
Welcome back!
Hereâs your must-read news this morning:
Iâve got all the details for you, so letâs dive in.
â Josh
MARKETS
đ° U.S. Economic Growth Likely Remained Strong in Third Quarter

(Credit: The White House)
The Scoop: The U.S. economy likely expanded at a brisk clip in the third quarter, driven by strong consumer spending and business investment, Commerce Department data is expected to show Wednesday, Reuters reports.
The Details:
GDP is estimated to have grown 3.3% annualized in Q3, building on a robust 3.8% in Q2.
Consumer spending showed resilience, led by higher-income households and a surge in last-minute electric-vehicle purchases ahead of federal tax-credit expirations.
Larger businesses maintained momentum, investing in AI and technology infrastructure, reinforcing the economyâs long-term growth foundation.
Lower imports helped shrink the trade deficit, contributing positively to overall economic activity.
Inflation remains moderate, with the PCE price index forecast up 2.8% year-over-year, reflecting measured price pressures.
Whatâs Next: Continued innovation, consumer spending among wealthier households, and AI-driven investment could help sustain a solid economic trajectory into 2026.
Market Roundup
đŚ Economy
â Editorâs Pick: Rhodium Group estimates China's 2025 economic growth at just 2.5%-3%, roughly half the official 5% target, citing a sharp collapse in investment. (RTS)
The Justice Department has terminated a Clinton-era interpretation that allowed migrants to access federal welfare benefits. (BN)
Larry Kudlow argued that Trump's economic policies could propel U.S. GDP growth to as high as 5%. (FBN)
đ Hot Stock Picks
â Editorâs Pick: Morningstar analysts continue to favor undervalued stocksâBiogen, LPL Financial, and Devon Energyâfor 2026, citing discounts of 20% to 30% to fair value estimates. (MS)
Portfolio manager Lyle Stein highlighted Agnico Eagle Mines and Sienna Senior Living, citing strong fundamentals in gold production, senior care demand. (BBG)
Zacks analysts highlighted MYR Group and LCI Industries as top stock picks, citing the formerâs exposure to AI-driven energy infrastructure and the latterâs strong outperformance with upward earnings revisions. (ZCK)
đ˘ Industry
â Editorâs Pick: The FDA approved Novo Nordisk's oral semaglutide, the first GLP-1 pill for obesity treatment. (CNBC)
Larry Ellison personally guaranteed $40.4 billion in financing to bolster Paramount-Skydance's revised $108.4 billion bid for Warner Bros Discovery. (BBG)
The Powerball jackpot climbed to an estimated $1.6 billion, the fifth-largest in U.S. lottery history. (YF)
Alphabet agreed to acquire energy developer Intersect Power for $4.75 billion in cash plus debt, bolstering data center capacity for AI. (FP)
Telegram founder Pavel Durov has fathered more than 100 children and pledged to fund future IVF using his donated sperm. (WSJ)
đ˘ď¸ Energy & Commodities
â Editorâs Pick: The Trump administration has paused U.S. offshore wind lease auctions, citing national security risks. (OP)
GasBuddy predicted the national average gas price will fall to $2.79 per gallon on Christmas Day, down from $3 a year earlier. (FBN)
Deloitte anticipates an "exciting" 2026 for U.S. energy, driven by innovations boosting natural gas-fired power generation to meet electricity demand from data centers. (NGI)
Gold prices surged to a record high of $4,497.82 per ounce in thin holiday trading, buoyed by safe-haven demand. (INV)
đ Crypto
â Editorâs Pick: Michael Saylor's Strategy paused Bitcoin purchases last week after aggressive buying, instead raising $748 million via stock sales to boost its cash reserve to $2.19 billion. (BBG)
JPMorgan is considering offering institutional crypto trading services. (TB)
Coinbase will acquire prediction-markets startup The Clearing Company to bolster its newly launched platform for trading event contracts. (CD)
VanEck analysts view the recent drop in Bitcoin's hashrate and ensuing miner capitulation as a historically bullish contrarian signal, often preceding positive price performance in the months ahead. (CT)
TECH
đť Chinese Humanoid Robots Could be "Trojan Horse" Inside U.S.

(Credit: Cottonbro Studio/Pexels)
The Scoop: Security experts are warning that mass-produced humanoid robots from China, marketed as domestic assistants, could be manipulated into operating as a âTrojan Horse,â turning against their owners in the United States and potentially forming coordinated robot armies controlled remotely, The Sun reports.
The Details:
Researchers at DARKNAVY demonstrated how a $14,200 household robot could be converted into a âmobile spyâ and physically attack a mannequin using just a verbal command.
Exploiting wireless connections, a compromised robot could infect others nearby, creating a chain reaction of malicious activity.
Current robots are primarily used in entertainment, business, and research, but vulnerabilities could become critical if deployed in medical, elderly care, or industrial roles.
Europolâs recent report warns AI-powered robots could be misused in criminal or terrorist activities, including data theft, sabotage, or even grooming, highlighting broader security risks as robots integrate into daily life.
Whatâs Next: Regulators in the U.S., EU, and other markets are likely to push for stricter safety standards, security certifications, and operational limits for imported humanoid robots, aiming to prevent potential âTrojan Horseâ scenarios.
Tech Roundup
đ§ Â AI
â Editorâs Pick: Mathematician Johannes Schmitt claimed OpenAI's GPT-5 independently solved an open problem in algebraic geometry without human intervention. (DE)
"Swarm finance"âpowered by tiny autonomous AI agentsâcould one day take over markets soon, enabling super-fast, decentralized trading and decisions far beyond human speed. (FOR)
Chinese AI firm Z.ai released the open-source GLM-4.7 model, which claims to excel in coding and mathematics, outperforming Google's Gemini 3.0 Pro and OpenAI's GPT-5.1 on key benchmarks. (GZ)
Samsung SDS became South Korea's first reseller of OpenAI's ChatGPT Enterprise, partnering to provide local companies with secure, high-performance AI tools. (KT)
đ¤Â Robots
â Editorâs Pick: Advanced robotics are taking over Christmas preparations, with systems like HEBI's Treadward decorating trees. (IE)
China's Zhiyuan AGIBOT launched BOTSHARE, the nation's first open robot leasing platform in Shanghai. (TN)
Kinsi Robotics' KR-1 robot can now fold towels on its own, after learning the task by watching and copying a human. (IE)
đ Defense & Space
â Editorâs Pick: Trump unveiled plans for a "Golden Fleet" of advanced Navy battleships, approving construction of "Trump class" vessels equipped with hypersonics, railguns, and lasers. (FOX)
The FCC banned new drones and key components from Chinese manufacturers including DJI and Autel Robotics, citing national security risks. (WSJ)
The Pentagon partnered with Elon Musk's xAI to deploy Grok AI models across its systems starting in 2026. (CYN)
China's Long March 12A rocket suffered its second reusable booster recovery failure, underscoring challenges in closing the gap with SpaceX. (SCMP)
đ°Venture Capital
â Editorâs Pick: Erebor, the digital bank co-founded by Palmer Luckey, raised $350 million in a funding round led by Lux Capital at a $4.35 billion post-money valuation. (AX)
Truemed, a wellness fintech startup enabling HSA payments for fitness gear and supplements, raised $34 million in a Series A round led by Andreessen Horowitz. (BBG)
Kargo, a provider of AI-powered warehouse inspection technology, raised $42 million in a Series B round led by Avenir. (AX)
AI startup Finny raised $17 million in a Series A round led by Venrock to expand its platform that automates client acquisition for financial advisors. (TR)
FREEDOM
đ˘ Vance Wins Turning Point USA's Straw Poll for 2028 GOP Presidential Nominee

(Credit: Gage Skidmore)
The Scoop: A straw poll at Turning Point USAâs AmericaFest shows Vice President JD Vance commanding overwhelming support among conservative activists as a potential 2028 Republican presidential nominee, with 84.2% of respondents backing him, Fox News reports.
The Details:
Florida Sen. Marco Rubio and Gov. Ron DeSantis trailed far behind at 4.8% and 2.9%, respectively.
Attendees ranked securing the border (60%) and winning the midterms (63.9%) as top priorities for the conservative movement.
Immigration remains a key issue: 89.5% of respondents support a moratorium on new arrivals.
National security concerns dominated, with radical Islam, socialism/Marxism, and mass migration cited as the top threats.
Israel is viewed as an important ally, with 53.4% seeing it as âone ally among manyâ and roughly a third calling it Americaâs top ally.
Trump Cabinet members received high approval from attendees, led by Secretary of War Pete Hegseth (94.7% approval), Health and Human Services Secretary Robert F. Kennedy Jr. (96.8%), and DHS Secretary Kristi Noem (90.1%).
Whatâs Next: The poll positions Vance as the frontrunner in the conservative movement, giving him a strong base to build a 2028 campaign around border security, immigration, and midterm victories.
Freedom Roundup
đď¸ Policy & Culture
â Editorâs Pick: Pennsylvania Supreme Court ruled that police can obtain Google search histories without a warrant. (RTN)
Justice Department is probing the firing of a Pennsylvania school bus driver terminated for posting an "English-only" sign on her vehicle, citing potential civil rights violations. (PL)
Britainâs biggest companies, including AstraZeneca, HSBC and Rolls-Royce, sharply reduced public support for Pride celebrations, according to new research. (GBN)
A federal appeals court ruled the University of Washington violated a professorâs First Amendment rights by punishing him for mocking the schoolâs land-acknowledgment statement. (RM)
That's a wrap! You're officially caught up on all things tech, markets and freedom. Subscribe to CAPITAL below.
Feel free to reply to this email with any questions and/or comments.
DISCLAIMER: The CAPITAL newsletter is for informational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research and consult a qualified financial advisor before making investment decisions. The CAPITAL newsletter and its owner and operator, Josh Caplan, are not liable for any loss or damage resulting from reliance on this information. The CAPITAL newsletter is solely owned and independently operated by Josh Caplan, separate from any employer affiliations.

