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Move over caviar, the hottest luxury ingredient is crab

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It’s a perplexing time in the world of luxury ingredients. Prestigious products have become inextricably tied to fast food. Caviar now adorns chicken nuggets; truffle features in supermarket hummus and Starbucks egg bites; wagyu beef is getting smashed into burgers and has made the menu at Burger King in the UK. Even lobster—bright red and festive—has gone from attention-getting centerpiece to mac-and-cheese mix-in. 

Yet crab retains its mystique. It’s beloved for its delicately flavored, finely textured meat—and for its fatty, rich roe and tomalley, culinary categories unto themselves. Now large, live specimens from the far corners of the world, like snow crab from Japan and red king crab from Norway, are this season’s luxury signifiers.

“Even the cheapest crab that we sell is typically double the price of what Maine or Nova Scotia lobster costs,” says Ian Purkayastha, founder of Regalis Foods. “King crab pricing is definitely at an all-time high.” Because their stocks and availability have been harshly affected by political and ecological upheavals, the crustaceans now wholesale for $70 to $85 a pound, he said. Retail consumers could spend upward of $1,200 to have a single, live 10-pound Norwegian red king crab delivered to their homes from Regalis. That, believe it or not, is the good news, he adds: “It’s just going to continue to go up and up and up in price. It’s not like you can farm a king crab.” He won’t be surprised if wholesale king crab prices top $100 a pound within five years.

The $888 Menu 

Take stock of current splurge-worthy dishes and dinners, and you’ll see: American diners and restaurant operators are embracing the luxury of crab. With the explosion of omakase-style dining, quality is trumping quantity more than ever. Take, for instance, Sushidokoro Mekumi. Newly opened in New York’s Hudson Square, this outpost of a two-Michelin-star restaurant in Kanazawa, on Japan’s west coast, offers a crab-centric omakase dinner for $888 per person, excluding drinks, for a few weeks this winter.

The meal’s current star is male snow crab, transported from Kanaiwa, a port town in Ishikawa prefecture, to New York in two days, at a wholesale cost of as much as $675 each. Three are needed for each evening’s seating of eight people. All December seatings are sold out, but January spots are available.

Mekumi’s chef Hajime Kumabe keeps it simple to convey just how good the ingredient is: “We almost never add anything else—just a little salt as seasoning.” Among the 18 to 20 courses are kani gayu, a delicate rice porridge made only from crab, crab broth, rice and salt; mokuzugani, or Japanese mitten crab, simply grilled over binchotan charcoal; and kobako gani, a female snow crab boiled immediately after it’s caught by fishermen in Japan, trained to do it to the restaurant’s specifications. Its meat is arranged with both its internal and external roe and served in its shell.

(An even more precious, and expensive, crab will splash into New York at the end of the year. Taiza gani, a snow crab from the cold waters off Kyoto is so rare that even in Japan it’s known as the “phantom crab.” Only five boats are permitted to fish it. It will be served for two nights at the new Tribeca kaiseki restaurant Muku; the $1,295 menus quickly sold out.)

Crab’s preciousness doesn’t just stem from its pristine state or the distance it’s traveled; it’s also in the labor it takes to bring it to the plate. At Yamada, the New York kaiseki restaurant that just scored four stars from the New York Times, it can take chefs 45 minutes of concentrated work to extract the meat from just one 2-pound kegani, or horsehair crab—just one of the crustaceans likely to appear in its $295, 10-course early winter menu. You might also find Hokkaido snow crab on the chawanmushi, a savory egg custard, and Dungeness crab in the closing donabe course.

The $100 Rice 

Outside New York, crab features at the twice-a-week kaiseki-inspired Crab Experience at Kinkan, a Thai-Japanese restaurant in Los Angeles. “Crab is my favorite thing,” says chef-owner Nan Yimcharoen, who grew up cooking and eating it with her grandmother in Bangkok. Over the course of the 11-course, $250 dinner, she serves dishes like sake steamed live Hanasaki gani—a spiny king crab from Hokkaido—and open-face scallop-shrimp shumai, topped with snow crab and sawagani, a tiny Japanese river crab, fried and eaten whole. 

At Angler, the live-fire seafood restaurant on San Francisco’s Embarcadero, savvy diners know to order the $100 off-menu crab rice. The course is composed of two dishes; a crab shell filled with the meat covered in Angler’s XO sauce, and koshihikari seaweed rice with crab butter, sake-cured salmon roe and crispy garlic chips. The crab variety changes seasonally and with the day’s catch: King crab is on the horizon; box and Dungeness crabs have featured recently. (If they can’t get good ones from California’s waters, the dish just isn’t available.) 

Dungeness, which James Beard called “a meal that the gods intended only for the pure in palate,” is also a marquee attraction (and the highest priced menu item) at two of the country’s notable regional Indian restaurants. At Unapologetic Foods’ Semma in New York’s West Village, diners are advised to preorder the $145 Kanyakumari Nandu Masala for two, which features a 1- to 1.5-pound crab cooked with cumin, black pepper, coriander seeds “and other spices too numerous to mention,” says chef Vijay Kumar.

The crab comes with coconut rice and crisp-edged parotta, for sauce sopping and textural contrast to the silky crabmeat. (Crab is an obsession across Unapologetic Foods’ restaurants.) Meanwhile at Nadu, chef Sujan Sarkar’s new Chicago restaurant, about 15 diners per week order the Keralan Crab Milagu Fry, available in big and bigger sizes for $135 and $185. For it, a whole Dungeness crab is cooked with Tellicherry peppercorn-tomato sauce and served with ghee rice.

The $2,000 Crab Deal

And then there’s the ceremony around live king crab. This fall at Octo, a Korean-Chinese restaurant in midtown New York, Steve and Christina Jang (owners of nearby Koreatown stalwart New Wonjo BBQ) began offering a feast featuring the creature in three parts: steamed with butter, garlic, soy sauce, cabbage and mushrooms over vermicelli noodles; dry-fried Sichuan style; and as fried rice, with the tomalley. An 8-pound crab, enough for five or six people, recently went for $850, they said, adding that they’re keeping the price low while they get the word out. 

At Carbone Riviera, which opened in the Bellagio, Las Vegas, in November, food has to work overtime to compete with flash: along with artworks by Miró, Picasso and Renoir, the restaurant has Fortuna, a 33-foot-long Riva yacht to give select guests a better view of the hotel’s famous fountains.

The restaurant’s king crab might just be the crustacean for the job. It comes prepared “Mulberry Style,” to reflect the abundant Italian and Chinese flavors on Mulberry Street, running through New York’s Little Italy and Chinatown. Priced from $175 to $200 per pound, a large one could tip the scales at upwards of $2,000. It is, potentially, the most expensive item at a place that is, for many people, what luxury is all about.



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Merry Christmas. The economy is recovering. 

In assessing our economy or, really, any economy, you want to know if the economy is growing, that there are enough jobs for people, that people can borrow at reasonable rates and that the dollar you hold today is worth about the same as it did a year ago. If those four metrics are solid, we are good. Using Pareto’s 80/20 principle—the idea that 20% of any set of numbers constitutes 80% of the value of the entire set—we know that real GDP, the unemployment rate, interest rates and inflation drive the vast majority of what is important.

If those four numbers are excellent and all other economic metrics are falling apart, we still get a B grade. If all other numbers are great and those four numbers are bad, we get an F.

These four pillars are the best antidote to the idea of the “vibecession”—a state defined by persistent negative “vibes” and a sense of malaise about the economy due to factors like high grocery prices and housing costs, with no regard to what the hard data says.

When rhetoric gets loud in politics, look at the basic math. First, consider gross domestic product (GDP). GDP is simply the value of all the goods and services a country produces within a time period. Think of GDP as a country’s sales or revenue, just like the top line for a company. After a minus 0.6% growth rate at the start of the year, the second quarter bounced back with a 3.8% increase. New data this week showed third-quarter GDP growth accelerating to 4.3%—the highest rate in two years. Historically, a real GDP growth rate above 3% is outstanding. Real GDP—check.

In contrast, unemployment sits at 4.6%, the highest since 2021. But look at context: Since 1950, the average U.S. unemployment rate has been about 5.7%. In 2020, it spiked to 14.8%. By any historical measure, if you want a job in America today, the math is on your side. Employment—check.

Next, interest rates. The Federal Reserve recently set a target range of 3.5% to 3.75%. Historically, 30-year mortgages run two to three percentage points higher than that rate, and they currently sit around 6.3%. We are in a cooling-off period after mortgage rates peaked near 8% in late 2023. If you are anchored to the sub-3% rates of 2020—a once-in-a-century anomaly—6.3% doesn’t feel so good. But the historical average since 1971 is 7.4%. We are currently borrowing at low rates compared to the last five decades. Interest rates—check.

Finally, the annual inflation rate is currently around 2.7%, higher than the Federal Reserve’s 2% target but well below the 75-year average of 3.5%. Remember, the COVID-era high was 9.1% in June 2022. Things still “feel” bad around inflation because groceries can cost $150 for two bags and because of what has occurred over the past five years. Prices aren’t dropping, but the speed of their increase has significantly slowed. We are still paying for the 24% total price hike endured since 2021, but the bleeding has stopped. At 2.7%, the engine is cooling to a healthy temperature. Inflation—check.

The answer: Despite the “vibecession” narrative, the economy is recovering. I think we get an A-minus, no matter who the teacher is—Democrat or Republican.

One last item. Who drives all these metrics? Certainly not the politicians. It is the small-business person. They create the jobs and the growth. A healthy economy is built by small businesses. They create about 65% of all new jobs and the vast majority of innovation. These businesses have been operating in a fog of mixed information and a quickly changing policy environment. Predictability is the oxygen needed for entrepreneurs because their lives are already upside down with risk. They need the certainty to plan, hire and invest. So, people, let’s not confuse the creators. It is time to move past the noise and get back to business. The math says we’re going to be just fine.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.



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Why gold went through the roof this year

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The S&P 500 closed up 0.46% yesterday to hit a new record of 6,909.79. The index is now up 17.48% for the year. With only the quiet Christmas week left before the end of the year it’s likely that investors will mark this down in their spreadsheets as a very good year.

Unless, of course, they have a friend who bought gold at or before the beginning of 2025. The price of gold is up an astonishing 71% year-to-date, and is currently hovering around $4,514 per troy ounce. That friend is now laughing at you, the foolish stock investor, for wasting your money on trivia like the Magnificent Seven.

There’s a hackneyed narrative explaining why gold went up: We had a volatile year with President Trump’s tariffs disrupting global trade; Russia’s ongoing invasion of Ukraine; there’s a bubble in AI-related tech stocks; Bitcoin went nowhere this year (it’s down 7%); inflation is trending up; and gold is the safe-haven investment for nervous investors who want a hedge against pretty much all of that. 

In fact, that is only partially true, according to newish research from Claude Erb and Campbell Harvey of the Fuqua School of Business at Duke University. The reality, they say, is that the introduction in 2004 of gold exchange-traded funds—which make buying gold as easy as buying stocks—has permanently pushed up the price of gold.

“Total North American gold ETFs have almost $200 billion, and ETFs outside the U.S. account for another $175 billion in gold,” they said in an October 2025 research paper.

This chart shows the apparent effect on the price of gold following the introduction of gold ETFs. The chart shows the “real” price of gold, which discounts inflation from its price:

The more recent introduction of tokenized gold stablecoins—crypto tokens backed by gold reserves and thus pegged to the price of gold, which can be “staked” or locked up as investments in other risk assets like bonds—is likely to push the price up further, they say.

But don’t get too excited.

Gold isn’t actually a great hedge against inflation over the long run, Erb and Harvey argue. The price of gold has high volatility, whereas inflation is a low-vol phenomenon. Gold investors can thus spend years losing money if they are trying to beat inflation:

And then there is the performance of gold generally, in nominal dollars, versus stocks. This chart shows the price of gold over the last 40 years. Note that gold can spend years and years in long-term price declines:

And here is the Comex continuous contract for gold versus the S&P 500 index over the last 20 years. Clearly, the winner ain’t gold:

So has gold peaked? No one knows, obviously. But it is interesting that investment banks like Société Générale, Morgan Stanley, and Mitsui have all expanded their precious metal trading teams this year, and other banks are exploring getting back into the “vault” business of storing gold reserves, the Financial Times reports.

Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

  • S&P 500 futures were flat this morning. The last session closed up 0.46% to hit a new record of 6,909.79. 
  • STOXX Europe 600 was up 0.39% in early trading. 
  • The U.K.’s FTSE 100 was down 0.12% in early trading. 
  • Japan’s Nikkei 225 was down 0.14%. 
  • China’s CSI 300 was up 0.29%. 
  • The South Korea KOSPI was down 0.21%. 
  • India’s NIFTY 50 was down 0.14%. 
  • Bitcoin was at $87K.
Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.



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How AI is redefining finance leadership: ‘There has never been a more exciting time to be a CFO’

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Good morning. This year has shown that AI isn’t just a buzzword anymore—it’s redefining finance. 

In covering AI, I’ve spoken with CFOs across industries who are focused on value creation and developing real-world use cases for AI to reshape everything from forecasting and financial planning to strategic decision-making. As data moves faster than ever, finance leaders are asking a new question: not what AI could do, but how it can truly transform the enterprise. I’ve also talked with industry experts and researchers about topics ranging from the ROI of AI to “prompt-a-thons” and debates over whether AI will turn CFOs into chief capital officers.

Finance chiefs are signaling the next big evolution—2026 will be the year of enterprise-scale AI. Pilot programs and proofs of concept are giving way to avenues for full-scale deployment as CFOs expect AI to deliver measurable value: faster decisions, leaner operations, and predictive insights that can provide a competitive edge. However, that level of transformation comes with new demands—governance, data integrity, and human oversight matter more than ever.

I recently asked finance chiefs from leading companies how they expect AI to redefine what it means to lead in finance. For instance, Zane Rowe, CFO at Workday, told me: “There has never been a more exciting time to be a CFO with AI unlocking new opportunities for value creation through unprecedented data and insights. Most of the focus has been on experimentation and discovering the art of the possible, but this year, leaders will shift from ‘What can AI do?’ to ‘How do we build the foundation for scale?’ They will manage a more nuanced AI portfolio that balances launching pilots with rolling out proven solutions, and they will prioritize the unglamorous but critical work of data governance, process redesign, and maintenance of new technologies. Success in 2026 will be defined by how we mature our AI strategy to ensure it is both agile, durable, and enterprise-grade.”

Shifting from the perspective of a major tech company to a beauty and cosmetics leader, Mandy Fields, CFO at e.l.f. Beauty offered this prediction: “From where a CFO sits, AI simultaneously helps broaden our view to get a better macro picture and can help put a sharper focus on very specific points of interest. e.l.f. Beauty is growing globally, and AI has visibility across it all. Going into next year, we’ll continue to explore how we best leverage AI in finance to lean into its strengths. It’s a pretty similar approach to our high-performance teamwork culture in which we encourage the team to pursue and thrive in the areas where they have expertise, learn continuously and move at e.l.f. speed.”

You can read more insights from over a dozen CFOs on how AI will shape finance in 2026 in my complete article here.

This is the final CFO Daily of 2025. The next issue will land in your inbox on Jan. 5. Thank you for your readership—and wishing you a wonderful holiday season. See you in 2026!

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com



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