JPMorgan Chase CEO Jamie Dimon made headlines during a high-profile event in Dublin, Ireland, by sharply criticizing the Democratic Party and its approach to diversity, equity, and inclusion (DEI) initiatives. Speaking at a foreign ministry event, in remarks covered by Bloomberg, Dimon did not mince words, declaring, “I have a lot of friends who are Democrats, and they’re idiots. I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed.”

Dimon’s remarks may be surprising for their bluntness, and they may cut across his image as a prominent Wall Streeter with ties to Democrats, but Dimon has voiced concerns about the party’s shift toward progressive and populist policies throughout 2024. Dimon has particularly zeroed in on issues he saw as anti-business or impractical. He has also criticized the party’s focus on social issues, arguing that such narratives were misleading and not reflective of economic realities. Over the same period, he has offered measured praise of certain economic policies of Donald Trump, such as tariffs.

Dimon’s DEI Critique

Dimon’s comments extended beyond party politics to the Democrats’ focus on diversity, equity and inclusion, or DEI. He argued that the party “overdid DEI,” prioritizing ideology over practical solutions. While reaffirming JPMorgan’s commitment to engaging with various communities, he insisted that the extent of current DEI efforts has become counterproductive. “We all were devoted to reaching out to the Black community, Hispanic, the LGBT community, the disabled — we do all of that. But the extent, they gotta stop it. And they gotta go back to being more practical. They’re very ideological,” he said.

Dimon’s remarks come amid growing tensions within the Democratic Party, especially after the primary victory of New York City mayoral candidate Zohran Mamdani, whom Dimon labeled “more of a Marxist than a socialist.” He warned that Democrats are “falling all over themselves” to support Mamdani’s policies that, in his view, are detached from economic reality, such as rent freezes and city-run grocery stores. He said it showed a continuing lack of seriousness from the party: “There’s the same ideological mush that means nothing in the real world.”

He also criticized the Biden administration for lacking business expertise, stating that former President Joe Biden “didn’t have one businessperson” advising him and expressing disbelief at the administration’s “lack of knowledge.” These echoed comments Dimon made throughout Biden’s tenure that he wasn’t sold on Bidenomics.

Earlier this year, JPMorgan announced it would reduce investment in certain diversity initiatives, reflecting a broader trend among major banks to scale back DEI language and programs in the wake of political and legal shifts in the U.S. At the same time, Dimon described DEI as “good for business” and “morally right.”

Broader Context and Political Backdrop

• Rebranding DEI to DOI: In March 2025, JPMorgan Chase rebranded its Diversity, Equity, and Inclusion (DEI) program to “Diversity, Opportunity, and Inclusion” (DOI). The bank stated that the “E” in DEI always stood for “equal opportunity,” not “equal outcomes,” and the new name better reflects this philosophy.
• Reduction in Mandatory Training: JPMorgan has scaled back the number of mandatory diversity-related training programs, opting for a more targeted and streamlined approach. Some activities, councils, or chapters have been consolidated to improve efficiency and engagement.
• Integration of DEI Functions: Instead of a centralized DEI office, diversity initiatives are now distributed across business units such as Human Resources and Corporate Responsibility. This aims to embed inclusion efforts more deeply into core business operations.
• Changes in Public Messaging: JPMorgan has removed or diluted public references to DEI on its website and in annual reports, aligning with broader industry trends and in response to legal and political pressures.
• Legal and Political Pressures: The changes come amid heightened scrutiny from federal agencies and political groups, especially following executive orders from the Trump administration targeting DEI programs in government and federal contractors. JPMorgan’s leadership has cited the need to comply with “current laws and regulations” as a key reason for the shift.
• Merit-Based Commitment: In internal memos, COO Jenn Piepszak emphasized that JPMorgan’s hiring, compensation, and promotion practices are merit-based, with no illegal quotas or pay incentives. The bank asserts it would never turn someone away because of their political or religious beliefs, or identity.

Industry and Political Reaction

Dimon’s blunt assessment comes with Democrats in disarray after the 2024 election and locked out of the presidency and both houses of Congress. The primary victory of Mamdani, the New York City-based politician who identifies as a Democratic Socialist, had prompted many business leaders to voice similar concerns about the direction of Democratic policy. Because of Dimon’s previously close ties to the Democrats, his criticism may sting more because he was long seen as a member of the party.

Early and Mid-Career: Democratic Leanings

• 1989–2009: Jamie Dimon primarily donated to Democratic candidates and committees, establishing himself as a long-time Democrat.
• Obama Era: Dimon was once dubbed “Obama’s favorite banker” and maintained close ties with several Obama officials, though he often disagreed with the administration.

Public Statements and Self-Description

• 2012: Dimon described himself as “barely a Democrat,” reflecting a centrist, business-friendly stance that sometimes put him at odds with the party’s progressive wing.
• 2019: He famously said, “My heart is Democratic but my brain is kind of Republican,” highlighting his blend of social consciousness and fiscal pragmatism.

Political Donations: Bipartisan but Democratic-Tilted

• Donations: While the majority of Dimon’s political contributions have gone to Democrats, he has also donated to select Republicans, especially in recent years.
• Recent Years: Contributions include donations to both Democratic and Republican candidates, such as Kyrsten Sinema (D), Jon Tester (D), Joni Ernst (R), and French Hill (R).

Recent Political Positioning

• 2020s: Dimon has become increasingly critical of both major parties, expressing frustration with the Democrats’ ideological drift and the Republicans’ embrace of populism.
• 2023–2024: He publicly preferred Nikki Haley over Donald Trump for the Republican nomination and, while not endorsing any candidate, was reported to privately support Kamala Harris over Trump in the 2024 election.

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In a world where headlines often focus on the ultra-wealthy, a quieter but also profound shift is under way: the rapid ascent of the “Everyday Millionaire,” or EMILLI.

According to the 2025 edition of the UBS Global Wealth Report, this group—defined as individuals with assets between $1 million and $5 million—has grown from a niche segment to a global economic force, reshaping the landscape of personal wealth and investment.

A Fourfold Surge Since 2000

At the dawn of the millennium, there were just over 13 million EMILLIs worldwide, according to UBS Global Wealth Management. Fast forward to the end of 2024, and that number had “skyrocketed” to nearly 52 million—a more than fourfold increase in less than a quarter-century. Even after adjusting for inflation, the number of EMILLIs has more than doubled in real terms since 2000.

The collective wealth of EMILLIs is considerable. By the end of 2024, this group controlled approximately $107 trillion—over four times their total at the start of the millennium and nearly matching the $119 trillion held by those with more than $5 million in assets. The EMILLI cohort now accounts for a significant share of global wealth. This long-term trend is “visible nearly everywhere around the globe,” UBS says.

What’s Driving the EMILLI Boom?

The report doesn’t explicitly call out the factors underpinning the rise of the everyday millionaire, but some general explanations on a wealthier world are made in the foreword by UBS Global Wealth Management’s Chief Economist Paul Donovan.

“Demographics and long-term asset price trends mean dramatic breaks in the allocation of wealth are rare,” he says. “This report shows persistent and significant ongoing trends — the great wealth transfer, the importance of
property, women’s increasing control of wealth, and so on. This has changed the nature of wealth over the past decades, in an evolutionary way.”

The report highlights:

• Real Estate Appreciation: The sustained increase in real estate values across major markets is a significant driver of growing wealth.
• Financial Market Access: Broader access to financial markets, coupled with long-term growth in equities and mutual funds, has enabled more individuals to accumulate substantial portfolios.
• Entrepreneurship and Private Business: A global trend toward entrepreneurship and self-employment suggests many EMILLIs are business owners.
• Demographic Shifts: The ongoing “great wealth transfer”—an estimated $83 trillion expected to change hands over the next 20–25 years—means more individuals are inheriting or receiving significant assets, often propelling them into the EMILLI bracket.

A Global Phenomenon, with Local Flavors

While the EMILLI trend is global, its pace and character vary by region:

• United States: The US remains the epicenter, with the largest number of EMILLIs and a culture that encourages investment in both real estate and financial markets.
• Europe and Asia: Growth has been robust in Europe and parts of Asia, particularly in countries where property values have surged and financial literacy has improved.
• Emerging Markets: The number of EMILLIs is also rising in emerging markets, though often from a lower base and with greater reliance on real estate than on financial assets.
• Heterogeneous: What unites EMILLIs is not a particular lifestyle or background, but the quiet accumulation of assets over time.
• Wealth Distribution: As the number of EMILLIs grows, wealth is becoming more broadly distributed, though significant gaps remain between regions and within societies.

Looking Ahead

The UBS report projects expects more than 5 million new millionaires globally by 2029, suggesting that the number of EMILLIs will continue to climb as well. As asset prices rise and the great wealth transfer accelerates, the Everyday Millionaire will become an even more prominent feature of the global economic landscape.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

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Meta Platforms, under the leadership of CEO Mark Zuckerberg, has ignited a fierce battle for artificial intelligence (AI) talent, offering compensation packages that have stunned Silicon Valley and the global tech industry. In 2025, Meta’s aggressive hiring spree has seen the company extend offers to AI experts that rival the pay of professional athletes and Fortune 500 CEOs—and even Zuckerberg himself.

Zuckerberg reportedly maintains a “literal list” of AI all-stars he is targeting for Meta’s new Superintelligence Labs, which is tasked with consolidating Meta’s foundational AI research and product development. Zuckerberg’s goal is to build advanced AI reasoning models and agents that can compete at the highest level. The list includes top engineers and researchers with the rarest, most valuable skills in the tech hiring market: those two words “artificial” and “intelligence.” Meta’s aggressive recruitment is driven by the need to catch up with rivals such as OpenAI, Google, and DeepSeek, especially after the tepid reception of Meta’s Llama 4 AI model.

• Top-tier AI researchers at Meta are reportedly being offered total compensation packages of up to $300 million over four years, with some initial year earnings exceeding $100 million. These deals typically include a mix of base salary, stock grants (often vesting immediately), and substantial signing bonuses.
• A recent report on an eye-popping compensation package turning heads is a $200 million deal, stretching over several years, for former Apple executive Ruoming Pang, who Bloomberg reports is joining Meta’s “Superintelligence team.
• For context, the highest-paid research engineers at Meta can earn up to $440,000 in base salary, while software engineers can reach $480,000. These figures exclude stock options and bonuses, which can double or triple the total package.
• Research scientist compensation at Meta ranges from $305,000 per year for mid-level roles to $581,000 for senior positions, with median annual pay around $400,000.
• OpenAI CEO Sam Altman has confirmed the aggressive offers, saying on the “Uncapped” podcast: “They (Meta) started making giant offers to a lot of people on our team, you know, like $100 million signing bonuses, more than that (in) compensation per year.” Other reports push back on the notion that these offers include signing bonuses, while still saying that quite a lot of money is being offered to researchers with AI expertise.

High-Profile Hires

• Ruoming Pang: Formerly Apple’s head of foundation models, Pang was lured to Meta with a pay package reportedly exceeding $200 million. Pang led Apple’s AI team responsible for developing large language models powering Apple Intelligence and other features. His move marks a significant blow to Apple and underscores Meta’s willingness to pay “tens of millions of dollars per year” for elite talent.
• Alexandr Wang: The former CEO of Scale AI, Wang was recruited to serve as Meta’s chief AI officer. His hiring was part of a $14.3 billion investment in Scale AI, and he now co-leads Meta’s new Superintelligence Labs.
• Nat Friedman: The ex-CEO of GitHub, Friedman joined Meta to help lead the Superintelligence Labs alongside Wang. He and Daniel Gross most recently led a venture capital fund, NFDG, that backed a number of prominent AI companies, most notably former OpenAI Chief Scientist Ilya Sutskever’s Safe Superintelligence, as well as Perplexity and Character.ai.
• Daniel Gross: In addition to running NFDG with Friedman, Gross served as CEO of Safe Superintelligence, Gross was also brought on board to strengthen Meta’s AI leadership.

Silicon Valley’s AI Talent Wars

Meta’s massive bet on AI talent is reshaping the landscape of tech compensation and intensifying the global race for artificial intelligence supremacy. The offers are so lucrative that they have prompted OpenAI’s leadership to recalibrate their own compensation strategies and express concern over the impact on company culture. Zuckerberg’s personal involvement in the recruitment process has been widely reported. He has been directly reaching out to top AI talent, hosting potential hires, and making offers that have blindsided competitors.

All of these compensation packages far exceed Zuckerberg’s own base salary, which is a symbolic $1, and Zuckerberg does not receive bonus compensation or stock awards. His perks include a pre-tax allowance for personal security, which came to $14 million in 2024, personal use of private aircraft, which came to roughly $2.6 million in 2024, and his massive horde of Facebook stock, which puts him at number two on the Bloomberg Billionaires Index with a net worth of $256 billion. As of 2024, Zuckerberg stood to make $700 million per year from Meta dividend payments alone.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

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The world of luxury fashion witnessed a historic moment as the original Hermès Birkin bag, once owned and used by the late British actress and singer Jane Birkin, sold for a staggering $10 million at Sotheby’s Paris.

The sale, which took place on July 10, 2025, shattered previous records and cemented the Birkin’s status as the most valuable handbag ever sold at auction.

A Legendary Bag With a Storied Past

• The bag: This was not just any Birkin—it was the very first prototype, custom-designed for Jane Birkin in 1984 after a chance encounter with Hermès CEO Jean-Louis Dumas on a flight. As Birkin told Vogue in 2012, she famously sketched her ideal bag on an airplane sickness bag, leading to the creation of what would become the world’s most coveted handbag.
• Personal touches: The well-worn black leather bag bears Birkin’s initials on the front flap, a pair of silver nail clippers she kept for convenience, and the faded outlines of stickers from Médecins du Monde and UNICEF—details unique to her personal use and never replicated in later editions.
• A piece of fashion history: Birkin carried the bag almost daily from 1985 to 1994 before auctioning it for charity. It has since changed hands among private collectors and appeared in major museum exhibitions.

The auction: A 10-minute bidding war

• Fierce competition: The auction opened at €1 million and quickly escalated, with nine collectors bidding online, by phone, and in the room. Gasps and applause filled the Paris auction house as the price soared past previous records.
• Final price: The hammer came down at €8.6 million (about $10.1 million), with the winning bid placed by a private collector from Japan.
• Record-breaking: The sale more than doubled the previous auction record for a handbag, which stood at $513,040 for a Hermès White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28.

Jane Birkin, who passed away in 2023, once joked that her legacy would be forever tied to the iconic bag that bears her name. Standard Birkin bags are notoriously difficult to acquire, often requiring years on a waiting list, and retail for over $10,000, but the original prototype’s direct link to its creator and its visible signs of use made it a unique piece of fashion history.

The Birkin’s value has consistently risen over the years, outperforming traditional investments like the S&P 500 and gold, making it a prized asset for collectors. News of the auction was previously reported by Business Insider and Artnet, among others.

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JPMorgan Chase CEO Jamie Dimon delivered a stark assessment of Europe’s economic prospects at an event in Dublin hosted by Ireland’s foreign ministry, warning that the continent faces a growing competitiveness crisis.

Dimon highlighted a dramatic shift in Europe’s economic standing relative to the U.S. “Europe has gone from 90% of U.S. GDP to 65% over 10 or 15 years. That’s not good,” he told the audience, which included Irish officials and business leaders.

He attributed this decline to structural issues and urged European policymakers to take bold action to reverse the trend. He added “the EU has a huge problem at the moment” when it comes to the competitiveness of its economy. Simply put, he said, “You’re losing.”

Calls for a complete single market

The JPMorgan chief argued Europe’s best chance at becoming more competitive is to finish building a truly unified internal market that works seamlessly across all industries. He referenced the report on EU competitiveness written in 2024 by former European Central Bank President Mario Draghi, emphasizing that deeper integration is essential if Europe wants to rebuild its global economic position.

While Dimon praised Ireland’s open economy, business-friendly policies, and strong education system, he contrasted this with the broader European picture. He described Ireland as a model for economic openness but warned the wider region is hampered by regulatory fragmentation and lagging innovation.

U.S.-Europe relations and tariff risks

Dimon also addressed the importance of transatlantic cooperation, stating, “America First is fine as long as it isn’t America alone.” He called for a new EU-U.S. tariff framework to be completed as soon as possible, warning that escalating trade barriers—such as recent U.S. tariffs on copper, Brazilian imports, and pharmaceuticals—could have significant negative effects, particularly for export-driven economies like Ireland.

Dimon cautioned financial markets are underestimating the risks posed by higher U.S. interest rates and new tariffs. He said the market is pricing only a 20% chance of further U.S. rate hikes, but he would put the odds at 40%-50%, citing inflationary pressures from tariffs, migration policies, and persistent budget deficits. He said he thinks there is “complacency” in markets.

Given Dimon’s status as an influential voice representing Wall Street, his remarks may serve as a wake-up call for European leaders and investors, underscoring the need for structural reforms and closer U.S.-EU collaboration to navigate an increasingly complex global economic landscape. Dimon’s remarks were previously reported by the Financial Times, Bloomberg, and the Irish Examiner, among others.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

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America’s housing market is flashing red on multiple fronts, with affordability at its worst in years and little relief in sight. From elevated mortgage rates to general lack of affordability to a death of first-time home buyers, here’s why Capital Economics says it sees “no clear path to housing recovery,” with housing market activity stuck in a slump since 2023. There’s just no end in sight, according to the London-based research firm. Here’s why.

1. Mortgage Rates Stuck Above 6.5%

• Mortgage rates are forecast to remain above 6.5% through the year, as the Federal Reserve is not expected to resume rate cuts until 2026.
• High rates are keeping monthly payments elevated, locking many would-be buyers out of the market.

2. It’s Not Seen as a Good Time to Buy

• The share of households saying it’s a good time to buy a home is near an all-time low.
• Record-high home prices, tight supply, and high borrowing costs have combined to make homeownership less attainable than at any point in recent memory.
• Even as more homes are being listed, the overall supply remains low by historical standards, offering little relief to would-be buyers.

3. Home Sales Recovery Is Weak and Slow

• Existing home sales are projected to be lackluster, reaching an annualized pace of 4.3 million in 2026 and 2027—well below pre-pandemic norms.
• The market remains in a prolonged slump, with activity unlikely to recover meaningfully until affordability improves.
• There is no clear trigger for a price correction: home prices are expected to rise by 1% in 2025 and 2% in both 2026 and 2027, keeping the market out of reach for many.

4. First-Time Buyers Are Especially Hard-Hit

• First-time buyers (FTBs) are facing the toughest conditions in decades. Last year, just 1.1 million FTB purchases were recorded—half the historical average.
• This is tough news for members of the Gen Z and millennial generations wanting to break into the housing market, since they are overwhelmingly the age of most historical FTBs, from the late 20s through early 40s.
• Higher borrowing costs and the lack of built-up home equity make it especially difficult for new entrants to break into the market.
• Even as mortgage payments as a share of income are expected to ease slightly (dropping below 35% of median FTB income in 2026), any rebound in FTB activity is expected to be modest at best.

Homebuilding: Margins Squeezed, Starts Slow

• Homebuilders have kept sales afloat by cutting prices and offering incentives, but rising construction costs—especially from tariffs on lumber—are squeezing margins.
• Single-family housing starts are forecast to fall to 900,000 by end-2026, before a slight recovery in 2027.
• New home sales are still robust, but mainly because the housing market has a a structural shortage of existing homes for sale. Also, the “new build premium”—the extra cost buyers typically pay for new properties—has disappeared as builders compete for budget-conscious buyers.
• Price cuts and longer time on market: 20% of listings now include a price drop, and the average time on market of 45 days is back near pre-pandemic levels.

Rental Market: Demand Strengthens as Supply Tightens

• Rental demand is surging as homeownership becomes less attainable, especially for younger adults. For 25–34-year-olds, owning a starter home now costs more than 50% of average income, compared to just under 39% for renting.
• Vacancy rates are falling: The apartment vacancy rate is expected to drop from its current 6.4% to 5.4% by end-2027.
• Rent growth is set to accelerate: After a period of subdued increases, rent growth is forecast to reach 2% in 2025 and 3.5% in 2026.
• Multifamily construction is slowing sharply, with starts projected to rise only gradually to 430,000 by 2027—well below the post-pandemic boom.

Outlook: No Quick Fix for Housing Woes

• Affordability will remain stretched for the foreseeable future, with no clear trigger for a price correction.
• Home sales will stay muted, and the market will not recover meaningfully until mortgage rates fall and incomes catch up.
• Landlords will be winners from this environment, as they’ll have room to raise rents from such tight market conditions. Capital Economics forecasts rent growth of 2% in 2025 and 3.5% in 2026.

In summary, the U.S. housing market is set for a slow, grinding recovery, with buyers facing persistent affordability challenges and rents ticking upward because of the ongoing freeze in for-sale activity.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

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We’ve gradually seen more people return to the office since the remote work norm of the pandemic, and now the winning and losing cities are becoming clearer.

Capital Economics tackled the issue of commercial real estate in its US Office Metros Outlook and found that 2025 will bring further pain for office values across all major metros, but a sharp regional divide is set to emerge from 2026 onward. Southern cities—led by Miami—are poised to remain the clear winners, while many western and northern metros still face a tough road ahead.

Winners: Southern metros take the lead

Miami is set to top the leaderboard in the next phase of the office market cycle. The city is forecast to achieve more than 15% capital growth over the next five years, with projected total returns of 9.5% per year from 2025 through 2029, including an elevated return rate of 12.5% per year for 2026 through 2029. This outperformance is driven by:

• Strong rent growth: Miami is expected to see annual rent increases of 3%–3.5% through 2027, and above 3.5% over the full five-year period.
• Robust absorption: The city continues to attract new tenants, benefiting from higher office utilization rates and faster office employment growth than most other metros.
• Falling vacancy: Miami, along with Houston, is one of the few markets expected to see a decline in vacancy rates between 2025 and 2027.

Houston is another southern winner, with capital growth forecast at 11.5% over the five-year span and strong rent prospects supporting its outlook. Capital Economics did note, however, that Houston offices look overvalued according to its analysis.

Broadly, Capital Economics says the winners from the last five years to remain the winners through the back half of the 2020s, a list that also includes Phoenix. The Sun Belt is projected to remain strong, with Dallas, Houston, and Miami projected to see increasing capital values through 2029. The six biggest markets in the U.S., however, are the losers in this projection.

Losers: Western and major Northern metros struggle

In contrast, the highest-growing pre-pandemic metros were the losers of the last five years and set to remain so, Capital Economics says. This means most western and major northern metros are expected to face continued declines:

• San Francisco, Chicago, and Los Angeles are singled out for a particularly poor outlook, with further falls in office values and persistently high vacancy rates.
• San Francisco’s vacancy rate has surged by nearly 14 percentage points since late 2019, and is forecast to keep rising throughout the next five years.
• Rents are expected to fall in San Francisco and Seattle over 2025 to 2027, whereas Capital Economics sees rents growing “in most markets.”

These western and northern metros are hampered by higher shares of remote work, expensive rents, and weak office-based job growth.

The middle ground: Austin, Dallas, and Atlanta

• Austin has seen office jobs surge by nearly 35% since 2019 according to the latest annual data available, and supply struggling to keep up, even though it has strong completions, at over 3% of inventory in both 2023 and 2024. Austin is one of just three markets, also including Miami and Dallas, where completions are projected at 0.5% or more of inventory from 2025 to 2027, and “even those levels are way down on the recent past.”
• Dallas is forecast to see only a slight increase in vacancy, with strong rent growth prospects.
• Atlanta is the only metro besides Miami to have seen vacancy decline since 2019.

National trends: Vacancy, supply, and demand

• Office completions in 2024 fell to their lowest share of inventory since 2012 and are set to slow further, reflecting high vacancy rates, rising debt and construction costs, and falling office values.
• Vacancy rates remain elevated, with 10 of 17 major metros exceeding 20% at the end of 2024.
• Office-based job growth remains flat, with total jobs up 1.2% year-over-year but office jobs unchanged for the first half of 2025. The information sector, including tech, is a major drag, with job cuts up 27% in the first half compared to the previous year.
• Office attendance (keycard swipes) is steady at just over 50% nationally, but southern cities show much higher utilization than their western counterparts.

Key Takeaways

1. Office values: more pain before the gain

• All metros are expected to see further declines in office values through 2025.
• Recovery is projected from 2026, led by southern markets.
• Miami is forecast to achieve over 15% capital growth over the next five years, with Houston following at 11.5%.
• Phoenix stands out as an outlier, benefiting from a high income return component, but Miami remains the top performer with projected total returns of 9.5% per annum (2025-29), rising to 12.5% per annum (2026-29).

2. Demand: Southern strength, Western weakness

• The overall labor market has been resilient, but office-based job growth remains flat (0.0% in 1H25 vs. 1H24).
• Information sector jobs—including tech—are down 0.6%, with tech sector job cuts up 27% year-over-year, driven by visa uncertainty and AI advancements.
• Southern metros have led in office-based job growth since the pandemic. For example, Austin’s office jobs are up nearly 35% compared to 2019.
• Office attendance (keycard swipes) is steady at just over 50% nationally, but southern cities show much higher utilization than western metros.
• Absorption (the net change in occupied office space) turned negative again in 1Q25, with western and major markets expected to see further declines, while Miami continues to attract new tenants.

3. Supply, vacancy, and rents: Tale of two regions

• National office completions in 2024 hit their lowest level as a share of inventory since 2012 and are set to slow further.
• Austin led completions in 2023-24, but new supply is expected to drop across all 17 tracked markets.
• Vacancy rates remain elevated: 10 of 17 metros had rates above 20% at the end of 2024. Only Atlanta and Miami have seen vacancy decline since late 2019; San Francisco’s vacancy rate has jumped nearly 14 percentage points.
• Vacancy is expected to keep rising in most markets, especially San Francisco, but Houston and Miami should see declines in 2025-27.
• Rents are forecast to grow in most markets over the next three years, except for San Francisco and Seattle, where net declines are expected.
• Miami stands out with 3%–3.5% annual rent growth forecast for 2025-27, and above 3.5% for the full five-year period.

Outlook: a divided recovery

The U.S. office market is continuing its half-decade of sharp regional divergence. Southern metros—especially Miami, Houston, and Phoenix—are set to benefit from stronger job growth, higher office utilization, and robust rent increases. In contrast, western and major northern cities are likely to continue to struggle with persistent vacancies, weak demand, and falling values.

For investors, developers, and tenants, the message is clear: the forthcoming shakeout from America’s return to office will create distinct winners and losers, with the South leading the way into recovery.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

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Elon Musk, the world’s richest person, suffered a dramatic financial setback after announcing the formation of what he said would be a new political organization, the “America Party.” The move, which followed a highly publicized feud with President Donald Trump, sent shockwaves through financial markets and triggered a sharp sell-off in Tesla shares.

Key developments

• Net Worth Drop: Musk’s net worth fell by as much as $15 billion in the days following the announcement of his political party.
• Market Reaction: Tesla stock dropped nearly 7% on the first trading day after the announcement, erasing about $68 billion in market value for shareholders.
• Investor Sentiment: Wall Street analysts and investors cited growing fatigue with Musk’s increasingly controversial political activities as a key factor behind the sell-off.

Timeline

July 5, 2025: Musk officially declared the formation of the America Party on his social media platform, X, positioning it as an alternative to the two major U.S. parties.

July 7–8, 2025: The first trading day since Musk’s weekend announcement, Tesla shares tumbled, and Musk’s personal fortune dropped by as much as $15 billion, according to the Bloomberg Billionaires Index. As of July 9, it stands at $349 billion with Tesla shares broadly unchanged.

Business vs. politics

The market’s reaction underscores the delicate balance between business leadership and political activism for high-profile CEOs. Following Musk’s public break with President Donald Trump over the passage of a sweeping tax and spending bill—which Musk called “insane” and accused of “bankrupting” the country—he declared the formation of the America Party on his X platform, citing a poll in which two-thirds of his followers supported the idea. The billionaire’s stated goal is to disrupt the entrenched two-party system, focusing the party’s efforts on just a handful of Senate and House seats to serve as a swing bloc in Congress.

The announcement came after months of Musk serving as the unofficial head of Trump’s Department of Government Efficiency, where he championed cost-cutting and deficit reduction. But the relationship soured when Trump signed the “One Big Beautiful Bill Act,” as Musk warned of its estimated cost to the federal deficit. Their feud escalated further when Trump threatened to revoke billions in federal subsidies that Musk’s companies depend on.

Musk positioned his America Party as a home for the “80% in the middle” frustrated by partisan extremes. Although the party has not yet been formally registered with the Federal Election Commission, Musk’s advisors are reportedly exploring the use of a SuperPAC to build initial momentum and gather support.

Musk’s move has attracted interest from other political outsiders, including Andrew Yang’s Forward Party and the Libertarian Party, who see an opportunity to challenge the “duopoly” of Democrats and Republicans. Yet, the practical challenges are formidable: ballot access laws, signature requirements, and the entrenched power of the two major parties have stymied previous third-party efforts.

Despite these obstacles, Musk’s willingness to spend heavily—having already poured hundreds of millions into past campaigns—could make the America Party a factor in the 2026 midterms, especially if it can tip the balance in closely contested districts.

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Nvidia made history by becoming the world’s first publicly traded company to surpass a $4 trillion market capitalization. The milestone was reached as Nvidia’s stock price surged to $164.42 during intraday trading on July 9. 

The company’s stock has soared by approximately 1,460% over the past five years, with a near 18% gain registered year-to-date. Nvidia’s ascent is driven by its near-monopoly on AI chip manufacturing, with its graphics processing units (GPUs) forming the backbone of machine learning, data centers, and large language models. The Silicon Valley giant’s chips are now essential for tech giants including Microsoft, Amazon, Meta, and Alphabet.

Jensen Huang’s net worth

Nvidia’s historic rally has had a dramatic impact on the personal fortune of its co-founder and CEO, Jensen Huang. As of July 2025, Huang’s net worth is estimated by Bloomberg at $140 billion, up $25 billion this year alone.

Huang owns about 3.5% of Nvidia, making him the largest individual shareholder. This surge places Huang among the world’s 10 richest individuals, with his fortune closely tracking Nvidia’s stock performance.

Nvidia now holds the heaviest weighting on the S&P 500 index, surpassing tech giants Apple and Microsoft. The milestone has fueled optimism for further growth, with some analysts projecting Nvidia’s market cap to keep rising. Loop Capital’s Ananda Baruah sees Nvidia at the “front-end” of the next “Golden Wave” for generative AI pushing it past $6 trillion in coming years.

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Linda Yaccarino is stepping down as CEO of X (formerly Twitter) after two years at the helm, marking a significant leadership change at the Elon Musk–owned social platform. Yaccarino announced her resignation on Wednesday in a post on X, expressing pride in the company’s turnaround and gratitude to Musk for entrusting her with the role. She highlighted the platform’s changes, stating that “the historic business turnaround we have accomplished has been nothing short of remarkable.” Musk publicly thanked her for her contributions in a social post.

Yaccarino did not specify a reason for her departure. However, her exit comes just a day after X’s Grok AI chatbot was found posting anti-Semitic material, reigniting scrutiny over the platform’s content moderation policies. While it is unclear if this incident directly prompted her resignation, Yaccarino had faced sustained pressure from the advertising industry amid ongoing controversies involving Musk and the platform’s handling of hate speech and misinformation. Major brands including Disney, Apple, and IBM had pulled advertising from X in November 2023 as a direct result of X’s proximity to anti-Semitic content, just months after Yaccarino was appointed.

History at X

Yaccarino, who joined X in May 2023 after a long tenure running NBCUniversal’s ad business, was Musk’s first permanent CEO hire after his 2022 acquisition of the platform. She was brought in to restore advertiser confidence and stabilize the business following a period of turbulence and advertiser exodus triggered by Musk’s controversial statements and a shift toward less content moderation. Under her leadership, X introduced new features like Community Notes, which allow for users to add more information, supposedly context, to their posts. She also laid the groundwork for the rollout of X Money, part of Musk’s vision to integrate financial services into the platform (Musk was part of what Fortune dubbed the PayPal Mafia, with X.com being Musk’s original name for what became PayPal). Yaccarino also extended partnerships with major sports leagues and creators.

Despite these efforts, the advertiser exodus of 2023 meant that X’s ad revenue was quite depressed. Analysis of third-party data suggested that the private company was generating ad revenue of about half its pre-Musk levels, although 2025 was projected to see growth for the first time in four years.

Industry impact

Yaccarino’s resignation adds uncertainty to X’s future as it continues to grapple with advertiser skepticism. Her efforts to balance Musk’s vision of a free-speech platform with the demands of the advertising community and broader societal concerns over online safety were continual.

This is a developing story; further updates are expected as X announces its next steps.

Here’s her announcement post:

After two incredible years, I’ve decided to step down as CEO of 𝕏.

When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I’m immensely grateful to him for entrusting me…

— Linda Yaccarino (@lindayaX) July 9, 2025

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On July 4, OpenAI CEO Sam Altman, once a prominent Democratic donor, declared himself “politically homeless.”

While Altman cited his personal disillusionment with political parties, his comments are emblematic of a broader realignment underway in Silicon Valley—a region once synonymous with progressive politics, now witnessing a high-profile migration of its elite toward the political right.

“I’m not big on identities, but I am extremely proud to be American,” Altman wrote in a post on X. “This is true every day, but especially today—I firmly believe this is the greatest country ever on Earth. The American miracle stands alone in world history.”

It was a pointed critique of the Democratic Party’s perceived drift away from innovation and entrepreneurship, as Altman explicitly called for a renewed focus on what he called “technocapitalism”—a philosophy that champions both wealth creation and broad-based prosperity through innovation.

Silicon Valley’s political shift

Altman’s public break with the Democrats is not an isolated event. It comes at a time when Silicon Valley’s political allegiances are in flux. For decades, the tech industry was seen as a reliable ally of the Democratic Party, especially during the Obama years, when the administration fostered close ties with tech leaders such as Google’s Eric Schmidt. However, as the Biden administration increased regulatory scrutiny—particularly around artificial intelligence, cryptocurrency, and antitrust—many tech executives began to feel alienated.

Altman’s critique echoes a growing sentiment among tech leaders that the Democratic Party has become hostile to the very forces—innovation, entrepreneurship, and wealth creation—that once defined Silicon Valley’s ethos.

The jury is out on the true nature of this split, as Silicon Valley has long had a libertarian bent while Democrats of left-wing and center-lift varieties have long favored strong regulation, but the Trump years have created new coalitions. Prominent tech and venture capital executives have increasingly aligned with the Republican Party while expressing the sentiment that they don’t feel at home anymore with the Democrats.

The political divide in Silicon Valley is now stark. While many tech workers remain liberal or progressive, the upper echelons—CEOs, venture capitalists, and founders—are increasingly embracing conservative or libertarian ideologies.

Fear of “anti-billionaire” sentiment

The shift is driven by several factors:

• Many leaders believe that Democratic policies stifle innovation through overregulation and punitive taxation.
• Executives cite a growing “anti-billionaire” and anti-tech sentiment within progressive circles, which they see as antithetical to Silicon Valley’s culture of risk-taking and wealth creation.
• The Trump administration’s deregulatory stance, especially on AI and crypto, has proven attractive to tech elites seeking fewer constraints on their businesses.

Perhaps the most striking example of Silicon Valley’s rightward drift is Marc Andreessen, cofounder of Andreessen Horowitz. Formerly a Democrat, Andreessen has become a vocal supporter of Donald Trump, citing the Biden administration’s regulatory approach as a threat to the startup ecosystem. In July 2024, Andreessen and his partners released the “Little Tech Agenda,” a policy document advocating for deregulation, lower taxes, and a hands-off approach to innovation. This effectively provided a “permission structure” for tech leaders to back Trump and the GOP.

Andreessen’s transformation is emblematic of a broader trend: the tech elite’s growing willingness to align with conservative populism if it means protecting their interests and vision for the future. Andreessen’s “Techno-Optimist Manifesto” from 2023 argued that technological innovation is the ultimate solution to social problems and that regulatory constraints are obstacles to be overcome, not safeguards to be respected.

Altman’s declaration of political homelessness and Andreessen’s rightward shift both signal a profound change in the political landscape of Silicon Valley—and then there’s Elon Musk’s deep involvement with Republican politics. A major backer of Donald Trump’s reelection in 2024, then a prominent member of the first few months of Trump’s second term, and finally an exile from the White House, Musk recently launched the “America Party,” a new political party that he said will provide voters with an alternative to the Democratic and Republican parties.

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• The United States is facing its most severe measles outbreak in more than three decades, with confirmed cases surpassing any annual total since 1992.

Public health officials are sounding the alarm as the nation grapples with a resurgence of a disease once declared eliminated, driven largely by falling vaccination rates and growing vaccine hesitancy.

As of early July, at least 1,277 measles cases had been confirmed across 38 states and the District of Columbia, according to data collected by Johns Hopkins University. This figure marks the highest tally since 1992, when more than 2,100 infections were reported.

The outbreak has resulted in at least 155 hospitalizations and three deaths, including two children in Texas and an adult in New Mexico, all of whom were unvaccinated. The CDC warns that the actual number of cases may be higher, as some infections go unreported.

• Texas has emerged as the epicenter, with over 750 cases since January, particularly in communities with low vaccination coverage.
• New Mexico and Kansas have also reported significant outbreaks.
• In total, 38 jurisdictions had documented cases as of July 1.

The surge in measles cases is closely linked to a decline in vaccination rates, especially among children. A recent analysis by Johns Hopkins found that the average county-level measles-mumps-rubella (MMR) vaccination rate dropped from 93.9% before the COVID-19 pandemic to 91.3% in 2024 — well below the 95% threshold needed for herd immunity. In 2023-24, a record number of kindergartners received exemptions from required vaccinations, leaving over 125,000 new schoolchildren without at least one mandated vaccine.

According to the CDC, 92% of this year’s measles cases involved individuals who were unvaccinated or whose vaccination status was unknown. Only about 8% of confirmed cases occurred in people who had received one or two doses of the MMR vaccine.

Measles is among the most contagious diseases known. Health officials are urging Americans to get vaccinated, emphasizing that the MMR vaccine is safe and 97% effective after two doses. In response to the outbreak, Texas alone administered over 173,000 doses of the measles vaccine in the first three months of 2025, a notable increase from the previous year.

Experts warn that if the current rate of transmission continues, the U.S. could lose its measles elimination status — a designation it has held since 2000. The CDC and local health departments are intensifying outreach and vaccination campaigns, particularly in communities with low coverage.

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U.S. Attorney Jeanine Pirro’s office has filed a civil forfeiture complaint to recover $40,300 in cryptocurrency allegedly stolen during a scheme targeting a donor to the Trump-Vance Inaugural Committee. According to the complaint, the scam began when the victim received an email on Christmas Eve, 2024, purporting to be from Steve Witkoff, co-chair of the Trump-Vance Inaugural Committee. All told, the intended donor sent $250,300 worth of crypto, authorities said.

Believing the request was authentic, the victim transferred 250,300 USDT.ETH, a stablecoin pegged to the dollar on the Ethereum blockchain, to a cryptocurrency wallet controlled by the scammer, whose operation was traced to Nigeria. Within two hours, the funds were allegedly laundered through a series of additional wallets, making recovery difficult.

Despite the complexity of the blockchain transactions, the FBI’s Washington Field Office was able to trace and recover $40,300 of the stolen cryptocurrency through advanced blockchain analysis. The recovered funds are now the subject of the civil forfeiture action, with the goal of returning them to the victim.

Subtle email trick

The fraudulent message appeared to come from a legitimate campaign address, but in reality, the sender had swapped the lowercase “i” in the domain “@t47inaugural.com” with a lowercase “l” — a subtle change nearly indistinguishable in many fonts. This classic email spoofing technique is a hallmark of Business Email Compromise (BEC) schemes, which cost Americans millions per year.

“All donors should double and triple check that they are sending cryptocurrency to their intended recipient. It can be extremely difficult for law enforcement to recoup lost funds due to the extremely complex nature of the blockchain,” U.S. Attorney Pirro warned.

The Department of Justice acknowledged Tether, the issuer of USDT, for its assistance in facilitating the recovery of the stolen assets. The case is being prosecuted by Assistant U.S. Attorney Rick Blaylock, Jr., and remains under investigation by the FBI Washington Field Office’s Criminal and Cyber Division.

This incident underscores the evolving tactics of cybercriminals and the importance of vigilance when handling digital assets. As cryptocurrency becomes increasingly integrated into political fundraising and charitable giving, officials urge all donors to exercise extreme caution and verify recipient details before making any transfers.

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