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The Consumer Shock From Tariffs Isn’t Over. When Will Prices Peak?

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Alphabet Is Selling 100-Year Debt as Part of a Big Bond Sale

In this episode of WSJ’s Take On the Week, we’re joined by Royal Bank of Canada Chief Economist Frances Donald, who explains the K-shaped economy.

We discuss how Walmart has hit a trillion-dollar market capitalization despite consumer sentiment near record lows.

Plus, we talk about what could be hiding the true health of U.S. households, from front-loading purchases ahead of potential tariffs to buy-now-pay-later programs.

🎧 Listen to the podcast here or 📹 watch the video clip below:

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Chrysler recalls 80,000 Jeep Grand Cherokee SUVs over coil springs issue

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Chrysler recalls 80,000 Jeep Grand Cherokee SUVs over coil springs issue

Chrysler is recalling more than 80,000 Jeep Grand Cherokees in the U.S. after discovering that rear coil springs could detach while driving, creating a potential road hazard.

The recall covers 2021–2023 Jeep Grand Cherokee and 2021–2023 Jeep Grand Cherokee L models. In total, 80,620 vehicles are affected, though regulators estimate about 0.5% may have the defect, according to a Jan. 29 notice from the National Highway Traffic Safety Administration (NHTSA).

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“A rear coil spring that detaches from the vehicle while driving may create a road hazard to operators and occupants of other vehicles,” NHTSA said. “Road hazards to operators and occupants of other vehicles can cause vehicles to crash without prior warning and/or may result in injury to other road users.”

STELLANTIS ISSUES ‘DO NOT DRIVE’ WARNING FOR 225,000 VEHICLES OVER DANGEROUS AIR BAG ISSUE

Jeep Grand Cherokee Ls Stellantis Detroit Assembly

Jeep Grand Cherokee Ls come off the line at the Stellantis Detroit Assembly Complex-Mack on June 10, 2021, in Detroit, Michigan.  (Bill Pugliano/Getty Images)

The recall includes 29,139 Grand Cherokee vehicles built between June 30, 2021, and May 31, 2023, as well as approximately 51,481 Grand Cherokee L models produced between Dec. 5, 2020, and May 31, 2023, according to NHTSA.

Stellantis, Chrysler’s parent company, said the recall followed an internal investigation that found some rear coil springs may not have been properly installed.

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“As a result, the rear coil spring could come out of position and potentially detach from the vehicle, which may create a road hazard for other motorists and could lead to a collision without prior warning,” Stellantis spokesperson told FOX Business.

JEEP TELLS OWNERS TO STOP CHARGING PLUG-IN HYBRID SUVS IMMEDIATELY OVER SERIOUS FIRE RISK CONCERNS

Jeep car logo

Raindrops are seen on the logo of a Jeep car in Kraków, Poland on Jan. 5, 2020.  (Jakub Porzycki/NurPhoto via Getty Images)

The automaker said it is not aware of any crashes or injuries related to the issue. 

Dealers will inspect and repair affected vehicles free of charge.

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Beyond the U.S., the recall impacts approximately 3,065 vehicles in Canada, 363 in Mexico and 1,238 vehicles in markets outside North America, according to Stellantis.

SOME JEEP PRODUCTION HOBBLED BY ALUMINUM SHORTAGE

The logo of Stellantis

The logo of Stellantis is pictured on the company’s building in Poissy, near Paris, France, on Feb. 26, 2025.  (REUTERS/Stephanie Lecocq)

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The announcement comes as Stellantis recently urged owners of roughly 225,000 older Chrysler, Dodge, Jeep and Ram vehicles in the U.S. to stop driving them immediately if they have not addressed previously recalled Takata air bag inflators.

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The warning applies to certain 2003–2016 models equipped with faulty inflators that can rupture in a crash.

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Where to Buy Hilary Duff Tour Ticket? ‘The Lucky Me Tour’ First Date Sells Out

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Bridgerton' Season

Hilary Duff has added a second concert at Madison Square Garden due to overwhelming demand after her initial Aug. 5, 2026, date on “The Lucky Me Tour” sold out rapidly, with the new show set for Thursday, Aug. 6, at the iconic New York venue.

The announcement came Feb. 17, 2026, via Madison Square Garden’s official channels, including a Facebook post stating the extra performance was added “due to overwhelming demand.” The tour supports Duff’s upcoming album “Luck… or Something,” releasing Feb. 20, 2026, marking her return to large-scale touring after nearly two decades since her 2007 “Dignity” run.

Both MSG shows feature special guests La Roux and Jade LeMac, promising a high-energy pop spectacle with hits from Duff’s catalog — including “Come Clean,” “So Yesterday” and newer material — alongside her signature choreography and fan-favorite moments. The first show, originally announced as a single stop on the North American leg, sold out quickly following the tour’s broader reveal earlier in February, prompting the swift addition of the second night.

Ticket access begins with a venue presale Thursday, Feb. 19, at 10 a.m. ET using code SOCIAL, followed by an artist presale on Ticketmaster. General public tickets go on sale Friday, Feb. 20, at 10 a.m. ET via Ticketmaster, the primary seller for the venue. Citi cardmembers had early access starting Feb. 17 at 10 a.m. through the Citi Entertainment program, while other presales rolled out in waves.

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Resale platforms like StubHub, Vivid Seats and SeatGeek already list inventory for both dates, with prices varying based on demand — original Aug. 5 tickets started around $297 on resale before the sellout, though lower options may appear closer to showtime. Fans are advised to act fast during the general onsale, as high-demand arena stops like MSG often move quickly.

“The Lucky Me Tour” spans seven countries across the U.S., Canada, Mexico, the U.K., Ireland, Australia and New Zealand, kicking off June 22, 2026, at iTHINK Financial Amphitheatre in West Palm Beach, Florida. It includes major venues such as Los Angeles’ Kia Forum (now doubled to July 9 due to added demand), Red Rocks Amphitheatre, London’s O2 Arena (extra date added Sept. 15), Toronto’s RBC Amphitheatre and more, wrapping in Mexico City on Feb. 12, 2027.

The MSG addition highlights Duff’s enduring popularity among millennials and Gen Z fans nostalgic for her Disney Channel and early-2000s pop era. The singer recently completed sold-out limited engagements at Las Vegas’ Voltaire at The Venetian Resort (Feb. 13-15 and May 22-24, 2026) and a special “Small Rooms, Big Nerves” intimate run earlier this year.

Duff teased the tour during her Vegas residency, bringing fans onstage for viral dance recreations and building anticipation ahead of the album drop. The full North American leg features arena and amphitheater stops, with support acts varying by market.

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For those seeking tickets:

  • Presale (venue): Feb. 19, 10 a.m. ET (code SOCIAL)
  • Artist/general presale: Ongoing waves, check Ticketmaster
  • Public onsale: Feb. 20, 10 a.m. ET via Ticketmaster
  • Resale options: StubHub, Vivid Seats, SeatGeek for immediate availability

Doors for both MSG shows open at 6 p.m. ET, with performances starting at 7 p.m. Fans should arrive early and check MSG’s policies on bags, prohibited items and entry requirements. The venue recommends purchasing through official channels to avoid scams.

As Duff prepares for her album release and tour launch, the added MSG date underscores strong fan demand for her long-awaited return to the stage.

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Leading U.S. Crypto Exchange Platform

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Costco

Coinbase Global Inc., the largest publicly traded cryptocurrency exchange in the United States, remains a cornerstone of the digital asset ecosystem despite recent market headwinds. Founded in 2012, the company has grown from a simple Bitcoin wallet to a comprehensive platform offering trading, custody, staking, stablecoins and institutional services, while its Base layer-2 network continues to evolve.

Coinbase
Coinbase

As crypto markets face a February 2026 downturn — with Bitcoin down significantly from late-2025 highs — Coinbase reported a Q4 2025 earnings miss on Feb. 12 but highlighted resilience in subscription revenue and retail accumulation. CEO Brian Armstrong emphasized retail users “buying the dip” with “diamond hands,” and the company is pushing for favorable U.S. legislation on market infrastructure and stablecoins.

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Here are 10 key things to know about Coinbase as it positions for potential recovery in 2026.

  1. Pioneering U.S. Crypto Platform Launched in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase quickly became the go-to exchange for retail investors entering crypto. It went public via direct listing in April 2021 on Nasdaq (ticker: COIN), marking a milestone for the industry.
  2. Massive User Base Coinbase boasts approximately 120 million verified users worldwide, with about 8.7 million monthly transacting users as of recent estimates. This scale supports high trading volumes during bull markets and provides a steady foundation through diversified services.
  3. Strong 2025 Performance Amid Volatility In 2025, Coinbase achieved all-time highs in total trading volume (up 156% year-over-year) and doubled its crypto trading market share to 6.4%. Subscription and services revenue reached $2.8 billion, with nearly 1 million paid Coinbase One subscribers — triple the count from three years prior.
  4. Q4 2025 Earnings Miss The company reported a net loss of $667 million for Q4 2025, with revenue down 20% to $1.8 billion due to weaker trading amid a broad crypto selloff. Transaction revenue fell sharply, but the firm delivered on its financial outlook and noted early 2026 strength in certain volumes.
  5. Base Network’s Major Tech Pivot On Feb. 18, 2026, Coinbase announced Base — its Ethereum layer-2 network launched in 2023 — is moving away from Optimism’s OP Stack to a “unified, Base-operated stack.” The shift aims to enhance control, innovation and scalability for one of the most active L2s.
  6. USDC Stablecoin Leadership Coinbase co-founded USDC with Circle. Average USDC market cap hit $76.2 billion in 2025, with balances on Coinbase products at $17.8 billion. The stablecoin remains central to payments, remittances and DeFi, with Armstrong advocating for U.S. stablecoin rewards policy.
  7. Regulatory Advocacy Armstrong has been vocal on Capitol Hill, discussing crypto regulation, stablecoin policy and infrastructure legislation with Sen. Bernie Moreno in February 2026 interviews. He predicts a “win-win” outcome for industry, banks and consumers, positioning America as the “crypto capital.”
  8. Retail Resilience in Downturn Amid February 2026’s market correction, Armstrong noted retail users increasing native BTC and ETH holdings compared to December 2025 levels. He described them as having “diamond hands,” buying dips despite volatility.
  9. Diversified Revenue and Outlook Beyond trading, Coinbase earns from staking, custody (via Coinbase Prime for institutions), subscriptions and international expansion. The company forecasts subscription/services growth in Q1 2026 ($550-630 million range) and remains optimistic for transformative crypto adoption.
  10. Market Position and Stock Performance Coinbase’s market cap fluctuated around $44 billion in mid-February 2026, down from higher 2025 levels amid broader crypto declines. Shares rebounded modestly post-earnings despite the loss, with analysts eyeing long-term upside from regulatory clarity and institutional flows.

As Coinbase navigates cyclical challenges — including a negative Bitcoin premium on its platform for over a month — its focus on infrastructure, compliance and innovation positions it to benefit from clearer U.S. rules and renewed market momentum. Armstrong maintains the company is “in pole position” for 2026 and beyond. Join Coinbase

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Top Picks for Beginners to Advanced Learners Amid Rapid Industry Growth

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AI Course

As artificial intelligence reshapes industries from healthcare to finance, Coursera remains a leading platform for accessible, high-quality AI education in 2026. Partnering with top institutions like DeepLearning.AI, Google, IBM and Stanford, the site offers courses and specializations that blend theory with hands-on projects, earning credentials valued by employers.

With generative AI, prompt engineering and agentic systems dominating 2026 trends, Coursera’s offerings emphasize practical skills like building models, ethical AI use and real-world applications. Recent launches include new professional certificates in PyTorch for deep learning and expanded generative AI paths, reflecting surging demand for job-ready expertise.

Here are five of the best AI courses and specializations on Coursera in February 2026, selected for high ratings, enrollment numbers, relevance to current industry needs and learner feedback from sources including Coursera’s own listings, Mammoth Club reviews and expert analyses.

AI Course
AI Course
  1. AI For Everyone (DeepLearning.AI) Andrew Ng’s flagship introductory course remains the top entry point for non-technical learners. This beginner-friendly program covers AI basics, terminology, workflows, ethics and business strategy without requiring coding. At 4.8/5 stars from over 52,000 reviews, it’s ideal for executives, managers or anyone curious about AI’s impact. Duration: 1-4 weeks. Free to audit; certificate available.
  2. Google AI Essentials Specialization (Google) Google’s practical specialization teaches essential AI tools for everyday and professional use, including prompt engineering, generative AI applications and responsible practices. Highly rated at 4.8/5, it suits beginners and professionals seeking quick, actionable skills in Google’s ecosystem. Features hands-on labs and real-world scenarios. Duration: 1-4 weeks per course; part of broader AI paths.
  3. Generative AI for Everyone (DeepLearning.AI) Andrew Ng’s focused course on generative AI explores how models like ChatGPT create content, with emphasis on applications, limitations and ethical use. Praised for clarity and relevance in 2026’s gen-AI boom, it’s perfect for understanding the technology driving tools like image generators and chatbots. Beginner level; 4.8/5 rating. Duration: 1-4 weeks.
  4. Machine Learning Specialization (Stanford/DeepLearning.AI) The updated classic by Andrew Ng and team covers supervised/unsupervised learning, neural networks, best practices and modern techniques like reinforcement learning. With a 4.9/5 rating from tens of thousands, it’s a gold standard for aspiring data scientists and ML engineers. Hands-on Python projects make it highly employable. Duration: 2-3 months.
  5. IBM Generative AI Engineering Professional Certificate (IBM) This comprehensive program dives into building and deploying generative AI systems, covering engineering workflows, model fine-tuning and production deployment. Rated 4.7/5, it targets intermediate learners aiming for roles in AI development. Includes capstone projects and IBM tools. Duration: 3-6 months; strong for career advancement.

These selections reflect 2026 priorities: accessible intros for newcomers, gen-AI focus for current trends and rigorous ML foundations for technical depth. Coursera’s model allows free auditing of most content, with paid certificates (often $49/month via subscription) unlocking graded assignments and credentials.

Enrollment has surged, with AI-related courses among Coursera’s fastest-growing in early 2026. Learners praise the flexibility, expert instructors and career impact — many report job offers or promotions after completing Ng’s programs or Google certificates.

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To get started, visit Coursera.org, search for these titles and enroll directly. With AI skills in high demand, these courses offer a structured path to stay competitive in a rapidly evolving field.

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Mario Kart World Crushes 14M Milestone

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Mario Kart World Dominates Japan's January 2026 Physical Game Sales

Mario Kart World continues its reign as the undisputed king of Nintendo Switch 2 software, surpassing 14 million units sold worldwide as of December 31, 2025 — the latest official figures released in early February — propelling the console’s attach rate to over 2 games per system amid a blockbuster launch year.

Mario Kart World Dominates Japan's January 2026 Physical Game Sales
Mario Kart World Dominates Japan’s January 2026 Physical Game Sales

Nintendo disclosed the sales update on February 3 as part of its fiscal year earnings report covering the nine months ended December 31, 2025, revealing total Switch 2 software sales exceeding 37.93 million units. The hybrid console itself has sold 17.37 million units globally since its June 2025 debut, outpacing predecessors in velocity.

Mario Kart World, bundled with many Switch 2 consoles (accounting for 8.1 million of its sales), has driven adoption through its expansive open-world tracks, seamless online multiplayer and family appeal. Analysts credit its evergreen playability for sustained momentum into 2026, even as new releases challenge the chart.

Here are the top 10 best-selling Nintendo Switch 2 games as of the latest data in February 2026, drawn from Nintendo’s disclosures and industry trackers like Wikipedia and Famitsu aggregates. Figures reflect worldwide sales through December 31, 2025, with no full January or February updates yet available; estimates suggest modest gains for leaders amid post-holiday slowdowns.

Rank Title Sales (WW) Release Date Notes
1 Mario Kart World 14.03 million June 5, 2025 Bundle-driven; fastest Switch 2 seller
2 Donkey Kong Bananza 4.25 million Oct. 2025 (est.) Platformer hit with collectathon gameplay
3 Pokémon Legends: Z-A (NS2 Edition) 3.89 million Nov. 2025 Dual-platform total 12.3M; strong in Japan/US
4 Kirby Air Riders 1.76 million Nov. 20, 2025 Japan-heavy (900K+); racing spin-off
5 Super Mario Galaxy Collection 2.10 million (est.) Dec. 2025 Remastered duo exceeds 2M milestone
6 Animal Crossing: New Horizons (NS2 Ed.) 1.50 million+ (est.) Late 2025 Enhanced port; evergreen appeal
7 Hyrule Warriors: Age of Imprisonment 1.00 million+ (digital heavy) Jan. 2026 (est.) Musou-style Zelda; quick million-seller
8 Momotaro Dentetsu 2 (NS2 Ed.) 0.80 million+ (Japan) Nov. 2025 Konami board-game sim; regional dominance
9 Dragon Quest VII Reimagined (NS2) 0.50 million+ (early) Feb. 2026 #2 Famitsu debut week (160K Japan)
10 Mario Tennis Fever 0.45 million+ (est.) Jan. 2026 Sports title gaining traction

These rankings blend Nintendo’s official tallies with analyst estimates from VGChartz, Famitsu and Circana previews, as full Q4 breakdowns remain pending. Mario Kart World’s bundle inclusion — standard with early Switch 2 packs — inflates its numbers but underscores hardware synergy.

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Japan’s Famitsu charts reflect regional strength: For the week of Feb. 2-8, Dragon Quest VII Reimagined’s Switch 2 edition sold 160,101 physical units, trailing only its original Switch version but dominating new releases. Mario Kart World held steady in top 10 weekly tallies, while Pokémon Legends: Z-A NS2 edition posted strong legs.

In the U.S., Circana (formerly NPD) data through January shows Switch 2 hardware outselling rivals, with software mirroring global trends. Full February Circana reports, expected mid-March, will clarify post-holiday performance amid new launches like Dragon Quest VII.

Third-party titles lag Nintendo first-parties, hampered by backward compatibility — original Switch games run on Switch 2, diluting exclusive appeal — and hybrid physical/digital “Game-Key Card” formats. Still, Kirby Air Riders’ 1.76 million highlights breakout potential for Hal Laboratory.

Nintendo’s ecosystem thrives: Switch family software nears 1.7 billion units lifetime, with Switch 2 accelerating growth. Upcoming titles like The Legend of Zelda NS2 enhancements and potential Metroid Prime 4 could shake charts by spring.

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As Switch 2 enters its second year, Mario Kart World’s dominance — far ahead of No. 2 Donkey Kong Bananza — signals sustained family gaming hunger. Analysts forecast 30+ million consoles by March 2027, buoyed by evergreen hits and 2026 blockbusters.

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New Zealand King Salmon Investments Limited (NZKSF) Shareholder/Analyst Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Mark Braden Dewdney

Welcome, everybody. I’m Mark Dewdney, I’m the Chairman of New Zealand King Salmon. It’s my pleasure, privilege and great honor today to lead the meeting. I’ll just start with an introduction. [Foreign Language] Apologies to anybody if I’ve butchered that. But welcome, everybody, and it is a great honor to have everybody here today. Welcome to the 10th Annual Shareholders’ Meeting of New Zealand King Salmon Investments Limited. It’s a privilege to address our shareholders, partners and team members, both in person and online. Thank you all for your continued support.

I’d like to extend a warm welcome to a few guests in attendance today either in the room or online, including iwi representatives from Ngati Kuia, Te Atiawa and Ngati Rarua. We are honored to have you join us today.

We also have members from the Ministry for Primary Industries with whom we have a significant partnership program called Future Farming centered around piloting some of our future growth projects. We also have Invest NZ with us today, who along with the assisted organization, New Zealand Trade and Enterprise, provide great assistance and advice to the aquaculture sector. Having your support and partnerships are really important to the long-term sustainability and growth of our company.

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It’s only been 8 months since our last ASM in June last year. This reporting period from 1 February to 30 September 2025 marks our transition to a new 30 September balance date. We’ve made this change to allow us to report at

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Penguins Legend Injured in Canada’s Olympic Quarterfinal

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Canada's players wore masks for their ice hockey match against Russia

Sidney Crosby, the longtime Pittsburgh Penguins captain and one of hockey’s all-time greats, suffered a lower-body injury during Canada’s dramatic 4-3 overtime quarterfinal victory over Czechia on Feb. 18, 2026, at the Milano Cortina Winter Olympics, leaving his status uncertain for the semifinals as Team Canada advances without its leader.

Sidney Crosby
Sidney Crosby

Crosby, 38, left the game in the second period after a heavy hit from Czech defenseman Radko Gudas caused his legs to buckle, followed by additional contact along the boards. He favored his right leg while exiting and did not return, with Hockey Canada confirming the lower-body issue. Coach Jon Cooper expressed hope for his return, stating post-game that “this will not be Sid’s last game at the Olympics,” though Crosby will undergo evaluation.

The injury overshadowed Canada’s comeback win, powered by Mitch Marner’s overtime goal and contributions from Nathan MacKinnon and Nick Suzuki, but it adds urgency to Canada’s medal pursuit in a tournament featuring NHL stars for the first time since 2014.

Here are 10 key things to know about Crosby, whose career blends generational talent, resilience and historic achievements.

  1. Generational Talent and Early Hype Born Aug. 7, 1987, in Cole Harbour, Nova Scotia, Crosby was dubbed “The Next One” as a youth phenom. Drafted first overall by Pittsburgh in 2005, he became the youngest NHL captain at 19 in 2007 and led the Penguins to three Stanley Cups (2009, 2016, 2017).
  2. Olympic Gold Medal Hero Crosby scored the golden goal in overtime to win Canada’s 2010 Vancouver Olympics title against the U.S., one of the most iconic moments in hockey history. He added gold in Sochi 2014, making him a two-time Olympic champion. His 2026 participation marked his third Games, with aspirations for a third gold before the injury.
  3. NHL Scoring and Records Crosby has amassed 652 goals and 1,094 assists for 1,746 points in 1,408 games through early 2026. He ranks among the all-time leaders, surpassing Mario Lemieux as the Penguins’ all-time points leader (1,724) on Dec. 22, 2025, and moving into eighth in NHL history. In 2025-26, he has 27 goals and 59 points in 56 games despite Pittsburgh’s struggles.
  4. Award Dominance Crosby owns two Art Ross Trophies (scoring titles), two Hart Trophies (MVP), two Ted Lindsay Awards (players’ MVP) and two Conn Smythe Trophies (playoff MVP). He is the only player to captain teams to a Stanley Cup, Olympic gold, world championship and World Cup of Hockey victory.
  5. Resilience Through Injuries Known for durability, Crosby overcame major setbacks like a 2009-10 concussion saga that sidelined him for months. He has maintained elite production, averaging over a point per game in his 20th season and tying records for longevity.
  6. Leadership and Clutch Play Crosby’s “Sid the Kid” nickname evolved into a respected veteran presence. He led Canada to victory in the 2025 4 Nations Face-Off and remains a power-play specialist and faceoff expert, often elevating teammates in big moments.
  7. Recent Milestones In March 2025, Crosby became the only player in NHL history to average over a point per game across 20 seasons. His 2025-26 season includes strong output despite team challenges, with 10 power-play goals and consistent two-way impact.
  8. Contract and Loyalty Crosby signed a two-year, $17.4 million extension ($8.7 million AAV) in September 2024, running through 2026-27 with a full no-movement clause. He has spent his entire career with Pittsburgh, rejecting trade rumors amid the team’s rebuild.
  9. Off-Ice Influence Crosby ranks among the NHL’s 100 Greatest Players and inspires with work ethic and humility. His Olympic return highlighted “best-on-best” hockey, drawing massive attention despite the Penguins’ playoff misses in recent years.
  10. Legacy and 2026 Outlook At 38, Crosby’s Olympic injury adds uncertainty, but his track record suggests resilience. A potential third gold would cement him as one of Canada’s greatest, while his NHL dominance continues to redefine longevity for elite forwards.

As Canada prepares for the semifinals on Feb. 20, all eyes turn to Crosby’s evaluation and recovery timeline. His presence has defined eras in hockey, and fans hope he returns to chase another historic moment.

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AI pioneer Fei-Fei Li’s World Labs raises $1 billion in funding

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AI pioneer Fei-Fei Li’s World Labs raises $1 billion in funding


AI pioneer Fei-Fei Li’s World Labs raises $1 billion in funding

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FDA chief warns U.S. is losing ground to China in early drug trials

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FDA chief warns U.S. is losing ground to China in early drug trials
FDA's Marty Makary: Everything should be over-the-counter unless it's unsafe or requires monitoring

Food and Drug Administration Commissioner Marty Makary warned that the U.S. is falling behind China in early-stage drug development and called for reforms that could streamline the process for starting trials on new treatments. 

In an interview with CNBC on Wednesday, Makary specifically pointed to three bottlenecks that he said cause the U.S. to fall behind on those early drug trials. 

That includes hospital contracting as well as ethical reviews and approvals, both of which he called “clunky processes that take too long and are leaving us non-competitive with the countries that are moving a lot faster.” He also pointed to the process for submitting and receiving approvals for so-called Investigational New Drug applications, which companies submit to test a product in humans. 

“We walked into a mess,” Makary said, referring to how behind China the U.S. was in terms of phase one clinical trials conducted in 2024. 

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Food and Drug Administration (FDA) Commissioner Marty Makary speaks in the Oval Office at the White House on Jan. 29, 2026 in Washington, DC.

Samuel Corum | Getty Images

He said the FDA is “looking at everything,” such as whether it can partner with health systems and academic medical centers on the pre-IND process. That refers to when companies consult the FDA before formally filing an application. 

He said the Trump administration should “partner with industry to help them deliver more cures and meaningful treatments for the American public because that is a common bipartisan goal that we all want,” he added. “And we’re going to get it done in this administration.”

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China’s biotech ecosystem has flourished over the last several years, driven by massive state investment, a vast talent pool and accelerated regulatory reforms. Once known for being a low-cost manufacturing base that pumps out copycats, China is rapidly evolving into a global innovation powerhouse. 

Data from Global Data and Morgan Stanley show that China now conducts more clinical trials than the U.S., accounts for nearly a third of new global drug approvals and is on pace to reach 35% of FDA approvals by 2040. 

U.S. policymakers have been under pressure to take steps to boost innovation domestically. 

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Nestle USA adds prebiotic beverages

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Nestle USA adds prebiotic beverages

The sparkling water features 6 grams of fiber. 

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