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Silicon Valley explodes over California's proposed wealth tax
Tech friendly Dem congressman faces primary calls after supporting the measure
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Hello Capitalists,
Here is everything you should be following today:
Silicon Valley tech unloads on favored Cali rep for Wealth Tax support
Precious metals rebound after Monday dip as rally continues
Walmart’s online presence suffers major outage
Single Arkansas ticket holder scoops 2nd biggest Powerball prize ever
Sam Adams newest beer is 30% Abv and banned in 15 states
Today’s markets + assets:
🔴 DOW: 48356.87 (⬇️ 0.22%)
🔴 S&P: 6901.13 (⬇️ 0.07%)
🔴 NASDAQ: 23462.409 (⬇️ 0.06%)
⚠️✅CBOE VIX Volatility Index: 14.24 (⬆️ 0.28%)
✅ Gold: $4389.30 (⬆️ 1.05%)
✅ Silver: $77.47 (⬆️ 9.94%)
✅ Bitcoin: $88,530 (⬆️ 1.60%)
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Silicon Valley erupts against Khanna endorsement of a Cali wealth tax
Democratic Rep. Ro Khanna, a longtime Silicon Valley ally and architect of major tech-boosting legislation, is facing fierce backlash from prominent venture capitalists and entrepreneurs after endorsing a proposed California wealth tax targeting billionaires to fund health care.
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Tech leaders threaten exodus: Investors like Vinod Khosla warn top talent will flee California if the tax on unrealized gains passes, harming the state’s innovation ecosystem.
Venture capitalists turn hostile: Figures including Andreessen Horowitz’s Martin Casado and Y Combinator’s Garry Tan vow to oppose Khanna politically, with calls to “primary him” or vote him out.
Khanna defends modest approach: The congressman advocates exemptions for startup founders with illiquid stock and dismisses exodus threats as defying economic sense, echoing FDR’s quip about missing departing wealthy.
Broader Democratic tensions rise: While national polls show strong support for taxing the rich, California Gov. Gavin Newsom calls state-level billionaire taxes impractical amid growing Republican inroads in tech circles.
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Precious Metals lead the charge into 2026
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Copper surges to record high: Copper prices on the London Metal Exchange soared to a record $12,960 per metric ton in the previous session before easing slightly to $12,405 Tuesday, capping a 41% annual surge fueled by AI-driven data center demand and persistent supply disruptions. While some like Goldman Sachs predict a near-term pullback to $10,000–$11,000 range, la ong-term climb to $15,000 by 2035 reflects robust structural demand.
Silver recovers from it’s slide: Silver prices prices tilted sharply upwards Tuesday, climbing over 7% to $75.54 per ounce after a record overnight high of $80, capping a blockbuster 2025 with staggering 158% year-to-date gains fueled by surging industrial demand and geopolitical tensions.
Gold surges back dramatically: Gold prices rebounded Tuesday, climbing 1% to around $4,375 per ounce after hitting a two-week low, as buyers returned amid persistent geopolitical tensions and a weaker dollar following year-end profit-taking.
Walmart app website crash chaos
A widespread outage struck Walmart’s website and mobile app on Tuesday, leaving thousands of U.S. customers unable to shop online, complete checkouts or access accounts during the busy post-holiday period.
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Outage reports surge: Over 6,500 users flagged issues on Downdetector shortly after 7 a.m. ET, with most problems tied to the app.
Broader services hit: Disruption extended to Sam’s Club site and delayed Walmart deliveries via Amazon’s Spark Driver platform.
Resolution brings relief: Walmart’s online platforms returned after nearly two hours, restoring access for frustrated shoppers.
Company stays silent: Walmart declined to comment on the cause or details of the technical failure.
Arkansas ticket snags $1.8B Christmas jackpot
A single Powerball ticket sold at a gas station in Cabot, Arkansas, matched all six numbers in the Christmas Eve drawing Wednesday, claiming a staggering $1.817 billion jackpot — the second-largest in U.S. lottery history.
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Second-Largest Prize: This $1.817 billion win trails only the $2.04 billion jackpot claimed in California in 2022, with a cash option of $834.9 million before taxes.
Rare Arkansas Victory: It marks just the second Powerball jackpot ever sold in Arkansas, the first occurring back in 2010.
Prize Payment Choices: Winner can select annuity with one immediate payment plus 29 escalating annual installments or a lump-sum payout of $834.9 million.
Slim Winning Odds: Chances of hitting the jackpot stood at 1 in 292.2 million, ending a lengthy rollover streak since the last win in September.
Samuel Adams Unleashes 30% Beer Banned in 15 States
Boston Beer Company’s Samuel Adams has released Utopias 2025, a barrel-aged brew boasting a staggering 30% alcohol by volume — so potent it’s banned for sale in 15 states due to laws capping beer strength.
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Extreme Sipping Experience: Non-carbonated and ruby-black, Utopias offers complex notes of caramel, oak, dried fruit, subtle smoke, and citrus, resembling barrel-aged spirits more than typical beer.
Limited Collectible Release: Bottled in 24.5-ounce resealable ceramic containers for 12-24 small servings, it launched in October with a suggested retail price of $240 per bottle.
State Ban Specifics: Prohibited in Alabama, Arkansas, Georgia, Idaho, Missouri, Mississippi, Montana, New Hampshire, North Carolina, Oklahoma, Oregon, South Carolina, Utah, Vermont, and West Virginia.
Health Risk Warnings: Experts caution that its high ABV can lead to rapid intoxication and alcohol poisoning risks, far exceeding standard beers in a similar pour.
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