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‘This year is just not a jewelry Christmas’: Meet a 64-year-old small businesswoman who’s seen her Main Street decline for the last decade

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She had worked 22 days straight in her job as a technician at an engine plant to save up, and now Daijah Bryant could finally do what she was putting off: Christmas shopping.

Bryant pushed her cart out of a Walmart in Rocky Mount, North Carolina, and loaded her sedan’s backseat with bags of gifts. While they would soon bring joy to her friends and family, it was difficult for the 26-year-old to feel good about the purchases.

“Having to pay bills, if you happen to pay rent and try to do Christmas all at the same time, it is very, very hard,” she said with exasperation.

Ahead of President Donald Trump’s Friday evening visit to Rocky Mount, some residents say they are feeling an economic squeeze that seems hard to escape. The uneasy feeling spans political affiliation in the town, which is split between two largely rural and somewhat impoverished counties, although some were more hopeful than others that there are signs of reprieve on the horizon.

This will be Trump’s second event this month aimed at championing his economic policies ahead of a consequential midterm election next year, both held in presidential battleground states. Similar to Trump’s earlier stop in Pennsylvania, Rocky Mount sits in a U.S. House district that has been historically competitive. But earlier this year, the Republican-controlled legislature redrew the boundaries for the eastern North Carolina district to favor their party as part of Trump’s push to have GOP-led states gerrymander their congressional districts to help his party retain its House majority for the last half of his term.

Rocky Mount may be in a politically advantageous location, but the hardships its residents report mirror the tightening financial strains many Americans say they are feeling, with high prices for groceries, housing and utilities among their top concerns. Polls show persistently high prices have put Americans in a grumpy mood about the state of the economy, which a large majority say is performing poorly.

Trump has insisted the economy is trending upward and the country will see some relief in the new year and beyond. In some cases, he has dismissed affordability concerns and encouraged Americans to decrease their consumption.

‘Without the businesses, it’s dead’

Crimson smokestacks tower over parts of downtown Rocky Mount, reminding the town’s roughly 54,000 residents of its roots as a once-booming tobacco market. Through the heart of downtown, graffiti-covered trains still lug along on the railroad tracks that made Rocky Mount a bustling locomotive hotspot in the last century.

Those days seem long gone for some residents who have watched the town change over decades. Rocky Mount has adapted by tapping into other industries such as manufacturing and biopharmaceuticals, but it’s also had to endure its fair share of challenges. Most recently, financial troubles in the city’s government have meant higher utility prices for residents.

The city has been investing to try to revitalize its downtown, but progress has been slow. Long stretches of empty storefronts that once contained restaurants, furniture shops and drug stores line the streets. Most stores were closed Thursday morning, and not much foot traffic roamed the area.

That’s left Lucy Slep, who co-owns The Miner’s Emporium jewelry store with her husband, waiting for Trump’s promised “Golden Age of America.”

The jewelry store has been in downtown Rocky Mount for nearly four decades, just about as long as the 64-year-old said she has lived in the area. But the deterioration of downtown Rocky Mount has spanned at least a decade, and Slep said she’s still hoping it will come back to life.

“Every downtown in every little town is beautiful,” she said. “But without the businesses, it’s dead.”

Slep’s store hasn’t escaped the challenges other Rocky Mount small businesses have endured. Instead of buying, more people have recently been selling their jewelry to the shop, Slep said.

Customers have been scarce. About a week out from Christmas, the store — with handmade molded walls and ceilings resembling cave walls — sat empty aside from the rows of glass cases containing jewelry. It’s been hard, Slep said, but she and her husband are trying to make it through.

“This year is just not a jewelry Christmas, for whatever reason,” she said.

Better times on the horizon — depending on whom you ask

Slep is already looking ahead to next year for better times. She is confident that Trump’s economic policies — including upcoming tax cuts — will make a marked difference in people’s cost of living. In her eyes, the financial strains people are feeling are residual effects from the Biden administration that eventually will fade.

Optimism about what’s to come under Trump’s economy might also depend on whether residents feel their economic conditions have changed drastically in the past year. Shiva Mrain, an engineer in Rocky Mount, said his family’s situation has not “become worse nor better.” He’s been encouraged by seeing lower gas prices.

Bryant, the engine technician, feels a bit more disillusioned.

She didn’t vote in the last election because she didn’t think either party could enact changes that would improve her life. Nearly a year into the Trump administration, Bryant is still waiting to see whether the president will deliver.

“I can’t really say … that change is coming,” she said. “I don’t think anything is going to change.”



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Sam Altman says he’s ‘0%’ excited about running a public company as OpenAI preps IPO

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OpenAI may be building up to one of the largest initial public offerings ever, but CEO Sam Altman says he is not necessarily looking forward to helming a public company.

“Am I excited to be a public company CEO? 0%,” Altman said in an episode of the “Big Technology Podcast” published on Thursday. “Am I excited for OpenAI to be a public company? In some ways, I am, and in some ways I think it’d be really annoying.”

OpenAI is laying the groundwork for an IPO, with a Thursday report from The Wall Street Journal putting early talks of a valuation at $830 billion. In a more lofty estimate, the company could be valued at up to $1 trillion, Reuters reported in October, citing three sources. According to the Reuters report, chief financial officer Sarah Friar is eyeing a 2027 listing, with a potential IPO filing in late 2026.

Altman told “Big Technology” he didn’t know if his AI company would go public next year and was mum on details about fundraising, or the company’s valuation. OpenAI did not respond to Fortune’s request for comment.

Despite his hesitance to lead a public company—which are often under more scrutiny, greater regulatory oversight, and are associated with less influence from founders—OpenAI’s IPO wouldn’t be all bad, Altman noted. 

“I do think it’s cool that public markets get to participate in value creation,” he said. “And in some sense, we will be very late to go public if you look at any previous company. It’s wonderful to be a private company. We need lots of capital. We’re going to cross all of the shareholder limits and stuff at some point.”

An IPO would pave the way for OpenAI to raise the billions of dollars needed to compete in the AI race. Founded as a nonprofit in 2015, OpenAI just completed a complex restructuring in October that converted it into a more traditional for-profit company, giving the nonprofit controlling the company a $130 billion stake in it. The restructuring also gave Microsoft a reduced 27% stake in the company, as well as increased research access, while simultaneously freeing up OpenAI to make deals with other cloud-computing partners. 

More ‘code reds’ to come

OpenAI’s urgency to compete with rivals was apparent earlier this month when Altman declared a “code red” in an internal memo, following the surge of interest after Google rolled out its new Gemini 3 model in just one day, which the company said was the fastest deployment of a model into Google Search. Altman’s “code red” was an eight-week mandate to redouble OpenAI’s own efforts while temporarily postponing other initiatives, such as advertising and expanding e-commerce offerings.

The blitz appears to be paying off: Last week, OpenAI launched its new GPT-5.2 model, and earlier this week, it released a new image-generation model to compete with Google’s Nano Banana. Fidji Simo, OpenAI’s CEO of applications, said the update wasn’t in response to Google’s Gemini 3, but that the extra resources from the code red did help expedite its debut.

As OpenAI tries to address slowing user growth and retain and grow market share from its competitors, Altman conceded a code red will not be a one-off phenomenon. The all-out effort is a model that’s been employed by Google, and also Meta through Facebook’s more extreme “lockdown” periods. He downplayed the stakes of a code red, matching what sources told Fortune equated to a focused, but not panicked, office environment.

“I think that it’s good to be paranoid and act quickly when a potential competitive threat emerges,” Altman said. “This happened to us in the past. That happened earlier this year with DeepSeek. And there was a code red back then, too.”

Altman likened the urgency of a code red to the beginning of a pandemic, where action taken at the beginning, more so than actions taken later, have an outsized impact on an outcome. He expected code reds will be a norm as the company hopes to gain distance from the likes of Google and DeepSeek.

“My guess is we’ll be doing these once, maybe twice a year, for a long time, and that’s part of really just making sure that we win in our space,” Altman said. “A lot of other companies will do great too, and I’m happy for them.”



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Klarna partners with Coinbase to receive stablecoin funds from institutional investors

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After staying out of crypto for years, the buy-now-pay-later giant Klarna has been making a flurry of moves in the digital asset space. The latest example came on Friday when the company said it is partnering with the crypto exchange Coinbase to accept stablecoin funds from institutional investors.

Klarna’s business model revolves around supplying consumers with zero-interest loans to buy goods, an arrangement known as buy-now-pay-later, or BNPL. The Swedish firm earns money primarily by charging merchants a small fee to offer its services, and acquires capital via a banking arm that accepts deposits and issues bonds. Its partnership with Coinbase will let institutional investors front capital denominated in stablecoins, a type of cryptocurrency pegged to underlying assets like the U.S. dollar.

“Stablecoin connects us to an entirely new class of institutional investors,” said Niclas Neglén, Klarna’s CFO, in a statement.

Friday’s announcement is the latest foray into crypto from Klarna, which went public in September. In late November, Klarna launched its own stablecoin, KlarnaUSD, on a new blockchain backed by the fintech giant Stripe and the crypto venture capitalist Paradigm. About two weeks later, the company said it was working with the crypto wallet developer Privy, which is owned by Stripe, to work on potential crypto products for its users.

Klarna’s crypto integrations come as more fintechs and banks dabble in stablecoins, which proponents say are a faster and cheaper means to send and receive money than existing financial rails.

On Thursday, the neobank SoFi announced that it was launching its own stablecoin. In early December, Sony’s banking arm said it was exploring the issuance of its own dollar-backed token. And even Block, the fintech that’s historically been a devoted Bitcoin booster, said that it will integrate stablecoins into Cash App, the digital wallet the company owns. 

The rush into stablecoins follows a series of landmark moments for the crypto assets over the past year. In February, Stripe closed a $1.1 billion deal to acquire the stablecoin startup Bridge. In June, the stablecoin issuer Circle went public in one of the year’s hottest IPOs. And, in July, President Donald Trump signed into law a new bill that creates a regulatory framework for stablecoins.

This story was originally featured on Fortune.com



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AI hyperscalers have room for ‘elevated debt issuance’—even after their recent bond binge, BofA says

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The tech giants fueling the AI boom generate so much cash relative to their debt that they have more than enough room to issue more, according to Bank of America.

In a note this week, analysts looked at the top five publicly traded AI hyperscalers: Meta, Alphabet, Microsoft, Amazon and Oracle.

BofA pointed out that while the companies can fund their near-term capital expenditures with cash, they are tapping debt markets for balance-sheet flexibility and better cost of capital. Last month alone, Meta, Alphabet, and Amazon raised tens of billions of dollars in the bond market.

Operating cash flow for the big five hyperscalers is expected to hit $577 billion this year from $378 billion in 2023, while debt should climb from $356 billion to $433 billion.

That means their overall debt burden is actually getting lighter as the debt-to-cash ratio should dip from 0.94 to 0.75.

“Given the hyperscalers’ historically conservative capital allocation and balance sheet policies, elevated debt issuance is possible, as evident by the recent bond deals from Meta, Alphabet and Amazon,” BofA said.

And plenty of additional cash is on the way. By 2029, operating cash flow is seen jumping 95% to $1.1 trillion, while capex is forecast to grow at a much slower pace of 58% to $632 billion.

But then there’s Oracle. Unlike the other AI hyperscalers, it will have negative free cash flow until 2029, meaning its capex will exceed cash from operations, according to BofA. As a result, it doesn’t have much capacity to take on more debt.

Indeed, fears about Oracle’s debt binge have rattled the overall AI stock trade as the company isn’t a cash machine like its AI peers.

Recent earnings guidance was also weak, and the company raised its forecast for fiscal 2026 capex by another $15 billion. In addition, surging lease obligations have spooked Wall Street.

A Financial Times report on Wednesday that said alternative investments firm Blue Owl didn’t team up with Oracle on a data center after all piled on more concerns. Shares fell on the news, though the company’s development partner, Related Digital, said Blue Owl was outbid on the project and didn’t back out of it.

But even though debt may not pose a limit on hyperscalers’ ambitions, they still face physical limits, namely in building enough infrastructure fast enough to meet demand.

Data-center researcher Jonathan Koomey told Fortune’s Eva Roytburg that capital can be deployed instantly, but the equipment that capital must buy cannot. Tmelines for turbines, transformers, specialized cooling systems, and high-voltage gear have stretched into years, he explained.

“This happens every time there’s a massive shift in investment,” Koomey added. “Eventually manufacturers catch up, but not right away. Reality intervenes.”



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