🌟 Happy Holidays: Wishing all our readers a joyful holiday season and a bright start to 2026!

📌 Look for your next edition of the Daily Read on Monday, January 5. 

Year Ahead Preview: 50 Companies to Watch in 2026 as AI, Tariffs, and Leadership Shake-Ups Reshape Industries (Bloomberg Businessweek)

Analysts at Bloomberg Intelligence track thousands of companies in industries ranging from computers and cars to finance and food. They've identified 50 companies as worth watching carefully in the year ahead—for better or worse.

Their analysis combines contrarian views and catalysts for change such as new leadership, asset sales or acquisitions, and plans for products and services.

When building the list, BI also focused on the potential effects of shifting US tariff policies, the race to lock down supplies of vital resources and the transformative effects of artificial intelligence.

Standout picks range from ACS, buoyed by booming US data‑center construction through its Turner unit, to Alnylam, which is accelerating on the strength of a breakthrough “silencer” drug for a serious heart condition.

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Boeing is regaining altitude as aircraft production ramps up and backlogs deepen, while Nike is leaning on a wave of new product lines and collaborations to reignite sales momentum.

Explore the full list here. 

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The Year in US Politics

In One Year: Trump Takes America's 'Imperial Presidency' to a New Level (New York Times)

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In his first year back in the White House, President Trump has greatly expanded executive power while embracing the trappings of royalty in ways not seen in the modern era.

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As the New York Times puts it: "He no longer holds back, or is held back, as in the first term. Trump 2.0 is Trump 1.0 unleashed. The gold trim in the Oval Office, the demolition of the East Wing to be replaced by a massive ballroom, the plastering of his name and face on government buildings and now even the John F. Kennedy Center for the Performing Arts, the designation of his own birthday as a free-admission holiday at national parks — it all speaks to a personal aggrandizement and accumulation of power with meager resistance from Congress or the Supreme Court."

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Analysis: The Year Trump Broke the Federal Government (Washington Post)
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Quid Pro Quo? Hundreds of Big Post-Election Donors Have Benefited From Trump’s Return to Office (New York Times)

Since President Trump was elected a second time, he and his allies have raised nearly $2 billion for his favored political causes and passion projects, according to the New York Times. 

But many of the deep-pocketed individuals and corporations who have given large sums have a lot riding on the administration’s actions, raising questions about conflicts of interest.

Of the 346 donors identified by the Times, at least 197 have benefited, or are in industries that have benefited, from policies or actions of Trump or his administration. Those include pardons, favorable regulatory moves, the dropping of legal cases, access to the president and more. 

Major donors and corporations fear incurring Trump’s wrath by not giving, or not giving as much as their rivals, and say they donate out of concern that he might publicly attack them or even use the levers of government against them. Donations, they said, serve as a form of protection — or, if things have already soured, as an olive branch, the Times reported. 

Affordability Crisis: The Economy Avoided a Recession in 2025, but Many Americans Are Still Reeling (New York Times)
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Many Americans are entering 2026 worried about their jobs, stressed about their finances and unconvinced that things will improve in the new year, according to the New York Times.

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In surveys, Americans overwhelmingly say they are struggling with the cost of living and do not believe the economy is working for them — an impression borne out by data showing that consumer spending is being driven by a relative handful of rich households.

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Climate News

Trump Administration Halts Offshore Wind Projects from Virginia to New England, in Major Blow to Clean Power (Politico)

The Trump administration on Monday ordered a halt to five offshore wind projects currently being built in the United States, a major new attack on a power-generating industry even as voters fret about climbing electricity prices.

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The Interior Department announced it is pausing all leases for large-scale offshore wind projects that are currently under construction, effective immediately.

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The pauses affect the Vineyard Wind 1, Revolution Wind, Coastal Virginia Offshore Wind, Sunrise Wind and Empire Wind 1 projects stretching from Virginia to New England, initiatives that together would generate enough electricity to power almost 2.7 million homes.

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Interior cited national security risks that were identified by the Department of Defense in “recently completed classified reports.” The department said the pause will give the administration time to work with leaseholders and states to assess the possibility of mitigating the risks.

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The move represents a new escalation for the Trump administration, which has repeatedly sought to halt the offshore wind sector that was a focus of the Biden administration. Trump has called wind turbines a “disgrace” and “a scam,” and has said his administration would not approve any projects.

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Instead, the administration has said it will bring down energy costs by undoing Biden administration regulations and embracing baseload power sources such as fossil fuels and nuclear power.

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Abandoned Wells, Abandoned Responsibility: The Reckoning Big Oil Thought It Could Avoid (Daily Read Blog - Carl Pope)
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Big oil’s careful plan to prevent an energy transition is on the verge of coming off the rails even though petroleum runs Washington. Many of its leaders think they can now, for the first time in decades, call the shots, continue to poison their customers, avoid paying their bills and dump the mess they create when they leave an exhausted oil field behind, leaving landowners and communities to clean up after them, Carl Pope writes in a Daily Read blog post.

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And above all, oil thought it could now ignore climate change and the existence of cheaper, cleaner energy sources derived from the sun and deployed through electrification. The energy transition could, courtesy of the Trump administration, be prevented from moving forward, Carl writes.

What I'm Reading

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Big News in Social Media: TikTok Says Chinese Owner Will Retain Core US Business (Financial Times)
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TikTok has signed an agreement to create a US joint venture under a deal brokered by President Trump that leaves the app’s Chinese owner ByteDance with direct control of its core business operations in America.

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In a memo sent to employees, TikTok chief Shou Zi Chew said ByteDance’s US entities would continue running its main moneymaking business lines in the country including “ecommerce, advertising and marketing.”

Big News in Deals: Larry Ellison Pledges $40 Billion to Bolster Warner Bros. Bid (Bloomberg)

Both suitors moved on Monday to strengthen the financial backing for their offers, though they stopped short of increasing their bids. Netflix refinanced a portion of its planned $59 billion of debt as a way to ensure a lasting investment-grade rating — a key advantage it holds over the lower-rated Paramount.

But it’s the personal guarantee of Ellison, the world’s fifth-richest person with a $246 billion fortune, that could force a rethink by Warner Bros.

AI Personalization: OpenAI Allows Users to Directly Adjust ChatGPT’s Enthusiasm Level (TechCrunch)
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ChatGPT users can now tweak the chatbot’s warmth, enthusiasm, and emoji use, according to a social media post from OpenAI.
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These options (as well as similar adjustments to ChatGPT’s use of headers and lists) now appear in the Personalization menu and can be set to More, Less, or Default. They allow users to further customize ChatGPT’s tone, on top of the existing ability to set a “base style and tone” — including the Professional, Candid, and Quirky tones that OpenAI added in November.

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📣 Reader Spotlight: Over the weekend at the Duke vs. Texas Tech basketball game at Madison Square Garden, I met Miles Cooperman, a recent Duke grad who managed the men’s basketball team throughout all four years of college before graduating last year. Miles says the Daily Read is one of his “go‑to reads” every morning.
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If you’re also a daily reader, feel free to drop me a note at dailyread@bloomberg.net with any feedback or ideas for what you’d like to see in future editions.

And if you enjoy this newsletter, forward it to family, friends or colleagues. They can sign up here for free. 

Canada-US Ties: Mark Carney Taps Ex-BlackRock Executive Wiseman as Canada’s US Ambassador (Bloomberg)

Canadian Prime Minister Mark Carney named former BlackRock Inc. executive Mark Wiseman as Canada’s ambassador to the US, tapping an experienced investment manager to handle relations with the Trump administration ahead of major trade talks.

Carney’s government is preparing for a tense review of the United States-Mexico-Canada Agreement, the pact that governs trade between the North American neighbors. The Trump administration has said it wants changes to the agreement and has even threatened to walk away from it.

Eastern Europe Watch: Ukraine Faces Widespread Russian Attack Amid Peace Talks (Bloomberg)

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Russian forces launched a missile and drone attack across Ukraine, killing civilians and hitting energy targets as negotiators pressed ahead with talks to end the nearly four-year war.

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Vanity Fleet: Trump Unveils Warship Named After Himself in Shipbuilding Push (Bloomberg)

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President Trump announced the Navy will build a new “Trump-class” battleship (as pictured below) as part of the White House push to modernize a fleet that’s been hobbled by years of cost overruns and delays.

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The new ships are part of Trump’s “Golden Fleet” bid to revive US shipbuilding and address shortfalls in smaller vessels as it seeks to compete against China, where roughly 53% of global shipbuilding takes place.

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Record Turnover Looms: Over 50 Members of Congress Opt Not to Run Again (Wall Street Journal)

Some of the retiring lawmakers (Rep. Nancy Pelosi and Sen. Dick Durbin) have been in Congress for many decades and their retirements aren’t unexpected. But Stefanik is just 41 years old, and she joins GOP Rep. Marjorie Taylor Greene, 51, Democratic Rep. Jared Golden of Maine, 43, and a number of others as onetime rising stars who have decided enough is enough.

That brings the total number of lawmakers who aren’t running for re-election to 52, according to Ballotpedia. The most in any election cycle since 2012 are the 54 who retired in 2018. This Congress is likely to surpass that total, perhaps by a huge margin (a lot of lawmakers will chat about their political futures over the holidays with family and, well, the tide seems to be going out, not coming in).

House Bid: George Conway to Run as a Democrat for Nadler’s Manhattan Seat (Bloomberg)

George Conway, a prominent critic of President Trump, filed to run for the House of Representatives to replace retiring Representative Jerry Nadler in a New York City district that spans much of Manhattan.

Conway — a former Republican — is entering the Democratic primary to replace Nadler in one of New York City’s most heavily Democratic districts, which stretches from Union Square to the top of Central Park, according to the Federal Election Commission.

George Conway enters a crowded primary field that includes Jack Schlossberg — the 32-year-old grandson of former President John F. Kennedy — and former Nadler aide Micah Lasher, who’s considered one of the leading contenders, among others.

Media News: Spiked 60 Minutes Report on Migrant Prison Conditions Leaks Online through Canada’s Global News (Variety)

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🔊 New Episode! Dive into the latest Daily Read Podcast for deeper context and smart analysis on today’s headlines. Available on Spotify or Apple Podcasts. 

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Coming Up in the UK: Jimmy Kimmel Will Deliver Britain’s ‘Alternative Christmas Message’ (New York Times)

A very British holiday tradition will get an American twist this year, when the late-night television host Jimmy Kimmel offers the alternative holiday message, in which he will speak out against fascism on Britain’s Channel 4 on Christmas Day, the station announced on Sunday.
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It is a direct counter to the royal Christmas message, one of Britain’s most longstanding, serious monarchal rituals, in which the king or queen addresses the Commonwealth at 3 p.m. on Christmas Day on BBC.
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Kimmel will share “his personal reflections on the year” at 5:45 p.m., Channel 4 said.

In NYC Over the Holidays? All Aboard the Holiday Nostalgia Train for One More Sunday (New York Transit Museum)
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The New York Transit Museum and MTA New York City Transit have once again rolled out their annual Holiday Nostalgia Rides aboard vintage 1930s subway cars. This Sunday from 10am to 5pm is your final chance to catch the tradition.

The Holiday Nostalgia Train departs from 2 Av–Houston St on the uptown F line and 96 St–2 Av on the Q line. Hop aboard to experience a little New York holiday magic — rides are included with your regular subway fare.

If you're lucky, you'll see Bloomberg's own Charlie Pellett on Sunday. He's the "Voice of the Subway" whose "Stand clear of the closing doors, please" announcement is recognized by nearly every New Yorker. Here he is this past weekend:

Streaming and Film Guide

An Optimist's Guide to the Planet (Bloomberg Originals)
An Optimist’s Guide to the Planet captures Nikolaj Coster-Waldau’s search for people across the globe who are helping drive humanity toward a brighter, more sustainable future. As we look toward the future and seek to overcome our world’s climate challenges, people with imagination are showing the way.

Stranger Things (Netflix)
Now that the first batch of “Stranger Things” Season 5 episodes have dropped, the group (including Millie Bobby Brown, Finn Wolfhard, Noah Schnapp) is back in full force to fight against Vecna, the humanoid being with psychic powers out to destroy them. The next three episodes arrive on Christmas before a mega 2-hour-plus finale drops on New Year’s Eve. Streaming Thursday at 8 p.m. on Netflix.

Marty Supreme (In Theaters)
In Marty Supreme, New York City becomes the arena for a fast-talking ping-pong hustler chasing dominance, money, and myth. Inspired by the life of Marty Reisman and starring Timothée Chalamet, the film elevates table tennis into a thrilling test of ego and endurance. 

North Korea's Hidden Remote IT Scheme (Bloomberg Investigates)
This is the story of how an Arizona woman’s house became a gateway for North Korea’s IT operatives — an underground “laptop farm” that infiltrated US companies and pumped millions to the regime.
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Best of Late Night

On President Trump's prime-time address on the economy:

“He opened by saying, ‘Good evening, America. Eleven months ago, I inherited a mess.’ And most Americans heard and were like, ‘So did we.’”
-- Jimmy Fallon

“It was 18 straight minutes of him yelling. It’s like the whole country got to experience what it was like to be Eric in the eighth grade.” 
-- Jimmy Kimmel

“Maybe we’ll get lucky and in a few years he’ll leave us for a younger, hotter country.”
-- Jimmy Kimmel

And from SNL: A group of elves on the shelves share their traumatic Christmas stories at the latest meeting of the North Pole's Elf on the Shelf Support Group. Click the photo below to watch.
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