This is the conclusion of today’s morning summary, which you can register to receive in your inbox every morning along with:
Covering the World Economic Forum in Davos, Switzerland, each year is something I consider a competitive sport.
In fact, I’m starting to train for the intense summer week, as my few close friends know (and yes, they all make fun of me). The number of workouts each week in the lead-up gradually increases, so I can easily run up and down the two-mile boardwalk with a backpack to take in as many meetings as humanly possible (yes, I do this).
My one cheat meal a week is replaced with green drinks and extra doses of vitamins to make sure I don’t get sick. I meditate twice a day and carefully choose clothing that I know will help me perform at the highest level. Look good, feel good, good things happen.
For me, this event is the closest I’ll get to being like Michael Jordan in the playoffs, and I’m very lucky to be there.
And this year, the gathering of elites who arrive on private planes to wax poetic about the world’s biggest problems will be far-fetched.
Read more: These are the biggest global risks for 2025
The conference unofficially begins on the day of Trump’s inauguration. Some CEOs I know, who would normally be in Davos all week, will come mid-week after working the rounds of the launch party. By Tuesday, the new president could have uncorked a series of executive orders that could impact the businesses of top CEOs on the ground. And, of course, impact global markets.
That’s why this year’s WEF will be more important than the norm for you, the average investor. The headlines will be intense and heated as CEOs seek to challenge Trump or get on his good side. They will also try to talk about their businesses before the start of earnings season, and with the markets becoming a bit more unstable lately.
This is what this server and our own Jennifer Schonberger will be watching while bundled up in five layers all week. Be sure to bookmark the “stream now” section on Yahoo Finance to watch all of our interviews on market movements in real time. Or tune in where you normally see us, whether on Samsung TV or our nifty app.
Unlike our previous trips to Davos over the past decade, I will be recording several special episodes of the Opening Bid podcast on the ground. I could tell you who those guests will be, but where’s the fun in that? The best thing is to be surprised!
Now, let’s move on to that guide…
CEOs of large banks: The biggest names in banking, including JPMorgan (JPM) CEO Jamie Dimon, Bank of America (BAC) CEO Brian Moynihan, Goldman Sachs (GS) CEO David Solomon, CEO Citi (C) executive Jane Fraser and Morgan Stanley (MS) CEO. Ted Pick will be present. While this entire group will be asked about Trump’s policies, it will be his outlook on interest rates that will be most key to market sentiment. Most have not spoken publicly since the Fed signaled a possible end to rate cuts last month, and they will want to be heard ahead of the Fed’s Jan. 28-29 policy meeting.
The executive directors of rates: Retail will have a strong showing at Davos, with the CEOs of Polo Ralph Lauren (RL), Williams Sonoma (WSM) and Gap (GAP) (the first time their CEO has attended the event) making the rounds. These companies are right in the middle of the tariff debate. I’ll be interested to know how you are preparing for Trump’s tariffs from a supply chain perspective. I’m also interested in how much prices could rise after the tariffs: it could offer valuable information on the inflation outlook for 2025 and Federal Reserve policy.
The race to catch Nvidia: It will be another year of AI talks in the halls of Davos. This time I think the debates will take two forms. First, unlike last year, where discussions around AI revolved primarily around potential, investors will want to see clear lines between revenue and profits. That’s why I encourage AI CEOs to implement it. And second, we’ll probably hear more about how big tech players like Microsoft (MSFT) and Alphabet (GOOGL) aim to develop their own high-powered AI chips to catch up to Nvidia (NVDA), or at least make chips good enough to diversify. . Leaders from OpenAI and Anthropic will also attend, and their opinions on the chips could be key. I’ll be watching Nvidia’s stock price like a hawk this week, and you should be too.
Crypto Delegation: The crypto industry has had a strong presence at Davos over the past five years. This year the industry is expected to be going strong, led by the appearance of Coinbase (COIN) CEO Brian Armstrong. I’ll be pretty in tune with what the crypto crowd thinks about the latest volatility in bitcoin, MicroStrategy’s (MSTR) bitcoin buying binge, what they’re hearing from the pro-crypto Trump administration, and early assessments on Paul Atkins as the likely next SEC president.
And, of course, the new Trump coin that debuted to much fanfare (and market cap) on Friday.
The token quickly reached a market capitalization of $73 billion in about 48 hours, surpassing DOGE as the largest meme coin yet.
The cryptocurrency’s market capitalization has since fallen to $12 billion since its launch, according to CoinMarketCap.
Stocks: Stocks are starting to look very heavy (especially the Magnificent 7), as I have reported. I’m eager to hear from market professionals like JPMorgan’s Mary Erdoes and economic experts like Nouriel Roubini if they are seeing warning signs on the horizon. Any calls they make at this Davos may carry more weight given more volatile market conditions and greater uncertainty over Trump’s policy.
The political wild cards: As of this writing, my contacts have told me that President-elect Donald Trump plans to send delegates to Davos. Whoever gets exactly the nod is the wild card. (I imagine it will be potential Secretary of Commerce Howard Lutnick, a regular on the Davos party scene for many years. Elon has long hated Davos, so it’s hard to see him showing up.) Trump himself is scheduled to give a speech remotely on Thursday, a source told Yahoo Finance.
But who ultimately emerges from Trump’s orbit—and what they say once they land—could set the tone for U.S. international relations from the start. If a delegate arrives in Davos days after Trump takes actions that could affect the economic growth of foreign countries and then tries to explain those actions, it is best to believe that the inevitable headlines may not be so market-friendly.
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Brian Sozzi is the executive editor of Yahoo Finance. Follow Sozzi on X @BrianSozzi, instagram and in LinkedIn. Story tips? Send an email to brian.sozzi@yahoofinance.com. Three times a week, Sozzi hosts insightful conversations with the biggest names in business and markets on Yahoo Finance. opening offer podcast. Find more episodes on our video center. look in your preferred streaming service. Or listen and subscribe at Apple Podcasts, Spotifyor wherever you find your favorite podcasts.
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