The 56th Annual Meeting of the World Economic Forum in Davos begins on Monday. And while there will be no shortage of power brokers in parkas that cost more than your rent, the gravitational pull of President Trump’s first in-person appearance (of his second term) at the conference will be hard to escape.

The theme for the gathering—the first without founder Klaus Schwab, who stepped down last year amid allegations of financial impropriety—is “A Spirit of Dialogue.” Much of that dialogue will be taking place around Trump’s “America First” ideas, which mostly run counter to the WEF’s push for global cooperation.

Trump-centric topics of discussion are likely to include: Trump’s use of tariffs to reshape global trade, his push to take over Greenland, either by force or financial means, the possibility that the US could get involved in Iran due to the protests there, the US military intervention in Venezuela, which goes hand-in-hand with…a push for more oil drilling and less emphasis on clean energy, and Trump’s recent threat to Fed Chair Jerome Powell, which was decried by many central bank heads concerned about the Fed losing independence.

There’ll be other big names in attendance…

• Nvidia’s Jensen Huang and Microsoft’s Satya Nadella will be among the 850 chief executives and company chairs on hand.
• Comments on trade from US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng will surely draw attention.
• Ukrainian President Volodymyr Zelenskiy will be there to seek support for his country’s fight against Russia.

…and new proposals to mull

National Economic Council Director Kevin Hassett said yesterday that Trump will announce a measure at the conference that would let Americans use the money in their 401(k)s for down payments on a home.

Trump is scheduled to address the room full of people with private jets on Wednesday.

And they’ll talk about AI: The “responsible deployment” of gen-AI will be discussed to the great interest of the world’s youth. A WEF survey of 4,600 people across 144 countries between the ages 18 and 30 found that two-thirds of respondents fear the proliferation of AI will reduce entry-level job opportunities over the next three years.—DL

President Trump threatened tariffs over Greenland. Yesterday, Trump said he “may put a tariff on countries if they don’t go along with” his push to acquire the Arctic island, which is a semiautonomous Danish territory. Previously, he’s offered to purchase the strategically important icy expanse from Denmark—and hasn’t ruled out taking it by force, drawing sharp rebukes from Denmark, Greenland itself, and other European allies. Now, he says he might turn to tariffs to make Greenland American, likening it to how he used tariff-threat diplomacy to get countries to pay more for prescription drugs. Earlier this week, Denmark and the US agreed to start a working group to resolve the issue of Greenland, over which Denmark said the two sides have a “fundamental disagreement.”—SK

OpenAI to start testing ads in ChatGPT. The chatbot’s answer to your “make this email to my colleague less passive-aggressive” prompt may soon have a sponsor, as OpenAI plans to start testing ads in ChatGPT for the first time, introducing a new revenue stream. The ads—which will be labeled—will appear at the bottom of responses for adult users of the free and cheapest subscription tier versions of ChatGPT. OpenAI said it won’t sell users’ info to advertisers or include ads on answers on touchy topics like health or politics. Two years ago, CEO Sam Altman said on a podcast that he saw ads as a “last resort,” but facing $1.4+ trillion in spending commitments to build out AI infrastructure with $20 billion in revenue last year, he’s now willing to give it a try.—AR

Trump tells potential Fed Chair pick, “I actually want to keep you where you are.” Take a step forward if you’re one of the top contenders to be selected to replace Jerome Powell as the head of the Federal Reserve when his term ends in May—not so fast, Kevin Hassett. The White House National Economic Council director’s chances of being tapped for the role looked dimmer yesterday after President Trump expressed reluctance to remove him from his current position, where he vocally defends the administration’s economic policies. That gave a boost to the prospects of the other Kevin under consideration, former Fed Governor Kevin Warsh. But any nominee may be stymied by Republican Sen. Thom Tillis’s vow to block the confirmation of anyone put forward until the criminal probe of Powell ends.—AR

He makes index funds feel sexy. He looks cool wearing a VR headset. Chatbots ask him for advice. He’s “The Most Interesting Man in the World,” and he’s back to sell you beer after a 10-year break.

In a bid to boost sagging sales, Mexican lager-maker Dos Equis formally announced yesterday that it’s reviving its iconic ad campaign with a commercial during the College Football Championship on Monday. Store displays and social media campaigns are also in the works.

Person of interest: The original actor, Jonathan Goldsmith—now 87—will reprise his role, but things will look a little different this time. The company hopes to double down on some of the viral magic that made Goldsmith a meme in the first place through store displays, live events, and his own LinkedIn page. According to Dos Equis’s parent company Heineken USA:

• Dos Equis’s brand size tripled during the original ad campaign’s 10-year run.
• 83% of people exposed to the old ads wanted them to return, according to the company’s research.

But consumers haven’t been particularly thirsty, my friends: It’s been a rough year for the beer industry, due to higher prices, weight loss drugs, and changing tastes. Things were especially dry at Dos Equis, where sales dipped 8% in the US in 2025, per a Bump Williams Consulting analysis of NIQ data.—BC