128,030 May 36.99 36.99 36.99 36.99 –1.01 1,063 Tracking Bond Benchmarks
Jan'26 5.132 5.201 5.078 5.096 –.035 124,038 Sept 37.39 37.39 37.39 37.39 –.66 1,829
Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 65.20 65.20 65.20 65.20 –.17 193 highs and lows for different types of bonds
Agriculture Futures May 66.90 67.35 66.55 66.60 –.27 148,375 Total Total
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
March 478.25 481.25 463.75 464.75 –13.50 46,457 March 299.55 299.55 t 284.95 293.30 –3.55 267 close return (%) Index Latest Low High close return (%) Index Latest Low High
May 493.50 496.25 480.00 481.00 –12.50 823,658 May 301.25 302.35 t 286.90 294.80 –4.85 7,896 Mortgage-Backed Bloomberg Fixed Income Indices
Oats (CBT)-5,000 bu.; cents per bu. Broad Market Bloomberg Fixed Income Indices
March 362.00 363.75 354.50 360.25 –2.00 64 Interest Rate Futures 2140.16 2.3 U.S. Aggregate 4.640 4.100 5.310 2120.09 2.6 Mortgage-Backed 4.920 4.340 5.570
May 370.50 374.50 364.25 372.75 .25 3,152
Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Fixed Income Indices 2088.18 2.6 Ginnie Mae (GNMA) 4.920 4.460 5.580
March 1024.00 1034.00 1021.00 1022.75 –1.75 25,092 March 124-120 124-150 123-090 123-170 –31.0 54,987 1250.27 2.6 Fannie mae (FNMA) 4.920 4.310 5.580
3264.97 2.3 U.S. Corporate 5.120 4.640 5.750
May 1041.25 1051.25 1035.00 1037.25 –4.00 373,502 June 124-090 124-100 123-050 123-130 –31.0 1,735,746
3181.33 1.8 Intermediate 4.880 4.400 5.670 1927.91 2.7 Freddie Mac (FHLMC) 4.790 4.150 5.510

4274.88 3.3 Long term 5.610 5.070 6.010 601.59 1.2 Muni Master 3.309 3.074 3.760
Cash Prices | wsj.com/market-data/commodities Thursday, February 27, 2025 618.82 2.3 Double-A-rated 4.810 4.260 5.330 425.20 1.6 7-12 year 3.063 2.837 3.557
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 890.29 2.3 Triple-B-rated 5.300 4.850 5.950 487.12 1.3 12-22 year 3.721 3.469 4.032
from the futures price on an exchange, which reflects what the commodity might be worth in future months. High Yield Bonds ICE BofA 462.35 0.8 22-plus year 4.284 3.959 4.533
Thursday Thursday Thursday
580.44 2.0 High Yield Constrained 7.087 6.975 8.322 Global Government J.P. Morgan†
Copper,Comex spot 4.5800 Wheat,No.2 soft red,St.Louis-u 5.5263
Energy Iron Ore, 62% Fe CFR China-s *106.9 Wheat - Hard - KC (USDA) $ per bu-u 5.9125 601.16 1.9 Triple-C-rated 11.122 11.050 13.872 550.51 1.1 Global Government 3.480 3.010 3.740
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.000 Steel, HRC USA, FOB Midwest Mill-s *870.0 Wheat,No.1soft white,Portld,OR-u 6.0750
3871.59 2.2 High Yield 100 6.404 6.208 7.871 843.42 1.8 Canada 2.960 2.910 3.870
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.200 Battery/EV metals Food
Metals BMI Lithium Carbonate, EXW China, =99.5%-v,w 10525 506.95 2.0 Global High Yield Constrained 6.824 6.808 8.112 364.24 0.4 EMU§ 3.004 2.726 3.365
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9625 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3588 choice 1-3,600-900 lbs.-u 299.26 381.94 1.6 Europe High Yield Constrained 5.219 5.219 6.710 660.77 0.8 France 3.150 2.870 3.460
Engelhard industrial 2873.00 BMI Nickel Sulphate, EXW China, >22%-v,k 3538 select 1-3,600-900 lbs.-u 287.23 U.S Agency Bloomberg Fixed Income Indices 470.16 -0.002 Germany 2.440 2.080 2.770
Handy & Harman base 2880.80 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.2555
Handy & Harman fabricated 3197.69 Butter,AA Chicago-d 2.3450 1870.73 1.6 U.S Agency 4.400 3.960 5.190 266.05 -1.5 Japan 1.730 1.100 1.750
LBMA Gold Price AM *2913.55
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 180.50
187.00
1656.80 1.4 10-20 years 4.350 3.920 5.190 513.51 0.01 Netherlands 2.640 2.290 2.980
LBMA Gold Price PM *2901.00 Burlap,10-oz,40-inch NY yd-n,w 0.8700 Cheddar cheese,blk,Chicago-d
Krugerrand,wholesale-e 2994.65 Cotton,1 1/16 std lw-mdMphs-u 0.6460 Milk,Nonfat dry,Chicago lb.-d 120.00 3552.61 3.9 20-plus years 4.840 4.240 5.300 791.49 1.2 U.K. 4.730 4.030 5.070
Maple Leaf-e 3023.44 Cotlook 'A' Index-t *78.00 Coffee,Brazilian,Comp-y 3.8056
American Eagle-e 3023.44 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 3.9205 2861.18 2.2 Yankee 4.900 4.380 5.580 921.85 2.7 Emerging Markets ** 7.324 7.084 8.073
Mexican peso-e 3479.78 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 8.2950 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Austria crown-e 2825.46 Flour,hard winter KC-p 15.95
Austria phil-e 3023.44 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Silver, troy oz. Bran,wheat middlings, KC-u,w 100 Hogs,Iowa-So. Minnesota-u 87.10
Engelhard industrial
Handy & Harman base
31.5000
31.4350
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
4.3700
126.2
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
1.6881
1.0138 Global Government Bonds: Mapping Yields
Handy & Harman fabricated 39.2940 Corn gluten meal,Midwest-u,w 439.1 Steers,Tex.-Okla. Choice-u 197.00
LBMA spot price *£25.0700 Steers,feeder,Okla. City-u,w 333.13
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Cottonseed meal-u,w n.a.
(U.S.$ equivalent) *31.7150 Hominy feed,Cent IL-u,w 116 Fats and Oils selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Coins,wholesale $1,000 face-a 24004 Meat-bonemeal,50% pro Mnpls-u,w 275
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Other metals Oats,No.2 milling,Mnpls-u 4.1025 Degummed corn oil, crude wtd. avg.-u,w n.a. Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
LBMA Platinum Price PM *971.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Grease,choice white,Chicago-h 0.5100
LBMA Palladium Price PM *929.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 4.125 U.S. 2 4.079 s l 4.071 4.193 4.712
Platinum,Engelhard industrial 962.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 301.80 Soybean oil,crude;Centl IL-u,w 0.4556 4.625 10 4.284 s l 4.248 4.529 4.314
Palladium,Engelhard industrial 930.0 Soybeans,No.1 yllw IL-bp,u 9.8800 Tallow,bleach;Chicago-h 0.5400 4.750 Australia 2 3.790 t 3.801 3.920 3.828 -28.1 -85.9
l -29.6
Aluminum, LME, $ per metric ton *2670.5 Wheat,Spring14%-pro Mnpls-u 7.8475 Tallow,edible,Chicago-u n.a.
3.500 10 4.349 t l 4.373 4.489 4.143 6.2 11.0 -15.8
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 2.500 France 2 2.161 t l 2.183 2.414 2.936 -192.5 -189.9 -175.1
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/26 3.000 10 3.107 t l 3.120 3.277 2.940 -118.0 -114.3 -136.1
Source: Dow Jones Market Data 2.200 Germany 2 2.045 t 2.074 2.245 2.954 -200.8 -173.3
l -204.1
2.500 10 2.420 t l 2.436 2.535 2.467 -186.7 -182.7 -183.4

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 2.950 Italy 2 2.319 t l 2.356 2.577 3.436 -176.7 -172.6 -125.1
3.650 10 3.546 t l 3.548 3.631 3.906 -74.1 -71.5 -39.5
Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) 0.700 Japan 2 0.818 s l 0.791 0.697 0.169 -326.8 -329.1 -451.9
Thursday, February 27, 2025 Closing Chg YTD SchwabUS LC Grw SCHG 26.81 –2.51 –3.8 1.200 10 1.396 s l 1.367 1.220 0.695 -289.1 -289.6 -360.6
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 559.66 –1.27 –1.7
Closing Chg YTD 2.500 Spain 2 2.241 t l 2.268 2.502 3.103 -184.5 -181.4 -158.4
ETF Symbol Price (%) (%) SPDR S&P Div SDY 136.47 –0.21 3.3
iShNatlMuniBd MUB 107.41 –0.18 0.8
CommSvsSPDR XLC 100.53 –0.97 3.8 iSh1-5YIGCpBd IGSB 52.24 ... 1.0
TechSelectSector XLK 222.59 –3.64 –4.3 3.450 10 3.055 s l 3.052 3.168 3.343 -123.2 -121.1 -95.9
VanEckSemicon SMH 228.79 –6.16 –5.5
XLY iSh1-3YTreaBd SHY 82.47 0.04 0.6 4.125 U.K. 2 4.174 t 4.184 4.291 4.647 10.2 -4.0
CnsmrDiscSel 212.43 –1.44 –5.3
VangdSC Val VBR 195.87 –1.05 –1.2 l 8.8
DimenUSCoreEq2 DFAC 34.51 –1.37 –0.2 iShRussMC IWR 88.42 –1.11 0.0
VangdExtMkt VXF 185.38 –1.50 –2.4 4.250 10 4.514 s l 4.506 4.591 4.132 22.7 24.3 -16.9
EnSelSectorSPDR XLE 89.61 0.54 4.6 iShRuss1000 IWB 321.39 –1.53 –0.2
VangdSC Grwth VBK 270.48 –1.96 –3.4
FidWiseBTC FBTC 72.75 –1.18 –10.8 iShRuss1000Grw IWF 387.60 –2.65 –3.5
VangdDivApp VIG 200.35 –0.61 2.3 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
FinSelSectorSPDR XLF 51.13 0.55 5.8 iShRuss1000Val IWD 191.79 –0.32 3.6
VangdFTSEAWxUS VEU 60.76 –1.33 5.8
iShRuss2000 IWM 212.39 –1.53 –3.9
GrayscaleBitcoin
HealthCrSelSect
GBTC
XLV
65.95
147.22
–1.14 –10.9
–0.41 7.0 iShS&P500Grw IVW 99.34 –2.62 –2.2
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
51.03
45.30
–1.18
–1.76
6.7
2.9
Corporate Debt
IndSelSectorSPDR XLI 134.53 –0.35 2.1 iShS&P500Value IVE 194.58 –0.47 1.9
iShSelectDiv DVY 136.43 –0.34 3.9
VangdGrowth VUG 398.60 –2.51 –2.9 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
InvscNasd100 QQQM 206.05 –2.75 –2.1
InvscQQQI QQQ 500.27 –2.78 –2.1 iSh7-10YTreaBd IEF 94.80 –0.12 2.5 VangdHiDiv VYM 132.18 –0.55 3.6 expectations
VangdInfoTech VGT 588.97 –3.52 –5.3
InvscS&P500EW
iShBitcoin
RSP
IBIT
178.20
47.35
–0.87 1.7
–1.27 –10.7
iSh20+YTreaBd
iShUSTech
TLT
IYW
91.31
152.18
–0.71
–3.64
4.6
–4.6 VangdIntermBd BIV 76.26 –0.10 2.0 Investment-grade spreads that tightened the most…
iShUSTreasuryBd GOVT 22.89 –0.11 –0.4 VangdIntrCorpBd VCIT 81.75 –0.20 1.8 Spread*, in basis points
iShCoreDivGrowth DGRO 63.34 –0.41 3.3
VangdIntermTrea VGIT 59.03 –0.02 1.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreMSCIEAFE IEFA 75.44 –1.09 7.3 iSh0-3MTreaBd SGOV 100.63 0.03 0.3
JEPQ –2.51 VangdLC VV 269.05 –1.65 –0.2
iShCoreMSCIEM IEMG 54.15 –1.97 3.7 JPMNasdEqPrem 55.13 –2.2
Medtronic MDT 5.550 5.30 March 15, ’40 101 –8 n.a.
iShCoreMSCITotInt IXUS 69.81 –1.40 5.5 JPM EqPrem JEPI 58.69 –0.68 2.0 VangdMegaGrwth MGK 332.44 –2.66 –3.2
iShCoreS&P500 IVV 587.78 –1.59 –0.2 JPM UltShIncm JPST 50.60 ... 0.5 VangdMC VO 266.79 –0.99 1.0 Mitsubishi UFJ Financial … 2.048 4.82 July 17, ’30 70 –7 70
PacerUSCashCows COWZ –0.94 VangdRealEst VNQ 93.11 0.40 4.5
iShCoreS&P MC IJH 61.25 –1.23 –1.7 56.96 0.8
Toyota Motor Credit … 2.150 4.56 Feb. 13, ’30 44 –7 45
iShCoreS&P SC IJR 110.84 –1.41 –3.8 ProShUltPrQQQ TQQQ 71.64 –8.29 –9.5 VangdRuss1000Grw VONG 99.83 –2.61 –3.4
iShCoreS&PTotUS ITOT 128.03 –1.56 –0.5 SPDRBbg1-3MTB BIL 91.70 0.01 0.3 VangdS&P500ETF VOO 537.97 –1.61 –0.2 Discovery Communications … 6.350 6.76 June 1, ’40 247 –6 246
iShCoreS&PUSGrw IUSG 136.43 –2.37 –2.1 SPDR DJIA Tr DIA 432.35 –0.46 1.6 VangdST Bond BSV 77.95 ... 0.9
SPDR Gold GLD 264.93 –1.52 9.4 VangdSTCpBd VCSH 78.77 –0.01 1.0 America Movil … 6.125 5.56 March 30, ’40 128 –4 128
iShCoreS&PUSVal IUSV 94.38 –0.45 1.9
iShCoreTotUSDBd IUSB 46.04 –0.15 1.9 SPDRPtfDevxUS SPDW 36.42 –1.17 6.7 VangdShortTrea VGSH 58.53 0.02 0.6 Mutual of Omaha Cos. Global Funding … 5.350 4.76 April 9, ’27 66 –4 n.a.
iShCoreUSAggBd AGG 98.81 –0.15 2.0 SPDRS&P500Value SPYV 52.16 –0.46 2.0 VangdSC VB 235.23 –1.42 –2.1
iShEdgeMSCIMinUSA USMV 93.31 –0.07 5.1 SPDRPtfS&P500 SPLG 68.83 –1.56 –0.2 VangdTaxExemptBd VTEB 50.52 –0.18 0.8 Shell Finance US … 4.125 4.95 May 11, ’35 66 –4 60
iShEdgeMSCIUSAQual QUAL 178.94 –1.43 0.5 SPDRS&P500Growth SPYG 86.03 –2.58 –2.1 VangdTotalBd BND 73.35 –0.12 2.0 Banco Santander … 5.439 5.01 July 15, ’31 90 –4 84
iShGoldTr IAU 54.20 –1.53 9.5 SPDR S&P 500 SPY 585.05 –1.60 –0.2 VangdTotIntlBd BNDX 49.33 –0.10 0.6
iShiBoxx$IGCpBd
iShMBS
LQD
MBB
109.13
93.67
–0.42
–0.14
2.1
2.2
SchwabIntEquity
SchwabUS BrdMkt
SCHF
SCHB
19.78
22.58
–1.20
–1.66
6.9
–0.5
VangdTotIntlStk
VangdTotalStk
VXUS
VTI
62.22
288.51
–1.33
–1.55
5.6
–0.4
…And spreads that widened the most
iShMSCI EAFE EFA 81.41 –1.13 7.7 SchwabUS Div SCHD 28.17 0.07 3.1 VangdTotWrldStk VT 119.52 –1.51 1.7 Mutual of Omaha Cos. Global Funding* … 4.750 4.86 Oct. 15, ’29 74 12 72
iShMSCIEAFEValue EFV 57.37 –0.81 9.3 SchwabUS LC SCHX 23.13 –1.62 –0.2 VangdValue VTV 175.68 –0.34 3.8
Citigroup C 4.750 5.77 May 18, ’46 118 6 108
Goldman Sachs GS 6.750 5.71 Oct. 1, ’37 141 6 131
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Toyota Motor Credit … 5.350 5.09 Jan. 9, ’35 81 6 68
Burlington Northern Santa Fe … 6.150 5.09 May 1, ’37 81 5 n.a.
Money Rates February 27, 2025 John Deere Capital … 4.400 4.70 Sept. 8, ’31 61 5 52
HP HPQ 6.000 5.76 Sept. 15, ’41 117 5 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 5
International Business Machines IBM 4.150 5.40 May 15, ’39 111 n.a.
guide to general levels but don’t always represent actual transactions.
Week —52-WEEK— Week —52-WEEK—
High-yield issues with the biggest price increases…
Inflation Latest ago High Low Latest ago High Low Bond Price as % of face value
Jan. Index Chg From (%) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Treasury 4.386 55.200 5.471 4.286
level Dec. '24 Jan. '24 Federal funds
Walgreen … 4.400 7.22 Sept. 15, ’42 72.219 2.71 n.a.
Effective rate 4.3400 4.3300 5.3400 4.3300 MBS 4.409 63.988 5.526 4.294
U.S. consumer price index High 4.4700 4.5500 5.6500 4.4700 Lumen Technologies LUMN 7.650 9.45 March 15, ’42 84.875 1.88 83.030
All items 317.671 0.65 3.0 Low 4.3200 4.3200 5.3300 4.3000 Weekly survey 1.11
Core 323.842 0.57 3.3
Nissan Motor Acceptance … 5.300 5.35 Sept. 13, ’27 99.875 n.a.
Bid 4.3200 4.3200 5.3300 4.3200
Offer 4.3500 4.3300 5.3600 4.3300 Latest Week ago Year ago Hughes Satellite Systems … 5.250 10.47 Aug. 1, ’26 93.250 0.88 92.000
International rates
Treasury bill auction Efesto Bidco … 7.500 7.65 Feb. 15, ’32 99.250 0.50 98.827
Week 52-Week Freddie Mac
Latest High Low
4 weeks 4.235 4.245 5.285 4.230 Teva Pharmaceutical Finance … 6.150 5.96 Feb. 1, ’36 101.527 0.50 100.750
ago 13 weeks 4.195 4.225 5.255 4.195 30-year fixed 6.76 6.85 6.94
Bausch Health … 11.000 10.78 Sept. 30, ’28 100.625 0.38 98.000
26 weeks 4.180 4.220 5.170 4.110 5.94 6.04 6.26
Prime rates 15-year fixed
0.13
ZF North America Capital … 4.750 4.68 April 29, ’25 100.000 99.875
U.S. 7.50 7.50 8.50 7.50 Other short-term rates Notes on data:
Canada 5.20 5.20 7.20 5.20
Japan 1.625 1.625 1.625 1.475 Week 52-Week U.S. prime rate is the base rate on corporate
…And with the biggest price decreases
Latest ago high low loans posted by at least 70% of the 10 largest
Lumen Technologies LUMN 7.600 9.81 Sept. 15, ’39 83.030 –1.47 n.a.
Policy Rates U.S. banks, and is effective December 19, 2024.
Euro zone 2.90 2.90 4.50 2.90 Call money Other prime rates aren’t directly comparable; Transocean RIG 7.500 10.15 April 15, ’31 88.099 –1.44 92.000
lending practices vary widely by location;
Switzerland 1.00 1.00 2.25 1.00 6.25 6.25 7.25 6.25 Discount rate is effective December 19, 2024. Bath & Body Works BBWI 6.875 6.38 Nov. 1, ’35 103.809 –0.81 104.000
Britain 4.50 4.50 5.25 4.50 Secured Overnight Financing Rate is as of
Commercial paper (AA financial) DISH DBS … 5.125 15.91 June 1, ’29 67.500 –0.50 64.625
Australia 4.10 4.10 4.35 4.10 February 26, 2025. DTCC GCF Repo Index is
90 days 4.32 4.31 5.37 4.26 Depository Trust & Clearing Corp.'s weighted
–0.39
Overnight repurchase average for overnight trades in applicable Paramount Global PARA 6.875 6.29 April 30, ’36 104.649 n.a.
U.S. 4.38 4.37 5.45 4.00 Secured Overnight Financing Rate CUSIPs. Value traded is in billions of U.S. dollars. Navient NAVI 5.625 7.38 Aug. 1, ’33 89.131 –0.37 88.750
Federal-funds rates are Tullett Prebon rates as
4.33 4.35 5.40 4.27 –0.35
U.S. government rates
of 5:30 p.m. ET. Topaz Solar Farms … 5.750 6.12 Sept. 30, ’39 96.500 97.496
Value 52-Week Sources: Federal Reserve; Bureau of Labor
Discount Latest Traded High Low *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Statistics; DTCC; FactSet;
Note: Data are for the most active issue of bonds with maturities of two years or more
4.50 4.50 5.50 4.50 DTCC GCF Repo Index Tullett Prebon Information, Ltd. Source: MarketAxess
B8 | Friday, February 28, 2025 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Dropbox DBX 25.95 -0.64 GoldmanSachs GS 608.00 -9.77 LatticeSemi LSCC 60.56 -3.82 NetApp NTAP 118.22 -6.27 Qualcomm QCOM 154.44 -7.66 SouthwestAir LUV 30.64 -0.05 US Foods USFD 70.24 -0.41
Nasdaq Stock Market listed securities. Prices are consolidated from trades DukeEnergy DUK 115.89 -0.42 Grab GRAB 4.83 -0.04 Leidos LDOS 129.67 0.08 NetEase NTES 100.45 -0.82 QuantaServices PWR 259.26 -9.55 Spotify SPOT 590.76-12.37 UWM UWMC 6.08 -0.12
reported by various market centers, including securities exchanges, Finra, Duolingo DUOL375.78-10.78 Graco GGG 86.06 0.22 Lennar A LEN 120.37 -1.15 Netflix NFLX 963.07-26.99 QuestDiag DGX 171.55 -1.91 SproutsFarmers SFM 142.87 -8.32 Uber UBER 74.21 -1.66
electronic communications networks and other broker-dealers. The list DuPont DD 80.92 -0.53 Grainger GWW 1010.92 2.84 Lennar B LEN.B 115.63 -1.50 Neurocrine NBIX 117.51 -0.08 StandardAero SARO 28.03 0.88 Ubiquiti UI 332.66 -7.27
comprises the 1,000 largest companies based on market capitalization. DutchBros BROS 76.56 1.16 GraphicPkg GPK 26.27 -0.74 LennoxIntl LII 602.25-20.72 Newmont NEM 42.12 -1.46 R S StanleyBlackDck SWK 85.61 -1.81 UltaBeauty ULTA 365.78 -0.95
Underlined quotations are those stocks with large changes in volume Dynatrace DT 57.31 -1.48 GpoAeroportuar PAC 189.07 -5.36 LiAuto LI 31.92 -0.99 NewsCorp B NWS 31.89 0.11 Stantec STN 84.64 -4.69 Unilever UL 56.47 0.46
RBC Bearings RBC 357.62 -0.54
compared with the issue’s average trading volume. EMCOR EME 402.71-18.17 GpoAeroportSur ASR 264.86 -9.01 LibertyBroadbandC LBRDK 81.21 1.72 NewsCorp A NWSA 28.06 -0.02 s Starbucks SBUX 114.49 1.49 UnionPacific UNP 245.07 -0.41
LibertyBroadbandA LBRDA 80.42 1.67 NextEraEnergy NEE 69.38 -1.63 RB Global RBA 100.43 0.10
ENI E 29.21 -0.70 GpoFinGalicia GGAL 55.50 -3.60 StateStreet STT 97.52 0.19 UnitedAirlines UAL 92.17 -5.23
Boldfaced quotations highlight those issues whose price changed by 5% or LibertyLiveA LLYVA 70.38 -1.86 Nike RELX RELX 47.61 -0.64
EOG Rscs EOG 130.61 0.77 Guidewire GWRE 198.74 -1.98 NKE 80.02 -1.15 SteelDynamics STLD 133.32 -0.16 UnitedMicro UMC 6.38 -0.22
more if their previous closing price was $2 or higher. LibertyFormOne C FWONK 91.92 -3.02 s NiSource RPM RPM 121.78 -1.21
EPAM Systems EPAM 208.31 -4.92 HCA Healthcare HCA 320.94 1.03 NI 40.09 0.10 Stellantis STLA 12.56 -0.73 UPS B UPS 117.63 0.74
RTX RTX 130.52 3.21
Footnotes: EQT EQT 46.63 -2.16 HDFC Bank HDB 60.39 0.42 LibertyLiveC LLYVK 72.39 -1.72 Nokia NOK 4.83 -0.07 Steris STE 220.07 -2.98 UnitedRentals URI 633.17 -9.80
LibertyFormOne A FWONA 84.01 -3.99 Nomura RalphLauren RL 270.73 -5.06
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most EastWestBncp EWBC 93.63 -0.08 HP HPQ 33.13 -0.70 NMR 6.59 0.04 StifelFinancial SF 104.04 -0.86 US Bancorp USB 46.28 0.53
RangeResources RRC 36.40 -2.15
recent four quarters. EastGroup EGP 179.99 1.12 s HSBC HSBC 58.19 -0.05 Light&Wonder LNW 110.65 2.03 Nordson NDSN 209.50 -1.49 STMicroelec STM 24.46 -1.70 US Steel X 38.95 1.20
EastmanChem EMN 96.90 -1.29 EliLilly LLY 905.16 -9.85 NorfolkSouthern NSC 242.18 0.12 RaymondJames RJF 151.73 0.34
Stock tables reflect composite regular trading as of 4 p.m. ET and
H World HTHT 36.37 -0.62
RealtyIncome O 56.57 0.47 Stryker SYK 388.90 -2.84 UnitedTherap UTHR323.62 4.73
Eaton ETN 290.38 -6.97 Haleon HLN 9.79 -0.41 LincolnElectric LECO 205.28 -2.49 NorthernTrust NTRS 109.12 -0.27 SumitomoMits SMFG 15.51 0.11 UnitedHealth UNH 468.56 4.97
changes in the official closing prices from 4 p.m. ET the previous day. eBay EBAY 63.48 -5.66 Linde LIN 460.28 -1.27 NorthropGrum NOC 459.97 5.10 Reddit RDDT 159.78 -8.32
Halliburton HAL 26.10 0.18
RegalRexnord RRX 129.94 -4.55 SummitTherap SMMT 18.49 0.19 UnitySoftware U 26.17 -0.34
s Ecolab ECL 267.18 0.71 HamiltonLane HLNE 151.65 -2.13 Lineage LINE 59.66 2.53 NorwegCruise NCLH 23.72 -1.33 SunComms SUI 133.21 -0.76 UniversalHealthB UHS 186.06 5.94
LithiaMotors LAD 344.51 -0.74 Novartis RegencyCtrs REG 75.56 0.31
Ecopetrol EC 9.91 -0.21 HartfordIns HIG 117.47 1.89 NVS 108.92 0.90 SunLifeFinancial SLF 54.71 0.16 s UnumGroup UNM 81.72 4.44
Thursday, February 27, 2025 Net Net LiveNationEnt LYV 140.96 -1.20 NovoNordisk NVO 89.22 -0.33 RegenPharm REGN 702.78 -4.16
EdisonIntl EIX 51.34 -1.27 Hasbro HAS 66.01 -2.01 SuncorEnergy SU 38.20 -0.04 VF VFC 24.59 -0.75
Stock Sym Close Chg Stock Sym Close Chg LloydsBanking LYG 3.69 0.03 NuHoldings NU 11.25 -0.23 RegionsFinl RF 23.40 0.02
Net EdwardsLife EW 71.40 -0.56 HealthEquity HQY 107.00 1.39 Sunoco SUN 58.04 0.35 VICI Prop VICI 32.33 -0.05
LockheedMartin LMT 446.46 4.96 Nucor ReinsGrp RGA 200.62 1.59
Stock Sym Close Chg AxaltaCoating AXTA 35.81 -0.87 Centene CNC 58.19 1.29 Elastic ESTC 101.28 -2.24 HealthpeakProp DOC 20.18 0.16 NUE 134.81 0.24 SuperMicroComp SMCI 42.95 -8.16 Vale VALE 9.63 -0.13
Loews L 85.79 1.59 s Nutanix
Reliance RS 295.00 0.71
AxonEnterprise AXON 525.44-46.96 CenterPointEner CNP 33.74 -0.30 ElbitSystems ESLT 305.74 2.61 Heico HEI 259.02 31.57 NTNX 76.54 7.19 Suzano SUZ 9.78 -0.06 ValeroEnergy VLO 129.63 -0.53
RenaissanceRe RNR 233.59 2.43
A B C BCE BCE 23.39 0.03 CentraisElBras EBR 6.40 -0.06 ElectronicArts EA 130.46 -0.73 HeicoA HEI.A 207.56 23.04 LogitechIntl LOGI 101.21 -3.63 Nutrien NTR 52.53 -0.66
RentokilInit RTO 24.35 -1.60 Symbotic SYM 22.94 -0.78 Vaxcyte PCVX 74.22 -4.43
ElevanceHealth ELV 392.87 6.74 HenrySchein HSIC 72.12 -0.42 Lowe's LOW 245.50 -1.57 nVentElectric NVT 59.93 -1.27 SynchronyFinl SYF 59.26 -0.47 VeevaSystems VEEV 220.99 -6.24
BHP Group BHP 49.36 -0.86 CharlesRiverLabs CRL 164.88 -3.08 Repligen RGEN 156.54 -6.27
AAON AAON 78.64-23.38 EmersonElec EMR 120.00 0.14 Hershey HSY 172.34 1.05 lululemon LULU 362.16 -3.87 NVIDIA NVDA 120.15-11.13 t Synopsys SNPS 454.71-15.75 s Ventas VTR 68.66 0.38
BJ'sWholesale BJ 99.81 -0.51 ChartIndustries GTLS 182.25 -3.67 RepublicSvcs RSG 232.69 1.12
AECOM ACM 97.26 -1.13 Enbridge ENB 41.73 -0.02 LyondellBasell LYB 75.99 -0.21
BP BP 33.12 0.44 CharterComms CHTR 359.04 5.56 Hess HES 146.91 1.44 Sysco SYY 74.72 0.49 VentureGlobal VG 13.92 -0.28
Aflac AFL 107.43 1.62 EncompassHealth EHC 100.34 1.12 HessMidstream HESM 41.14 0.66 O P Q ResMed RMD 231.28 -3.33
Veralto VLTO 99.16 -0.56
AGNC Invt AGNC 10.42 -0.09
BWX Tech BWXT 102.13 -4.51 CheckPoint CHKP 216.69 -4.23
BXP BXP 70.04 0.05 Chemed CHE 586.12 40.33 Endeavor EDR 30.76 -0.05 HewlettPackard HPE 19.84 -0.53 M N RestaurantBrands QSR 65.19 1.49
Revvity RVTY 110.45 -4.66 T U V s VeriSign VRSN 235.03 -2.04
Ansys ANSS 330.37 -1.95 EnergyTransfer ET 18.94 -0.22 OGE Energy OGE 45.15 -0.27
Baidu BIDU 88.26 -0.90 CheniereEnergy LNG 219.93 0.94 Hilton HLT 259.10 -0.86 VeriskAnalytics VRSK 290.11 2.08
t APA APA 20.42 -1.59 Macom Tech MTSI 112.75 -5.95 ONEOK OKE 96.64 0.88 RexfordIndlRealty REXR 40.79 0.34 TAL Education TAL 13.26 -0.28 Verizon
BakerHughes BKR 43.58 0.07 s CheniereEnerPtrs CQP 66.15 0.60 EnphaseEnergy ENPH 61.19 -2.52 Hims&HersHealth HIMS 41.34 -0.55 VZ 43.27 0.09
ASE Tech ASX 10.03 -0.81 M&T Bank MTB 189.44 -0.26 ON Semi ON 47.38 -3.17 RioTinto RIO 60.71 -0.87 TC Energy TRP 44.34 -0.09 VertexPharm VRTX 474.50 -4.60
Ball BALL 52.06 0.07 Chevron CVX 156.67 1.53 Entegris ENTG 97.48 -6.04 Hologic HOLX 63.21 -1.15
ASML ASML 697.70-49.23 MGM Resorts MGM 34.67 -0.50 s O'ReillyAuto ORLY 1353.46 23.04 Rivian RIVN 11.60 0.20 TD Synnex SNX 137.97 -1.71 Vertiv
BBVA BBVA 13.29 -0.13 Chewy CHWY 36.13 0.31 Entergy ETR 85.27 -0.88 HomeDepot HD 390.27 -0.21 VRT 92.41 -6.20
AT&T T 26.90 0.33
MPLX MPLX 52.24 -0.62 OccidentalPetrol OXY 48.65 0.10 Robinhood HOOD 48.78 -0.07 TE Connectivity TEL 151.76 -0.96 t Viatris
BancoBradesco BBDO 1.93 ... Chipotle CMG 52.74 -0.68 EnterpriseProd EPD 32.82 -0.32 HondaMotor HMC 27.65 -0.24 VTRS 9.53 -1.71
ATI ATI 56.91 0.18 MSCI MSCI 581.27 1.83 Okta OKTA 89.19 -0.39 Roblox RBLX 60.43 0.65
CB 281.69 8.03 Equifax EFX 242.62 -1.00 Honeywell HON 212.27 0.94 Telus TU 15.52 -0.12 Viking VIK 47.12 -1.99
BancodeChile BCH 26.20 -0.29 Chubb MagnaIntl MGA 37.11 -1.10 OldDomFreight ODFL 174.77 -0.92 RocketCos. RKT 12.83 -0.25
s AbbottLabs ABT 135.87 -0.09 Equinix EQIX 910.38 0.10 t HormelFoods HRL 28.38 -0.35 TJX TJX 123.49 -1.40 VinFastAuto VFS 3.54 -0.03
BancSanBrasil BSBR 4.56 -0.08 ChunghwaTel CHT 38.97 0.15 MakeMyTrip MMYT 93.07 -0.26 OldRepublic ORI 37.84 0.70 RocketLab RKLB 19.83 -1.42
AbbVie ABBV 205.02 2.01 Equinor EQNR 22.93 0.30 DR Horton DHI 126.44 -2.10 TKO TKO 150.23 -9.32 Vipshop VIPS 16.08 0.22
BcoSantChile BSAC 21.75 -0.47 Church&Dwight CHD 109.37 0.78 ManhattanAssoc MANH 175.20 -2.41 OmegaHealthcare OHI 36.84 0.22 Rockwell ROK 284.33 -2.76
Accenture ACN 356.87 -1.48 Equitable EQH 54.13 0.05 HostHotels HST 16.00 -0.01 T-MobileUS TMUS 264.17 0.59 s Visa V 355.74 5.11
BancoSantander SAN 6.37 -0.06 ChurchillDowns CHDN 117.27 2.57 ManulifeFinl MFC 30.77 -0.03 Omnicom OMC 81.76 -2.00 RogersComm B RCI 27.90 -0.32
AcuityBrands AYI 299.10-10.83 CIEN 78.03 -2.74 EquityLife ELS 68.31 1.03 HoulihanLokey HLI 170.43 -0.31 TPG TPG 54.52 -1.09 Vistra VST 130.01-18.18
Adobe ADBE 437.19 -4.31 BanColombia CIB 41.74 -1.51 Ciena Maplebear CART 40.74 -2.07 OnHolding ONON 46.69 -3.20 Roku ROKU 81.49 -4.08
CI 302.92 -2.42 EquityResdntl EQR 73.68 0.86 HowmetAerospace HWM 133.42 1.44 T.RowePrice TROW 103.73 -1.01 Vodafone VOD 8.75 0.05
AdvDrainageSys WMS 111.74 -2.14 BankofAmerica BAC 44.12 0.18 Cigna MarathonPetrol MPC 147.98 1.68 Oracle ORCL 164.76 -7.71 Rollins ROL 51.40 0.13
BankMontreal BMO 103.01 -0.93 CincinnatiFinl CINF 144.55 4.37 ErieIndemnity ERIE 404.98 5.31 Hubbell HUBB 369.27 -8.12 Markel MKL 1898.28 11.14 TaiwanSemi TSM 181.09-13.53 VornadoRealty VNO 41.00 0.73
t AdvMicroDevices AMD 99.51 -5.23 Orix IX 102.31 -0.73 RoperTech ROP 572.50 -2.65
BankNY Mellon BK 86.89 0.55 Cintas CTAS 203.37 -0.94 EssentialUtil WTRG 37.57 0.06 HubSpot HUBS 713.19-11.18 Marriott MAR 277.21 -4.32 TakeTwoSoftware TTWO 208.21 -0.90 VulcanMatls VMC 245.12 -5.41
Aegon AEG 6.25 -0.02 OtisWorldwide OTIS 98.09 -0.64 RossStores ROST 138.02 -0.76
BankNovaScotia BNS 49.69 -0.68 CiscoSystems CSCO 63.81 -0.27 EssexProp ESS 303.91 2.36 Humana HUM 261.44 6.37 s Marsh&McLen MMC 234.61 3.05 TakedaPharm TAK 14.34 ...
AerCap AER 102.54 0.20
s Barclays BCS 15.69 -0.09 Citigroup C 78.87 -0.20 EsteeLauder EL 72.97 -0.31 JBHunt JBHT 158.90 -1.42 t MartinMarietta MLM 482.34 -8.79
Ovintiv OVV 43.17 1.27
OwensCorning OC 152.06 -2.30
RoyalBkCanada RY 115.21 -4.27
RoyalCaribbean RCL 238.16 -5.95 TalenEnergy TLN 201.82-15.89 W X Y Z
AffirmA AFRM 61.71 -2.83 CitizensFin CFG 45.17 0.18 EvercoreA EVR 238.79 -7.34 HuntingtonBcshs HBAN 16.21 0.15 Tapestry TPR 84.31 -2.25
AgilentTechs A 127.08 -7.39 BarrickGold GOLD 17.79 -0.66 MarvellTech MRVL 87.65 -7.25 PDD PDD 118.68 -1.09 RoyalGold RGLD 145.04 -5.38 WEC Energy WEC 105.60 -0.11
Everest EG 347.41 3.83 HyattHotels H 139.19 -0.63 TargaResources TRGP 195.54 -3.03
AgnicoEagleMines AEM 95.09 -3.27 Bath&BodyWks BBWI 35.86 -5.22 CleanHarbors CLH 210.52 -3.07 Masco MAS 74.71 -1.32 PG&E PCG 15.88 -0.16 RoyaltyPharma RPRX 33.37 -0.01 s W.P.Carey WPC 64.21 -0.11
Clorox CLX 154.38 1.08 s Evergy EVRG 68.56 -0.54 ICICI Bank IBN 27.90 -0.17 s Masimo MASI 186.20 -4.27 Target TGT 122.50 -1.54
AirProducts APD 312.41 -1.44 BaxterIntl BAX 35.10 -0.16 PNC Finl PNC 188.56 1.54 Rubrik RBRK 64.30 -1.54 t WPP WPP 41.06 -7.49
EversourceEner ES 62.41 -1.05 IdexxLab IDXX 441.03-16.78 TechnipFMC FTI 28.81 0.92
Airbnb ABNB 139.45 -4.58 BectonDicknsn BDX 224.16 -3.43 Cloudflare NET 140.72 -4.20 MasTec MTZ126.83 -5.70 POSCO PKX 47.79 -0.68 RyanSpecialty RYAN 70.03 1.03 Wabtec WAB 181.19 -1.81
ExactSciences EXAS 47.82 -0.68 ING Groep ING 17.69 0.05 TeckResourcesB TECK 40.26 -1.12
AkamaiTech AKAM 77.87 -1.71 s BeiGene ONC 278.38 19.38 Coca-Cola KO 70.87 0.07 Mastercard MA 564.82 3.55 PPG Ind PPG 113.68 -1.36 Ryanair RYAAY 47.76 0.55 WalgreensBoots WBA 11.23 0.19
s Exelixis EXEL 37.65 0.12 t IQVIA IQV 186.50 -4.45 TeledyneTech TDY 500.86 -0.43
AlamosGold AGI 22.63 -0.94 BellRing BRBR 70.45 -1.05 CocaColaCon COKE 1401.13 30.40 MatchGroup MTCH 31.88 -0.72 PPL PPL 34.45 -0.42 SAP SAP 274.60-11.28 Walmart WMT 96.79 0.59
s Exelon EXC 43.79 -0.27 ITT ITT 140.65 -1.97 t Teleflex TFX 139.11-38.52
AlaskaAir ALK 71.07 -1.09 t BentleySystems BSY 44.04 -0.58 CocaColaEuropac CCEP 86.12 0.04 McCormickVtg MKC.V 81.67 1.82 PTC PTC 162.75 -0.28 S&P Global SPGI 525.36 -3.88 WarnerBrosA WBD 11.00 0.50
ExpandEnergy EXE 97.76 -4.67 IcahnEnterprises IEP 10.07 0.04 Ericsson ERIC 8.22 -0.05
Albemarle ALB 78.97 1.44 Berkley WRB 62.12 0.73 CognizantTech CTSH 83.99 -0.16 McCormick MKC 81.64 1.48 Paccar PCAR 105.50 -0.53 SBA Comm SBAC 218.20 2.71 WarnerMusic WMG 33.78 -0.49
COHR 74.92 -3.48 Expedia EXPE 193.55 -5.99 Icon ICLR 189.63 -6.57 TelefonicaBras VIV 8.47 0.11
Albertsons ACI 20.82 0.13 BerkHathwy A BRK.A 75338012382 Coherent McDonald's MCD 309.95 5.68 PackagingCpAm PKG 210.75 -2.00 SEI Investments SEIC 79.27 -0.21 WasteConnections WCN 186.32 -1.24
ExpeditorsIntl EXPD 117.05 -0.35 IDEX IEX 193.74 -2.06 Telefonica TEF 4.45 0.01
Alcoa AA 33.43 -0.24 BerkHathwy B BRK.B 502.41 8.31 CoinbaseGlbl COIN 208.37 -4.59 McKesson MCK 620.85 -2.77 PalantirTech PLTR 84.77 -4.54 SK Telecom SKM 22.24 -0.49 WasteMgt WM 229.61 0.92
ExtraSpaceSt EXR 153.45 -0.46 IllinoisToolWks ITW 261.15 -0.26 TelekmIndonesia TLK 15.35 -0.23
Alcon ALC 91.97 -1.34 BerryGlobal BERY 71.70 -0.26 ColgatePalm CL 90.20 0.03 Medpace MEDP326.11-13.37 PaloAltoNtwks PANW 187.50 -2.05 SS&C Tech SSNC 88.14 -0.20 Waters WAT 373.06-11.92
ExxonMobil XOM 110.15 0.69 t Illumina ILMN 88.97 -5.08
AlexandriaRlEst ARE 100.94 1.86 BestBuy BBY 88.62 -1.79 Comcast A CMCSA 35.39 0.29 Medtronic MDT 90.74 0.16 PanAmerSilver PAAS 23.90 -1.11 Saia SAIA 397.91 -6.43 TempusAI TEM 55.30 -6.96 Watsco WSO 499.85 0.92
CMA 63.55 -0.15 F5 FFIV 290.97 -3.85 ImperialOil IMO 67.59 -0.53
Alibaba BABA 136.55 -2.53 Bilibili BILI 20.70 -0.48 Comerica MercadoLibre MELI 2129.80-67.84 ParkerHannifin PH 655.00 -5.59 SailPoint SAIL 23.60 -0.46 Tenaris TS 37.54 0.03 WebsterFin WBS 55.94 0.28
t Bio-Techne TECH 61.23 -2.92 ComfortSystems FIX 356.63-18.17 FTAI Aviation FTAI 129.63-10.69 Incyte INCY 73.18 -1.12 Merck MRK 90.58 1.20 TencentMusic TME 12.75 -0.18 WellsFargo WFC 76.62 0.17
AlignTech ALGN 185.77 -5.44 Paychex PAYX 148.76 -0.50 Salesforce CRM294.90-12.43
FactSet FDS 454.71 1.03 Infosys INFY 20.50 -0.27
Allegion ALLE 127.39 -2.03 Biogen BIIB 139.88 -0.61 CommerceBcshrs CBSH 64.09 -0.19 MetaPlatforms META 658.24-15.46 PaycomSoftware PAYC 216.35 -3.39 Samsara IOT 47.36 -2.68 TenetHealthcare THC 130.48 -1.27 Welltower WELL 151.52 0.87
SBS 16.39 -0.15 FairIsaac FICO 1836.18-33.79 IngersollRand IR 83.09 -0.27
s AlliantEnergy LNT 63.85 -0.13 BioMarinPharm BMRN 69.12 0.31 SABESP MetLife MET 84.05 1.51 Paylocity PCTY 200.40 -4.26 Sanofi SNY 54.14 -0.81 Teradyne TER 108.81 -6.00 WescoIntl WCC 179.82 -1.38
Fastenal FAST 74.09 0.20 Ingredion INGR 130.22 -0.35
AllisonTransm ALSN 100.46 0.01 BioNTech BNTX 108.80 -5.20 ConagraBrands CAG 25.57 0.21 Mettler-Toledo MTD 1253.30-36.22 PayPal PYPL 70.73 -1.32 t SareptaTherap SRPT 103.06 -3.80 Tesla TSLA 281.95 -8.85 WestPharmSvcs WST 222.56 2.83
Confluent CFLT 31.69 0.90 FederalRealty FRT 104.01 -1.03 Insmed INSM 79.05 0.95 MicrochipTech MCHP 57.12 -2.65 t TetraTech TTEK 29.71 0.07 WestAllianceBcp WAL 86.16 -0.05
Allstate ALL 195.06 6.63 Birkenstock BIRK 49.16 -1.58 Pearson PSO 16.86 0.14 Schlumberger SLB 40.91 0.31
FedEx FDX 258.54 2.42 Insulet PODD 267.09 -3.55
AllyFinancial ALLY 36.71 -0.18 BlackRock BLK 944.89 -8.88 ConocoPhillips COP 97.37 1.24 MicronTech MU 91.82 -5.89 PembinaPipeline PBA 36.35 0.15 SchwabC SCHW 78.43 -0.27 TevaPharm TEVA 16.32 -0.46 WesternDigital WDC 48.20 -1.96
ConEd ED 99.92 -0.04 FergusonEnts FERG 175.25 -0.75 Intel INTC 23.09 -0.43 Microsoft MSFT 392.53 -7.20 TexasInstruments TXN 191.30 -6.94 WesternMidstrm WES 39.95 -0.49
AlnylamPharm ALNY 237.10 -6.76 Blackstone BX 157.39 -2.07 PenskeAuto PAG 165.59 -1.75 Sea SE 126.42 -1.85
Ferrari RACE460.50-19.50 InteractiveBrkrs IBKR 203.50 -3.16
Alphabet A GOOGL 168.50 -4.23 Block XYZ 64.28 -1.01 ConstBrands A STZ 173.24 -5.11 MicroStrategy MSTR 240.05-23.22 Pentair PNR 92.98 -0.30 Seagate STX 100.67 0.40 TexasPacLand TPL 1356.02 4.55 Westlake WLK 110.43 -1.89
Ferrovial FER 44.62 -0.73 s ICE ICE 170.84 -0.33
Alphabet C GOOG 170.21 -4.49 BlueOwlCapital OWL 21.22 -0.54 ConstellationEner CEG 249.74-20.40 s MidAmApt MAA 166.90 2.68 Penumbra PEN 281.46-10.38 Sempra SRE 71.90 -0.95 TexasRoadhouse TXRH 177.90 2.19 Weyerhaeuser WY 30.06 0.23
COO 89.87 -1.12 FidNatlFinl FNF 62.78 1.27 InterContHtls IHG 126.71 1.40
AltairEngg ALTR 111.49 -0.11 Boeing BA 173.83 0.79 Cooper Middleby MIDD 163.25 -2.11 PepsiCo PEP 152.02 0.51 ServiceIntl SCI 80.48 -0.37 Textron TXT 73.25 0.18 WheatonPrecMtls WPM 68.04 -2.22
CPRT 55.23 -1.04 FidNatlInfo FIS 69.25 0.34 IBM IBM 253.23 -2.61
Altria MO 55.08 0.23 Booking BKNG 4918.13-116.42 Copart MitsubishiUFJ MUFG 13.00 0.17 PerformanceFood PFGC 82.80 -0.04 ServiceNow NOW 920.96-21.00 ThermoFisher TMO 523.23-10.06 Williams WMB 56.26 -0.64
Core&Main CNM 51.04 0.28 FifthThirdBncp FITB 42.98 0.15 IntlFlavors IFF 81.04 0.47 MizuhoFin MFG 5.69 0.07 ThomsonReuters TRI 176.44 -0.44 Williams-Sonoma WSM 192.28 -6.05
Amazon.com AMZN 208.74 -5.61 BoozAllen BAH 111.04 -2.45 PermianRscs PR 14.06 0.04 ServiceTitan TTAN 92.32 -1.17
FirstCitizBcshA FCNCA 2035.88 11.47 IntlPaper IP 56.25 0.52
Ambev ABEV 2.11 0.12 BostonSci BSX 100.80 -0.76 CorebridgeFin CRBG 33.32 0.40 Mobileye MBLY 16.15 -0.27 PetroleoBrasil PBR 13.51 -0.81 SharkNinja SN 103.44 -2.49 3M MMM 150.52 3.09 s WillisTowers WTW 335.29 -1.05
Corning GLW 49.00 -1.01 FirstHorizon FHN 21.02 0.07 Interpublic IPG 27.01 -0.65 Moderna MRNA 31.09 -2.49 Toast TOST 37.53 -0.11 WintrustFinl WTFC 122.80 -0.50
Amcor AMCR 10.06 -0.03 BristolMyers BMY 58.80 1.42 PetroleoBrasilA PBR.A 12.50 -0.59 Shell SHEL 67.27 -0.13
CPAY 364.47 -7.36 t FirstSolar FSLR 141.18-15.66 Intra-Cellular ITCI 128.25 -0.21
Amdocs DOX 87.74 -0.18 BritishAmTob BTI 38.71 -0.15 Corpay MolinaHealthcare MOH 292.98 8.27 Pfizer PFE 26.10 -0.32 SherwinWilliams SHW 355.51 -4.08 TollBros TOL 110.66 -1.98 Wipro WIT 3.36 -0.01
Corteva CTVA 62.82 0.02 FirstEnergy FE 38.54 -4.51 Intuit INTU 600.42-25.09 MolsonCoorsB TAP 61.54 -0.05 TopBuild BLD 303.53 -1.37 Wix.com
AmerSports AS 28.56 -1.75 BrixmorProp BRX 27.60 0.20 PhilipMorris PM 154.02 -0.72 Shift4Paymts FOUR 97.50 1.05 WIX 202.02 2.86
CSGP 74.36 -2.56 FirstService FSV 176.20 -0.55 IntuitiveSurgical ISRG 563.77-17.16
Ameren AEE 99.47 0.14 Broadcom AVGO 197.80-15.14 CoStar monday.com MNDY 296.55 -9.49 Phillips66 PSX 127.41 1.97 ShinhanFin SHG 32.88 -0.56 Toro TTC 79.93 -0.58 WoodsideEnergy WDS 15.51 0.05
Costco COST 1021.71-10.26 Fiserv FI 231.58 1.87 InvitatHomes INVH 33.32 1.75 Mondelez MDLZ 63.98 0.53 TorontoDomBk TD 59.79 0.06 Woodward WWD 184.59 0.68
AmericaMovil AMX 14.42 -0.16 BroadridgeFinl BR 237.42 1.08 Pilgrim'sPride PPC 53.81 -0.38 Shopify SHOP 110.83 -2.40
Flex FLEX 37.79 -1.97 IronMountain IRM 91.72 -1.36
AmerAirlines AAL 14.53 -0.65 BrookfieldAsset BAM 56.21 -1.22 CoterraEnergy CTRA 26.40 -0.47 MongoDB MDB 262.41 -5.89 PinnacleFinPtrs PNFP 113.07 -0.34 SimonProperty SPG 182.58 -1.66 TotalEnergies TTE 60.05 -0.43 WooriFinl WF 35.48 -0.25
Coupang CPNG 23.69 -1.32 Floor&Decor FND 96.82 -5.59 ItauUnibanco ITUB 5.64 ... MonolithicPower MPWR 609.38-62.20 ToyotaMotor TM 182.28 1.07 Workday
AEP AEP 105.16 -1.73 Brookfield BN 56.87 -0.83 PinnacleWest PNW 90.86 -0.78 SiriusXM SIRI 23.92 -0.21 WDAY 260.57-10.52
CR 160.64 -2.38 FlutterEnt FLUT 271.77 -1.45
AmerExpress AXP 294.20 -1.90 BrookfieldInfr BIP 31.79 -0.31 Crane J K L MonsterBev MNST 51.92 0.27 Pinterest PINS 36.17 -0.71 SkechersUSA SKX 60.79 -2.56 TractorSupply TSCO 54.72 -0.42 WyndhamHtls WH 108.10 0.60
Credicorp BAP 181.69 -2.20 FomentoEconMex FMX 94.09 4.62 Moody's MCO 492.85 -5.49 PlainsAllAmPipe PAA 19.96 -0.15 Skyworks SWKS 64.12 -2.66 TradeDesk TTD 71.49 -0.94 WynnResorts WYNN 88.19 -2.91
AmericanFin AFG 125.19 2.20 BrookfieldRenew BEPC 27.78 -0.83
FordMotor F 9.29 -0.18
AmHomes4Rent AMH 36.45 1.65 BrookWealth BNT 57.06 -0.55 CredoTech CRDO 52.60 -8.69 JD.com JD 42.54 0.01 MorganStanley MS 129.24 -1.81 PlainsGP PAGP 21.18 -0.14 SmithAO AOS 65.94 -0.22 Tradeweb TW 131.08 0.07 XPO XPO 120.54 -1.83
s Brown&Brown BRO 116.50 1.71 CrowdStrike CRWD 380.24-14.32 Fortinet FTNT 107.09 -1.93 Morningstar MORN 311.16 -8.80 Pool POOL 342.54 -5.20 Smith&Nephew SNN 28.98 0.06 TraneTech TT 344.28 -6.43 XcelEnergy XEL 70.76 0.79
AIG AIG 79.69 1.52 JPMorganChase JPM 259.05 0.26
Fortis FTS 43.45 -0.47
AmerTowerREIT AMT 203.97 3.24 Brown-Forman A BF.A 33.18 0.10 CrownCastle CCI 93.45 1.82 Jabil JBL 154.12 -4.63 Mosaic MOS 25.09 -0.13 Primerica PRI 284.31 6.09 SmithfieldFds SFD 21.01 0.41 TransDigm TDG 1349.52 16.72 XChangeTEC.INC XHG 0.95 -0.04
Fortive FTV 79.60 -0.31
AmerWaterWorks AWK 134.02 -1.04 Brown-Forman B BF.B 33.07 0.11 Crown Holdings CCK 87.89 -0.17 JackHenry JKHY 171.87 0.11 MotorolaSol MSI 429.55 3.28 PrimoBrands PRMB 33.66 -0.18 Smucker SJM 109.14 -0.02 TransUnion TRU 91.68 -3.15 s XPeng XPEV 22.26 0.27
FortuneBrands FBIN 64.97 -0.87
Ameriprise AMP 526.07 0.80 BuildersFirst BLDR 139.15 -2.93 CubeSmart CUBE 42.53 0.22 JacobsSolns J 126.54 0.14 MuellerIndustries MLI 78.80 -0.90 PrincipalFinl PFG 87.53 1.63 SmurfitWestrock SW 51.69 -1.83 Travelers TRV 254.79 5.94 Xylem XYL 128.78 0.28
FoxB FOX 52.90 -0.41
Ametek AME 187.33 -0.85 BungeGlobal BG 73.25 -0.01 Cullen/Frost CFR 136.44 0.72 JamesHardie JHX 31.46 -0.77 MurphyUSA MUSA 460.00 -2.32 ProcoreTech PCOR 75.92 -2.63 Snap SNAP 9.99 -0.17 Trimble TRMB 70.68 -0.71 YPF YPF 34.45 -1.23
CMI 364.16 -2.56 FoxA FOXA 56.41 -0.43
Amgen AMGN 305.82 -0.56 BurlingtonStrs BURL 242.80 -6.42 Cummins JazzPharm JAZZ 143.27 -0.90 t NICE NICE 142.99 -1.90 Procter&Gamble PG 171.97 0.67 Snap-On SNA 336.92 -2.14 Trip.com TCOM 57.20 -1.41 Yum!Brands YUM 153.71 2.21
Franco-Nevada FNV 141.19 0.37
Amphenol APH 65.46 -0.77 CAVA CAVA 90.08 -8.88 Curtiss-Wright CW 315.82 -3.35 JefferiesFinl JEF 64.86 -0.91 NIO NIO 4.79 0.07 Progressive PGR 278.77 5.34 Snowflake SNOW173.69 7.50 TruistFinl TFC 45.71 0.37 YumChina YUMC 50.20 1.21
CyberArkSoftware CYBR 352.05-12.13 FranklinRscs BEN 19.84 -0.09 s NRG Energy NRG 105.11 -8.22 Prologis PLD 122.77 0.61 SOQUIMICH SQM 40.00 0.35 Twilio TWLO 117.24 -1.98 ZTO Express ZTO 19.67 0.14
AnalogDevices ADI 223.85 -9.88 CBRE Group CBRE 139.78 -0.90 J&J JNJ 163.73 0.65
FreedomHolding FRHC 144.74 -4.59 NVR NVR 7181.95-27.72 PrudentialFinl PRU 112.75 0.83 SoFiTech SOFI 14.07 -0.40 TylerTech TYL 605.41-11.06 ZebraTech ZBRA 311.00 -8.48
AngloGoldAsh AU 29.33 -1.71
AB InBev BUD 59.51 0.79
CDW CDW 179.00 -1.23
CF Industries CF 79.58 1.80
D E F FreeportMcM FCX 37.42 -0.53
JohnsonControls JCI 84.25 -0.66
JonesLang JLL 267.77 -3.17 NXP Semicon NXPI 216.87-12.51 Prudential PUK 18.31 -0.14 Solventum SOLV 83.44 -0.60 TysonFoods TSN 60.99 0.69 Zillow C Z 76.32 -2.01
FreseniusMedCare FMS 23.80 0.24 Nasdaq NDAQ 80.80 0.76 PublicServiceEnt PEG 80.70 -2.23 Somnigroup SGI 62.94 -1.63 UBS Group UBS 33.85 -0.38 Zillow A ZG 73.86 -1.84
AnnalyCap NLY 21.73 -0.15 CGI A GIB 110.29 -1.69 DTE Energy DTE 131.84 -0.81 JuniperNetworks JNPR 35.98 -0.01
FrontierComms FYBR 35.76 -0.17 Natera NTRA 156.61 -3.95 PublicStorage PSA 305.70 1.40 Sony SONY 25.03 -0.43 UDR UDR 44.34 0.62 ZimmerBiomet ZBH 104.05 -0.87
AnteroResources AR 35.58 -1.46 CH Robinson CHRW 99.24 1.06 DT Midstream DTM 92.93 -1.98 KB Financial KB 55.62 -1.78
FullTruck YMM 11.68 0.09 NationalGrid NGG 61.47 -1.09 PulteGroup PHM 102.92 -1.53 SouthState SSB 99.28 -0.35 U-Haul UHAL 69.22 -1.17 Zoetis ZTS 164.98 -0.01
s Aon AON 404.00 4.77 CME Group CME 249.85 1.86 Danaher DHR 205.71 -3.73 KE Holdings BEKE 22.90 0.03
s NatWest NWG 12.14 0.10 PureStorage PSTG 53.20 -9.24 UHAL/B 62.16 -1.09 ZoomComms ZM 72.88 -1.27
APi Group APG 38.70 -1.30
ApolloGlbMgmt APO 147.44 -0.21
CMS Energy CMS 72.34 -0.86 Darden
CNA Fin CNA 48.61 0.64 Datadog
DRI 194.92 0.88
DDOG 113.53 0.16
G H I KKR
KLA
KKR 132.20 -0.48
KLAC 699.16-39.36 Nebius NBIS 32.05 -3.93 t Qiagen QGEN 38.40 -0.75
Southern SO 88.29 -0.46
SoCopper SCCO 90.49 -2.76
U-Haul N
UL Solutions ULS 53.04 -0.38 Zscaler ZS 192.03 -3.79
Apple AAPL 237.30 -3.06 CNH Indl CNH 12.74 0.01 DaVita DVA 146.74 0.79 GE Aerospace GE 201.43 -0.18 KT KT 17.21 -0.47
AppliedIndlTechs AIT 244.68 -0.40 CRH CRH 101.50 -0.83 Dayforce DAY 61.64 -0.96 GE HealthCare GEHC 89.40 -1.31 Kaspi.kz KSPI 103.88 0.55
t ApplMaterials AMAT 156.64-11.87 CSX CSX 32.01 0.03 DeckersOutdoor DECK 138.49 -6.48 GE Vernova GEV 326.28 -8.96 Kellanova K 82.50 -0.12
AppLovin APP 320.49-10.51
Aptargroup ATR 145.63 -1.01
CVS Health CVS 64.48 0.62 Deere DE 480.55 2.03 GFLEnvironmental GFL 43.04
CadenceDesign CDNS 248.56 -5.38 DellTechC DELL 107.83 -7.82 GSK GSK 37.30
-1.32
-0.10
Kenvue KVUE 23.14 -0.08
KeurigDrPepper KDP 33.61 -0.13
Dividend Changes
Aptiv APTV 65.32 -0.90 CamdenProperty CPT 123.23 2.13 DeltaAir DAL 59.75 -1.80 s Gallagher AJG 333.17 4.84 KeyCorp KEY 16.98 0.12
Cameco CCJ 43.48 -1.24 DescartesSystems DSGX 110.27 -1.73 GameStop GME 24.48 KeysightTech KEYS 158.21 -2.15
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
Aramark ARMK 36.46 -0.28 -0.13
ArcelorMittal MT 28.38 -0.60 Campbell's CPB 39.85 -0.19 DeutscheBank DB 21.39 -0.31 Gaming&Leisure GLPI 49.92 0.12 KimberlyClark KMB 140.19 1.03
KimcoRealty KIM 21.61 -0.07
Amount Payable / Amount Payable /
ArchCapital ACGL 92.10 2.53 CIBC CM 59.90 -0.56 DevonEnergy DVN 35.88 0.42 Gap GAP 22.65 -0.64
CanNtlRlwy CNI 99.76 -0.71 DexCom GRMN 224.06 KinderMorgan KMI 26.21 0.04 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
ADM ADM 46.59 -0.39 DXCM 87.81 -2.10 Garmin -2.86
AresMgmt ARES 167.12 -1.85 t CanadianNatRscs CNQ 28.31 -0.33 Diageo DEO 108.64 -1.85 Gartner IT 491.39 -6.78 Kinetik KNTK 56.03 -2.40 Bloomin' Brands BLMN 6.1 .15 /.24 Q Mar26 /Mar11
argenx ARGX 624.70 1.68 CdnPacKC CP 76.52 -1.20 DiamondbkEner FANG 155.59 3.16 GenDigital GEN 27.28 -0.21 KinrossGold KGC 10.62 -0.46 Increased
AristaNetworks ANET 91.57 -4.81 CapitalOne COF 196.98 0.21 Dick's DKS 221.81 -5.09 Generac GNRC 136.24 -2.90 KinsaleCapital KNSL 428.07 11.40 Allstate ALL 1.9 1.00 /.92 Q Apr01 /Mar10 Foreign
Arm ARM 130.34 -8.63 CardinalHealth CAH 127.47 0.29 DigitalRealty DLR 157.27 -2.11 GeneralDynamics GD 251.62 2.38 Klaviyo KVYO 39.81 -0.69
AMERISAFE AMSF 2.9 .39 /.37 Q Mar21 /Mar07 AerCap Holdings AER 1.0 .27 Q Apr03 /Mar12
AscendisPharma ASND 153.14 0.53 Carlisle CSL 335.11 -3.34 DiscoverFinSvcs DFS 191.20 0.98 GeneralMills GIS 59.98 0.69 Knight-Swift KNX 48.98 -0.86
AspenTech AZPN 264.09 0.50 Carlyle CG 48.54 -1.07 Disney DIS 111.31 -0.52 GeneralMotors GM 47.63 -0.83 Philips PHG 26.03 -0.81 Bentley Systems BSY 0.6 .07 /.06 Q Mar27 /Mar19 Consolidated Water CWCO 1.6 .11 Q Apr30 /Apr01
Assurant AIZ 211.04 4.76 CarMax KMX 81.96 -0.56 DocuSign DOCU 81.28 -1.00 Genmab GMAB 22.73 0.12 KoreaElecPwr KEP 7.98 -0.20 DT Midstream DTM 3.2 .82 /.735 Q Apr15 /Mar17 Dole DOLE 2.2 .08 Q Apr03 /Mar20
AsteraLabs ALAB 75.75 -7.25 Carnival CCL 23.50 -0.62 DollarGeneral DG 73.98 -0.21 Genpact G 52.70 -0.18 KraftHeinz KHC 30.65 0.03
eBay EBAY 1.7 .29 /.27 Q Mar28 /Mar14 Golden Ocean Group GOGL 10.6 .15 Q Mar21 /Mar11
AstraZeneca AZN 75.65 0.13 Carnival CUK 21.22 -0.56 DollarTree DLTR 73.16 -0.98 GenuineParts GPC 122.69 0.59 Kroger KR 63.93 0.13
Atlassian TEAM 278.48-10.28 CarpenterTech CRS 198.51 -0.67 DominionEner D 56.48 -0.63 Gildan GIL 53.78 -0.90 Kyndryl KD 37.73 -0.74 EPR Properties EPR 6.8 .295 /.285 M Apr15 /Mar31 ICL Group ICL 3.1 .0403 Q Mar25 /Mar12
AtmosEnergy ATO 149.64 -0.35 CarrierGlobal CARR 64.08 -2.02 Domino's DPZ 482.28 3.17 s GileadSciences GILD 111.99 1.53 LatamAirlines LTM 32.51 0.04 Sitio Royalties STR 7.7 .41 /.28 Q Mar28 /Mar14 Ituran Location & Ctrl ITRN 3.9 .50 Q Apr03 /Mar20
AuroraInnov AUR 7.00 -0.02 Carvana CVNA 223.21 -9.42 t Donaldson DCI 67.59 -1.66 GitLab GTLB 60.04 -0.96 LKQ LKQ 41.87 0.11 Lloyds Banking Group ADR 4.0 .1035 SA May30 /Apr11
Autodesk ADSK282.35 -3.32 CaseysGenStores CASY 409.09 -6.91 DoorDash DASH 195.84 -2.76 GlobalPayments GPN 103.25 1.73 LPL Financial LPLA 361.67 -0.53
Turning Point Brands TPB 0.4 .075 /.07 Q Apr11 /Mar21 LYG

ADP ADP 311.30 -0.08 Caterpillar CAT 340.00 -2.58 Dover DOV 196.51 -1.17 GlobalFoundries GFS 38.35 -2.26 L3HarrisTech LHX 204.90 2.57 Verisk Analytics VRSK 0.6 .45 /.39 Q Mar31 /Mar14 Smith & Nephew ADR SNN 2.5 .447 SA May28 /Mar28
AutoZone AZO 3444.69 51.72 Celestica CLS 107.87 -3.81 Dow DOW 38.43 -0.42 GlobeLife GL 124.18 2.25 Labcorp LH 247.79 -3.56 Xcel Energy XEL 3.1 .57 /.5475 Q Apr20 /Mar14 Vinci Partners VINP 7.1 .15 Q Mar27 /Mar13
Avalonbay AVB 223.02 1.44 Cemex CX 6.29 -0.17 Doximity DOCS 69.45 -3.45 GlobusMedical GMED 78.67 -1.34 LamResearch LRCX 76.17 -5.13
COR 249.01 -1.64 t DrReddy'sLab RDY 12.95 -0.09 GoDaddy GDDY 174.94 LamarAdv LAMR 122.16 -0.43 Note: Dividend yields as of 3:30 p.m. ET
t Avantor AVTR 16.49 -0.73 Cencora -2.02 Reduced Sources: FactSet; Dow Jones Market Data
AveryDennison AVY 185.49 -0.26 t CenovusEnergy CVE 13.75 -0.17 DraftKings DKNG 42.74 -0.62 GoldFields GFI 18.40 -0.72 LasVegasSands LVS 43.74 0.01

New Highs and Lows

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
AutolusTherap AUTL 1.75 -3.8 CheerHolding CHR 1.91 -9.3 Expion360 XPON 1.07 -9.1 IntelligentGrp INTJ 0.72 -5.6 Momentus MNTS 2.77 -8.1 RPC RES 5.48 0.9 TandemDiabetes TNDM 21.43 -35.2
in the latest session. % CHG-Daily percentage change from the previous trading session. Avantor AVTR 16.46 -4.2 Chegg CHGG 0.94 -6.2 FGMergerII FGMCU 9.78 0.1 iSpecimen ISPC 1.55 -12.0 Monro MNRO 17.65 -4.2 Rapid7 RPD 29.11 -2.9 TangoTherap TNGX 2.17 -6.4
AvidXchange AVDX 6.89 1.4 ChicagoRivet CVR 13.80 -2.0 Fathom FTHM 0.95 2.0 IvanhoeElectric IE 5.56 -4.4 NICE NICE 142.77 -1.3 RapportTherap RAPP 10.52 -2.7 Tantech TANH 2.62 -7.3
Thursday, February 27, 2025 AxcelisTechs ACLS 54.94 -8.2 ChinaLiberalEduc CLEU 0.06 -23.0 Ferroglobe GSM 3.44 -4.4 J.Jill JILL 23.39 -4.2 NIP NIPG 2.32 -1.3 Raytech RAY 0.96 -11.9 Teleflex TFX 135.95 -21.7
AytuBioPharma AYTU 1.23 -2.3 CivitasRscs CIVI 38.28 -3.6 FirstSolar FSLR 140.84 -10.0 JaguarHealth JAGX 0.57 -15.6 NPK Intl NPKI 5.73 -5.5 RelayTherap RLAY 3.25 -13.3 Terex TEX 41.24 -2.5
52-Wk % 52-Wk % 52-Wk % TetraTech TTEK 29.20 0.2
BRC BRCC 2.40 -3.2 ClarosMtg CMTG 2.25 -8.0 FluenceEnergy FLNC 5.84 -4.4 JohnsonOutdoors JOUT 27.10 -0.9 NaborsIndustries NBR 39.74 -1.2 RepareTherap RPTX 1.06 -4.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BRP DOOO 39.05 -3.1 CleanSpark CLSK 7.50 -4.7 FluxPower FLUX 1.26 -8.7 JPMFlexIncm JFLI 48.75 -1.0 NationalBeverage FIZZ 38.25 -1.6 ResourcesConnect RGP 7.24 -1.5 TilrayBrands TLRY 0.75 -4.7
GSRIIIAcqn GSRTU 10.23 ... VeriSign VRSN 239.95 -0.9 Baijiayun RTC 0.36 -17.5 ClearChannelOutdr CCO 1.19 -7.0 Fold FLD 5.25 -2.7 JumiaTech JMIA 2.42 -4.0 NatlResearch NRC 14.36 -2.4 RexAmerRscs REX 38.78 -0.9 Torm TRMD 17.17 -6.9
Highs Gallagher
GeneDxWt
AJG 334.69 1.5
WGSWW 0.34 -0.4
VeronaPharma
Visa
VRNA 69.80 5.7
V 360.31 1.5
BanzaiIntl
Beneficient
BNZI
BENF
1.20 -11.2
0.41 4.3
CollegiumPharm COLL
ColorStarTech ADD
27.84 0.2
1.10 ...
FootLocker FL
ForafricGlobal AFRI
17.24 -0.4
8.35 -7.2
KLX Energy
KingswayFin
KLXE
KFS
3.80 -7.4
7.52 -1.5
NaturalAlt NAII
NautilusBiotech NAUT
3.99 -4.1
1.10 -18.2
Rogers
SAG
ROG
SAG
80.53 -5.1
1.83 1.6
TownsquareMedia TSQ
TransCodeTherap RNAZ
8.42 -2.3
2.47 -24.8
AAMissionAcqnA AAM 10.20 ... GenerationInWt GIPRW 0.90 3.0 W.P.Carey WPC 64.68 -0.2 BentleySystems BSY 43.75 -1.3 Conmed CNMD 58.99 -3.2 FordMotor6%Nts FpC 21.87 -1.3 Kirkland's KIRK 1.38 -2.8 NeoGenomics NEO 9.66 -5.6 SFL SFL 9.02 0.5 Transocean RIG 3.03 -1.6
ADT ADT 8.33 7.8 GileadSciences GILD 112.57 1.4 WebusIntl WETO 4.28 -10.0 BeyondAir XAIR 0.26 -3.5 ConnectMTech CNTM 0.64 -3.4 FordMotor6.5%Nts FpD 23.93 -0.8 Kohl's KSS 11.30 -4.6 NerdWallet NRDS 9.88 -2.2 SM Energy SM 32.17 0.5 TrawsPharma TRAW 3.31 -4.0
Adtran ADTN 12.44 -0.4 GlobalStarRt GLSTR 0.25 5.7 WillisTowers WTW 339.12 -0.3 BeyondMeat BYND 3.10 -10.7 ContangoOre CTGO 9.13 -4.4 Forestar FOR 22.34 -2.3 Koppers KOP 27.33 -9.4 NeumoraTherap NMRA 1.55 -4.3 SOS SOS 5.04 -5.0 TriMas TRS 19.33 -6.2
AGNC InvtPfdF AGNCP 25.29 -0.1 GoHealth GOCO 21.00 -14.4 XPeng XPEV 22.80 1.2 Bio-Techne TECH 61.06 -4.6 Cool CLCO 6.26 -11.6 Fortrea FTRE 13.81 -6.8 KorroBio KRRO 24.60 -3.5 NextTechnology NXTT 0.71 -41.9 SPS Commerce SPSC 131.90 -2.9 TritonIntlPfdF TRTNpF 24.54 -0.5
ASPACIIIAcqnRt ASPCR 0.20 38.5 HSBC HSBC 58.43 -0.1 Xunlei XNET 4.81 29.7 bioAffinityTech BIAF 0.52 -9.6 CoreLabs CLB 14.61 -0.6 FulgentGenetics FLGT 15.69 -3.4 KrispyKreme DNUT 5.88 3.9 Nkarta NKTX 1.74 -2.8 STAK STAK 3.51 -2.7 22ndCentury XXII 1.89 -9.8
AXIS Capital AXS 96.80 2.5 HealthInTechA HIT 7.30 0.3 BioAtla BCAB 0.31 -8.2 CoreNaturalRscs CNR 72.97 -2.9 FullerHB FUL 55.45 -0.9 Kulicke&Soffa KLIC 37.77 -6.1 nLIGHT LASR 9.04 -7.6 SU Group SUGP 0.75 -11.3 TyraBiosciences TYRA 11.69 -3.9
AbbottLabs ABT
AimeiHlthTechRt AFJKR
136.99 -0.1
0.39 1.6
HennessyCapVIIRt HVIIR 0.24 ...
HowmetAeroPfd HWMp 71.59 -0.1
Lows BioceresCrop BIOX
BiodexaPharm BDRX
4.20 -4.1
3.28 -0.9
Cosan
Costamare
CSAN
CMRE
4.81 4.5
10.05 1.4
FutureFinTech FTFT
GCL Global GCL
0.21 -3.1
1.81 -36.4
KymeraTherap KYMR
LGI Homes LGIH
29.22 -14.5
72.55 -2.9
NobelWt
Noble
NE.WS.A
NE
7.20 -14.8
25.77 -1.2
SallyBeauty
SareptaTherap SRPT
SBH 8.86 -2.7
101.00 -3.6
UsanaHealth USNA
UltraClean UCTT
27.71 -13.8
24.92 -5.8
AlgonquinNt2079 AQNB 26.05 -0.4 iBio IBIO 5.20 34.3 AeonBiopharma AEON 0.82 -40.1 BionanoGenom BNGO 4.33 -6.4 CreativeRealities CREX 2.09 -8.7 GCT Semiconductor GCTS 1.86 -7.5 LM Funding LMFA 1.37 -7.4 NorthernOil&Gas NOG 31.70 -0.5 Savara SVRA 2.43 -0.4 Ultralife ULBI 6.28 -5.0
AlliantEnergy LNT 64.35 -0.2 ICE ICE 173.52 -0.2 AMC Networks AMCX 6.85 -3.2 Biote BTMD 4.19 -1.2 CriticalMetals CRML 2.00 -12.1 Galecto GLTO 4.19 -5.4 LoboEV LOBO 1.31 -2.1 Novonix NVX 1.12 -8.1 ScanSource SCSC 36.12 -0.7 UnitedHomes UHG 3.54 -5.8
AmerHlthcrREIT AHR 30.34 1.5 IturanLocation ITRN 45.43 -2.6 APA APA 20.10 -7.2 BioXcelTherap BTAI 1.72 -3.9 CrownCrafts CRWS 4.05 -1.2 GalmedPharm GLMD 2.13 -6.1 LambWeston LW 50.74 -0.8 OpalFuels OPAL 2.52 -7.0 Scilex SCLX 0.21 -15.6 UnivLogistics ULH 26.56 -2.8
Aon AON 408.26 1.2 Abpro ABP 0.57 -12.8 BitOrigin BTOG 0.19 -18.8 Cycurion CYCU 0.69 -8.2 GenerationBio GBIO 0.54 -4.9 LandseaHomes LSEA 6.54 -20.8 OceanBiomedical OCEA 0.09 -0.4 ScorpioTankers STNG 38.55 -3.3 UniversePharm UPC 0.13 -12.9
Lensar LNSR 12.63 14.8
ArisWater ARIS 32.00 20.7 abrdnFocusedUSSC AFSC 27.36 -2.0 BitcoinDepot BTM 0.93 -1.9 Cyngn CYN 5.86 -9.4 Globant GLOB 147.62 -3.1 LandseaHomesWt LSEAW 0.06 -29.0 OlemaPharm OLMA 4.29 -4.1 Scorpius SCPX 0.14 -23.0 UTime WTO 0.24 -6.0
LZ Technology LZMH 7.24 25.0
B.RileyNts2026 RILYK 23.49 0.9 Aclarion ACON 2.43 -20.3 VCIGlobal VCIG 0.70 -12.5
LudaTech LUD 4.28 ... Blackbaud BLKB 64.94 -1.2 CytomXTherap CTMX 0.66 -0.9 GoPro GPRO 0.75 -2.6 LarimarTherap LRMR 2.87 -0.3 Olin OLN 24.49 -2.8 ScottsMiracleGro SMG 58.50 -3.5
Barclays BCS 16.02 -0.6 AcumenPharm ABOS 1.25 -3.1 VOC Energy VOC 3.08 -3.6
Marsh&McLen MMC 236.00 1.3 BloomZ BLMZ 0.32 -5.5 DIH US DHAI 0.35 -3.0 GreenPlains GPRE 5.76 -2.5 LeapTherap LPTX 0.46 -3.5 Onconetix ONCO 0.30 -4.1 ScrippsEW SSP 1.59 -7.6
BeiGene ONC 287.88 7.5 Aditxt ADTX 0.07 -13.4 VTEX VTEX 4.58 0.6
Masimo MASI 192.62 -2.2 BlueLinx BXC 79.42 -3.4 DLH Holdings DLHC 5.00 -2.6 GreenidgeGen GREE 0.91 -4.6 Leggett&Platt LEG 9.10 -2.9 180LifeSci ATNF 1.12 -0.8 Seadrill SDRL 25.99 -5.6
Brown&Brown BRO 117.15 1.5 AdvMicroDevices AMD 99.50 -5.0 VailResorts MTN 154.27 -0.2
MidAmApt MAA 167.73 1.6 BoiseCascade BCC 102.17 -1.5 Damon DMN 0.18 -15.1 GreenPowerMotor GP 0.54 -7.8 Leslie's LESL 1.02 -6.8 OpenText OTEX 25.90 -2.4 ShoalsTech SHLS 3.48 -10.1
Valaris VAL 36.55 -1.4
CEVA CEVA 38.94 -12.8 MillicomIntl TIGO 28.98 -2.5 AehrTestSys AEHR 9.67 -3.4 BorrDrilling BORR 2.62 -1.5 Dave&Buster's PLAY 21.32 -5.4 Greif B GEF.B 57.30 -4.2 LexeoTherap LXEO 2.97 -5.4 OrganiGram OGI 1.12 -1.7 ShoeCarnival SCVL 21.54 -2.8
ValarisWt VAL.WS 4.52 -9.2
CO2EnTransitionRt NOEMR 0.20 ... MountainLakeA MLAC 10.00 ... Aemetis AMTX 1.76 -7.9 BowmanConsult BWMN 19.11 -5.8 DayOneBiopharm DAWN 9.43 -4.4 Greif A GEF 53.43 -8.4 LichenChina LICN 0.05 -31.8 OrukaTherap ORKA 9.53 -9.2 Shutterstock SSTK 21.81 -3.6
VeecoInstr VECO 21.89 -7.0
CaysonAcqnRt CAPNR 0.33 23.1 MrCooper COOP 112.65 0.6 AEye LIDR 0.57 -8.5 BrasilAgro LND 3.49 -1.7 DefDlyTgt2XLgORCL ORCX 18.01 -9.1 GrowGeneration GRWG 1.15 -4.1 LightwaveLogic LWLG 1.26 -3.0 OsiskoDevelopment ODV 1.16 -3.1 Sigmatron SGMA 1.30 0.7
VentyxBiosciences VTYX 1.44 -5.2
CheniereEnerPtrs CQP 66.89 0.9 NRG Energy NRG 117.26 -7.3 Akoya AKYA 1.65 -6.3 BrilliA BRIA 2.57 -1.1 DefDlyTgt2XLgRIOT RIOX 11.60 -6.8 Guess? GES 10.50 -4.4 LinkersIndsA LNKS 0.73 -3.8 OxfordIndustries OXM 63.65 -2.5 SignetJewelers SIG 49.68 -5.6 VerricaPharm VRCA 0.59 -16.9
CoastalFinl CCB 97.55 4.9 NatWest NWG 12.19 0.8 AlarumTech ALAR 6.55 -5.1 Bruker BRKR 47.44 -5.4 DelekUS DK 15.02 4.8 HF Foods HFFG 1.83 -5.1 LiveVentures LIVE 7.44 2.1 PBF Energy PBF 21.23 -0.7 SigningDaySports SGN 1.55 -13.8 Viatris VTRS 8.77 -15.2
CohenCircleAcqnIUn CCIRU 12.25 1.2 NiSource NI 40.41 0.3 AlphaMetal AMR 146.26 -0.5 Brunswick BC 60.06 -3.6 Deluxe DLX 16.01 -0.4 Hafnia HAFN 4.14 -14.6 LiveWire LVWR 2.23 -8.2 ProgHoldings PRG 27.61 0.8 Silvaco SVCO 5.97 -5.6 VinFastAutoWt VFSWW 0.28 -13.0
CohenCircleI A CCIR 11.80 ... Nutanix NTNX 79.90 10.4 AltaEquipment ALTG 5.34 -4.9 C4 Therap CCCC 2.59 -1.9 DentsplySirona XRAY 17.09 -8.8 HarvardBioSci HBIO 0.85 -4.3 LotusTechWt LOTWW 0.10 -9.1 PVH PVH 74.66 -4.4 SiyataMobile SYTA 2.82 -28.5 VoyagerTherap VYGR 4.00 -2.9
ColumbusAcqn COLAU 10.13 ... O'ReillyAuto ORLY 1359.19 1.7 AltoNeurosci ANRO 2.75 -5.4 CableOne CABO 257.59 2.1 DesignerBrands DBI 3.94 -1.0 HealthCatalyst HCAT 3.76 -11.1 LotusTech LOT 2.20 -6.3 PalisadeBio PALI 0.82 -5.5 SoloBrands DTC 0.74 -6.8 WORKMedicalTech WOK 0.67 -9.1
CerveceriasUnid CCU 14.14 0.6 OhioValleyBanc OVBC 31.59 5.9 AmbacFin AMBC 9.40 -10.8 Caesarstone CSTE 3.66 1.6 Digimarc DMRC 15.26 -43.1 HealthyChoice HCWC 0.58 -8.7 Lulu'sFashion LVLU 0.68 -3.9 ParPacific PARR 13.40 1.1 SonomaPharm SNOA 2.20 -7.2 WPP WPP 40.48 -15.4
DistokenAcqnRt DISTR 0.21 86.7 OldPointFinl OPOF 30.39 0.8 AmerEagle AEO 13.04 -2.6 Caleres CAL 15.86 -3.2 Diodes DIOD 50.07 -6.8 HighestPerf HPH 0.18 -4.6 LytusTech LYT 0.17 -10.7 PeabodyEnergy BTU 13.68 -3.0 Sphere3D ANY 0.60 -5.2 WebusIntl WETO 3.49 -10.0
DonegalGroup A DGICA 17.33 2.0 PennyMacNts2030 PMTV 25.79 0.1 AmericanRebel AREB 0.57 4.2 CanadianNatRscs CNQ 28.25 -1.2 Donaldson DCI 65.10 -2.4 HighPeakEnerWt HPKEW 2.10 -16.0 MediromHlthcr MRM 0.67 -9.5 Pinstripes PNST 0.20 -22.7 SportsmansWrhs SPWH 1.42 -3.9 WerewolfTherap HOWL 1.16 -9.4
Dynamix DYNXU 10.02 ... PermRock PRT 4.63 2.1 AmericanWoodmark AMWD 60.98 -13.0 CanopyGrowth CGC 1.40 -6.0 DorianLPG LPG 19.83 -2.4 HormelFoods HRL 27.59 -1.2 MKS Instrum MKSI 91.07 -6.2 PlanetImage YIBO 1.67 -11.2 SpyreTherapeutics SYRE 18.26 -3.3 WernerEnterprises WERN 32.06 -1.1
DynamixWt DYNXW 0.35 -10.7 PitneyBowes PBI 11.01 -0.8 AmkorTech AMKR 20.95 -5.2 Cardlytics CDLX 2.48 -6.4 DrReddy'sLab RDY 12.90 -0.7 Hovnanian HOV 101.19 -2.3 MammothEnergy TUSK 2.28 -3.4 Playtika PLTK 5.22 -16.8 StdBioTools LAB 1.00 -10.7 WheelerREIT WHLR 2.65 -4.9
ECARX Wt ECXWW 0.09 11.3 Porch Group PRCH 7.19 1.5 Annexon ANNX 2.49 -3.8 CaribouBio CRBU 1.16 -3.3 DyneTherap DYN 13.05 -4.5 HycroftMiningWt HYMCW 0.00 -16.3 MarineProducts MPX 8.50 -2.9 PlusTherap PSTV 0.65 -11.2 Starbox STBX 0.17 -14.1 WheelsUp UP 1.13 -5.0
EPR Prop EPR 53.59 1.6 PriviaHealth PRVA 26.04 5.8 ApogeeEnt APOG 46.76 -0.7 Cars.com CARS 11.97 -21.4 ESSTech GWH 3.55 -12.5 INLIF INLF 1.76 -9.2 MartenTransport MRTN 14.37 1.0 PlymouthIndREIT PLYM 16.06 1.3 StevenMadden SHOO 32.82 -4.6 WindtreeTherap WINT 3.44 -0.9
EPR PropPfdC EPRpC 23.92 1.1 RithmAcqn RAC.U 10.05 0.5 ApogeeTherap APGE 30.47 -1.8 Carter's CRI 41.59 -0.4 EbangIntl EBON 4.38 -2.8 IPG Photonics IPGP 57.76 -2.9 MartinMarietta MLM 482.14 -1.8 PowellMax PMAX 0.31 -9.9 StrategicEd STRA 79.37 -18.5 Wingstop WING 219.12 0.4
ESGL ESGL 3.00 31.0 RithmCapital RITM 12.18 0.2 ApplMaterials AMAT 156.38 -7.0 CastorMaritime CTRM 2.45 -0.8 ElongPower ELPW 0.79 -5.4 IQVIA IQV 184.66 -2.3 MasterBrand MBC 13.85 -4.3 PrecisionDrilling PDS 50.13 -0.9 StratusProp STRS 17.80 -1.3 Winmark WINA 329.51 -1.7
ESGL Wt ESGLW 0.05 0.7 SIMAcqnIWt SIMAW 0.16 3.6 ArcBest ARCB 78.65 -2.0 Cel-Sci CVM 0.31 -2.6 EncoreCapital ECPG 36.37 -21.9 Ibotta IBTA 33.53 -46.1 Materion MTRN 90.11 -2.8 PreludeTherap PRLD 0.74 -7.8 StudioCity MSC 3.46 -6.5 Winnebago WGO 39.83 -4.4
EchoStar SATS 31.02 4.8 SIMAcqnIA SIMA 10.19 0.5 ArcusBiosci RCUS 9.86 -2.6 Celanese CE 50.51 -4.0 EnergyFuels UUUU 3.99 -9.5 Illumina ILMN 88.75 -5.4 MaxeonSolar MAXN 4.50 -4.4 ProfDiversity IPDN 0.31 -7.7 SUNationEnergy SUNE 0.41 -63.3 WorthingtonSteel WS 27.00 -2.8
Ecolab ECL 269.23 0.3 SKGrowthOpps SKGRU 14.00 -7.0 ArdmoreShipping ASC 9.11 -5.0 Celcuity CELC 9.47 -3.3 Enovis ENOV 38.08 -4.7 Immunome IMNM 8.86 -7.2 MediaAlpha MAX 8.65 3.5 ProKidney PROK 1.25 -3.5 SunnovaEnergy NOVA 1.70 -1.1 XTI Aerospace XTIA 2.91 -8.6
Embraer ERJ 48.40 10.7 Starbucks SBUX 115.70 1.3 AresCommRealEst ACRE 4.76 -1.4 CelldexTherap CLDX 20.25 -1.6 Enviri NVRI 6.48 -4.3 ImmunoPrecise IPA 0.32 -6.2 Metsera MTSR 24.70 -8.1 PyxisOncology PYXS 1.11 ... Synaptics SYNA 65.11 -4.0 XcelBrands XELB 0.29 -6.9
Evergy EVRG 69.90 -0.8 TexasCommBcshs TCBS 16.50 -2.4 ArgoBlockchain ARBK 0.41 -3.4 Cellectis CLLS 1.32 -5.0 ePlus PLUS 63.79 -3.4 ImperialPetrol IMPP 2.46 -0.8 MicroCloudHologram HOLO 1.01 -7.2 PyxisTankersWt PXSAW 0.07 -18.1 Synopsys SNPS 454.05 -3.3 Xerox XRX 6.87 ...
Exelixis EXEL 38.43 0.3 TranslationalDevWt TDACW 0.22 43.3 Armlogi BTOC 1.99 -14.2 Celularity CELU 1.21 -10.9 Erasca ERAS 1.29 -7.2 Impinj PI 91.41 -5.1 MineralsTechs MTX 67.85 -1.8 Q32Bio QTTB 2.22 -4.3 SyrosPharm SYRS 0.14 -6.0 Y-mAbsTherap YMAB 5.39 -1.6
Exelon EXC 44.32 -0.6 TruBridge TBRG 31.40 2.7 AspiraWomen's AWH 0.16 -24.8 Cenntro CENN 0.75 -1.9 EroCopper ERO 11.95 -6.5 indieSemicon INDI 3.02 -5.6 MinervaNeurosci NERV 1.69 -2.9 Qiagen QGEN 38.29 -1.9 System1 SST 0.55 -2.7 ZimVie ZIMV 12.25 -1.7
FirstIndRlty FR 57.43 0.3 UnumGroup UNM 83.96 5.7 Atkore ATKR 62.24 -1.6 CenovusEnergy CVE 13.73 -1.2 EvaxionBiotech EVAX 2.07 -7.1 InfinityNatrlRscs INR 17.82 -3.3 ModineMfg MOD 78.42 -8.7 QuanexBldg NX 19.54 -2.4 TPIComposites TPIC 1.01 -8.4 Zomedica ZOM 0.09 -1.3
FlagstarFinIPfdA FLGpA 23.15 0.2 Ventas VTR 68.99 0.6 AtlasLithium ATLX 5.01 -4.7 CenovusEnergyWt CVE.WS 9.20 -1.8 EvolentHealth EVH 8.40 -8.1 InnovationBev IBG 0.52 -10.4 ModularMed MODD 0.84 -10.4 QuickLogic QUIK 6.07 -16.8 Taboola TBLA 2.82 -8.7 ZuraBio ZURA 1.20 -3.2

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Fidelity BluChpGr K6 35.36 -1.17 -4.0 FrankTemp/Franklin A LrgCpStr NA ... NA StratAdvFidIntl 12.67 -0.14 7.2 SmGthAdml 95.11 -1.90 -3.4 WndsrII 45.22 -0.37 2.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem203.87 -3.29 -0.2 Contra 21.23 -0.42 1.7 DynaTech A 166.91 -5.67 -4.4 Parnassus Fds TIAA/CREF Funds STBondAdml 10.20 ... 1.3 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Contrafund K6 31.49 -0.66 1.4 ContraK 21.31 -0.42 1.8 Growth A 131.90 -2.71 -1.2 ParnEqFd 60.18 -1.04 1.0 BdIdxInst 9.65 -0.02 2.3 STIGradeAdml 10.38 ... 1.4 ExtndIstPl 347.01 -5.15 -2.4
and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, ExtMktIdxInstPre 88.70 -1.31 -2.4 CpInc 10.17 -0.06 0.9 RisDv A 90.30 -0.64 1.4 PGIM Funds Cl Z EqIdxInst 40.85 -0.65 -0.4 STIPSIxAdm 24.72 +0.03 1.8 IdxIntl 19.98 -0.26 5.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FidSerInt 8.71 +0.01 0.3 GroCo 38.40 -1.23 -4.8 Guggenheim Funds Tru TotalReturnBond NA ... NA IntlEqIdxInst 23.69 -0.28 7.7 TotBdAdml 9.65 -0.01 2.4 MdCpGrAdml110.13 -1.77 0.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 19.11 -0.31 -0.5 InvGrBd 10.06 -0.02 2.5 TotRtnBdFdClInst 23.89 -0.03 2.6 PIMCO Fds Instl LrgCpGrIdxInst 64.69 -1.75 -3.4 TotIntBdIdxAdm 19.74 -0.01 0.8 MdCpVlAdml 84.93 -0.42 1.4
available due to incomplete price, performance or cost data. NE-Not released by LSEG;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FIDZroLgCpIx 20.87 -0.34 -0.2 LowP 40.99 -0.39 0.6 Harbor Funds TotRt NA ... NA VANGUARD ADMIRAL TotIntlAdmIdx r 33.43 -0.43 5.5 SmValAdml 84.18 -0.85 -1.2
GlexUSIdxInstPre 15.32 -0.21 6.2 Magin 14.72 -0.29 -0.7 CapApInst 111.45 -2.98 -2.0 PIMCO Funds A 500Adml 541.89 -8.74 -0.2 TotStAdml 140.42 -2.21 -0.4 TotBd2 9.52 -0.01 2.3
GrowthCompanyK6 29.07 -0.97 -4.4 NASDAQ 235.24 -6.73 -3.9 JHF III DispVal IncomeFd NA ... NA BalAdml 48.80 -0.49 0.7 TxMCapAdml301.60 -4.78 -0.3 TotIntlInstIdx r133.69 -1.72 5.5
Thursday, February 27, 2025 IntlIdxInstPrem 51.20 -0.61 7.7 OTC 20.57 -0.68 -4.2 DispValMCI 27.25 -0.26 1.1 PIMCO Funds I2 CAITAdml 11.44 -0.01 1.3 TxMIn r 16.40 -0.19 6.8 TotItlInstPlId r133.73 -1.71 5.5
Net YTD Net YTD Net YTD John Hancock Income NA ... NA CapOpAdml r194.11 -3.40 2.5 USGroAdml 181.09 -4.88 -2.1 TotSt 140.37 -2.21 -0.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret LgCpGwId InstPre 37.84 -1.02 -3.4 Puritn 24.75 -0.32 -0.4
BondR6 13.58 -0.02 2.5 PIMCO Funds Instl DivAppIdxAdm 54.35 -0.33 2.3 VANGUARD INSTL FDS
MidCpInxInstPrem 33.79 -0.37 0.1 SAIUSMinVolIndFd 22.18 -0.12 3.4 ValAdml 68.52 -0.23 3.8
AB Funds TxExA 12.49 ... 1.3 EmMktCorEq 23.66 -0.35 1.6
SAIUSLgCpIndxFd 23.20 -0.37 -0.2 SAIUSQtyIdx 21.59 -0.34 1.5 JPMorgan I Class IncomeFd NA ... NA EMAdmr 37.64 -0.56 2.4
WdsrllAdml 80.22 -0.64 2.1 BalInst 48.81 -0.49 0.7
MuniIncmShares 11.30 -0.01 1.9 WshA 63.25 -0.67 2.7 IntlCoreEq 16.34 -0.17 6.0 CoreBond 10.28 -0.01 2.4 Price Funds EqIncAdml 91.49 -0.47 3.8 DevMktsIndInst 16.42 -0.20 6.8
SeriesBondFd 9.02 -0.01 2.3 SrsBlChGroRetail 18.91 -0.61 -4.7 WellsIAdml 61.73 -0.19 2.9
AB Funds - ADV Artisan Funds IntSmCo 20.20 -0.23 4.1 EqInc 24.99 -0.03 4.7 BlChip 181.30 -4.99 -2.7
ExplrAdml 103.53 -1.85 -3.1 DevMktsInxInst 25.66 -0.31 6.7
SeriesOverseas 14.35 -0.16 6.8 SrsEmrgMkt 19.11 -0.36 4.3 WelltnAdml 74.55 -0.85 0.8
LgCpGrAdv 106.64 -3.01 -2.5 IntlVal Inst NA ... NA IntSmVa 23.38 -0.23 6.6 LgCpGwth 78.31 -1.65 -1.8 DivGro ExtndAdml 140.62 -2.09 -2.4 ExtndInst 140.61 -2.09 -2.4
SerLTTreBdIdx 5.52 -0.03 4.6 SrsGlobal 15.06 -0.21 6.2 80.00 -0.41 4.1 WndsrAdml 72.05 -0.41 2.0
American Century Inv Baird Funds LgCo 38.92 -0.63 -0.2 JPMorgan R Class GroIncAdml 101.32 -1.80 -0.6 FTScinst 40.17 -0.76 -1.1
SmCpIdxInstPrem 26.59 -0.43 -3.9 SrsGroCoRetail 22.83 -0.73 -4.8 Growth 102.76 -2.59 -2.6 VANGUARD FDS
Ultra 88.80 -2.54 -4.8 AggBdInst 9.83 -0.01 2.5 US CoreEq1 43.20 -0.64 -0.1 CoreBond 10.30 -0.01 2.5 LgCapGow I 80.95 -1.88 -1.6 GrwthAdml 205.06 -5.32 -2.9 GrwthInst 205.08 -5.32 -2.9
CorBdInst 10.18 -0.01 2.3 US CoreEq2 38.53 -0.56 -0.2 TMktIdxInstPrem160.55 -2.56 -0.4 SrsIntlGrw 18.46 -0.30 5.9 HlthCareAdml r 79.47 -0.43 3.4 DivdGro 37.04 -0.09 2.3
American Funds Cl A CorePlusBd 7.24 -0.01 2.5 MidCap InstIdx 478.14 -7.70 -0.2
TotalMarketIndex 20.28 -0.32 SrsIntlVal 96.98 -1.97 -2.8
AmcpA 42.42 -0.92 -0.7 ShtTBdInst 9.50 ... 1.1 US Small 47.52 -0.70 -2.9
-0.4 13.13 -0.07 10.2
Lord Abbett I HYCorAdml r 5.47 -0.01 1.9 IntlVal 39.91 -0.44 6.2
InstPlus 478.14 -7.70 -0.2
TtlIntIdxInstPr 14.18 -0.20 5.6 TotalBond 9.57 -0.02 2.5 Putnam Funds Class A LifeGro 44.98 -0.53 1.8
AMutlA 57.40 -0.30 4.0 BlackRock Funds
US SmCpVal 46.94 -0.51 -3.2 ShtDurInc p 3.87 -0.01 1.1 PutLargCap p 35.77 -0.12 3.8 InfProAd 23.14 -0.03 2.8 InstTStPlus 98.66 -1.55 -0.4
BalA 34.92 -0.38 1.7 HiYBlk 7.16 -0.01 1.9 USBdIdxInstPrem 10.40 -0.01 2.3 Fidelity SAI
Metropolitan West InfTechIdx 301.48-11.25 -5.3 LifeMod 31.91 -0.29 1.9 MidCpInst 73.00 -0.73 1.1
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BondA 11.33 -0.01 2.4 HiYldBd Inst 7.16 ... 1.9 TotRetBdI NA ... NA IntlGrAdml 108.76 -2.58 7.1 1.1
USLgVa 50.98 -0.14 3.4 GrOppI 192.50 -6.72 -2.7 Fidelity Selects PutLargCap 35.79 -0.12 3.8 ITBondAdml 10.31 -0.02 2.4 STAR 28.17 -0.30 2.5 SmCapInst 112.71 -1.62
CapIBA 72.31 -0.51 4.9 BlackRock Funds III MFS Funds -2.1
Dodge & Cox Semiconductors r 30.81 -2.20 Schwab Funds
CapWGrA 65.25 -1.02 2.7 iShS&P500IdxK686.97-11.07 -0.2 Fidelity Freedom -7.9 IIE 36.16 -0.33 6.9 ITIGradeAdml 8.70 -0.01 2.4 TgtRe2020 26.98 -0.15 1.9 SmCapIstPl 325.33 -4.67 -2.1
BlackRock Funds Inst
Balanced 107.03 -0.18 5.2 Freedom2030 K 18.00 -0.18 2.6 Softwr 26.61 -0.49 -3.0 1000 Inv r 125.57 -2.00 -0.3 LarCapAd 135.98 -2.16 -0.1 TgtRe2025 19.04 -0.15 1.9 STIGradeInst 10.38
EupacA 56.60 -1.00 5.4 MFS Funds Class I ... 1.4
FdInvA 81.19 -1.61 0.6 StratIncOpptyIns 9.58 ... 1.9 Income 12.70 -0.02 2.6 Freedom2035 K 16.04 -0.19 2.5 Tech 34.52 -1.42 -6.4 GrowthI 196.96 -4.69 -2.3
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GwthA 74.24 -1.62 -0.3 TotRet NA ... NA Intl Stk 54.36 -0.56 8.9 Idx2030InsPre 20.64 -0.20 2.3 Fidelity Strategic A ValueI 51.07 -0.03 4.7
TSM Sel r 98.65 -1.57 -0.4 MuHYAdml 10.74 -0.01 1.4 TgtRe2035 24.42 -0.25 1.8 TotBdInst 9.65 -0.01 2.4
Calamos Funds Stock 271.32 -0.59 5.5 Idx2035InsPre 23.86 -0.26 2.3 StratAdEmrMrt NA ... NA Strategic Adviser MuIntAdml 13.69 -0.01 1.4 TgtRe2040 44.01 -0.49 1.8 TotBdInst2 9.52 -0.01
HI TrA 9.85 -0.01 1.9 Natixis Funds 2.3
MktNeutI 15.08 ... 1.0 DoubleLine Funds Idx2040InsPre 25.18 -0.33 2.3 First Eagle Funds StratAdCorInFnd NA ... NA MuLTAdml 10.91 ... 1.3 TgtRe2045 30.21 -0.37 1.8 TotBdInstPl 9.65 -0.01
ICAA 58.28 -0.84 1.0 InvGradeBdY 9.91 -0.02 2.3 2.4
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N PerA 63.50 -1.05 2.2 CausewayInst 20.58 -0.25 10.9 Edgewood Growth Instituti Idx2050InsPre 26.56 -0.38 2.3 Franklin A1 Northern Funds
StratAdFidEmr 12.53 -0.22 3.4 MuShtAdml 15.82 ... 0.9 TgtRe2060 52.19 -0.69 1.8 TotStInst 140.44 -2.21 -0.4
NEcoA 61.15 -1.46 ... Columbia Class I EdgewoodGrInst 43.83 -1.04 -1.1 Fidelity Invest IncomeA1 2.41 ... 3.1 StratAdFidUS 17.30 -0.26 -0.2 PrmcpAdml r173.49 -2.88 4.3 TgtRet2055 56.63 -0.75 1.8 ValueInst 68.52 -0.23 3.8
StkIdx 59.50 -0.96 -0.2
NwWrldA 79.13 -1.28 2.7 DivIncom I 34.29 -0.10 3.9 Federated Hermes Int Balanc 29.60 -0.35 0.1 FrankTemp/Frank Adv StratAdIntlFnd NA ... NA RealEstatAdml131.97 +0.55 4.5 TgtRetInc 13.35 -0.05 1.9 WCM Focus Funds
Old Westbury Fds
SmCpA 65.74 -1.29 -2.4 Dimensional Fds TtlRtnBdI 9.49 -0.01 2.2 BluCh 216.74 -6.97 -4.6 IncomeAdv 2.38 -0.01 2.7 StratAdMunBond NA ... NA SmCapAdml 112.71 -1.62 -2.1 Welltn 43.17 -0.49 0.8 WCMFocIntlGrwIns 23.67 -0.46 8.8
THE WALL STREET JOURNAL. * * * * Friday, February 28, 2025 | B9

MARKETS & FINANCE

FRIDAY'S EVENTS:
PCE data for January is due Orange Juice Futures Are Getting Squeezed STOCK
at 8:30 a.m. The personal-
consumption-expenditures Hedge funds are hitting Frozen concentrate SPOTLIGHT
price index is the Fed’s the exits of the orange-juice orange-juice futures price
favored measure of inflation. trade, sending futures prices Rolls-Royce
$% a pound
for the breakfast staple tum- The engine maker’s stock
bling 46% from December’s soared 16% to a record close
EARNINGS EXPECTED: record high. 4 after the British company
Alpha Metallurgical Frozen concentrate orange said it would hit its midterm
juice futures were one of the cash and profit targets two
Resources hottest trades of the past 3 years ahead of schedule,
Apellis Pharmaceuticals three years, taking off in boosted by strong demand
2022 over worries about the for travel.
dwindling Florida crop. Hedge 2
AUCTION RESULTS funds and other money man- Snowflake
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
agers piled in, helping to lift The software company
clearing yield. Rates are determined by the difference futures from their typical 1 reported a big jump in
between that price and the face value.
range between $1 and $2 a quarterly revenue late
FOUR-WEEK BILLS
$247,970,311,400 pound to nearly $5.50. Now, Monthly Wednesday, but a wider
Applications 0
Accepted bids
" noncompetitively
$80,264,851,400
$6,563,283,200
the funds and money manag- loss than a year earlier.
" foreign noncompetitively $0 ers are bailing out. 2016 ’20 ’2% Shares rose 4.5%.
Auction price (rate) 99.670611
(4.235%) This year, managed Source: FactSet
Coupon equivalent
Bids at clearing yield accepted
4.308%
9.80%
money—as opposed to or- eBay
Cusip number 912797NT0 ange growers and juice mak- million wager on higher The online marketplace’s
The bills, dated March 4, 2025, mature on April 1, 2025. ers who trade futures to lock prices, said Dave Whitcomb, revenue forecast was less
EIGHT-WEEK BILLS in prices—built up a near re- who runs Peak Trading Re- than analysts expected, and

JUSTIN SULLIVAN/GETTY IMAGES

Applications $224,059,436,000
Accepted bids $75,248,314,000 cord bet that prices would search. “They didn’t get the its quarterly profit fell.
" noncompetitively
" foreign noncompetitively
$1,391,750,700
$0
keep rising, according to move higher they wanted and Shares fell 8.2%.
Auction price (rate) 99.341222 Commodity Futures Trading have been liquidating, accel-
(4.235%)
Coupon equivalent 4.322% Commission data. erating prices lower,” he said. Warner Bros. Discovery
Bids at clearing yield accepted
Cusip number
36.20%
912797PB7
The futures contracts Futures settled Thursday The company reported a
The bills, dated March 4, 2025, mature on April 29, these speculators held at $2.948 a pound. larger-than-expected
2025. amounted to a roughly $260 —Ryan Dezember quarterly loss, but said it
expected strong subscriber
growth throughout 2025.
Index performance on Thursday
1.0%
Dow Jones Industrial Average
Nasdaq, reiterated that tariffs on Can-
ada and Mexico would start
Tuesday and said another 10%
Infrastructure Capital Advi-
sors, said, “With Nvidia, if it
doesn’t really blow it out, it
Shares gained 4.8%.

WPP
0.%
S&P Fall levy on China would begin the
same day.
The peso fell 0.3% against
tends to drift down.”

Elsewhere:
The U.K. advertising group
posted a steeper-than-
expected drop in revenue and
0

–0.%
Sharply the U.S. dollar while the Cana-
dian dollar fell 0.7%.
Nvidia reported on
 European stocks fell, with
auto shares among notable
projected little improvement
this year. Shares plummeted
16% in London.
Wednesday a 78% rise in sales losers.
S&P 500
Continued from page B1 for the past quarter, to $39.3 Salesforce
–1.0
where we get daily surprises.” billion, and it forecast about  The 10-year Treasury yield The software company’s
Trump said late Wednesday $43 billion for its current closed at 4.284%. On Wednes- profit rose last quarter, but
–1.% he was considering 25% tariffs quarter, beating analyst ex- day, yields settled below its revenue outlook missed
on imports pectations. Shares initially 4.25%, logging a six-session expectations. Shares
–2.0 THURSDAY’S from the Euro- ticked up Thursday but then downward streak. dropped 4%.
MARKETS pean Union, fell 8.5%, the company’s worst
–2.% targeting cars post-earnings percentage de-  The 2-year Treasury yield Stellantis
and other goods. He said cline since 2018. closed at 4.079%, up from President Trump’s European
Nasdaq Composite
Five-minute intervals much-heralded measures Analysts blamed narrower 4.071% Wednesday. Union tariff threats knocked
–3.0
against Mexico and Canada profit margins and worries down shares in auto
10 a.m. 11 noon 1 p.m. 2 3 4 were coming. Then, in a so- about Nvidia’s sales in China.  Bitcoin traded around manufacturers in the region.
Source: FactSet cial-media post Thursday, he Jay Hatfield, chief executive at $83,000. U.S.-listed shares of
Jeep maker Stellantis
declined 5.5%.

Monitor Named in TD Bank Launder Pact Tesla

The electric-vehicle maker’s
shares fell 3%. The stock has
fallen for several days,
BY MENGQI SUN The Justice Department and anti-money-laundering compli- Justice Department requires a spokeswoman confirmed the knocked by trade tensions
the Treasury Department’s Fi- ance program as part of its set- monitor for three years while selection. The U.S. Attorney’s and weakening sales data
Consulting firm Guidepost nancial Crimes Enforcement tlement with U.S. regulators and FinCEN requires a monitor in Office for the District of New from Europe.
Solutions was selected as the in- Network jointly picked Guide- prosecutors over charges it place for four years. Jersey, which prosecuted the
dependent monitor to oversee post as the outside monitor, failed to properly monitor The bank’s primary U.S. reg- case, declined to comment. Norwegian Cruise Line
Toronto-Dominion Bank’s reme- TD’s U.S. head said during the money laundering by drug car- ulator, the Office of the Comp- Leo Salom, the bank’s U.S. Shares in the cruise operator
diation efforts after the Cana- bank’s earnings call on Thurs- tels and other criminal groups. troller of the Currency, said TD head, said the bank has hired ad- decreased 5.3% after the
dian bank pleaded guilty in Oc- day. TD agreed to pay more than $3 processed hundreds of millions ditional AML specialists to its company’s 2025 financial
tober to charges that it failed to TD agreed to retain an out- billion in penalties and accepted of dollars in transactions that compliance team and made tech- guidance lagged behind
build proper anti-money-laun- side third party to closely super- limits on its growth in the U.S. to clearly indicated highly suspi- nological changes to help detect Wall Street analysts’
dering systems. vise the bank’s remediation of its resolve the investigation. The cious activity. A FinCEN potential suspicious activities. expectations.

Goldman LSEG Shares Rise on $634 Million Buyback

Sachs London Stock Exchange BY NAJAT KANTOUAR Adjusted earnings before increased 18%. Meanwhile, portant milestone in our part-

Backs Off Group share price, past six

months
£12%
Thursday
London Stock Exchange
Group’s shares rose after the
interest, taxes, depreciation
and amortization—a metric
that strips out exceptional
post-trade income was up
2.4%.
Recoveries mainly relate to
nership with Microsoft, with
the first products now gener-
ally available for customers,

Its DEI
£117.75 company launched a share and other one-off items—in- fees for third-party content, and a strong pipeline for
+6%
120 buyback of £500 million, or creased 9.8% to £4.15 billion, such as exchange data, that is 2025.”
$633.8 million, supported by with the corresponding mar- distributed directly to custom- For 2025, LSEG expects or-

Targets 11%

110
sustained growth across all its
key segments.
Shares climbed 6% in
gin rising to 48.8% from
47.2%. A company-compiled
consensus had adjusted Ebitda
ers.
The board declared a total
dividend of 130 pence a share,
ganic constant currency
growth in total income ex-
cluding recoveries of 6.5% to
Thursday’s trading. at £4.11 billion. up from 115 pence a share a 7.5%. It also forecasts its con-
BY CANDICE CHOI 10% The stock-exchange and fi- The group’s total income year earlier. stant currency Ebitda margin
nancial-information company excluding recoveries rose to “We have been a driving to rise by half a percentage
Goldman Sachs Group is 100 said pretax profit rose to £1.26 £8.49 billion from £8.01 bil- force behind reforms that se- point to a full percentage
no longer spelling out its di- billion last year from £1.195 lion, ahead of a company-com- cure London’s position as a point and free cash flow of at
versity hiring targets. 9% billion in 2023. This missed piled consensus of £8.47 bil- leading global venue for capi- least £2.4 billion.
The bank’s annual report Sept. 2024 ’2% forecasts of £2.18 billion, lion. Within this, data and tal raising,” Chief Executive It said the buyback should
no longer lays out the prog- Note: £1 = $1.27
based on estimates from two analytics income grew 4.5% Officer David Schwimmer be completed by July of this
ress it has made on hiring Source: FactSet analysts taken from FactSet. and capital-markets income said. “We also reached an im- year.
women, Black, Hispanic, Asian
and LGBTQ+ professionals.

Exchange Operator HKEX’s Earnings Hit Highs

Those numbers had been
listed in its previous annual
report, which also had spelled
out the bank’s “aspirational
goals” for 2025, but didn’t ap-
pear in the latest report, re- BY KIMBERLEY KAO quarter, with the headline av- On Wednesday, Hong Kong The Hang Seng Tech Index, timent recovery. Trading ac-
leased Thursday. erage daily turnover doubling Financial Secretary Paul Chan which tracks the 30 largest tivity so far this year remains
The Wall Street Journal re- Hong Kong Exchanges & to HK$186.9 billion. said funds raised from new technology companies listed in well ahead of consensus esti-
ported earlier this month that Clearing’s net profit and reve- The robust results capped a listings in the city rose nearly the city, this week hit its high- mates, analyst Michael Zhang
big banks were watering down nue jumped to quarterly re- year of improved fundraising 90% to HK$88 billion last year, est level since December 2021, said in a note. However, he
their public language around cords as improved market and trading activity, marking ranking it fourth globally. gaining more than 30% this identified three downside
DEI efforts, and that more sentiment boosted trading and the exchange operator’s profit More than 100 new IPO appli- year. The benchmark Hang risks to the share price: easing
changes would be disclosed in listing activity in the Asian fi- comeback after a weak show- cations are being processed by Seng Index has risen nearly trading volume, new-listing
annual reports and other pub- nancial hub, boding well for ing in 2023. Hong Kong has HKEX, he said. 20% and is also at a multiyear halts and rising geopolitical
lic filings. the exchange operator’s pros- been making efforts to get Increased investor interest high. tensions.
On Thursday, Goldman pects in 2025. more companies to list in the has also Shares of In Wednesday’s presenta-
Chief Executive David Solo- The stock-exchange opera- city over the past year, includ- spurred a re- HKEX have tion of the Hong Kong budget

31%
mon said the bank made ad- tor said on Thursday that net ing optimizing listing proce- vival in Hong climbed about for the next fiscal year, Finan-
justments to reflect legal de- profit reached a fourth-quar- dures, lowering transaction Kong’s and 24% in 2025, cial Secretary Chan said HKEX
velopments in the U.S., but ter high of 3.78 billion Hong costs to bolster its securities China’s stock closing at will step up its promotion in
stood by its commitment to a Kong dollars, equivalent to market and adopting new markets this HK$365 on Southeast Asia and the Middle
diverse workforce. US$486.2 million, climbing measures aimed at greater year, fueled by Increase in the Thursday. East and seek areas of cooper-
“We strongly believe that around 46% from a year ear- capital-market cooperation a surge in sen- DBS Group ation, including the listing of
merit and diversity are not lier. Revenue and other in- with mainland Chinese com- timent toward
company’s revenue Research said exchange-traded funds to
mutually exclusive. Our people come increased 31% to panies to boost dual listings. Chinese tech and other income for in a note that “promote two-way capital
are a powerful example of that HK$6.38 billion—a new quar- “Looking to 2025, ongoing shares after the quarter improving risk flows.”
and that’s why we will con- terly record—as trading and geopolitical and macroeco- homegrown appetite will In the middle-to-long term,
tinue to focus on the impor- clearing fees rose across the nomic developments will likely startup Deep- likely continue the new listing overhauls
tance of attracting and retain- cash, derivatives and com- continue impacting global Seek renewed in the near mentioned in the budget, such
ing diverse, exceptional modities markets, the com- markets,” HKEX Chief Execu- confidence in China’s AI tech- term, “supported by recent re- as improvements to the vet-
talent,” the statement said. pany said. tive Bonnie Y Chan said. nology. rating of tech stocks and a ting process and optimizing
Goldman earlier this month Both measures were “However, there are also “Since the beginning of this more supportive policy tone listing thresholds, could help
said it was ending its require- slightly ahead of consensus encouraging signs of economic year, trading has been even from the Chinese government attract more initial public of-
ment that companies in the estimates in a Visible Alpha revitalization, with stimulative more active, with average toward the private economy.” ferings to Hong Kong, analysts
U.S. and Western Europe have poll, with analysts expecting policies in mainland China and daily turnover exceeding Citi Research raised the at DBS said. If the IPO appli-
diverse boards for it to take net profit of HK$3.71 billion interest-rate cuts in other ma- HK$200 billion recently, up by target price on HKEX’s stock cations translate into success-
them public. The company and revenue of HK$6.32 bil- jor markets providing renewed more than 50% over last year’s to HK$410 from HK$370 after ful listings, “they could inject
cited legal developments re- lion. vibrancy to Hong Kong’s fund- average. Total market capital- the results as it lifted its aver- more liquidity and trading
lated to board-diversity re- HKEX witnessed stronger raising and secondary mar- ization reached HK$40 tril- age daily turnover forecasts momentum into the market,”
quirements for the decision. trading volumes during the kets,” she said. lion,” he said. for 2025 and 2026 on the sen- they said.
 B10 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

PayPal Needs Help

From Consumers
In the crowded digital-payments business,
the company’s biggest edge is its huge user base

Make new friends, but keep the an indicator of its market share
old. PayPal is striking a lot of new gains.
partnerships in the payments and The company said its aim is to
commerce business these days. But accelerate branded checkout total
its original cohort is still the most payment volume growth to be-
important: consumers. tween 8% and 10% annually by
The digital-payments business 2027. That would be a big jump
has gotten a lot harder in recent from 2024’s 6% currency-neutral
years. What might have been a growth rate.
steady, yearslong shift to e-com- For PayPal to win with mer-
merce for traditional businesses chants behind the scenes, its best
like restaurants or grocery stores argument would be to show them
happened in a flash during the that it can continue to deliver its
pandemic. So did a change in con- loyal users to be their customers,
sumers’ payment habits, like tap- better than rivals such as Apple,
ping to pay with digital wallets via Klarna, Affirm and others.
their phones. “We are the only ones with a
All that pulled forward a surge two-sided ecosystem, with access
in growth—but the letdown has to merchants at scale, with access
been harsh, especially as digital- to 80 million-plus shopper profiles,
payment technologies have gotten and access to hundreds of millions
increasingly commoditized and of consumers on an open, agnostic
fiercely competitive with the rise platform, to be able to deliver that
of players such as Apple. next version of commerce,” Chief
The journey of PayPal’s stock Executive Alex Chriss told analysts
since the pandemic has been ex- on Tuesday.
treme. Its shares started 2020 at One thing PayPal aims to do is
ABBIE PARR/AP

roughly $110. They better capitalize on

touched a record of Venmo, including the

$70.73
$310 in July 2021. On “Pay with Venmo”
The chip maker’s revenue projection of $43 billion for the April quarter exceeded Wall Street’s forecast. Thursday, they service, setting a rev-
closed at $70.73. enue aim of over $2

Nvidia Has Plenty

In response to billion for Venmo by
competitive pres- PayPal’s Thursday 2027. Venmo has
sure, payments play- been a huge brand
ers have sought to
closing stock price, and customer-acqui-
down from a 2021

More Road to Run

diversify their strat- sition asset for Pay-
egies to offer total peak of $310 Pal, as the product’s
packages to their name became a verb
customers. For Pay- and a ubiquitous
Pal, some of that has peer-to-peer pay-
come on the side of its business ment method. But the company
serving merchants. These moves has long worked to fully monetize
Blackwell chip is off to strong start; hit to profit margins should be short-lived will help it fill out the tool kit for its apparent potential with add-on
competing with just about anyone. products. Notably, Venmo recently
The hardest thing about being Nvidia’s quarterly revenue* Share-price and index performance, By expanding a partnership with became a way to pay for JetBlue
Nvidia these days is living up to past 12 months Verifone, a maker of physical flights, a way for a Venmo transac-
the recent past. point-of-sale devices, it can better tion to generate a merchant fee for
$40 billion 100%
Nvidia’s fiscal fourth-quarter DeepSeek selloff provide “omnichannel” services to PayPal.
report late Wednesday continued big merchants online and in-stores. In addition, PayPal’s new Fast-
the AI titan’s string of impressive 80 By partnering with JPMorgan lane product can help customers
results. Chase’s payments business, PayPal speed past guest checkout, a major
30 Nvidia
Blowout spending on genera- can offer its speedy new checkout way for PayPal to gain overall mar-
tive artificial intelligence contin- 60 experience to more merchants ket share. Then there are personal-
ues to drive the company once globally. ized incentive offers. “We are go-
primarily known for its PC gam- 20
PayPal regained some momen- ing to turbocharge rewards and
40
ing chips. tum in profitability and user purchasing power like never be-
Nvidia’s latest AI chip family, growth last year, which helped fore,” Diego Scotti, general man-
called Blackwell, racked up $11 20 S&P 500 power a roughly 18% share-price ager of PayPal’s Consumer Group,
billion in sales in its first quarter 10 gain over the past 12 months. But told analysts on Tuesday.
of shipping in volume, far ahead the reaction to its investor day on The company’s recent ad cam-
of the $3.5 billion analysts ex- 0 Tuesday was muted, with shares paign, featuring star Will Ferrell,
pected, according to consensus down about 6% since Monday. Its shows him buying things from
estimates from Visible Alpha. 0 –20 shares are off about 17% so far this clothing to coffee in stores. “I
Nvidia’s total company revenue year. That might be because the want to pay with you everywhere,”
FY2022 ’23 ’24 ’2% ’26 March 2024 Jan. ’2%
of $39.3 billion in the quarter market is keenly focused on the he sings.
ended Jan. 26 was up 78% from *Fiscal year ends in January. First quarter of FY26 is a projection. other side of PayPal’s business, But do consumers really want to
the same period last year. That Sources: the company (revenue); FactSet (performance) which touches individuals directly. pay with PayPal everywhere? This
blows away the growth being re- The not-so-secret weapon for Pay- is what the market needs to hear
ported by Nvidia’s trillion-dollar the low-70% range that Nvidia be trimming back their data-cen- Pal is its consumer base. more about. PayPal has traveled
tech peers. Apple, Microsoft, Am- said to expect early in the new ter expansions have raised fresh Analysts have been laser-fo- down many product paths before—
azon.com, Meta Platforms and fiscal year would be well above worries about the state of AI de- cused on the company’s so-called QR codes, coupons, even contem-
Google parent Alphabet averaged that commanded by most other mand. Nvidia’s stock price fell for branded checkout volume. That is plating a tie-up with Pinterest. In-
11.8% revenue growth in their De- chip companies; the 30 companies six straight days prior to Wednes- generally when someone uses a vestors may be wary of rekindling
cember quarters. on the PHLX Semiconductor Index day and is still down 18% from PayPal button or app to buy some- their friendship with PayPal before
Nvidia’s revenue projection of averaged 51.5% gross margins last month’s DeepSeek panic, thing. The focus is often on it definitively shows it has im-
$43 billion for the April quarter over the past year, according to based on Thursday’s closing whether this business is growing proved its old-school habits.
also exceeded Wall Street’s fore- data from S&P Global Market In- price. The S&P 500 is down 4.2% faster than e-commerce overall, as —Telis Demos
cast—abating some fears that the telligence. But Nvidia’s gross mar- in that time.
transition to the Blackwell lineup gin reached 79% a year ago, when The massive piles of cash that
would cause a short-term hiccup its quarterly sales were tripling. tech giants plan to pour into capi-
in sales. The company’s new normal of tal spending on AI this year
The strong numbers didn’t help high double-digit growth rates should ease some of those fears.
Nvidia’s stock price much, and rising costs to get a highly Beyond that, Nvidia will need to
though. Shares slid more than 8% complex product line out the door show how it can keep building on
on Thursday amid a broad market suffers mainly by comparison. the strong lead it already has.
selloff sparked by renewed wor- Even more challenging is the That will be the major theme of
RICCARDO MILANI/HANS LUCAS/AFP/GETTY IMAGES

ries about tariffs. Revenue beat rising suspicion among some that the company’s GTC conference
Wall Street’s consensus by about AI is a bubble about to pop in next month, which is expected to
$1.2 billion, which is actually the spectacular dot-com fashion. highlight new products coming
smallest margin since Nvidia’s AI Nvidia and other prominent AI after this year’s Blackwell family.
business started booming in early names saw their stocks melt The bar is high; Nvidia is now
2023. down last month after claims a $3 trillion company that de-
The company also confirmed from a Chinese AI startup called pends on the spending of other
that its Blackwell line will cause a DeepSeek raised questions about big companies wanting an edge in
small hit to the company’s gross the computing costs really needed AI. But with those companies un-
margin for much of this year. to train advanced AI models. willing to tap the brakes, Nvidia’s
Investors shouldn’t fret over More recently, reports that race still has some legs left.
the latter. Even gross margins in companies like Microsoft might —Dan Gallagher PayPal regained some momentum in profitability and user growth last year.

Root Shows Why It’s a Good Time to Be an Auto Insurer

Root share price, past six months It’s a tough time to be buying percentage of written premium its by using reinsurance to protect ums are then shared with reinsur-
car insurance. It’s a good time to that is consumed by losses and ex- themselves from losses. ers—from 27% in 2023 to 11%. It
$140
be selling it. penses. Root’s gross combined ra- That was costly during the pan- was 6% in the fourth quarter. For
120 Upstart technology-focused tio went from 116% in 2023—that demic when auto insurers’ loss context, Root’s cession rate in
auto insurer Root shows why. is, losses and expenses outpacing costs surged. Reinsurance costs 2022 was 55%.
100 The company reported a dra- premiums—to 95% in 2024. leapt, too. This means the company will be
matic improvement in results, That was helped by a sharp re- Now, loss costs like repairs and more exposed to its underwriting
80 turning its 2023 net loss of duction in Root’s reinsurance auto parts are stabilizing while in- results. But it greatly reduces the
roughly $150 million into a $31 costs. Primary insurers that write surers were able to dramatically expense portion of its combined
60 million net profit last year. Its policies for consumers in turn buy increase rates the past few years. ratio.
shares were up 26% on Thursday, insurance for themselves, known Other auto insurers, such as All- Root’s share price has more
40 following its Wednesday post-mar- as reinsurance. state, have posted stronger re- than quadrupled in the past 12
ket, earnings release. In 2020, when Root went pub- sults, despite a jump in catastro- months. As ever, insurance poli-
20
A sharp turnaround in under- lic, investors hoped upstart “in- phe costs and related disruptions cies are like seeds: They are
0 writing performance drove Root’s suretech” companies would be in the market. planted today, but you don’t know
improvement. Insurers track this able to grow market share and Root reduced its use of reinsur- what you’ll be eating until next
Sept. 2024 Jan. ’2%
performance by what is known as work on underwriting techniques ance in 2024, lowering its cession season
Source: FactSet their combined ratio. This is the driven by data about drivers’ hab- rate—or how much of its premi- —Telis Demos
 Mega $45 Million
Mega-Rich Ken Griffin buys
The rise of the Julia Koch’s NYC
superbillionaire. penthouse at 740
M7 Park Ave. M2

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, February 28, 2025 | M1

$1.9
MILLION
Assessed value of a Sheep
Pond Road house when it sold
for $200,000 last year. In
January, days after this
photo was taken, it was
condemned and
demolished.

The Race to Save

Nantucket Homes
From the Ocean
Erosion is eating away at the Massachusetts island’s south shore.
Houses are demolished, moved or sold for pennies on the dollar. In 2010, Gene and Roslyn Ratner’s summer home was lost to the waves.

BY E.B. SOLOMONT workers excavated below the house—precari- The progression of erosion can be unpredict-

O
ously perched on a bluff besieged by crashing able. The island has weathered a series of bad
n a frigid December morning, waves—and slid steel beams underneath the storms over the past few years that have
emergency work crews arrived 1,300-square-foot, three-bedroom structure. taken out bigger chunks of the beach, lending
at Sheep Pond Road on Nan- Later, they jacked it up and rolled it back urgency to the issue of what can be done—and
tucket at daybreak with an ur- about 200 feet from the water’s edge. who should pay for it.
gent mission: Stop a wood- Over the past few years, homeowners on “What’s happening on Sheep Pond is no dif-
shingle beach house from Sheep Pond Road have faced a series of in- ferent than what’s been happening forever—
tumbling into the ocean. creasingly critical decisions over how to pro- it’s just that the houses are running out of
The land around the meandering road on the tect their idyllic beach enclave from erosion. room now,” said Gary Winn of Maury People
Massachusetts island’s south shore has ceded Since 2020, three houses on Sheep Pond have Sotheby’s International Realty, who has been
about 10 feet a year to the water for decades, been condemned and demolished as the water selling real estate on Nantucket for more than
claiming roughly half a dozen homes since the has crept closer. Others have been moved back 40 years.
early 2000s. Now, erosion threatened to take out of harm’s way or sold at fire-sale prices. Nantucket, in recent years, has tried to take
another. The experience on Sheep Pond Road is a a more proactive approach. Nearly 2,400
Contractor Rob Andersen said his crew microcosm of Nantucket and other coastal buildings on the island are at risk of flood and
worked quickly, trying to beat a storm that communities where homeowners and local erosion-related damage by 2070, which could
was forecast to roll in that evening, bringing governments are wrestling with the emotional amount to $3.4 billion in damages, according
35 to 60 mile-an-hour wind gusts. By nightfall, and financial implications of climate change. Please turn to page M5
FROM TOP: TUCKER FINERTY FOR WSJ; MATTHEW J. LEE/THE BOSTON GLOBE/GETTY IMAGES; KIT NOBLE (2); ZACK DEZON FOR WSJ (GRIFFIN)

$3.4
BILLION
Nantucket estimated
erosion and flood
damages by
2070

At least seven houses have been demolished since 2014, including the longtime summer home of George and Marie Frazza, which was condemned and torn down in October 2023.
M2 | Friday, February 28, 2025 NY THE WALL STREET JOURNAL.

LUXURY
PRIVATE PROPERTIES
REAL ESTATE
DESERVES A
LUXURY AUCTION ®
Ken Griffin Buys Julia Koch’s
SELLING WITHOUT RESERVE!
Unit at Posh New York Co-op
WATERFRONT
15 H
Billionaire
hedge funder
ACRES! UPDATE Ken Griffin has
long been
known as one of residential
real estate’s biggest whales,
presiding over a personal
property empire es-
timated to be worth
billions. Now, he’s SOLD

MAR 8 ST. JOHNS, FL

added yet another
trophy to his real- $45
15-Acre Waterfront Estate with Private Dock
estate holdings: a MILLION
duplex at New 8,500 sq. ft.,
York’s most storied 5 bedrooms
cooperative, 740
Park Avenue.
Griffin is the buyer behind
the $45 million purchase of
a unit at the building from
Julia Koch, widow of billion-
aire industrialist David Koch,
according to people familiar
with the situation. The
Kochs paid about $17 million
for the prewar unit in 2004,
property records show. Da-
MAR 21 SACRAMENTO, CA vid died in 2019 at 79. Julia,
Corner Unit Penthouse atop The Sawyer who had been spending
more time at her homes in
800.262.5132 PlatinumLuxuryAuctions.com Southampton and Palm
Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties.
Beach, started shopping the
five-bedroom residence near
2004 purchase price: $17 million
the beginning of 2022 for

auction
ONLINE $60 million or more. It was
formally listed for $48 mil- seen as the city’s top co-op for buying the most expen- compound in Miami’s Coco-
lion in 2023. building. Developed around sive properties in the nut Grove neighborhood
The Citadel founder al- 1930 by James T. Lee, the world’s priciest buildings and a huge swath of land in
ready owns a Manhattan grandfather of Jacqueline and neighborhoods, often Palm Beach, Fla., where he
apartment a few blocks Kennedy Onassis, it has breaking price records in has spent more than $450
Bre"#w$$d - G$ver"$rs Cl%b away at 220 Central Park drawn bold-faced names the process. million.
South, which is widely con- including the Kochs, Ron- He owns a $122 million The listing agents of the
NASHVILLE, TENNESSEE sidered the city’s best ald Lauder and former London mansion near Buck- 740 Park unit were Leighton
condo building. He paid Treasury secretary Steven ingham Palace, a Hamptons Candler, Bradley Comisar
$238 million for an apart- Mnuchin. compound he bought from and Jennifer Reardon of
ment there in 2019. By Over the years, Griffin Calvin Klein for $84.45 mil- Corcoran.
comparison, 740 Park is has developed a reputation lion, a roughly $107 million —Katherine Clarke

Under Armour CEO etly shopping

Sagamore Farm
off-market last
Lists Horse Farm year.
After buying
the property,
ONLINE AUCTION BEGINS MON., MARCH 24TH
Under Armour CEO Kevin Plank bought the Plank added a
Plank is asking $22 million property around 2007. conference room
FROM TOP: ZACK DEZON FOR WSJ; SCOTT MCINTYRE FOR WSJ (GRIFFIN); MATT RYBCZYNSKI

for his equestrian property He declined to say to the circa-1990s

outside Baltimore. how much he paid for main house, said
Once owned by the property, Dulin, and com-
the Vanderbilt fam- FOR SALE but said he missioned a mural
ily, the roughly 400-
acre farm is located
in rural Reister-
$22 spent more
than $22 mil-
of Native Dancer,
the Vanderbilts’
MILLION lion on the famous racehorse.
PREVIOUSLY LISTED FOR $9.75M, STARTING BID ONLY $3.4M!

• 5 Bedroom, 6 Full & 2 Half Bath Estate on the 3rd Green • 1.81± Acres stown, about 20 land and ren- He also reoriented
400 acres,
• Finishes: Marble, Travertine, Mahogany, Venetian Plaster, Etc. • Elevator miles northwest of ovations. the house with a
6-bedroom
• Chef’s Kitchen • 11-Seat Theater • Bowling Alley • Sauna & Steam Room Baltimore, where Plank, who front porch.
house
• Billiards Room with TV Surround & Bar • Basketball & Pickleball Court the athletic-apparel lives about 10 Plank reno-
• Outdoor Kitchen • Firepit • Infinity Pool & Spa • Whole-House Generator company is based. miles away, used he closed the farm’s horse vated two barns and added
• Home Gym • Mosquito Spray System • Well Irrigation • 5-Car Garage Known as Sagamore Farm, it the farm as a guesthouse, a racing operations in 2021 a third barn, with a com-
has a six-bedroom, roughly horse-training facility and a because of the time com- bined capacity of over 200
((866) 924!5294
4 16,000-square-foot main retreat center for employ- mitment required. horses, said Dulin.
INTERLUXE.COM/WJBRENT house as well as horse train- ees, he said. He had hoped Plank, who has been CEO Plank sold a Georgetown
ing and breeding facilities, to use the property to raise of Under Armour off and on mansion for $17.25 million
This property is listed for sale by Allison Gallagher - TN Lic. # - 362136 - Synergy - (615) 720-6273. Not a solicitation
for listings or offer to sell real property. Interluxe provides advertising and online bidding services only through TN according to listing agent horses to compete in Triple since he founded the com- in 2020.
Denie Dulin of Compass. Crown races, he said, but pany in 1996, started qui- —Sarah Paynter
Auctioneer Tim Mast, Lic.# 5252, TN Real Estate Broker Tim Mast, Lic.# 299329 Tranzon Asset Advisors - 731-610-
5436. The final original deadline for bids is Friday, March 21, 2025 at 5:00pm CST. Bidding may close earlier due to
bid activity as indicated by the timer in the auction. For full terms please visit www.interluxe.com.

Discover Your Dream Home

A stunning center hall colonial on .92 acres of lush
gardens, charming patio, and expansive green play
yard surrounded by serene woodlands!

426 Knollwood Road, Ridgewood, NJ

5 Bed | 3 Full Bath | 1 Half Bath | $1,995,000

#1 Agent in Ridgewood, NJ
402 S Beach Road | Jupiter Island 7 Beds | 11 Baths| $35,000,000 in Total Sales Volume in 2023 & 2024*
Experience coastal luxury in this all-new construction masterpiece that’s like owning your own 5-star resort. Nestled on
2+/- acres with +/- 150 feet of direct ocean frontage, complete with a private beach equipped with power and water. Be Frances Hanson Ekblom
the first to own this legacy property, designed for lasting durability and timeless elegance. The property offers 7 ensuites, Licensed Associate Broker
11 bathrooms, breathtaking ocean views, sweeping balconies, and a west-side garden. Built with limestone, cypress, oak, Founding Agent
and copper, blending modern technology with enduring quality. Guesthouse includes a fitness room and kitchenette. M 201.602.4683 | O 551.284.0175
A spectacular palm alleé creates a pool pavilion paradise that includes a fireplace, lush landscaping, and a motor court with [email protected]
a 4-car garage. A rare opportunity for unparalleled luxury on Jupiter Island.

C 772-253-1852
*Source: NJMLS MLS 01.01.2023-12.31.2023 & 01.01.2024–12.16.2024.
E [email protected] Frances Hanson Ekblom is a team of real estate agents affiliated with Compass, a licensed
real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is

W JupiterIslandForSale.com
intended for informational purposes only. Information is compiled from sources deemed reliable
but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice.
Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
1 Franklin Avenue, Suites 2-3 Ridgewood NJ 07450
THE WALL STREET JOURNAL. Friday, February 28, 2025 | M3

PRIVATE PROPERTIES
“They value their privacy,” he said.
The house has a sculptural
staircase and round skylight in-
spired by the Guggenheim, Gonza-
lez said. Other elements of the
property have a tropical aesthetic,
such as ipe wood and a coral key-
stone roof deck. The living room
is 100 feet long. There is also a
separate five-car garage with staff
quarters.
The Kollmanns have made up-
dates to the property over the
years, replac-
FOR SALE ing the floors,

$88 installing a
new roof and
MILLION upgrading landscaping,
the
2 docks, pool,
Gonzalez said.
private beach
They briefly
listed the
house for $38 million in 2020,
thinking they would not be able to
use it because of the pandemic.
“They quickly changed their mind
when they saw Florida was open
for business,” he said.
The Kollmanns, who have
homes in Germany, the South of
France and elsewhere in Europe,
have decided to sell the Miami
Beach home because they are not
using it as much as they used to,
Gonzalez said. They also feel it is
a good time to sell, given the
strong dollar and massive price
appreciation of Miami real estate
since Covid, he said.
—E.B. Solomont

Miami Beach Estate

Gets Major Price Tag
In Miami Beach, Fla., a water- manns bought the roughly 1.1-acre water frontage, with two docks, a
front estate asking $88 million property for $15.7 million in 2010 100-foot pool and a man-made
has elements inspired by Manhat- from the property’s developer, strip of sandy beach between the
tan’s Guggenheim Museum. Todd Michael Glaser, according to house and sea wall, he said.
Located on La Gorce Island, the property records. The Kollmanns declined to com-
estate known as “Okto” is owned The main residence is about ment. They live primarily in Europe
by the Kollmann family, wealthy 16,770 square feet, and nine bed- but have used the property as a va-

LUXHUNTERS PRODUCTIONS (2)

Germans who own a conglomerate rooms are split between the main cation home over the years, enjoy-
of textile companies. The family’s house, a separate guesthouse and ing boating and cheering on the
patriarch, Günter Kollmann, was a staff quarters, said listing agent Miami Heat basketball team, ac-
professional basketball player in Nelson Gonzalez of Berkshire Hath- cording to Barry Lapides, an attor-
Germany, according to their fam- away HomeServices EWM Realty. ney for the family. In general, they
ily foundation’s website. The Koll- The property has about 260 feet of like to maintain a low profile.

7:00A M 6:00PM

8:00A M

DISCOVER THE RHY THM OF AN E X TR AORDINARY DAY

N O W U N D E R C O N S T R U C T I O N · P R I C E D F R O M $ 2 –1 0 M I L L I O N · S C H E D U L E YO U R P R I V AT E P R E S E N TAT I O N
1919 N Flagler Dr, West Palm Beach, FL 33407 · 561-401- 0066 · OlaraWestPalmBeach.com

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA
STATUTES,TOBEFURNISHEDBYADEVELOPERTOABUYERORLESSEE.Thisisnotintendedtobeanoffertosell,orsolicitationtobuy,condominiumunitstoresidentsofanyjurisdictionwhereprohibitedbylaw,andyoureligibilityforpurchasewilldependuponyourstateofresidency.
Allimagesanddesignsdepictedhereinareartists’conceptualrenderings,whicharebaseduponpreliminarydevelopmentplans,andaresubjecttochangewithoutnoticeinthemannerprovidedintheofferingdocuments.Allsuchmaterialsarenottoscaleandareshownsolelyforillustrative
purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which was formed solely for such purpose. Olara is sponsored by a Savanna affiliate. Savanna is a proven owner, operator, developer, and institutional fund manager with a
30-yeartrackrecord. Ithasinvestedinanddevelopedover17millionsquarefeetofrealestate.OtheraffiliatedpartiesincludetheMactaggartFamilyPartnership,whichhasinvestedinanddevelopedpremierrealestateprojectsintheUnitedStatesandEnglandforover100years,aswellas
HaymesInvestmentCompanyandBrandonRinker.HaymesandRinkerassistedintheacquisitionofsixoftheeightparcelswithin theassemblagethatbecametheOlaradevelopmentsiteandservedasdevelopmentconsultantsasthesitewasassembledandthedevelopmentvisionwas
finalized.TheprincipalsofHaymesInvestmentCompanyhaveowned,operated,anddevelopedmillionsofsquarefeetofcommercial,residential,and retailrealestateinNewYork,Florida,andaroundtheUnitedStates.BrandonRinkerhasassembledsomeofthepremiersitesinthePalm
Beaches. The Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM THE DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED
IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
M4 | Friday, February 28, 2025 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Bing Crosby’s Family Puts His

Longtime Home on the Market

New York. It once had a pool, but

they had it filled in for the safety
of the children. They added a
large, 17th-century wooden stair-
case banister and antique wood
paneling, much of which came
from the collection of publishing
tycoon William Randolph Hearst,
a longtime friend of Bing’s. Hearst
had procured the materials from
estates in Europe and brought
them over by the boatload to be
used in Hearst Castle in San Sim-
eon, and had plenty left over in
storage, Harry said.
The Crosby children benefited
from having a normal childhood
away from Hollywood and attend-
ing local schools, Harry said. Bing
loved the area and frequently
golfed at the Burlingame Country
Club, sometimes driving further
to Pebble Beach and playing at
Cypress Point Club.
Harry said one of the family’s
favorite spots was in the living
room around the grand piano,
which was once featured in the
movie “High Society.” Harry and
When the famed crooner Bing and hand-carved woodwork, the his siblings all took lessons on the
Crosby and his second wife, ac- roughly 14,000-square-foot home piano, and during the holiday sea-
tress Kathryn Grant, started their is rare for the area both in scale son, the family gathered around it
family in the late 1950s, they were and opulence, Gilson said. A to sing Christmas carols; one of
eager to keep their children out of smoking room has a built-in bar. Bing’s most famous songs was
the Hollywood spotlight. The pair A library with a large fireplace “White Christmas.”
decamped from Los Angeles to and built-in bookcases is deco- The Crosby children grew up
California’s San Mateo County, rated with paintings of desert with labradors, said Harry, and
about 18 miles south of San Fran- landscapes, reflecting Bing’s love there were always dogs running
cisco, where they eventually of the western U.S., Harry said. In around the property. The family’s
bought a grand, French the dining room, there is staff included butler Alan Fisher,
chateau-style home to FOR SALE a Venetian-glass chande- who worked for the British royal
raise their three children.
Sitting on over 5 acres,
the ornate circa-1920s
$40 lier and hand-painted
rose detailing on the
family before joining the Crosbys.
Afterward, he returned to the U.K.

home fulfilled Kathryn’s

MILLION walls. A separate wing
contains staff housing.
to work for Prince Charles and
Princess Diana.
14,000 sq. ft.,
“childhood fantasies,” The house was com- Bing owned a number of homes
11 bedrooms
she wrote in her autobi- missioned around 1929 over the years, including proper-
ography. by local businessman ties in Palm Springs and Palm
The Hillsborough estate has Lindsay Howard as a wedding gift Desert as well as a ranch near
been in the family ever since, ac- for his wife, Gilson said. To design Elko, Nev. In addition to his three
cording to the late singer’s son the house, Lindsay hired archi- children with Kathryn, he had four
Harry Crosby, 66. Kathryn contin- tects Ernest Weihe and John sons with his first wife, Dixie Lee.
ued living there after Bing’s death Bakewell Jr., who is known for his Harry said selling the property
in 1977, and his former office is work on San Francisco City Hall. after his mother’s death was an
still decorated with golf trophies Lindsay was the son of horse “inevitable decision,” since he and
FROM TOP: CBS PHOTO ARCHIVE/GETTY IMAGES; JASON WELLS (3)

and his Oscar for the 1944 film racing entrepreneur Charles How- his siblings are spread across the
“Going My Way,” which sits on ard, who owned the legendary country. “It’s difficult to turn the
the mantel, his son said. horse Seabiscuit. Bing, a horse- page emotionally, but all good
Now, following Kathryn’s death racing enthusiast, knew the How- things come to an end,” he said.
in 2024, the 11-bedroom residence ard family and became familiar While the affluent Hillsborough
is going on the market for the with the property through them, area is known for its multimillion-
first time in roughly six decades. his son said. In the early 1960s, he dollar estates, no sale has come
The asking price is $40 million, a purchased the estate as a gift for close to the $40 million asking
potentially record-setting number Kathryn. The Crosbys moved into price of the Crosby estate. The
for Hillsborough, said listing the house with Harry and his sib- current $30 million record for the
agent Jennifer Gilson of Golden lings Nathaniel and Mary Frances. area was set in 2021 by the sale of
Gate Sotheby’s International Re- The Crosbys made significant a house then owned by billionaire
alty. changes to the property, said Wood paneling came from the Elon Musk, Gilson said.
With frescoes, ornate fireplaces Harry, who works in finance in collection of William Randolph Hearst. —Katherine Clarke

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THE WALL STREET JOURNAL. NY Friday, February 28, 2025 | M5

MANSION

Nantucket real-estate agents by sur-

prise. “It was like, ‘Whoa,
wait, erosion is a factor

Erosion here,’ ” said Amber Cantella

of Great Point Properties.
To a handful of buyers, a
Continued from page M1 vacation home in the area
to Nantucket’s Coastal Re- was a risk worth taking.
silience Plan. Adopted in “We love the island,” said
2021, the plan outlines James Caulfield. He and his
nearly $1 billion worth of wife, Jessica Caulfield, had
projects to safeguard public been visiting Nantucket for
infrastructure over the next years with their children
few years. Taxpayer funds, before buying a place on
state funding and grants Sheep Pond Road. Their
will help cover the costs. property has two houses,
Some Sheep Pond home- one of which they rent out
owners want more. for $30,000 to $40,000 a
Real-estate developer week in the summer.
James Caulfield, who They hired a surveyor to
bought a pair of houses on assess the property before
Sheep Pond for $2.125 mil- they bought it and were
lion in 2020, said he grew comfortable knowing the
up going to the Jersey two homes are set back
Shore, where there are jet- about 300 to 400 feet from
ties and sand-replenish-
ment projects. He said he
the water. “I know at some
point I’m going to have to
2,373
doesn’t understand why the pick up one of the houses BUILDINGS
same can’t be done in Nan- and move it back,” he said. on Nantucket at risk of
tucket, or why the town “We went into this invest- flood and erosion
can’t work out a land swap ment knowing it may not damage by 2070
with residents to give them be there forever.”
more options. “At some The south shore of Nan-
point, if they’re OK letting tucket has some of the
it go, that whole area is go- highest erosion rates in the
ing to be done,” he said. state, said Sarah Oktay, for-
Sheep Pond Road is a
narrow, sand-and-gravel Above, a portion of Sheep Pond Road has been compromised
road that zigzags along by erosion. Left, a house was condemned a day before it was
Nantucket’s south shore, a to be sold at auction in December. It was put on steel beams
stone’s throw from the and rolled about 200 feet back from the water’s edge.
main island’s western tip.
The area near Madaket mer executive director of said erosion tends to be ep-
Beach is known as rustic the University of Massachu- isodic—meaning there can
and remote, with lively surf setts-Boston Nantucket be years where not an inch
and magical sunsets. Unlike Field Station, a marine lab erodes and then one storm
areas with waterfront man- and research facility. Fifty can take off 40 feet from
sions, Sheep Pond Road has years ago, she said, the the beach. “People have got
about a dozen more modest land in front of Sheep Pond to make that assessment on
homes on a roughly mile- Road extended out another their own,” he said.
long stretch. half-mile or so. Telecommunications ex-
Although erosion has Veteran real-estate ecutive James Maloney, 57,

FROM TOP: TUCKER FINERTY FOR WSJ; ROB ANDERSEN

long been an issue—in agents said anyone buying said he and his wife, Amy
2010, summer residents a beach house has to go in Cutler, 56, bought a four-
Gene and Roslyn Ratner’s with their eyes open. bedroom house on Sheep
house collapsed into the “I don’t give my opinion Pond Road for $2.3 million
ocean—real-estate values on erosion. I don’t. Because in 2022. They were reas-
shot up during Covid. sand comes and goes,” said sured by the distance be-
Homes that previously sold real-estate agent John tween the house and ocean,
for a few hundred thousand Arena of William Raveis and the fact that there was
dollars began trading for Nantucket, who has lived room to move back if
several million. and worked in Nantucket needed. Maloney said he
The spike took some for more than 15 years. He Please turn to page M6

Nature is the new

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M6 | Friday, February 28, 2025 NY THE WALL STREET JOURNAL.

MANSION
Continued from page M5 tucket’s Conservation Com- be demolished.
has insurance on the prop- mission has been conserva- A Boston real-estate de-
erty, but it doesn’t cover tive about what projects it veloper who purchased a
erosion. Instead of stress- permits, in part to ensure pair of houses on Sheep
ing, the couple decided to properties aren’t protected Pond for $3.9 million in
enjoy what they have. at the expense of others. 2022 is grappling with fall-
“You’re sitting there That’s left Sheep Pond resi- out from the investment.
looking at the open ocean,” dents in a bind, said Glenn After developer Brett Fodi-
said Maloney, whose kids Wood, who represented the man defaulted on a $2.925
surf in front of their house. residents in the 2003 law- million mortgage, the
“I go sit on the beach, and if suit. “Without any really homes were set to be auc-
I see someone on the beach good option, the only op- tioned in December. Then,
in a day, it’s a surprise.” tion is retreat,” he said. one of the houses was con-
Located about 30 miles Even if Sheep Pond resi- demned. Rob Andersen and
south of Cape Cod, Nan- dents manage to install his crew were called to
tucket has grappled with erosion control, it is un- move it. The company Fodi-
erosion for decades. likely they could prevent man used to buy the prop-
In the 1990s, residents of the inevitable, said Gas- erty has since filed for
Siasconset, on the eastern barro. Plus, the town is Chapter 11 bankruptcy.
end of Nantucket, formed a also dealing with erosion James Maloney listed his
nonprofit, funded by locals, near the island’s ferry ter- home for $3.5 million in
that installed sand-filled James Caulfield paid $2.125 million for two houses. The one above rents for up to $40,000 a minal, an airport runway 2023, a couple of months
geotubes to absorb the week. Residents in Siasconset installed geotubes in 2014 to help prevent erosion. and a wastewater treat- after his neighbors, the
force of waves along ment plant. “Our society Frazzas, had to tear down
Sankaty Bluff and Baxter allocates $1 million a year can’t function without a their home. He said erosion
Road. But the project, to such planning, said Nan- wastewater treatment had nothing to do with the
which cost more than $15 tucket’s town manager, C. plant,” he said. decision. He and his wife
million, sparked contro- Elizabeth Gibson.
versy over the private She and other local offi-
group’s use of the public cials, however, say there is ‘We went into this investment knowing
beach, and whether the also a level of responsibility
barriers caused damage to among homeowners. “This it may not be there forever.’
nearby unprotected areas. is private property and, un- —James Caulfield, Sheep Pond homeowner since 2020
In recent years, the town fortunately, there’s nature
moved away from just re- at work here,” she said.
acting to coastal risk and In 2003, five home- Over the past decade, at purchased a home in Mar-
adopted a proactive ap- owners on Sheep Pond least seven houses on blehead, another coastal
proach with its Coastal Re- Road sued the town and Sheep Pond Road have been town, and decided to give
silience Plan. It currently county for negligence after demolished. After a series up Nantucket. They have
of storms, a summer home since dropped the asking
officials failed to maintain a owned by New Yorkers price to $2.395 million.
Nantucket’s Receding Shoreline Boston 100-foot stretch of the pub- George and Marie Frazza Entertainment executive
Demolished lic road before it collapsed, was condemned and demol- Michael Burns listed a two-
Moved M A SS . blocking access to their ished in October 2023. bedroom cottage in the
Fire sale homes. Five years later, a Then in February 2024, a summer of 2024 for
jury sided with home- house on Sheep Pond that $850,000. Burns, vice chair-
Sh

Toppled into
ee

R I. owners and told the town was once listed for $2.2 man of film studio Lions-
p

the ocean
Po

2024 to rebuild the road. million sold for $600,000. gate, also owns a larger
nd

M ar t ha’s A few years ago, portions Four months later, long- home on the adjacent lot.
Ro

V i neyar
y d
ad

of the new road began to time owners Jane Carlin The smaller property was
2017 crumble. This time, the and Benjamin Gifford were in contract twice before he
2010
2024
2025 town plans to relocate it. trying to donate their took it off the market in
2023 500 feet Massachusetts law pro- house, assessed at $1.9 mil- January.

FROM TOP: GREAT POINT PROPERTIES; KIT NOBLE

202 4 hibits permanent structures lion. Their neighbor, Don “Everyone wants to know
2020
2015 like sea walls, riprap and Vaccaro, co-founder of Tick- how long the house will be
2010 breakwaters, said Arthur etNetwork, offered to buy it there, and it’s an impossible
2018 2013
2007 2014 Gasbarro, a civil engineer for $200,000. Vaccaro told question to answer,” said
and land surveyor. He in- the Nantucket Current at listing agent Penny Dey of
200 stalled “soft” erosion-con- the time that it might not Atlantic East Nantucket Real
shore 1955 0
trol designs—like coconut last six months, but that he Estate, who disclosed the
line
fiber log arrays with plant- would try to extend its life. area’s erosion issues in mar-
Note: Shorelines are approximate, as are building sizes and historic locations.
Sources: Massachusetts Office of Coastal Zone Management (historic shorelines); ings—in Nantucket Harbor. By January, the house keting materials. “It’s a ques-
Google Earth (2024 shoreline); town of Nantucket CAMILLE BRESSANGE/WSJ But, in recent years, Nan- was condemned and had to tion of tolerance, isn’t it?”

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1809 Brickell Property Owner, LLC is the developer and the offeror of The St. Regis Residences, Miami. This offering is not intended for any resident of a jurisdiction where such an offering is prohibited. The St. Regis
Residences, Miami is not owned, developed, or sold by Marriott International, Inc. or its affiliates, which has not confirmed the accuracy of any of the statements or representations made about the project. Images are artists’
renderings and not exact reflections of the finished product nor the precise view from each Unit. Consult the Developer’s Prospectus to understand this offering, the amenities, the proposed budgets, terms, conditions, fees,
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THE WALL STREET JOURNAL. NY Friday, February 28, 2025 | M7

MANSION
BY KATHERINE CLARKE THE MARKET

I Meet the
n 1987, Forbes pub-
lished its first billion-
aires list, featuring 140
individuals whose com-

Superbillionaires
bined wealth totaled $295
billion. At the time, the
richest person in the world
was Japan’s Yoshiaki Tsut-
sumi, a real-estate tycoon
worth $20 billion.
Today, the world’s richest
person, Elon Musk, is worth The world’s ultrarich are growing in number, and
$419.4 billion, roughly 21 changing real-estate and wealth as we know it
times as much as Tsutsumi
at his peak and more than
two million times as much
as the median net worth of
an American household, ac- Since 2023, Bezos has spent $234 million assembling three
cording to exclusive data properties on Miami’s Indian Creek Island. Below, in Lake
from global wealth intelli- Tahoe, Zuckerberg spent $59 million in 2018 cobbling
gence firm Altrata. together two private estates.
As the ranks of global
billionaires have swelled in
recent years, a new cate-
gory of ultrarich has
emerged—the superbillion-
aire. Musk is one of just 24
people worldwide who
qualify for that distinction,
defined as individuals
worth $50 billion or more.
As of early February,
those superbillionaires’ for-
tunes accounted for more
than 16% of all billionaire
wealth, a dramatic increase
from 4% in 2014, according
to Altrata. Their combined obviously controlled signifi- Each of the superbillion-
net worth totaled $3.3 tril- cant amounts of wealth, but aires on Altrata’s list has
lion, equivalent to the nom- now you’re talking about direct personal residential
inal GDP of France. Of the differences in the billionaire real-estate holdings of at

FROM TOP: DEBORAH ACOSTA/WSJ; JASON HENRY FOR WSJ; KAGAN MCLEOD (ILLUSTRATION)
24 people, 16 qualified as population themselves,” least $100 million, and of-
centi-billionaires, meaning said Maya Imberg, head of ten far more, according to
they have a net worth of at thought leadership and ana- the company. Imberg said
least $100 billion. lytics at Altrata, who has that number is likely to be
The rise of the superbill- been researching the super- a significant underestimate
ionaire has coincided with a billionaire set. “It’s quite in some cases because real
significant leap in luxury staggering just how much estate can often be held in
markets across the world, the net worths of some of a partner’s name or owned
including real estate, as these people have grown.” by one of these billionaires’
these individuals cobble to- In major luxury real-es- companies or holding com-
gether massive portfolios of tate markets like New York, panies.
luxury homes. Miami, Palm Beach, Fla., The superbillionaire pop-
Experts say the data Los Angeles and Aspen, ulation is made up in large
shows how the ranks of the Colo., new supertall towers part by entrepreneurs who
ultrarich have begun to pull and spec mansions have made their money in the
away from the merely popped up geared specifi- tech sector, or whose indus-
wealthy, and how a subset cally to the billionaire set, try was catapulted to new
has been propelled to new The 24 superbillionaires are comprised in large part of entrepreneurs who made their money and there has been an ex- levels by technological ad-
heights. in tech and include, clockwise from top left, Michael Bloomberg, Mark Zuckerberg, Larry plosion of nine-figure home vances. Of the top 10 rich-
“Billionaires have always Ellison, Elon Musk, Jeff Bezos and Bill Gates. sales across the country. Please turn to page M8
M8 | Friday, February 28, 2025 NY THE WALL STREET JOURNAL.

MANSION
The Retailers came the world’s first con- years, and that has The Industrialists Inarguably, the con-
firmed billionaire in allowed some of centration of wealth
1916. During that period, a these businesses to among a small num-
company’s value accounted scale, and created a ber of tech entrepre-
for physical assets like huge amount of neurs gives these indi-
property and machinery, shareholder value,” viduals unprecedented
more so than the types of said Steven Kaplan, a influence over policy,
intellectual property and professor at the Uni- media and society.
promise of future scale and versity of Chicago Musk controls SpaceX,
earnings that push up val- Booth School of Busi- Tesla, and X, influenc-
ues today. ness who studies fi- ing everything from
Today’s tech billionaires nance and inequality. space exploration to
make up a significant por- “Walmart is an exam- online discourse, as
tion of the superbillionaire ple, Amazon is an- well as more recently
pool. Their wealth is linked other. These are busi- having the ear of
almost entirely to the stock nesses that couldn’t President Trump. Be-
prices and therefore future have scaled to this zos owns the Wash-
cash flows of the companies level without tech- ington Post. Zucker-
they started. Amazon nology.” Clockwise from top left: Gautam Adani, berg heads Instagram,
founder Jeff Bezos, Meta The current Mukesh Ambani, Prajogo Pangestu, Julia Facebook and
founder Mark Zuckerberg makeup of the super- Koch and Bill Koch Threads, platforms
and Nvidia’s Jensen Huang billionaire population used by billions.
have all recently seen their also shows a shift from the wealth, according to federal These superbillionaires oper-
fortunes fluctuate by tens of world’s richest people in- data. In the late 1980s, the ate in a largely deregulated
Clockwise from top left: Alice Walton, James Walton, Samuel billions in a single year, de- heriting their wealth to a top 1% held 23%. digital landscape where
Robson Walton, Bernard Arnault, Francoise Bettencourt pending on investor senti- rise in self-made billion- The rise of the superbill- oversight is limited.
Meyers and Amancio Ortega ment. The scale of their aires. “The great American ionaire raises fundamental Kaplan, a self-described
wealth is unparalleled—but fortunes of today are new questions about the future optimist, said he sees the
Continued from page M7 monopoly, Andrew Carnegie so is its volatility. money, not old,” said a 2024 of wealth distribution and same advances in tech and
est individuals on the list, dominated the steel in- Unlike past genera- report by the Heritage economic power in the U.S. globalization that fueled the
six fall into that category. dustry, and Corne- tions, where for- Foundation, a conservative and globally. Economists rise of the superbillionaire
Of the total 24 superbillion- lius Vanderbilt tunes were built think tank, which noted the and politicians remain split as being a net positive for
aires, only three were fe-
male. Only seven were
based outside the U.S.
amassed a for-
tune through
railroads.
$100 over decades,
today’s tech-
driven econ-
absence of names like Astor,
Carnegie, Mellon, Rockefel-
ler and Vanderbilt on lists
over the importance of al-
lowing billionaire wealth to
remain uncapped as a
society, though in the U.S.
they have hurt the manufac-
turing sectors that used to
The rise of the superbill- Their wealth,
MILLION omy has also like the Forbes 400. means to encourage innova- be an economic driver for
Minimum worth of
ionaire marks a transforma- while vast, enabled “Of the approximately 97 tion, or whether society the middle class.
personal real estate
tion in the composition of was spread founders to still-living billionaires on can function equitably Luigi Zingales, an eco-
each superbillionaire
the world’s ultrawealthy, ex- across indus- amass enor- the 2005 Forbes 400 list when so much capital is nomics professor and host
holds
perts said. In the 19th and tries that de- mous sums in a who inherited fortunes, less concentrated in the hands of the podcast “Capital-
early 20th centuries, the fined an era of matter of just a few than half are still on the list of so few. isn’t,” said he sees the rise
richest men were industrial- physical infrastructure years. today…. The minority of the superbillionaire
ists: John D. Rockefeller and manufacturing. Through “We have had huge tech- of heirs and heiresses class as a symptom of
built Standard Oil into a Standard Oil, Rockefeller be- nological change the last 40 who remain on the The World’s Superbillionaires the failure of capital-
list today were three A ranking of those whose net worth is ism in the U.S.
times more likely to above $50 billion “A good capitalist
have fallen in the ESTIMATED system is a system
Forbes rankings than WORTH that doesn’t reward
NAME IN BILLIONS KEY BUSINESS
to have risen,” the re- exactly anybody too
port said. 1. Elon Musk $419.4 Tesla much, because it re-
Those shifts can be 2. Jeff Bezos $263.8 Amazon mains competitive,
traced to the 1980s and every new inno-
3. Bernard
and 90s. That’s due Arnault $238.9 LVMH vation is quickly cop-
to vast advancements ied,” he said.
in technology during 4. Larry Ellison $237 Oracle Zingales blamed the
that period and, with 5. Mark
$220.8 Meta U.S. legal system for
that, a rise in the Zuckerberg allowing tech compa-
globalized nature of 6. Sergey Brin $160.5 Alphabet nies to protect their
business. trade secrets and in-
7. Steven Ballmer $157.4 Microsoft
Nobel Prize-win- novations to the point
Above, Buffett paid $31,500 in 1958 to buy the Omaha, Neb., ning economist Jo- 8. Warren Buffett $154.2 Berkshire where competition is
Hathaway
house where he still lives. Right, Bloomberg has a Beaux-Arts seph Stiglitz, a pro- impossible. “I’m the
townhouse on New York’s Upper East Side. fessor at Columbia
9. James Walton $117.5 Walmart first one to say we
University, said he at- 10. Samuel
$114.4 Walmart need incentives for
tributes some of the Robson Walton people to innovate.
rise of the super 11. Amancio However, that some-
Ortega $113 Inditex
wealthy to the inabil- body is reaping such
ity of antitrust laws 12. Alice Walton $110.2 Walmart large rewards suggests
to contend with mo- that the incentives are
13. Jensen Huang $108.4 Nvidia
nopoly power in the too much that we
tech sector. 14. Bill Gates $106 Microsoft could have gotten the
“We have antitrust 15. Michael same outcome with
laws that were well Bloomberg $103.4 Bloomberg much less,” he said.
adapted to Standard 16. Larry Page $100.9 Alphabet Stiglitz also cau-
Oil but that don’t tioned that wealth in-
work well in the tech 17. Mukesh
$90.6 Reliance equality can eventu-
Ambani Industries
sphere,” he said. ally translate to
“Monopoly power has 18. Charles Koch $67.4 Koch political inequality,
given rise to the po- 19. Julia Koch $65.1 Koch which in turn com-
tential of enormous pounds wealth in-
20. Francoise
amounts of wealth.” Bettencourt $61.9 L’Oreal equality. “These guys
He also pointed to Meyers live in a totally dif-
how today’s superbill- Adani ferent world from or-
ionaires have become
21. Gautam Adani $60.6 Group dinary Americans. So
masters at tax avoid- 22. Michael Dell $59.8 Dell Tech. they don’t have to
ance and adept at deal with public
23. Zhong Nongfu
taking advantage of Shanshan $57.7 Spring schools, public hospi-
weaknesses in corpo- tals and they don’t
INTRODUCING AMARA. rate governance laws 24. Prajogo
$55.4 Barito rely on health insur-
Pangestu Pacific
to extract “obscene ance in the way that
amounts of money” in Source: Altrata , as of Feb. 4, 2025 ordinary Americans
salary and bonuses. do,” he said. “That
“These guys have, kind of deep divide is
both at the corporate polarizing and I think
level and at the indi- it undermines the
vidual level, been kind of solidarity
even better at avoid- that is important for
ing taxes than in the functioning of a
making good prod- society.”
ucts,” Stiglitz said. Where to next? It’s
“The level of taxes plausible that we
they pay as a share of could see the world’s
their profits should first trillionaire in the
be an embarrassment next few decades.
to them.” The 24 su- “One would probably
perbillionares de- have said no in the
clined to comment or past, but anything’s
FROM LEFT: MARIA JULIE BORER FOR WSJ; DANIELLA ZALCMAN FOR WSJ; KAGAN MCLEOD (ILLUSTRATIONS, 4)

didn’t respond to re- Clockwise from left: Zhong Shanshan, possible these days,”
quests for comment. Warren Buffett and Michael Bloomberg Imberg said.
Estimations of bil-
lionaire net worth are by
NOW A ND NEVE R AGAIN. nature an inexact science.
While it’s simple to calcu-
The Tech Execs
Step inside to bayfront residences unequaled in Sarasota, late the value of publicly
traded corporate stock, it’s
perhaps because they open to a panorama of the city’s entire much trickier to reach an
skyline. Here is a stage for expansive living — a breathtaking estimate of value for a pri-
esplanade, pool terrace, and even, a berth for your boat. vately held company. Im-
berg said Altrata’s findings
This is that once-and-forever moment. Reserve yours today. can vary from rankings in
Forbes and the Bloomberg
Billionaires’ Index because
of factors like methodology
and the daily fluctuations of
stock prices.
The explosion of billion-
CONDOMINIUM RESIDENCES FROM THE $4Ms
aire net worth comes at a
9 4 1 . 8 6 7. 7 1 6 0 | A M A R A S A R A S O TA . C O M time of growing economic
disparity in the U.S. In
Equal housing ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS 2024, the top 1% of Ameri-
opportunity OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS
REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. can households held $49.2 Clockwise from top left: Jensen Huang, Michael Dell, Mark
trillion in wealth, or about Zuckerberg, Sergey Brin, Larry Ellison, Elon Musk, Steve
30% of the country’s total Ballmer, Jeff Bezos, Larry Page and Bill Gates
THE WALL STREET JOURNAL. NY Friday, February 28, 2025 | M9

MANSION
BY FRED A. BERNSTEIN INSIDE STORY

F Frank Lloyd Wright’s

or a tall person, visiting
Fallingwater—Frank Lloyd
Wright’s most famous
house—can be a little scary.
Wright made the “parapet
walls”—the low barriers around
the house’s many balconies—
much shorter than the 42 inches
Fallingwater Is Leaking
required by contemporary build-
ing codes.
Wright, at just 5 feet 7 inches Work is underway to make the architect’s most famous home watertight
tall, was unconcerned. But I’m 6
foot 2 inches. The parapet wall on
the house’s upper terrace—which
is only 26 inches high—stops Director Justin Gunther continues
right above my knees. Under the to raise funds for the renovation
terrace is a waterfall that feeds a project that had the house looking
stream approximately 50 feet be- a bit forlorn in January.
low, depending on which part of
its rocky surface you measure finding their way into walls that,
from. although they appear to be solid
No wonder I feel queasy as I stone, are really hollow masonry
approach one of the low parapet tubes. When the house was built,
walls. It doesn’t help that, with their cavities were filled with
snow on the ground during my sandstone left over from con-
January visit, I feel like I might struction. But that rubble has
slip. And a slip here could lead to been settling for 90 years, leaving
a plunge. room for water to collect before
Luckily, nobody is known to dripping into the house, where it
have fallen in the 90 years since threatens to damage interior fin-
the house was built, according to ishes, furniture and artworks.
Justin Gunther, Fallingwater’s ex- In Gunther’s opinion, the leaks
ecutive director since 2018. But aren’t evidence of Wright’s incom-
there are other things to worry petence, but of his daring. “He
about. The house has leaked in was pushing conventional notions
dozens of places over the years, of building to achieve something
and Gunther is in the midst of the truly extraordinary,
latest effort to make it watertight, and he used the
a job expected to cost $7 million. REPAIR COSTS best technologies at

FROM TOP: LAURA PETRILLA FOR WSJ (2); CHRISTOPHER LITTLE/WESTERN PENNSYLVANIA CONSERVANCY
That’s about 40 times the cost of
building the house in the 1930s. $7 his disposal,” Gun-
ther says. “So I
Clearly, keeping Fallingwater MILLION wouldn’t say any-
dry—a process that could be thing was a mistake.
called stallingwater—is a chal- Instead, the house’s
lenge. During my visit, the house design presented in-
was enveloped in scaffolding, on Fallingwater. After delibera- Conservancy, which owns the herently challenging
which was going to allow workers tion, Gunther decided to cancel house, witnessed that fascination features to water-
to complete the waterproofing job the tours scheduled for March during another spate of repairs 25 proof, such as flag-
by April. Then, in early February, that were to include access to the years ago, which, not coinciden- stone terraces that
the scaffolding contractor, Brand- platforms—putting visitors in tally, was the last time I visited serve as roofs for
Safway Industries of Pittsburgh, hard hats farther out over the wa- the house, in a rural area about interior spaces be-
became concerned about the force terfall than any other members of 50 miles southeast of Pittsburgh. low.”
of the water hitting the base of the public, ever. According to Gunther, tickets to But Fallingwa-
the scaffolding, which is right in In December, before Fallingwa- the tours that included scaffold ter’s preservation
the path of the waterfall. ter closed for an annual 10-week access were selling quickly (at architect, Pamela
Work on that part of the scaf- winter break, some visitors were $89 per person) before he had to ing by the American Institute of Jerome, of New York’s Architec-
folding was halted while the com- disappointed to see the scaffold- change the agenda. Visitors will Architects in 1991, Fallingwater tural Preservation Studio, says
pany strengthened the structure. ing, which made the house almost still be able to see repair work in attracted more than 143,000 visi- that Wright could have called for
That, Gunther says, caused unex- unrecognizable. But others were progress throughout the house. tors in 2024, Gunther says. copper flashing where roofs or
pected delays. A spokesman for fascinated by the work in prog- Completed in 1937 and voted the It also attracts a lot of water. terraces intersect walls. The
BrandSafway declined to comment ress. The Western Pennsylvania country’s most significant build- Rain and melting snow have been Please turn to page M10

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ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS Residences Lido Key is owned and being developed, offered and sold by WSR—Lido Beach, LLC (“Developer”). The
OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS MAKE REFERENCE TO THE INFORMATION project is not owned, developed or sold by Rosewood Hotels and Resorts, L.L.C. or any of its affiliates (“Rosewood”).
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M10 | Friday, February 28, 2025 THE WALL STREET JOURNAL.

MANSION

Left, wooden platforms along the house’s south side will let workers repair
the cantilevered ‘shelf’ above. Enclosures, above, are heated to keep workers
comfortable and building materials at a constant temperature, at center.

All reinforced concrete members neer, who has been working on

bend a bit, the engineer Robert Fallingwater on and off since 1992.
Silman explained at the time. Gunther was hoping to begin
There is an initial droop, often the waterproofing job in 2019, he
pronounced, on the day the con- says. “At the time, we thought it
Continued from page M9 crete is poured, and a slower would cost around $3 million.
flashing would have kept water bending that occurs mainly in the Then the pandemic hit, and we
from penetrating the walls. But building’s first year had to put a lot of things on
Wright didn’t like seeing a few But some of the surfaces at hold.” When the pandemic ended,
inches of exposed copper at the Fallingwater never stopped bend- “The bids jumped to about $6 mil-
base of each protected wall, so he ing, Silman said in 1999. The lion. Now we’re closer to $7 mil-
avoided flashing, Jerome says. problem was that Wright had lion.” Gunther was able to get
She says a lack of flashing is a used less rebar—steel bars that about half the $6 million from the
problem at Wright’s Guggenheim strengthen concrete. To solve the commonwealth of Pennsylvania.
Museum, in Manhattan, where problem 65 years later, engineers He raised the other half privately.
she has also been involved in drilled holes through the concrete But now, Gunther says, “We’re
preservation efforts. structure, then inserted steel ca- about $1 million short.” He is
At Fallingwater, the main solu- bles through the holes. The ca- working to close that gap.
tion devised by Jerome and oth- bles were then tightened, essen- It may not be the last time he
ers is to pump liquid grout into tially pulling the concrete up into has to raise money to keep Fall-
the hollow walls. The liquid grout, position, a process known as ingwater dry. Jerome says she ex-
in this case a proprietary mix post-tensioning. pects the liquid grout to last for
from Maryland-based Masonry Gunther says the post-tension- at least 25 years. But water also
Solutions International, was ing, carried out under Fallingwa- gets in through cracks in concrete
tried—successfully—on the sepa- waterproof membranes on roofs. fects. So we design discreet inter- ter’s previous director, Lynda surfaces caused, in part, she says,
rate guesthouse before work be- In addition, the kind of flashing ventions that make the exterior Waggoner, has performed well. by Wright’s decision to include
gan on the main house. Walls are Wright disliked is being installed work better at shedding water But efforts back then to water- smooth river stones in the mix.
first scanned with ground pene- in as many places as possible. and snow.” proof the house were less success- In Jerome’s 44-year career, she
trating radar to identify voids. “Yes, we are overruling Frank “It’s a huge undertaking,” Gun- ful. “During the first restoration, has devoted more time to Falling-
The compound is then injected Lloyd Wright,” Jerome says. “But ther says. we repointed the stonework and water than to any other project.
through tiny holes drilled around we are mostly using lead instead Still, the repairs aren’t as dra- applied water repellent to the ex- “We’re doing the best we can. But
those voids. When the compound of copper because its gray color matic as those made around the terior, curing 59 of 60 chronic it’s possible that there will always
hardens, and the holes in the ma- doesn’t stand out as much against turn of the century. Back then, en- leaks in the main house and be some leaks.”

LAURA PETRILLA FOR WSJ (3)

sonry are filled, it should be Wright’s stonework.” She adds, gineers determined that several of guesthouse,” says Jerome. As for Fallingwater being scary:
nearly impossible for water to col- “My goal is to enhance the exte- the decks projecting out over the However, much of the water re- Jerome, at 5 foot 4 inches tall,
lect inside the walls. rior envelope’s performance, and waterfall were drooping. The cor- pellent was removed as the stone regularly examines buildings as
Other repairs this year include that is a very difficult thing to do ner of one terrace was an incredi- was cleaned over the last quarter tall as 50 stories from hanging
repointing masonry, recaulking with Wright’s architecture be- ble 7 inches below where it had century. As a result, many of the scaffolds. “I don’t find the para-
windows and doors, and replacing cause of its inherent design de- been when the house was built. leaks came back, says the engi- pets at Fallingwater problematic.”

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THE WALL STREET JOURNAL. Friday, February 28, 2025 | M11

PRIVATE PROPERTIES

Waterfront Home
On Lake Tahoe
Aims for a Record
A waterfront Lake Tahoe home on it, she said. He renovated the
with its own small golf course roughly 900-square-foot house
could set a Nevada record. and converted it into a guest-
The roughly 5.5-acre Glenbrook house, then built the current four-
property is asking $65 million, bedroom main house, completing
making it the most expensive both projects in 1989. The roughly
home for sale on the lake. If it 8,200-square-foot, single-story
fetches its asking price, it would main house is designed so that
top the current state record, nearly every room has a lake
which was set by a $62 view, Rachelle said. The
million Lake Tahoe sale FOR SALE fireplaces are made of un-
in Incline Village last
year, according to Zillow. $65 cut stone and the main
living room has a 20-foot-

VISTA ESTATE VISUALS

The seller is Rachelle
Prim, a retired physician
MILLION tallThe ceiling.
property has pri-
golf area,
and widow of Wayne vate coves with calmer
tennis court The house was built in the 1980s.
Prim, who was a lawyer, waters for swimming, as
venture capitalist, devel- well as a hot tub overlook-
oper and avid golfer. ing the lake. A shared pier is acces- that can also be used for pickleball. Wayne was a major donor to Si- Lake Tahoe is home to Nevada’s
The Prims, who were married sible from a neighboring property. There is also a volleyball court, ac- erra Nevada University—now the priciest real estate, according to
in 2019, used the Tahoe home as The golf course on the estate cording to listing agent Jean Wayne L. Prim Campus at the Uni- Merkelbach, and Glenbrook is
their primary residence, according has three putting greens and six Merkelbach with Engel & Völkers. versity of Nevada, Reno at Lake popular for its proximity to ski re-
to Rachelle. Wayne died in 2024 tee boxes, including one where Wayne co-founded the San Tahoe—as well as the Nevada Mu- sorts, golf courses and dining.
at the age of 97. players hit golf balls over the Francisco law firm Howard and seum of Art in Reno. He frequently —Libertina Brandt
When Wayne bought the prop- swimming pool. Wayne loved ten- Prim in the 1950s. He was also ac- hosted charity events and tennis
erty in the late 1980s, it had a nis, Rachelle said, and the estate tive in venture capital and real-es- tournaments at the Glenbrook  See more photos of notable
one-bedroom, circa-1940s home has a professional-size tennis court tate development, Rachelle said. home, according to Rachelle. homes at WSJ.com/RealEstate.

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M12 | Friday, February 28, 2025 NY THE WALL STREET JOURNAL.

MANSION

HOUSE CALL | HELEN MIRREN

Overcoming Shyness
And Meeting the Queen
It wasn’t until her 30s that the ‘1923’ actress got over
her fear of performing in front of others

G
rowing up, I didn’t like to Russian nobility but relocated to
perform or be looked at. London with his family after the HELEN’S BAG
Attention brought on em- Russian Revolution of 1917. He
barrassment, and acting in school was a London cabbie and then a “1923”?  In the “Yellow-
plays was about disappearing driving examiner. He was smart, stone” prequel, I play Cara
rather than standing out. I didn’t gentle and funny, and I don’t ever Dutton, the family matriarch
get over this completely until my recall him raising his voice. and an Irish immigrant.
30s. My mother, Kitty, was the
Into my teens, performing al- 13th of 14 kids in a working- Running lines? I
lowed me to be behind a fortress. class family. She was carry scripts every-
In character, I was able to trans- smart, though without where in my bag.
form into someone who was more much education, and she The supermarket
glamorous, more fascinating, was a brilliant seamstress. is a nice distrac-
more dramatic and especially She never neglected us, but tion while I learn
more articulate, since actors have I sensed she didn’t love be- them. I mumble away
the words of fine writers. ing a mother. like a mad person.
Now, of course, I realize that as I was the middle child. Kate is
an actor, you are actually being two years older, and Peter is three Queen Elizabeth? The only
yourself, with the freedom to years younger. Kate and I were time she mentioned “The
shape how you’re perceived as a brought up to be financially self- Queen” was when she invited
character. sufficient, without any pressure to me to tea in 2018 at the
marry. Royal Ascot racecourse. I was
When I was 6, I seated between a Sheikh and Helen Mirren at the Golden Globes in 2024. Far left, Mirren on the right
played the Virgin Mary Prince Philip. at age 6 with her father, Basil, and brother, Peter, in England in 1952.
in elementary school.
There were no lines, And? I was already a Dame I joined the Royal Shakespeare director Taylor Hackford, in Lake

FROM LEFT: HELEN MIRREN (FAMILY PHOTO); PARAMOUNT+; DAN DOPERALSKI/GETTY IMAGES
and it’s one of my fa- by then. She said to the Company, a huge deal. Tahoe, Nev. We moved into our
vorite roles to this day. Sheikh, “This is Dame Helen. That year, I was cast to co-star lovely Japanese contemporary
At 13, I auditioned She played me in the film.” He with James Mason in my first ma- home about five years ago. We
for the Royal Ballet looked utterly confused. jor British film, “Age of Consent.” also have homes in Italy’s Puglia
School, performing in There was a very tasteful nude region and in east London.
front of men for the scene. Mason’s character is an I still have my mother’s Singer
first time. The rejection artist who falls in love with me treadle sewing machine in Lon-
was mortifying. sionate about Shakespeare. and paints me on a sparsely popu- don. For me, it represents a gen-
At St Bernard’s Con- I was set on acting school, but lated island on Australia’s Great eration of British women who
My parents didn’t have much vent Grammar School, the princi- our local council didn’t offer arts Barrier Reef. Nude scenes are pro- were courageous and stoic. It’s a
money, but they weren’t in debt. pal, Mother Mary Mildred, gave me grants. I attended the New College foundly uncomfortable, especially symbol of survival.
Our first house was in Westcliff- profound advice: “Beware of fear.” I of Speech and Drama, a teachers at age 22. Mason was a gentle- —As told to Marc Myers
on-Sea, along England’s south- took it as “Be fearless,” but now I school, and continued with the man, and director Michael Powell
eastern coast. We didn’t have a think she meant fight off fear that National Youth Theatre. I put the made the scene feel natural. My Helen Mirren, 79, is an award-
fridge or central heating. When I causes you to make bad decisions teaching diploma in my closet and shyness was slipping away. winning English actress known for
was 9, we moved into a terraced or to take paths that paralyze you. never looked at it again. Probably my most visible her roles in the film “The Queen,”
Edwardian house in Leigh-on-Sea. My high school English teacher In 1965, I was cast as Cleopatra screen projects were TV’s “Prime Broadway’s “The Audience” and
It was a bit of a squish for five, urged me to apply to the National in Shakespeare’s “Antony and Suspect,” from 1991 to 2006, and TV’s “Prime Suspect” and “Eliza-
but it was a very happy home. Youth Theatre in London, and I Cleopatra.” It was a perfect role “The Queen” in 2006. beth I.” She stars in season 2 of
My father, Basil, was born into was accepted. By then, I was pas- to overcome my shyness. In 1968, Today, I live with my husband, “1923” on Paramount+.