Crypto News: Gold's new normal

Good morning. Gold above $5,000 an ounce may be the new normal. Humanoids are coming to an assembly line near you. And meet the minipig, Europe's answer to building biotech muscle. Listen to the day's top stories.

— Angela Cullen

Markets Snapshot

S&P 500 Index Futures

6,882.75

-0.54%

Nasdaq 100 Index Futures

24,941

-0.56%

Bloomberg Dollar Spot Index

1,188.13

+0.01%

Market data as of 06:56 am EST.

View or Create your Watchlist

Market data may be delayed depending on provider agreements.

The S&P 500 is poised for a monthly loss after a whirlwind February defined by twin fears: that the AI trade has become a bubble, and that the technology itself could prove deeply disruptive. Treasuries, meanwhile, are wrapping up their best monthly performance in a year, a reminder that—for now at least—the $30 trillion market still reigns as a safety valve, regardless of all the doubts about US fiscal health. And if you thought bullion was the refuge of risk-averse retirees, think again. Gold above $5,000 an ounce is starting to look like the new normal.

Exhale. Netflix investors cheered its decision to drop the fight for Warner Bros. Dell shares also rallied after the company gave a bullish outlook for sales of AI servers. Not so uplifting is SAP's new bonus system; it prompted an outcry from staff, who lambasted the policy as rewarding underperforming managers while holding lower-ranking workers to a higher standard. And we've been writing a lot about the perils of the private credit market. The latest blowup in London is proving to be a case of history repeating.

WHO Chief Says World Is 'Vulnerable' to Next Pandemic

WHO Director-General Tedros Adhanom Ghebreyesus talks to Mishal Husain about childhood trauma, Covid's lessons, vaccine skeptics, and why a divided world is vulnerable to the next pandemic.

Watch the Video

Hillary Clinton said she denied any association with disgraced financier Jeffrey Epstein during a "repetitive" hours-long deposition before congressional investigators on Thursday. She told reporters after the closed-door hearing that she's confident her husband Bill Clinton knew nothing about Epstein's crimes. Set to face questioning on Friday, he'll be the first ex-president forced to testify before Congress.

Jared Kushner, Steve Witkoff and Omani Foreign Minister Badr Albusaidi during a meeting in Geneva on Feb. 26. Photographer: Omani Ministry of Foreign Affairs/AFP/Getty Images

Deep inside Vladimir Putin's war machine, the cracks are beginning to show. As sanctions tighten and revenues slump, even regions that have seen massive increases in military spending are feeling the pinch. At the same time, Donald Trump has put just two men in charge of resolving the war in Ukraine as well as the US standoff with Iran—his son-in-law Jared Kushner, and longtime friend Steve Witkoff. Whatever the debate about their credentials, the bigger question is: Can they keep up with it all?

Deep Dive: Rise of the Robots

Hyundai's Atlas Prototype on display during the Consumer Electronics Show in Las Vegas in January. Photographer: Travis P. Ball/Sipa USA

Elon Musk's Optimus may have grabbed the early headlines in the humanoid robot race, but Hyundai Motor is hot on its heels with Atlas, a sleek machine equipped with human-scale hands, tactile sensing, and fully rotational joints.

Long known for affordable, dependable cars, the South Korean giant is pumping billions into robotics after snapping up Boston Dynamics in 2021 (remember "Spot," the robot dog?) and luring top talent from Tesla and Nvidia.
The economics are turning heads. At a price of $100,000, Atlas' operating cost would undercut the $7.25 federal minimum wage and land well below the $20-$38 an hour typical in auto plants. Analysts estimate it could replace 3 million to 4 million assembly workers globally once it enters the "workforce" in 2028.
But competition is fierce. Chinese manufacturers accounted for the vast majority of the roughly 13,000 humanoids shipped globally last year, according to Omdia. They're cheaper, too: Unitree Robotics lists its latest model at $4,900, while AgiBot is asking about $14,000 for a scaled-down version.
Even so, investors are betting Hyundai can turn its scale, engineering prowess and early-mover ambition into an edge, and that's why its shares are on a tear.

The Big Take

For decades, Finland allowed investors from Russia to buy real estate. Russians quietly amassed thousands of properties on NATO's eastern flank, some close to military bases and critical infrastructure. Now, the government in Helsinki is grappling with how to tell what's innocent investment and what might be a threat.

Big Take Podcast

A Caracas-Eye View on US Plan for Venezuela

Opinion

Bombing Iran could upend Trump's plans for the Middle East, writes Hal Brands. Perhaps we're about to be reminded, yet again, why the regional landscape remains so treacherous.

More Opinions

Lara Williams

I'm Vegetarian. But I Eat Deer.

Aaron Brown

Kalshi and Polymarket Are Economic Oracles

Play Alphadots!

Our daily word puzzle with a plot twist.

Today's clue is: Paddle battle

Play now!

Before You Go

Source: Ellegaard Göttingen Minipigs

Forget lab rats. A new kind of research tool is emerging as part of the European Union's drive to create a more resilient and competitive biotech sector. Easy to breed and inexpensive, these animals helped pave the way for Novo Nordisk's diabetes and obesity blockbusters Ozempic and Wegovy: Meet the minipig.

A Couple More

Cancer Risk Is Lower for Vegetarians But Not Vegans, Study Finds

Trump's Pesticide and Vaccine Moves Spur MAHA Backlash Ahead of Midterms

Bloomberg House Miami: For the first time, Bloomberg House goes beyond Davos, arriving on April 29-30 at the Formula 1 Miami Grand Prix. Join global leaders for compelling conversations and exclusive gatherings across finance, entertainment, technology and sports. Learn more.