The IRS and Treasury Department on Friday put forward new proposed rules and processes that cover the implementation of Trump Accounts for parents and guardians who want to use the savings accounts for their children.

Trump Accounts were created under the One Big Beautiful Bill Act that was enacted last year and is expected to open for contributions after July 4, 2026. Ahead of the official launch of the accounts – which may be opened for children born between Jan. 1, 2025, and Dec. 31, 2028, as well as those born before 2025 who are under the age of 18 – the IRS and Treasury Department have to finalize regulations for the accounts.

The newly proposed rules include processes for opening an initial Trump Account using Form 4547, which allows an authorized individual to make an election opening the initial Trump Account. The election to open a Trump Account must be made on or before Dec. 31 of the calendar year in which the eligible individual turns 17. 

Instructions for Form 4547 are currently available on the IRS website and the agency plans to allow individuals to file a one-page version of the form either at the same time they file their tax return or on a separate online portal.

HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

Americans who want to create a Trump Account for their children can do so using IRS Form 4547. (Valerie Plesch/Bloomberg via Getty Images)

The form also gives the individual the option of requesting the $1,000 contribution from the Treasury’s pilot program for an eligible child’s Trump Account. While children born between the start of 2025 and the end of 2028 are eligible for the federal contribution, those born before 2025 are ineligible for the seed money.

If an election for the $1,000 pilot program is made at the same time as the decision to open an initial Trump Account, the authorized individual is able to make the election for a contribution. 

If no election is made for the pilot program at the time the election to open a Trump Account is made, a different process would be used for determining an authorized individual. The proposed rule for priority ordering would be a legal guardian, parent, adult sibling and then the grandparent of the eligible individual.

HOW TO KNOW IF YOUR CHILD QUALIFIES FOR A TRUMP ACCOUNT: ‘A FINANCIAL STAKE IN THE FUTURE’

Children born between January 2025 and December 2028 are eligible for a $1,000 seed contribution to Trump Accounts from the federal government. (Michael Nagle/Bloomberg via Getty Images)

Additionally, the proposed rules state that the individual who makes the election to open a Trump Account will be the responsible party who has authority to make investment choices among the options available while the account beneficiary is below the age of legal capacity. 

The responsible party may also request a qualified rollover contribution to a rollover Trump Account, request a transfer for a qualified ABLE rollover contribution under certain rules or select a successor responsible party for the account.

BANK OF AMERICA TO MATCH $1,000 GOVERNMENT DEPOSITS FOR TRUMP ACCOUNTS

IRS CEO Frank Bisignano said the agency and Treasury are working to ensure families can easily take advantage of Trump Accounts. (Mandel Ngan/AFP via Getty Images)

“Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American dream,” said IRS CEO Frank Bisignano. 

“Creating Trump Accounts was one of the most important provisions in President Trump’s historic One Big Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts,” Bisignano added.

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Tesla Inc. shares fell about 2% in intraday trading on Monday as investors grappled with mounting pressures on the electric vehicle leader, including a critical regulatory deadline this week, renewed semiconductor supply worries and geopolitical tensions impacting energy markets.

Tesla (NASDAQ: TSLA) opened at $390.05 and traded in a range from a low of $381.40 to a high of $392.99, with shares changing hands around $388 to $389 in recent updates, down roughly 1.9% to 2.1% from Friday’s close of $396.73. Volume reached over 41 million shares by early afternoon, approaching the average but signaling continued caution among traders.

The decline extended a recent pullback for the Austin-based company, which has seen its stock retreat from December 2025 highs near $499 amid softer EV demand and profit pressures. Tesla’s market capitalization stood near $1.46 trillion, reflecting its still-dominant position despite challenges in the core automotive segment.

A key focus remained the March 9 deadline for Tesla to submit detailed data to the National Highway Traffic Safety Administration regarding its Full Self-Driving system. The submission follows an ongoing probe into performance and potential safety issues, with analysts noting that any delays or negative outcomes could weigh on the autonomy narrative central to Tesla’s long-term valuation. Elon Musk has repeatedly emphasized robotaxi ambitions as a transformative growth driver, but regulatory hurdles continue to introduce uncertainty.

Broader industry headwinds added to the sentiment. Reports surfaced of potential Chinese export controls on semiconductors from subsidiaries of Dutch chipmaker Nexperia, reigniting fears of supply chain disruptions for Tesla’s production. Meanwhile, escalating Middle East tensions drove oil prices above $100 per barrel, paradoxically pressuring EV adoption narratives in the short term despite long-term benefits for electrification.

Tesla’s fundamentals reflect a mixed picture. The company reported a rare annual revenue decline in recent quarters, with vehicle deliveries down sharply in the fourth quarter of 2025. Analysts project modest recovery in 2026, with revenue growth estimates around 15% and earnings per share near $2.16, though estimates have been revised lower from earlier optimism. The trailing price-to-earnings ratio remains elevated above 300, underscoring high expectations baked into the stock for breakthroughs in AI, robotics and energy storage.

Despite near-term softness, some positives emerged. Tesla announced plans for a massive Supercharger expansion, including a 400-stall site in California set to become its largest, addressing congestion concerns and supporting network growth. Energy storage deployments are forecasted to surge over 50% in 2026, with higher margins potentially offsetting automotive weakness. The upcoming six-seat Model Y L variant received approval for markets like Australia, signaling continued product diversification.

Analyst views remain polarized. Consensus 12-month price targets cluster around $393 to $396, implying limited near-term upside from current levels, with ranges spanning bearish calls near $150 to bullish targets up to $600. Wedbush’s Dan Ives maintains an optimistic stance on AI and robotics potential, while skeptics like GLJ Research highlight valuation risks if core EV growth stalls.

The stock’s 52-week range spans $214.25 to $498.83, with the current price well off peaks but significantly above yearly lows. Year-to-date performance in 2026 has been choppy following a strong rebound from 2025 lows, driven by optimism around autonomy and energy segments.

Investors continue monitoring Tesla’s pivot beyond traditional vehicles. The Optimus humanoid robot program and xAI integrations represent high-upside bets, though execution risks persist. Musk has described 2026 as a potentially defining year for scaling these initiatives, with robotaxi pilots and regulatory progress key milestones.

As markets digest these developments, Tesla’s ability to navigate regulatory scrutiny, supply constraints and competitive pressures in EVs will shape near-term sentiment. The company’s emphasis on innovation and vertical integration — from battery production to software — supports a constructive long-term case for many followers, even as volatility remains a hallmark.

Monday’s trading reflected broader market caution amid macroeconomic uncertainties, including interest rates and consumer spending on big-ticket items like vehicles. Tesla’s performance often amplifies sector trends, with peers in EVs and tech facing similar headwinds.

Looking forward, attention turns to the NHTSA submission outcome and any updates on FSD approvals or production ramps. Tesla executives have expressed confidence in overcoming challenges through disciplined execution and technological edges.

The day’s activity underscores ongoing investor debate over Tesla’s valuation in a transitional period for the auto industry. While automotive margins face pressure, diversification into energy and AI offers pathways to renewed growth acceleration.

Available for over a year

The Strait of Hormuz is a narrow gap of water in the Middle East between Iran and the Arabian peninsula. About 3,000 or so ships sail through the Strait each month – that’s about 80 ships a day. About 20% of the world’s oil and gas passes through it. But now, it’s an active war zone.

As the US and Israel continue strikes on Iran, and Iran launches missiles at Israel and nearby Gulf states in retaliation, key shipping routes are being disrupted as well as oil and gas production in the region.

Iran says it has complete control of the Strait of Hormuz, and that it would “set fire” to any ships trying to pass through it.

In this episode we explain how this war could affect the wider world and why closing the Strait of Hormuz could lead to higher prices for petrol, food and electronics for us all.

Kayleen Devlin from BBC Verify tells us what’s happening to ships in the Strait of Hormuz and BBC business reporter Nick Marsh describes why parts of Asia are already feeling the effects.

Instagram: @bbcwhatintheworld
Email: whatintheworld@bbc.co.uk
WhatsApp: +44 330 12 33 22 6
Presenter: Iqra Farooq
Producers: Julia Ross-Roy, Maria Clara Montoya and Ash Mohamed
Editor: Verity Wilde

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Anthropic’s lawsuit is against the President Donald Trump’s executive office; several government leaders, including Hegseth, Secretary of State Marco Rubio, and Secretary of Commerce Howard Lutnick; and 16 government agencies, including the Department of War, Department of Homeland Security and the Department of Energy.

Nick Clegg and Sheryl Sandberg have joined the board of British artificial intelligence infrastructure start-up Nscale as the company completed a major fundraising round valuing the business at $14.6 billion.

The appointments come as Nscale secured $2 billion in fresh capital from a consortium of global investors, including the US semiconductor giant Nvidia, significantly boosting the firm’s ambitions to build large-scale data centre infrastructure for the rapidly expanding AI industry.

The move positions Nscale among the most valuable technology start-ups in Europe and reflects growing investor appetite for the infrastructure that underpins artificial intelligence development.

Founded in May 2024 by entrepreneur John Payne, Nscale focuses on building the large data centres needed to run advanced AI models and cloud computing services.

The company is betting that the explosive growth of AI will require vast new computing capacity over the coming decade.

Payne said artificial intelligence was set to transform nearly every sector of the global economy.

“Over the next five years, artificial intelligence will be integrated into every industry, every product and every job,” he said. “Accelerating drug discovery, extending human life, automating travel and robotics, lifting productivity and driving massive economic growth.”

“This is leading to the largest infrastructure build-out in human history. Nscale is leading this build-out.”

The company plans to invest $2.5 billion in UK data centre infrastructure over the coming years, strengthening Britain’s role in the global AI supply chain.

One of the company’s flagship projects is the construction of what it describes as the largest “UK sovereign” AI data centre.

The facility is planned for Loughton in Essex and is expected to be operational by 2026.

The term “sovereign” refers to the fact that the data centre will host AI infrastructure based within the UK and designed to support national research institutions, businesses and government operations.

Demand for such infrastructure has surged as companies race to deploy advanced AI models requiring enormous computing power.

The data centre will rely heavily on Nvidia’s graphics processing units (GPUs), widely regarded as the most powerful chips available for training and running artificial intelligence systems.

Clegg’s appointment adds significant political and regulatory expertise to the company’s leadership.

The former UK deputy prime minister spent several years at Meta as president of global affairs, where he oversaw policy, regulation and government relations across the company’s global operations.

His experience navigating international regulatory frameworks is expected to be particularly valuable as governments around the world grapple with the governance of AI technologies.

Sandberg, who previously served as Meta’s chief operating officer and played a key role in building the company into one of the world’s largest technology firms, brings extensive operational and leadership expertise to the board.

Together, the two figures represent some of the most senior executives to move from Silicon Valley’s social media industry into the emerging AI infrastructure sector.

The latest funding round included participation from several major global investors.

Alongside Nvidia, the round was backed by Aker ASA and New York-based investment firm 8090 Industries.

Nscale had already attracted significant funding before the latest round.

In December 2024, the company raised $155 million in a Series A funding round led by Sandton Capital Partners.

Last year, Nvidia also committed approximately £500 million in investment, strengthening the strategic partnership between the chip manufacturer and the UK start-up.

Nvidia founder Jensen Huang has previously described Nscale as a potential “national champion” for Britain in the rapidly growing AI infrastructure market.

Alongside Clegg and Sandberg, the company has also appointed Susan Decker to its board.

Decker, the chief executive and co-founder of university software platform Raftr, previously served as president of Yahoo and currently sits on the boards of several major organisations including Costco, Berkshire Hathaway and Vox Media.

Her appointment further strengthens Nscale’s leadership team as it prepares for large-scale infrastructure expansion.

The surge in investment reflects a broader global race to build the computing infrastructure needed to support next-generation AI systems.

Training large language models and advanced AI applications requires enormous amounts of processing power, storage and energy.

As a result, technology companies, governments and investors are pouring billions into data centre construction worldwide.

Much of this growth is tied to cloud platforms such as Microsoft and its Azure cloud services, which rely on powerful AI infrastructure to deliver machine learning capabilities to businesses and developers.

Nscale’s projects are expected to help expand the availability of such services within the UK and across Europe.

The expansion of companies such as Nscale forms part of a broader push by the UK government to position the country as a global hub for artificial intelligence research and development.

Britain already hosts some of the world’s leading AI institutions and companies, including DeepMind and a growing ecosystem of technology start-ups.

Large-scale data centre investment is seen as critical to maintaining that competitive advantage.

As the AI boom accelerates, infrastructure firms like Nscale are likely to play an increasingly central role in determining where the next generation of technological breakthroughs occurs.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

GameStop Corp. shares edged higher in early Monday trading as retail investors and market watchers continued to parse ongoing speculation about CEO Ryan Cohen’s pursuit of a transformative acquisition, while the meme stock favorite approached its next earnings report later this month.

GameStop (NYSE: GME) opened around $24.00 and ranged from a low of $23.93 to a high of $24.83, with shares trading near $24.54 to $24.66 in recent updates, up roughly 0.7% to 1.2% from Friday’s close of $24.37. Volume stood at approximately 3.7 million shares by mid-morning, below average but indicative of sustained interest in the specialty retailer.

The modest gain followed a 2.05% advance on Friday, when the stock closed at $24.37 after fluctuating between $23.62 and $24.39 on volume of nearly 6 million shares. GameStop’s performance has remained range-bound in early 2026, with the stock hovering between roughly $20 and $25 after peaking near $36 in late 2025 amid earlier meme-driven volatility.

Cohen, who has steered the company since becoming chairman and later CEO, has kept investors focused on strategic repositioning. In late January, he told CNBC that GameStop was eyeing a “very, very, very big” acquisition of a larger publicly traded consumer company, potentially leveraging its cash reserves — reported at about $8.8 billion in the most recent quarter — to execute a deal that could reshape the business into a broader conglomerate.

The acquisition rhetoric has fueled optimism among supporters who view Cohen’s vision as a path away from declining traditional video game retail toward diversified holdings with higher-margin opportunities. Analysts note that such a move could deploy excess cash productively, especially as core hardware and software sales have faced headwinds from digital distribution trends and store optimizations.

GameStop has already shown progress in shifting its mix. Recent quarters highlighted surging collectibles revenue — up over 50% year-over-year in some periods — alongside improved gross margins near 34.5%, driven by emphasis on pre-owned items, accessories and higher-margin categories. The company also raised liquidity through a convertible note offering, providing flexibility for investments or acquisitions despite ongoing revenue pressures.

Upcoming catalysts loom large. GameStop is scheduled to report fourth-quarter and full-year 2025 results on March 24, 2026, with a conference call the following day. Expectations center on continued margin resilience amid softer top-line trends, with attention on any updates regarding acquisition progress or balance-sheet deployment.

Short interest remains elevated at around 16% in recent data, keeping the door open for volatility if retail momentum builds. Michael Burry’s disclosed position in late January added to the narrative, though the investor tempered expectations for another massive short squeeze.

Broader challenges persist for the core business. Hardware and accessories sales declined sharply in prior periods, reflecting industry shifts toward streaming and digital downloads. Store closures and competition from online platforms continue to pressure physical retail, though Cohen’s focus on efficiency and strategic pivots has helped stabilize operations.

Wall Street remains cautious. Analyst consensus leans toward a “Sell” rating, with median price targets around $13.50 — well below current levels — reflecting skepticism about long-term profitability without a successful transformation. Some forecasts project modest upside to $31 by year-end under optimistic scenarios, but most emphasize execution risks in any major deal.

GameStop’s market capitalization sits near $11 billion, supported by a loyal retail base and Cohen’s track record from Chewy. The stock’s 52-week range spans $19.93 to $35.81, with the current price in the middle of that band after a choppy start to 2026.

Investor sentiment ties closely to Cohen’s commentary. In recent posts and interviews, he has critiqued traditional corporate structures while positioning GameStop for bold moves. A long-term performance award granted to Cohen in January — contingent on stockholder approval at a special meeting expected in March or April — aligns incentives around significant value creation.

As trading unfolds Monday, GameStop reflects the ongoing tug-of-war between meme-stock enthusiasm and fundamental realities in a maturing gaming industry. The company’s cash position provides optionality, but success hinges on deploying it effectively amid competitive and economic uncertainties.

Looking ahead, the March earnings release and any acquisition developments could serve as pivotal moments. For now, shares trade with cautious optimism, buoyed by Cohen’s ambitions yet tempered by retail sector headwinds.

GameStop’s evolution under Cohen continues to captivate markets, blending legacy retail with potential for reinvention through strategic acquisitions and operational focus.

Ford is recalling nearly 1.74 million vehicles in the U.S. due to software problems that can affect rearview camera displays, according to notices published this week by the National Highway Traffic Safety Administration (NHTSA).

One recall covers 849,310 2021–2026 Ford Broncos and 2021–2024 Ford Edges, which may experience overheating in its Accessory Protocol Interface Module (APIM). The issue can cause the rearview camera image not to appear when the vehicle is in reverse.

“A rear-view camera that does not display an image while in reverse gear can reduce the driver’s view of what is behind the vehicle, increasing the risk of a crash,” the NHTSA alert warned.

A separate recall impacts 889,950 vehicles, including 2020-2022 Ford Escapes, 2020-2022 Lincoln Corsairs, 2020-2024 Lincoln Aviators and 2020-2024 Ford Explorers.

FORD IN DEEP WATER AFTER SWEEPING RECALLS HIT EVERY MODEL SINCE 2020 – WITH ONE EXCEPTION

Ford Explorers from 2020-2024, as well as other models from Ford and Lincoln are the subjects of two new recalls related to rear display problems. (Fatih Aktas/Anadolu via Getty Images / Getty Images)

“On the affected vehicles, it may be possible to have the SYNC screen image on the center display flipped or inverted immediately after an ignition cycle,” a recall report from the NHTSA says. “This may result in the image displayed being inverted or flipped, this includes all buttons. While in reverse the rearview camera image, buttons, and camera guidelines may also be inverted or flipped.”

According to the NHTSA report, Ford said that they are not aware of any related crashes or injuries connected to the issue.

FORD BUILDS ONE-OF-A-KIND EXPLORER FOR POPE LEO XIV

Ford Broncos from 2021–2026 are among a list of vehicles subject to new recalls having to do with issues impacting rear displays. (Josh Lefkowitz/Getty Images / Getty Images)

For Bronco and Edge owners, Ford is offering a free software update to the APIM. Notification letters are scheduled to be mailed at the end of the month, and repairs can be completed at dealerships or through over-the-air updates.

A remedy for the second group of vehicles is still under development. Interim letters notifying owners of the safety risks will be sent in the coming months.

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Drivers can check their vehicle identification number (VIN) on the NHTSA website or Ford’s recall lookup tool for more information, or contact Ford customer service at 1-866-436-7332.

Ford recalls over rearview camera issues are a continuation of prior recall alerts. A past recall for older Ford vehicles was issued last October for 1.4 million vehicles.

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