Crypto News: Mickey Mouse has measles

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Today's Agenda

More measles cases to treat.
Data centers bring the heat.
A tunnel rail would be neat.
Tax refunds aren't such a feat.

Measles in the Magic Kingdom

Disney sure has made a lot of headlines this week. In addition to the board choosing a real-life Tom Wambsgans to replace Bob Iger as CEO, Disneyland has been taken on a ride it did not sign up for:

This isn't the theme park's first rodeo with measles. There's an entire Wikipedia page dedicated to the Great Disneyland Measles Outbreak of 2015, which eventually spread to seven states, Mexico and Canada. But unlike a decade ago, this latest news doesn't come as a surprise. Health and Human Services Secretary Robert F. Kennedy Jr. has spent the past year sowing doubt about vaccines and dismantling longstanding public health precautions. It was only a matter of time before measles weaseled its way into the Happiest Place on Earth:

The exposure windows include Goofy's Kitchen at the Disneyland Hotel from 10:30 a.m. to 1:30 p.m., and Disneyland Park and Disney California Adventure Park from 12:30 p.m. to closing. Dr. Eric Ball, a pediatrician in Orange County, told SFGATE a theme park like Disneyland presents unique challenges to tracking exposure.

If Mickey Mouse's challenge sounds daunting, just look what's happening 2,000 miles across the country in South Carolina, now home to the largest US measles outbreak in 25 years:

With numbers continuing to rise, Lisa Jarvis says the US is all but certain to lose its measles elimination status in April. "We're entering a stage where measles is becoming the status quo, rather than the rare exception; where the stray case can easily turn into a monthslong outbreak, rather than a quickly contained incident," she writes.

In a briefing with reporters last week, South Carolina's epidemiologist noted that unlike rural Texas, where last year's outbreak occurred, Spartanburg County — where the cases are concentrated — is very compact.

"Without better vaccination coverage, the disease will continue to spread," Lisa warns. That's not what any parent — or new CEO — wants to hear.

It's Getting Hot In Here

I can't fathom spending $12 billion on anything, but President Donald Trump certainly can. On Monday, the administration announced a massive stockpile of critical minerals, nicknamed Project Vault. David Fickling says "it should easily be sufficient to buy every gram of critical minerals consumed outside of China in a year." But — and here's my question — what is the US going to do with all that copper, aluminum, nickel, chromium and manganese?

Build stuff, probably: Lara Williams says "as much as $7 trillion could be spent globally on data centers by 2030."

"Most of the energy data centers consume is transformed into heat as well compute capacity. Often, this heat is wasted," Lara notes. So … why not try and recycle it? Heat of the low-grade variety is actually a precious resource. It's the perfect temperature for warming heat pumps, swimming pools and even lobster tanks. Reusing thermal energy isn't exactly easy — you need to be close to the heat! — but Lara says it's worth it: "Cheaper heating is a major boon for concerned residents in an era of high energy prices, and developers ought to remember that if they want a smooth ride."

Bonus Data Center Reading: Some AI gig workers make $1,000 an hour. Can that last? — Parmy Olson

Hudson River Tunnel Romance

In his op-ed today, Michael R. Bloomberg implores the Trump administration to stop holding up funding for "The Gateway" project, which promises a two-tube rail tunnel under the Hudson River that would connect New York City and New Jersey.

"This is not some local pet project," he notes. "It's of national economic importance. The new tunnel will allow passengers up and down the East Coast to move faster and more reliably, while also mitigating road congestion in numerous states and relieving air travel pressures. It will also expand the entire region's labor market, accelerate its housing growth, and increase its business activity and investment."

In addition to ALL THAT, I — your humble newsletter writer, having witnessed many single friends swipe left on eligible dating profiles for the sole reason that they live in New Jersey — will add another reason to the list: romance. Imagine being able to live in the West Village and date someone in Hoboken!! Right now, it's a logistical nightmare. But in a decade, who knows! Maybe they'll be making rom-coms about it. Infrastructure can change everything — including modern love itself.

Telltale Charts

With tax season right around the corner, Treasury Secretary Scott Bessent is spreading the good news: Americans are getting bigger-than-usual refunds this year! The money will act as the kindling to what he calls a "non-inflationary boom." It sounds fabulous, if only it were true: "It's difficult for any tax cut not to land mostly in the bank accounts of the affluent," Justin Fox explains. "Even in the middle of US income distribution, tax refunds appear to be saved more often than spent."

Nintendo, though, could use some of those tax refund dollars. Gearoid Reidy says the gaming giant's finances have been dented due by rumors of a soft holiday season, tariffs and surging memory costs. "But investors should look beyond all that. The Switch 2 has already sold over 17 million units, tracking well ahead of its predecessor, which was also finally confirmed Tuesday as the firm's best-selling device ever, with more than 155 million units. There's every reason to believe its successor can go on to achieve similar feats — if it can get the most crucial thing right," he writes.

ICYMI

Beaches are full of junk.

Builders push for "Trump Homes."

Curt Cignetti couldn't save Chipotle.

The Pentagon's latest bone to pick.

Kickers

Corporate bullying works sometimes.

CorePower teachers go on strike.

A giant rocket leak delays NASA.

Jacob Elordi really did that.

Notes: Please send extra guac and feedback to Jessica Karl at jkarl9@bloomberg.net.

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