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Kenosha barbershop owner sees higher prices due to tariffs
A White House spokesperson defended the President’s tariffs, saying he's use them to renegotiate trade deals and lower drug prices.
Chancellor Miranda authors Science editorial
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Iran war disrupts US small businesses with shipping complications and higher costs
NEW YORK (AP) — The Iran war is making life more difficult for small business owners across the country, who are grappling with shipping complications, higher costs and consumers tightening their grip on their wallets.
Iran war impacts small business owners with higher costs and shipping woes
The Iran war is making life more difficult for small business owners across the country. A shoe designer is struggling to import its shoes from Vietnam; a pistachio grower has millions of dollars worth of pistachio exports sitting in the water; a home landscaper in Kansas City is stockpiling fertili
Cattle futures higher waiting on direct business
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Patients face higher costs as White River Health goes out of network with UnitedHealthcare
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Cattle futures higher ahead of the week's direct business
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Psychological Science Grad Student on Path to PhD and Inspiring Other First-Generation Students
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Mamdani’s bold housing pitch meets the brutal politics of property taxes
Larger rental buildings, including those that would be affected by Mamdani’s proposed rent freeze, face a higher tax burden than other homes.
Governing the Business of Athletics (opinion)
Boards need to stay up to speed in a rapidly changing college sports landscape.
Charts show how the highest and lowest earners spend their money
Households with the highest income spend more on housing, but the lowest-income quintile spends a higher share of its spending on that category.
Immigration advocates appeal to a higher power to sway the high court on birthright citizenship
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Panicking scientists, canceled experiments – federal funding cuts turned my work as a research dean into crisis management
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Apple Reportedly Planning to Launch iMac With OLED Display
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Do good neighbors make good economies? Minnesota could be a test case
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Health Policy Watch: Available cervical cancer vaccines fail to cover the HPV 35 genotype common in Africa
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The Downward Spiral of the NSF’s GRFP (opinion)
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Steven Fulop on Fighting for Business Interests in Zohran Mamdani's New York
Steven Fulop, the new President and CEO of the Partnership for New York City, the city’s leading big business advocacy group, spoke with The New York Editorial Board on the morning of March 19, 2026. Fulop recently began in the role after 12 years as mayor of Jersey City and a 2025 run for governor of New Jersey. He replaced longtime Partnership President/CEO Kathryn Wylde. (photo by Liena Žagare) Participating journalists: Nicole Gelinas, Josh Greenman, Alyssa Katz, Ben Max, Akash Mehta, Harry Siegel, Ben Smith, Liena Žagare Full Transcript **Ben Max**Good morning. Thanks for being here. So start us off: The people who hired you for this role, what did they make clear were their top priorities for you coming into it, and for the Partnership, and what did you sort-of pitch as the direction you thought things could go? Give us a little of that bifurcation of where the minds met in terms of the priorities and the leadership for the new era. **Steven Fulop**Let me explain to you how I ended up in the job, OK? That’s probably a good starting point, because I don’t think anybody initially thought that I was the pick that they coveted or thought that would be an ideal fit for this position. I’d run for [New Jersey] governor, as you guys know, and I was very deliberate in the lane that I was taking as a candidate for governor. The same candidate when I ran for mayor and city council — it was outside the establishment. It was building on issues, single-issue voters — very, very concentrated on detailed policy. And I thought that if I could build an organization, outside of the typical political organization, of single-issue voters, you could become viable because they’re passionate people generally, OK? And one is mayor, outside the establishment doing that. You won two races in the country that Obama actually engaged in as president. Rahm Emanuel and Jeremiah Healy, my predecessor, was a ten-year incumbent. So we won based on this structure. Run for governor, kind of in that same model. And I thought at the time that 550,000 people would turn out in the election. That was based on history in a similar election, when Chris Christie left and it was Trump’s first-year primary, you know, changeover in governor. There was five hundred or four eighty-seven [thousand]. So I thought five-fifty was a bump up. Same numbers Sherrill had, Ras Baraka had. I thought five hundred and fifty thousand people in the election, six candidates running that are viable — two congresspeople, two mayors, senate president, and the teachers’ union president — that if I got to a hundred and thirty thousand votes, single-issue passionate voters, I would get in through the primary with twenty, twenty-five percent, and then put it back together even though I was kind of the outside establishment guy. I think I did everything perfect during that election, OK? With the exception of winning. Which is the big deal. But I miscalculated one thing. And I don’t know in hindsight how I could have changed anything. But I miscalculated that the turnout ended up spiking to eight-fifty, OK? So I said five-fifty. We all said five-fifty. Going into Election Day on Tuesday, and I’m a pretty pragmatic person. Going into Election Day on Tuesday, if you said, Steve, are you gonna win? I would have told you, we caught them and we’re gonna win, OK? We have more volunteers. I mean, to give you perspective on it: Uber, which is a data company, like, the week before, they wrote a million-dollar check to my super PAC, five hundred [thousand] to Sherrill, five hundred [thousand] to Ciattarelli. Election Day, the New York Times embedded one reporter, photographer for most of the day with only one of us, me. CNN, the day before, me, right? The trend was there. I miscalculated that there was an additional 300,000 people that came out. I saw, similar to here [in New York City], the voter numbers surging early, and I just thought it was a displaced Election-Day voter. I thought you were so excited to vote that you were voting early. I never imagined that there were 300,000 additional people voting. And if you tuned in late, then you would have ultimately– I had the wrong message. My message was, Trenton was broken, these are the things we would fix. And Sherrill, for example, was: I’m a helicopter pilot to fight Trump, right? Her message was better for that. It was over in five minutes. So why do I tell you that? I was shell-shocked, didn’t really know what happened, and the way this business works is when you lose, your phone goes dead. Nobody calls. It’s just, that’s it. Silence. And so, I’m trying to think about what happened and two weeks after the fact, I get a phone call by this guy. His name is Jim Simpson. He was Christie’s DOT chair, OK? Commissioner. And he worked on the widening of the Pulaski Skyway with me as the mayor of Jersey City. And Christie went after me with Bridgegate, and I was a government witness during Bridgegate. But even when nobody in the Christie administration could talk to me, Jim Simpson was always like, I have this major project going through Hudson County, predominantly Jersey City. I’m gonna deal with the guy. And he would tell you that Steve was a professional, good guy to deal with. I think that’s what Jim Simpson would say. I didn’t talk to Jim Simpson for 12 years. I lose the election. Two weeks after, I get a phone call. He leaves a voicemail. Hey, Steve, it’s Jim Simpson. Can you give me a call back? And I was kind of like fuck the world at that point. I didn’t want to call anybody back. And I called Jim Simpson back, and I was like, Hey, Jim. How’s it going? And he says to me, he says, Look, I’m very thankful you remember who I am, blah, blah, blah, blah. He said, Look, I had an issue in a warehouse I own in Jersey City. Didn’t know really how to navigate the building department. I figured it out, right? But thanks for calling me back. That was the conversation, OK? And I’m like, OK, great. You know? Whatever. So the conversation ended. He says, You know, I moved to Pennsylvania, but I’m sometimes up in New York. If I’m up there again, why don’t we just get together? I said Sure. I got nothing but time, right? And so he calls again about a week-and-a-half later, says, I’m gonna be in New York tomorrow. Wanna grab breakfast? Sure. So we meet for breakfast, and he knew nothing about me. When I got there, he was googling me, OK? Like, he knew nothing about my deeds. He’s like, Oh, you were in the military. That’s amazing. Like, it was a weird conversation. And, you know, towards the end of the conversation, he says, What are you gonna do next? And I said, I honestly don’t know. You know, I think maybe this, maybe that. And he says, You know who you should call? I said, No idea. Who, Jim? And he says, I don’t get along with her, he said. I used to be a Rockefeller fellow. I do not get along with her. We do not see eye to eye, but you should call this woman named Kathy Wylde. And I said, I met Kathy, ten years ago once. I don’t know if I would call her, and I don’t…That’s a weird conversation, just to call a stranger and ask for help with a job, right? And he says, No, you should figure out how to call her. We’re gonna figure out how to get you in touch with her again. I gotta think about it. I said, OK. We left. I never thought anything of it. He calls me four days later, and he says, I was giving it some thought. I was googling and I saw she’s leaving [as President and CEO of the Partnership for New York City]. You should apply for the job. And I said, I don’t know anybody. It’s a weird dynamic. And he said, We gotta figure it out. You know? Good guy. A couple weeks later, I was going to a conference in Montana, and three years earlier, I had met Rob Speyer at the conference. Spoke to Rob probably twice in my life since then, OK? But, we had a night we sat next to each other at a dinner, had a nice conversation. So I texted him. I said, Are you going to this conference by chance, in a couple weeks? He said, I am going, right? I said, Oh, can I grab you when you’re there for a couple minutes? He said, Sure. I go with my wife. He comes over, says hello. He knew my wife from a couple years ago, pleasantries. I said, Hey, Rob. you know, I texted you, if I could speak to you. He said, Yeah, yeah. What’s up? And I was, like, nervous at this point. I’m, like, sweating. Like, I’m gonna give a pitch. I said, I see you’re very involved with the Partnership. I think I’d be killer at that job. And he says, Why? And I gave him a pitch, which I’ll tell you in a second. And he said, Honestly, he said, Steve, there’s 12 people in the search committee. He says, I couldn’t even help you if I wanted to, nor would I. But what I can do when people ask me is just get in touch with Heidrick & Struggles and, go through the process. I said, That’s all I could ask. It’s fine. So I send him a text two days later with my resume, and I said I was serious about this. Can you connect me to the person? He says, Sure. Heidrick & Struggles would tell you that they did the interview as a courtesy. And that they thought that it was going nowhere, largely because when the search committee, which is a who’s who of business, outlined who they wanted, they said they wanted somebody from New York City, and they wanted somebody who was not in elected office. So here I am. I would go through these interviews, and I would outline what I thought the Partnership was doing wrong, and how politics has changed, and where I thought the potential was. Largely that the model of shuttle diplomacy, of relationships in the way that it worked 20, 30 years ago, doesn’t work anymore. And today you see, both with Mamdani and Trump— The assets that they [Partnership member companies] have are that they have 800,000 employees. They have the ability to communicate at scale, and they have a general centrist message, and none of those things are leveraged in any meaningful way, is what I would outline. And I really believe, and I continue to believe, that if the Partnership is perceived as a voice of very wealthy people and the CEOs, it will no longer exist in five or ten years. And the reason I say that is because one of the assets that people value is this convening component. And it’s a convening component because you have everybody from, you know, the CEO of JP Morgan and Goldman Sachs towards mid-level to low-level CEOs, and they want to be in the room with the next person in that food chain, so to speak. And when people view it as not good use of their time, because it’s not effective, you start seeing deterioration and you no longer get that involvement. And I would explain this to them, and I would say, This is how we’re going to organize employees, and I think is the most effective way to do it. It’s something that I did as a [mayor] or a candidate when I was running these campaigns, so it’s something I know. And they would ask a lot of questions, and we would go through this model in detail, and they would ask, and they would just move me along in the campaign in, in this situation. And then at the end, probably ten interviews in, the woman from, you know, Heidrick says, You know, I think, you know, as crazy it is, you might land this plane. And I said I knew I was going to land the plane. But— **Josh Greenman**Can I ask? So you mentioned— **Steven Fulop**Sorry to take so much time on that, but— **Josh Greenman**Three hundred thousand, or I forget the number. **Steven Fulop**Eight hundred thousand. **Josh Greenman**Eight hundred thousand employees. And correct me if any of the assumptions embedded in the question are wrong. But you’re a membership organization, you’re supposed to be speaking for the large employers. **Steven Fulop**Yes. Large employees. Employers and employees. **Josh Greenman**Employers and employees. But you don’t canvas them every time an issue comes up. You described it as centrist. OK. An issue comes up. First of all, how do you, as the head of the Partnership, decide whether to get engaged and involved in that particular issue? And second of all, how do you decide what the posture of the Partnership is, if it’s not predefined? How much of it is your instinct? How much of it is, Let me take the temperature of the employees and the employers first? **Steven Fulop**The honest answer is I think it’s a hybrid. At the last board meeting, I spoke about being more narrow in the things that we’re going to be involved in. I think it’s very important we’re very deliberate and specific on issues that we care about and being less involved in kind of broad things that don’t necessarily touch 250 of the different companies. **Josh Greenman**Even though you made a statement about antisemitism. **Steven Fulop**I made a statement on antisemitism because it touches a lot of our companies, if not all of them, because they have Jewish employees, and they’re all very invested here. **Ben Smith**What’s something that you think the Partnership should get out of? **Steven Fulop**We had a lot of time last year in the fashion industry. I think the fashion industry is important. I don’t know who reads that report ultimately or how you move the needle ultimately on the fashion industry. We did some work very publicly on short-term rentals. Not really sure that that’s the best place to be spending a lot of time, because I don’t think it pertains to every single person here. I think that there are things that do pertain, quality-of-life issues that touch everybody. How do those things come to light? So I spoke broadly at the executive board meeting about things that I thought were important. They had lots of questions, Why this, that, and I outlined things both in a framework of government and politics: This is what I think. This is where the opportunity is. This is where the vulnerability is, et cetera, and we went through some of that stuff. When we’re working, for example, now, I gotta review it. We’ve been going back and forth on a blueprint of things to change for New York City that I think, or our team thinks, are meaningful, practical, and tangible things that you could change that would impact the budget in a meaningful way. And a normal person would say, You’re probably right about that. And the politics could be tough for those. So put a litany of, let’s say, 330 of them together. A lot of it’s our team’s ideas. Some of them are a little bit maybe venturing into a place that the Partnership historically has felt maybe uncomfortable. Those are broader conversations because I don’t yet have 20 years of trust with those people. So I say, Here’s what I’m looking to do. Here’s the reasons why. And we have those conversations with the executive board. **Liena Žagare**Does universal childcare fit into that? **Steven Fulop**Universal childcare is a part of it ‘cause— universal childcare is a part of it. It’s definitely in there. And I’ll tell you this. We polled our employee base because we were curious. It’s something again that touches, I believe, the affordability crisis. I think Mamdani and Hochul are right on this. It touches everybody who lives here in some way or another. Roughly two-thirds of our employers provide some sort of childcare today. Some is on-site, some is off-site, some is subsidies for low-income, some is subsidies for everybody, some is using a tax credit. And I’ve said this to the mayor before, that our knowledge of this space is vast because we have experience, practical experience on this sort of thing that others don’t have. They may have abstract experience or be ideological in a certain way. We experience it. We can tell you what works and what doesn’t work in the Building Department, what the challenges are in the bureaucracy, what the issues are in accomplishing this in a different way, because a lot of us have tried to provide that, right? So how do we communicate that publicly in a way that makes sense from our objective, which is improving New York, and at the same time in a way that’s value-added to the mayor or the administration, is kind of where we are. But it’s a hundred-percent part of that blueprint. There is a section on this. **Akash Mehta**It’s interesting to hear you emphasize that you represent the employees, not just the employers. Are there formal structures that put that into practice? Are there elected board positions from the employee base, or anything like that? **Steven Fulop**What we’re starting to do now— So it’s a shift, OK? And what we’re doing now, the short answer is no. What we’re doing now is starting a lot of these town hall-type conversations with the CEOs and me. It is an April, May, June, two, three-year initiative, where we’re talking about civic involvement, the importance of New York, and people can opt to sign up for information from us. So we’re communicating in that way. People will opt in, and then we’ll have the ability to better communicate with the employee base with regards to what we’re doing. You know, there’s no secrets to what I’m saying. I mean— **Ben Smith**But you think the opportunity is to mobilize employees? **Steven Fulop**The opportunity is to better communicate because I think there’s a disconnect between a lot of the things that happen, and how and when we communicate to employees things that may impact them. Because you have all sorts of legalities, and general counsels, obviously, that put obstacles in place on this stuff. And we need to figure out a way, because people are invested here in a meaningful way, so they should have knowledge of this. I don’t believe– Of course, our employee base is different than working for the Hotel Trade Council or Carpenters [union] or whatever, right? They’re monolithic, told to do something, they’re gonna do it. Employee bases aren’t that. I think that’s an asset. Having a generally college-educated employee base, if you lay out an issue in a reasonable way, they could make an informed decision whether that works for them or doesn’t work for them. The— **Akash Mehta**Wait, the carpenters can’t make an informed decision? **Steven Fulop**I didn’t say they can’t make an informed decision. I’m gonna say they’re more monolithic in what they do, and it’s driven by the decision of a leader, specifically in the Carpenters. The Carpenters would say from their executive board, maybe in Washington, maybe in New York, maybe in New Jersey, say, Directionally, we are supporting Ben. And then we support Ben. We don’t have that luxury. That’s not the way we’re structured. **Akash Mehta**What does that have to do with them being college-educated? **Steven Fulop**Well, it doesn’t have to. I mean, I think that you don’t have to necessarily be college-educated, it’s a fair question, to weigh something. But I think generally somebody that’s gone through some sort of rigorous education and training on pragmatic thinking has a better chance because they’ve been educated to think that way. I don’t think it’s a referendum on, you only could understand an issue if you’re college-educated. **Alyssa Katz**But I want to dig in a little more to that when you’re talking about pragmatic thinking, because it’s not an elephant exactly, but the sort-of power in the room is the mayor, who’s elected with actually a lot of college-educated support. And also based on a sort of different way of looking at pretty much everything in some ways, right? Like around– OK, we’re gonna start with principles, we’ll figure out the practicalities later. And also around mobilizing large numbers of people who have interests potentially at odds with capitalism, right? Tenants, people who generally think that money and politics and billionaires are the core problem, or a core problem to address, and on and on. So I’m interested in your efforts to mobilize people in that light. I mean, are you looking to build a counterforce? How does that factor in? **Steven Fulop**I don’t use a “counter force.” I don’t think people are generally sympathetic or upset with capitalism or sympathetic to socialism. I view it more as a couple of things were true in the November election. A, you had an alternative to Mamdani that was tremendously flawed. So they had a ceiling. It was an exact situation that happened in Jersey City, where you had a former governor who resigned in disgrace running for mayor, my old seat, same exact outcome. So it wasn’t, it wasn’t a reflection of, everybody’s sympathetic to socialism. I think elections are choices ultimately, and these are the four choices that you ultimately had. Do I think that people are frustrated and more fiscally liberal than they’ve ever been before? Yeah, absolutely. I think that when people say that I, people say, a twenty-year model ago would say, I am, you know, fiscally conservative and socially liberal, that model has flipped really. People are fiscally liberal because what’s going on today isn’t working for them. They’re not necessarily sympathetic to socialism, but they’re open to trying things because there’s an acknowledgement that what’s happening isn’t working. And we see that too. We’re not blind to that. So do I think that you can organize a counterweight, was the question? Is that what it is? I don’t know if I would frame it as a counterweight. I think that you need to organize something that has a voice that is relevant in the political atmosphere, definitely. **Josh Greenman**Can you just explain both the number and percentage of people the Partnership represents of employees, versus the employment base of the city as a whole? **Steven Fulop**Yeah, I don’t know the— **Josh Greenman**What’s happened to that over time? I’m curious, like, is it— **Steven Fulop**I can get that to you. I don’t know. I don’t know that— **Josh Greenman**And then the other is inside the Partnership. What are the constituent companies and groups, and…Are there a couple of companies that have a highly disproportionate share of Partnership members? **Steven Fulop**No. **Josh Greenman**So how broad-based is it? Can you just describe it? **Steven Fulop**I mean, there’s 350 companies. They range in size from– I mean, they would be significant companies, maybe 50 employees, OK, to several thousand employees. But on the executive board, you can see from the site and the broader board, they vary in size and background. Most of the companies you would have some familiarity with. But, they vary in size. **Josh Greenman**How is it determined whether you’re part of the Partnership as a company in New York City? **Steven Fulop**As part of the Partnership, is generally we go through a process of meetings. I meet with them initially, provide them some information. They express that they’re interested, I express that we’re interested. I take it to the board to make sure that we’re moving in that direction, and then the board validates that. This year we’ve had, I mean, a bunch more have joined, and we’ve restructured some things so some have left intentionally. It’s not intentionally, but I guess– **Nicole Gelinas**You’re running pretty hard against the two income-tax hike proposals that the mayor ran for office and won on. Do you see the employee base as part of the battle against those tax increases? Would Partnership company employees go up to Albany to make their point known against that? **Steven Fulop**Yeah. But I don’t think you’re gonna have that same sort of advocacy group that the DSA does. It’s a totally different type of person that would engage, number one. Do I think that a lot of the employees would be opposed to an increased tax structure in New York? I think without clear parameters on what that tax structure looks like, I think the answer is yes. And it’s not only the income taxes that we’re concerned about. So we’ll go into that, too. The reality on this is, if you look at it from a reasonable point of view, if you added the income tax, the payroll, the PTET tax, which is one that we care a lot about and we’re concerned about, the corporate tax, the estate tax, and the property taxes: You put all of those together, right? And you said, OK, we’re gonna do them all. And without some structural changes to the budget, you will be at the trough again in three years. And I think a reasonable person who’s even supportive of, maybe, the highest earners paying more would say, Does it make sense to do this every two or three years, and at what point is there a tripwire? So I think, yeah, the people would be sympathetic. It depends how and what information you provide and how those taxes are. But we don’t have that structure in place yet. I just got started. So we’re just building that stuff out, which I’ve told you, but it’s new days on this. **Nicole Gelinas**So there’s, there’s a reasonable person, and then there’s Albany. Now that the budget is— **Steven Fulop**No, I gotta be careful ‘cause I gotta work with people. So I can’t say they’re unreasonable. **Nicole Gelinas**Now that the budget is just a week-and-a-half away, what do you see as your prospects for stopping those tax hikes? And if you don’t stop them, does that hurt your power early on? **Steven Fulop**No. I don’t think any reasonable person would say that there’s a structure in place today, after two months of me being there, that is gonna push back against everything in Albany from a political standpoint. I don’t think that’s a fair thing to say. I don’t think the Partnership leadership think of it that way, and I think that most people wouldn’t think of it that way. I think the governor has been very strong [against tax increases], so that’s good. That pass-through tax that was put in place when the SALT reduction was eliminated, and now there’s a proposal to eliminate that, that would be an income tax increase on not only the wealthiest people, it would be an income tax increase on business owners throughout the city. And that is one that we’re keeping track of right now that I think doesn’t get the scrutiny that it deserves. Everybody focuses on the income tax and the corporate tax, which the governor is fairly clear, at least now, that she’s not supportive of, but we’ll see. **Josh Greenman**On the corporate tax, Mamdani has repeatedly said it shouldn’t harm the climate here in New York City because it applies to anyone who does business in the state, not if you’re headquartered here, so it shouldn’t lead to corporate flight of any kind. Is that how you see it? **Steven Fulop**No. So first of all, it’s challenging when it’s depicted as corporate flight, because then it becomes a conversation around, Well, you didn’t leave. You didn’t leave. So I know what I did is OK because you didn’t leave. The reality of how this works is that it’s attrition over time, and decisions on where to scale outside of New York. That’s generally how this works. And because the immediacy isn’t there, people don’t view it as, Well, I made this decision, and tomorrow you left. And that’s a challenge for us, because the argument we lose, even though what we’re saying happens to be true, that people constantly are making decisions to scale [businesses] elsewhere. You see it. You see it. So I think that his argument is flawed, although it’s a political argument ultimately is what he’s making, and I understand that. But if you do change the tax rate as he proposes, you will be one hundred percent higher than New Jersey, right, which is at 11 percent, and you would be at 22 percent, according to the CBC, when you layer in all these other things. So at that point, you start saying, Well, I have the same talent pool that I’m pulling from here in the New York system. I’m no longer making the decision to go to Texas or Florida or Tennessee, where it’s a geographic total distance, but at a hundred percent premium to be in New York City, is that worth it, and should I be elsewhere? Your competition is elsewhere at that point in proximity. That’s the dangerous thing to what he’s saying. **Ben Smith**Do you think even more broadly, there is just this sense among— ’cause I think you’re right. You talk to business leaders, and most of the really big businesses in New York don’t care about New York anymore. They’re not New York businesses. They’re global businesses that happen to be here, and New York taxes are a diminishing share of the thing they worry about. Because they’re so global now, they don’t have the kind of commitment they did when David Rockefeller was running the Partnership. And I think a lot of them and a lot of people just think, long-term, New York is cooked. There’s a flight not to Jersey, but to the Sun Belt — to Houston, to Dallas, to Atlanta, to Miami — that’s kind of unstoppable at this point. And you see just the growth of those cities demographically. You see it in terms of their businesses. You know, maybe that’s not this year or next, but I think if you just literally look at the lines on paper of New York, Philadelphia, Boston…these northeastern cities, versus the Sun Belt. Just feels like an irreversible trend: these places are in decline, these places are rising. This is probably beyond our professional careers even, we’ll be fine. But do you think long-term that it’s true, that New York is just sort of irreversibly declining? **Steven Fulop**I think it’s fragile. There’s a lot of indicators and pressure to push people away, and there isn’t an easy solution to it. First, let’s just talk about last week. Regardless of what you say about the corporate tax conversation, we could disagree or agree, regardless. You know, your job isn’t to agree or disagree. But using the estate tax that was proposed last week, OK, or two weeks ago, nobody above the age of 60 would live in New York City if that happened to be approved. Period. End of story. You would see flight, because no sane person would do that? Because the tax rates, that you’re not talking about the one percent, you’re talking about somebody who has a $750,000 home or apartment, OK? You know who that is. So you have pressure because of the dialogue that’s happening there for sure. You definitely have gradual attrition and people moving jobs elsewhere because they’re more portable. There’s no question about that. You have pressure at the bottom because it is very hard for entry-level people to find jobs, and at the same time to find housing. It’s a true thing here in New York, the pressure. So you have a lot of difficult situations going on and absence of a tough political solution, meaning willing to make decisions that are not popular, you won’t be able to change the trajectory. And that is only one that the mayor can actually drive, OK? So the property tax reform stuff that de Blasio and Adams both tried to do, it’s necessary. It’s really necessary, but it’s gotta be driven by the mayor leaning into it, making that a number one priority. Use things like FHEPS, OK? You guys have all written about that. **Ben Smith**I don’t know what that is, sorry. **Steven Fulop**It’s the rental assistance program, OK? It’s growing at four percent per month. It’s a billion-dollar-plus program. Four percent per month! It’s not sustainable. And if the mayor was sitting here, he would say, Well, I didn’t approve the expansion of the program. That’s what he would say. Because I had a conversation with one of his people last night on this, and I said, Yeah, but the expansion would have made it worse. The existing program is four percent per month, right? We need to solve for that. How do you solve for that? That program is a byproduct of the de Blasio administration when Cuomo got rid of the rental assistance program at the state, and so the city inherited that. There isn’t another city in the country that has a similar entitlement program. It’s not sustainable. That program belongs at the state or at the federal government, but it is a politically tough thing to do. So you gotta be able to make decisions like the property tax reform, that. Those are not easy things to do. But outside of that, your trajectory for the city is very, very dangerous. It’s a fact, you know? [Note: After this interview occurred but before it was published, the Mamdani administration continued the appeal of a court ruling requiring the city to expand the FHEPS program as dictated in a law passed by the City Council, while the two sides of City Hall negotiate a potential settlement.] **Akash Mehta**Do you broadly agree with Mamdani’s analysis that Cuomo shafted New York City — that Albany shafted New York City under Cuomo? **Steven Fulop**Honestly, it predates me, so it’s hard for me to kind of give you a fair assessment on that. I would tell you that I was mayor for 12 years in Jersey City, economic backbone for New Jersey. We drive jobs, we drive the statewide economy, we drive every number. It’s disproportionately housing growth. Everything is Jersey City. And I used to say, We don’t get what we put in. We don’t get that back. It’s true, OK. I know New Jersey and New York both say to the federal government, you know, they both pay much more to the federal government than what they get back. I mean, this is a narrative that people say. It’s probably true. Does it get corrected? I don’t know. You know, it’s on the governor’s situation. I have no idea, is the short answer, ‘cause I’m not in the weeds on that. **Akash Mehta**One quick question on the tax battle. The Partnership has a [501] C4 that was seeded with $10 million. What are your plans for the group? Are you planning to spend that money on this battle? **Steven Fulop**Um…unclear. And, conversations this week on that. You know— **Josh Greenman**Do you run the C4? **Steven Fulop**We hired an executive director this week. There is a willingness, we had a call this week and there is a willingness to spend real money to make sure that New York City stays competitive. So this was literally this week. There was a call. I would tell you that there is a serious appetite there. It’s literally a ripe conversation that’s happening in the last 24 hours. Good question, though. **Nicole Gelinas**Large donors proved last year that they’re very good at spending a lot of money — but it didn’t work. In fact, it may have worked against them. Are you confident that beyond the money, you understand local and state politics well enough that some of these people are actually listening? I mean, is [State Assembly Speaker] Carl Heastie, is [State Senate Majority Leader] Andrea Stewart-Cousins listening to these arguments and saying, We didn’t realize that the potential for attrition in the corporate side was this great. Because the money hasn’t worked before. **Steven Fulop**The short answer is, I’ve been there two months. I doubt at this stage, we don’t have that relationship. I mean, I’ve met everybody. I doubt that I have the standing or credibility with them to make, or the structure in place to make that argument today more compelling than it was made six months ago. It’s just the reality of the situation. I think that you have two types of people that exist in any political sphere. You have ideologues and opportunistic people, OK, that just think about their next election. Those are the two types only. And absent somebody that has an alternative, the opportunistic person will only always be sympathetic to the ideologue, because they view that as their best route to get reelected because that’s where the gravity of energy is. **Josh Greenman**What were you? **Steven Fulop**It’s a good question. I was a hybrid. **Josh Greenman**Oh, the only one. **Steven Fulop**[Laughing] That’s right. I was unique. I think that when you look at Albany, you have a growing DSA base for sure. The question that I would have as I get into it is how much of those— the rest of the people that aren’t pure ideologues are there because there’s not an alternative that they see, can be supportive, and helpful to a pragmatic view. So I don’t know what they’ll listen to — Carl and Andrea — in the next week-and-a-half. I mean, who knows? **Josh Greenman**Should we charge more for street parking? **Steven Fulop**It’s a good question. I happen to be a supporter of some of those proposals on street safety and better streets. I don’t think it’s a broader position that the Partnership has taken, and I don’t think it’s something, going back to what I said earlier, narrowing view and going back to your question earlier on how we approve things. I’ll tell you that, as I wrote out this idea of a blueprint of things that, pragmatically, that are politically difficult to change that I believe are the right things to do, I included it in there. And going back to what you said and questioned earlier in how we get these things approved, because the nature of what we wrote, you know, once we get it to a place, I will circulate that a little bit more to the executive board and get some more feedback on whether we wanna go down this road at this point or not, or not at this time. So there’s a process on this stuff. **Ben Max**What are a few other examples? So property tax reform, some streetscape stuff, universal childcare, what else? **Steven Fulop**If you can wait till next week, it’ll be better. OK. Like– **Josh Greenman**Are you fast enough for the political world? What I’m saying is, if you’ve got to go through that process, and these conversations are happening, the budget’s gonna be cooked in ten days, are you gonna be behind the curve? **Steven Fulop**I am obsessed with the political world. I mean, I, I lived in this— Ben MaxHe means the Partnership. **Josh Greenman**The Partnership. Is the Partnership behind the curve if it’s got to deliberate on all this? **Steven Fulop**Look, I think the answer is yes. The short answer is, I don’t know, right? Like, I don’t know. I’ve not been in long enough to have a gauge on all of this. But my gut tells me yes, because the leadership there is hyper-engaged in New York City and the Partnership, it’s not something where they just kind of parachute in once every three months and think about, kind of the Partnership and what’s happening in Albany and happening in New York City. They happen to be very engaged here on a regular basis. So I think the short answer is yes. They will be able to turn stuff around relatively quickly, and I feel pretty good about that. It’s not where I think about obstacles. **Ben Max**So big picture, I’m still trying to figure out right now: What does the Partnership care about, big picture. I know you’re working on a blueprint. I know you’re rethinking some of this, but is it first and foremost, the business climate and economic growth? **Steven Fulop**Right now, I wouldn’t say this is in perpetuity. I mean, obviously, in this moment in time, it’s competitiveness and the business climate. But when the C4 was launched initially last year, they spent money on one initiative, OK? Spent a couple million dollars on the discovery bill. It had nothing to do with finances, taxes. It had to do with public safety and what they viewed as in the best interest of quality of life. So their interests aren’t necessarily only about taxes. We happen just to be in this fire drill at this moment that I got thrown into, where there’s a new tax proposal every other day. So trying to deal with that is where we are right now. I think broadly speaking, the place of the Partnership is really wanting to have a relationship where we’re kind of helping bridge the gap between the public and private sector, and helping find solutions. We have a venture fund, a $200 million venture fund, which I don’t think gets the recognition it deserves. It’s been involved in creating 37,000 jobs, seeding very early-stage New York companies that do a lot of good here. We have a tech lab that partners with DOT, with the Port Authority, with New Jersey Transit, experimenting on technologies to make government more efficient. It is a collaboration that has happened for 15 or 20 years. A lot of companies are a part of that, new companies helping on that on-ramp. It is a unique and special thing. We actually, I think, at the end of this month, have kind of that shark tank at our office where everybody comes in and pitches, and the board of that is like a who’s who. So, I mean, there’s a lot of things beyond what you guys see on the C4 and the advocacy and the lobbying sort-of side. **Nicole Gelinas**So on the Transit Tech Lab, some of the ideas that have come out of there have been very good ideas. But more broadly, for the MTA or the state and local government to actually save enough money so that we don’t have what you described with them coming back for new revenue every couple years, you have to confront the unions on some big issues, whether it’s work rules on the construction side, whether it’s two people on every single subway train, whether it’s Department of Education rules that mean they can’t be as flexible as charter schools. Do you see the Partnership taking on the unions in any sense? **Steven Fulop**Going back to the pragmatic that you said, I would use the word pragmatic and then you asked me about kind of a little bit more about that. You brought up the conductors on the trains and the proposals on that. It is very expensive. There isn’t a city in the country that has that structure. If you outline that to an employee of XYZ Corporation, and you said to them, Here’s the landscape, OK, We need help with XYZ, I would venture to say that they would be sympathetic to our point of view. That’s what I was getting at, just to give that to you earlier. You know, the New York Post called me the day that Mamdani entered into the— he said at the end of a press conference, I wasn’t there, obviously, but he mentioned that he wasn’t gonna do the sweeps of the homeless encampment. And it was probably my second or third day on the job. And the Post called and said, Do you want to comment on this? And I said, Yeah. And I said something critical of him at the time. Prior to doing that, because it was like my second or third day, I did say to some of the people on the team, going back to how nimble the organization is, I said, Hey, I would like to comment on this, OK? Because I think it’s wrong, his approach, and I think he’s gonna have to move off of where he is, ultimately. And some people said, Well, is that really the hill you wanna climb? Is that really that important to us? And I said, It absolutely is. Because, A, he’s wrong on the issue, and B, it’s a quality-of-life issue. Going back to the fact that it ended up being right, he ended up moving on, and you could see it from, like, far away, just based on being a legislator versus an executive and accountability. But I think our job is to call balls and strikes and just be fair about it. So do I think– Let me say it this way better. If you are gonna grow housing, OK, ‘cause he says it’s a priority. During his election, when he was a candidate, he would tell you if he was sitting here, he would tell you, you look at his CBS, the debates, he would talk about Jersey City and Tokyo, Jersey City and Tokyo as housing growth models. He would tell you that if he was sitting here — he said it on TV multiple times. Now, he followed that about what we did in Jersey City ‘cause we grew a lot. How are we able to grow? OK, A, you had layers of government here that we do not have there, so you need to clean that up. We upzoned, of course, more aggressively than the City of Yes around transit centers, which you have to do here for sure. And then the third part about it is that if you mandate affordable housing, community givebacks, the union labor, et cetera, et cetera, the projects financially cannot handle that. They don’t pencil out. So what we would generally do is that, on the union labor front, because the people that get squeezed the most were the ones that pressure the building trades better, because their jobs are usually the ones that get–are most competitive, are the less skilled parts of the building trades. So when you build a high-rise building, the electricians, the plumbers, the operating engineers, the ironworkers are generally gonna be union, because it’s a more complicated thing. Carpenters, laborers, painters generally are the ones that have competition from non-union, and that’s really where it is ultimately. And we would say in Jersey City, on the projects that are important to us, if they were coming to the city for some sort of subsidies or big zoning changes, and it was an important project, we would work with the developer to give the unions a last look to be competitive with the open-shop bid, and some sort of grace between five and ten percent to be competitive. Now, absent that, there is no way to get it built in union labor. So if the mayor continues to be strident that everything is gonna be a hundred percent building trades, you’re never gonna meet the objective of whatever he has a hundred, two hundred thousand units. So I think that our voice is gonna be that you need some practical reforms to these incentives, and practical reforms means that you cannot pay a 30 percent premium for the carpenters. **Nicole Gelinas**So something very simple on that, though. Two people on a train. Would you see yourself making a statement similar to the encampments that, you know, Hey, intuitively, it doesn’t make a lot of sense to leave people in encampments. Intuitively, it doesn’t make a lot of sense to mandate two people on a train. Would you just call up the Post and say that, or that’s a different— **Steven Fulop**I don’t think that— I think if you called me and you said to me, What do you think? I’d probably just answer you, that I think it’s not something that any other city does, and in a financial crisis, you probably gotta be reasonable about that. **Ben Max**This is what you got hired in part for, right? To be out there more and to be a voice pushing back. **Steven Fulop**I think that it’s just my personality. I don’t know if it’s necessarily, it’s just like this is— You’d ask me, and I would say it. I wouldn’t go call up the Post and say, Let me-- Carl [Campanile], let me comment on this, right? I wouldn’t do that. Like, that’s not how I would think about it, right? I’d be going with my day, and then Carl would say, Do you care to comment on this? Or he would call, and I would just be like, Yeah, I think so and so. And he would say, Is that on the record? And generally, I’m not gonna say, This is off the record, on anything. I generally just talk. OK? So— **Josh Greenman**You talked about incentives, government incentives. I want to talk about literal government incentives, like, Amazon, right? Remember how many years ago, half of Amazon’s HQ2 was gonna be here. **Steven Fulop**Yeah, I remember. We tried to pitch it too. **Josh Greenman**It didn’t happen. You tried to pitch it, too. What do you think of the state’s current corporate incentives? Do they make sense as currently structured? To try to attract businesses to New York State, to try and attract businesses to New York City, there are various programs. There’s been a lot of talk about restructuring those programs to make them more rational, and there’s a larger question of, should we have this environment in which cities chase corporations by throwing money at them or tax abatements at them, or should there be some kind of compact where cities agree that they don’t do this to each other? **Steven Fulop**Yeah. I generally think — putting on my mayor’s hat — that the structure exists today is a race to zero, and it’s not healthy from the public side. But you cannot unilaterally disarm, is the unfortunate part of the conversation. And so absent governors getting together and having some sort of détente where they’re no longer doing that, I do not see how a state doesn’t participate in this. That said, I think that the competitiveness conversation in New York and New York City is more complicated than just incentives. I think that, you think about other places in the country, where people have mobility to get to, and there’s opportunity, there’s more of a deliberate effort to attract beyond just the incentives. Texas reordered their entire court system to replicate Delaware, to make it more friendly for corporations. They’re having a Texas stock exchange to have better access to capital markets. It’s more of a deliberate strategy than just saying, Hey, we’re gonna give incentives. Now, it is not helpful– you know, people, absent certainty on communication, they try to interpret a lot of what somebody means or what they say. So, governor or mayor says X, Y, Z in a statement, they try to interpret, what does that ultimately mean? How should I envision that to manifest itself for what I’m trying to do? And the thing that we are trying to calibrate for, and I say this publicly and privately, is that a lot of the rhetoric out of City Hall, which is consistent tax, tax, tax on any front that’s possible, whether you make $500,000, whether you have a house that’s $750,000, whether it’s a pass-through and you have a small business, it creates a very volatile environment. And that’s the problem ultimately. So I think you need certainty on that. **Josh Greenman**I have one other topic that we haven’t talked about that I just wanna make sure we discuss, which is AI. You represent a lot of employees. And AI is going to be increasingly a large employer, in theory in the city, but it’s also coming for some of those employees’ jobs, maybe many of those employees’ jobs. **Ben Smith**And the employers are very excited about it. **Josh Greenman**And some of the employers, the CEOs, are excited about being able to save dollars and innovate in various ways. **Steven Fulop**Well, they don’t communicate that with me, but just go ahead. **Josh Greenman**So how do you, how do you balance those tensions, which are very, very real, among employees who might be excited and employers who might be excited about AI, and those who might say, Holy shit, my job is gonna be gone in 10 years, or five? **Steven Fulop**I think that that is— I said this, maybe I touched on it a little bit earlier, I think that young people not being able to find jobs and the housing crisis was pressure from the bottom that is one of the most at-risk situations for New York. AI is part of that conversation, potentially — so you have macro environment, why people aren’t hiring, and then AI might be part of that too. You know, though they don’t clarify that with me. They don’t say, Here’s the reason I’m doing this or doing that. I do think that one of the biggest risks over the next 12 or 18 months is the AI impact on jobs. I agree. And I don’t think anybody has a good solution, both in the Partnership or in City Hall, yet on that. And in order to kind of figure out how to do that and solve for that, I think that you need to have some sort of broader conversation on implications. I will tell you that one of the things that we outlined in kind of what we were talking about on this blueprint was that, I do think that part of the procurement process for city government services needs to factor in who is training and who is factoring in the AI conversation, and those scores should be appropriately weighted, beneficial for companies that are thinking about training or have a training program as part of it. So we’re trying to think of ways to kinda think about training people and getting people into another space and using the leverage of City Hall to do that. I don’t think there’s a broad enough plan yet to solve for it. It is the biggest risk for New York, because New York City relies on white-collar jobs disproportionately for its budget. And where AI is coming is directly at the white-collar jobs as opposed to the blue-collar jobs. And so New York City is poised to get hit in a different sort-of way than anybody else. Short answer is, I don’t think anybody has a clear-eyed solution on that. Some of that’s gotta be set by the mayor, you know, that’s the truth too. I said earlier in the conversation, we had a roundtable on childcare in December with the mayor. And the mayor, at the end of it, I said to his staff, I said, You know, we outlined some of the inefficiencies and bureaucracies to getting these childcare centers open, which we’re familiar with. I told you earlier. We can help you with that from a technology standpoint, okay? And this goes back to making tough decisions. You’ve seen employee headcount since COVID skyrocket at City Hall. Whole, another conversation. I mean, that’s a fair thing to say. We said we’d help you with some efficiencies on that from a technology standpoint. And they were nice in their response but there was really no follow-up on that. And, and my point on that is we can only do so much from the Partnership. You need a dance partner in order to dance, right? Like, that’s really the reality of this. So, I do not know the solution, and I push back. People aren’t— They don’t, at least they don’t express to me they’re happy about, you know, not hiring jobs. You know, maybe to you, Ben. But, and AI displacement, I think people are very concerned about it in the Partnership too. **Harry Siegel**You said maybe without some changes, the Partnership won’t be there in five to ten years. We just did have a big turnout election, that led to an avowedly socialist mayor. Can you just step back and say— **Steven Fulop**No, I think the Partnership— I think I clarified that on the, that current trajectory of how it positions itself needed to change. So I think that’s part of the reason we’re here, to make sure it’s relevant for the next ten years, but— **Harry Siegel**But the business community seems increasingly less relevant to the political direction of the city. The Partnership seems less relevant. This is a bit of an inside conversation. For people who maybe vaguely know what it is or just spot its name in headlines or whatever, what is the point of the Partnership? And frankly, what is the good and utility that the business community brings to the city, if you just want to explain that? **Steven Fulop**What does the Partnership add to the city? **Harry Siegel**Sure. **Steven Fulop**Or the politics shifting left. **Harry Siegel**However you want to take it. **Steven Fulop**I think, forget about the Partnership as an organization for a second. I think the big corporations add a disproportionate amount of philanthropy, revenue, budget help, employee help to the ecosystem here in New York City. If those larger corporations migrate out, you would have a massive budget problem, you would have significant more unemployment, and the amount of philanthropy, which is tens of millions of dollars a year across, which sometimes is underreported or undershared, is a good thing ultimately, helps private institutions or public institutions, culture and arts institutions disproportionately, hospitals disproportionately. So I think that the business community here has a huge impact. The Partnership acts as a conduit from them to the public sector, and has multiple layers to it as I touched on earlier, where we help incubate early companies, facilitate connection to New York City, help advocate for policy change, et cetera, et cetera. **Harry Siegel**Outside of real estate, the business community, as you and Ben [Smith] were talking about, is less and less rooted here, and the problem is sort of a slow trickle to other regions, as opposed to people just pushing out and moving. Lots more people are voting. They seem less interested in the priorities of the business community. You’re talking about employees as a sort of base for the organization, 800,000 of them. I’m just trying to understand how business makes itself more relevant. **Steven Fulop**That’s a little bit of a process that I touched on earlier, a little bit of the transition that I touched on earlier on why we’re here. I think that people, as you saw in this last election, are struggling, an affordability crisis is real. There’s a lot of pressure, whether it’s jobs or housing. I think that’s all real. And I think that people have become, as I said earlier, fiscally more liberal because what’s working for them today and not working today has shifted from 10 years ago. So in order to be relevant, we need to be cognizant of that. **Alyssa Katz**People mentioned earlier that antisemitism is a priority for you, fighting it, and you know, I know you— **Steven Fulop**It’s a priority for us, yeah. **Alyssa Katz**Yeah, and we had a couple incidents that may have coincided with right when you arrived at the Partnership, right? The most visible one was, you know, this Israeli drone company. **Steven Fulop**Oh, the Israeli drone company, Easy Aerial? Yeah. OK. **Alyssa Katz**Yeah. What’s the other one? **Steven Fulop**It was the Park East Synagogue situation. **Alyssa Katz**Oh, right. Well, listen, but I’m talking purely on the business side. We can talk about it more broadly. But you know, there’s a company that was in a city-owned property. The city says it was a lease issue but it had been the target of a campaign saying, Well, you’re providing drones to the Israeli military, and we need you out of here. And then sure enough, that’s exactly what happened. And I’m just kind of curious about how you are approaching that kind of pressure on Israeli individuals and their businesses to get out of town, basically. How do you address that? **Steven Fulop**I think it’s a new conversation, obviously. We do think that antisemitism is rising, and it’s a significant concern. The BDS conversation and singling out one country to different standards than other countries that the U.S. or the public agrees with or disagrees with, or that has human rights violations or doesn’t have human rights violations, is a totally different conversation that we don’t agree with — singling out a single country. And the reality is that that BDS conversation, building on that, is not acceptable to us. And as you see elected officials more vocal in this space, unfortunately, if that ends up being, I think that is a place you’d definitely see us spend money. **Liena Žagare**Do you think Mayor Mamdani is doing a good job, and where would you— **Steven Fulop**Doing a good job? **Liena Žagare**Yeah. Doing a good job in the city and— **Steven Fulop**I think— Yeah, look, I think— **Liena Žagare**Where should he be more careful? **Steven Fulop**I think, I think there is— The short answer is, it’s been two-and-a-half months, so it’s hard to tell. I think that there’s a lot of mixed signals between things he says sometimes in smaller meetings versus what he says publicly. I think that, there’s been some missteps along the way, like for example the real estate tax proposal I thought was a misstep. I think that there’s been some really encouraging things. How he’s handled the president has been terrific. And I think that the city is in a better place than anybody would have thought post-election with regards to the president as a result of his communication there. I think that he has shown some willingness to move away from an extreme left position that he came in. That transition from a legislator to an executive is a transition, and from being a backbench Assemblyperson to a prominent front and center mayor, that transition is always complicated. Homeless encampments, the library funding, the FHEPS situation, he’s moderated some of those views, which are good. And at the same time, I think sometimes going back to how we interpret things that he puts out there, sometimes he’ll put something out that we’ll interpret in a way that I – ‘cause you have no choice but to interpret this stuff – you’re concerned about. You know, like, and I’ve said to them, Look, when American Express announced their headquarters, right? It’s a big deal. You know, a big American brand establishing a significant presence again here, recommitting. It’s good for his narrative ultimately, right? You know, that was in the works for some time. Or the Bank of America situation. If you look at the kind of statements that came out as a result of that, they never acknowledged the corporate side. They talked about the building trades. And that signals to us, A, questions about the housing conversation, right? And B, whether you understand the ecosystem that American Express employs thousands of people here, and they’re hugely involved philanthropically and committed to the city, and what that means. So I would say it’s mixed. **Nicole Gelinas**One thing that’s been missing from the ecosystem is a person like Dick Ravitch, who passed a...
Scientists Stunned: Colossal Eggs Discovered 3,500 Meters Beneath an Active Volcano
Beneath an active seafloor volcano off Vancouver Island, researchers have documented a congregation of giant eggs at roughly 3,500 meters, a discovery that reframes how life can flourish under extreme conditions. The eggs belong to the Pacific white skate, an elusive deep‑sea species adapted to cold, crushing pressure and perpetual darkness. What seemed an unlikely nursery is actually a geothermally warmed refuge, where subtle heat helps embryos survive a marathon incubation. The finding links volcanic energy to a quiet engine of biodiversity, turning a hostile landscape into an incubator. A living volcano, a hidden nursery The seamount long assumed dormant now exhales mineral‑rich, shimmering plumes, proof of hydrothermal life at depth. Expedition cameras swept across black basalt and pale bacterial mats, revealing vents that pulse with warmth. That warmth, though modest by human standards, alters the physics of development for cold‑adapted embryos. In a realm where metabolism creeps, even a few degrees can mean faster growth and higher survival. The volcano is not only active; it is ecologically formative, drafting a blueprint for a thriving oasis. Giant eggs and a skate built for the abyss The Pacific white skate, Bathyraja spinosissima, is built for the abyss: broad wings, armored spines, and a life history that trades speed for endurance. Females lay outsized, rectangular “mermaid’s purses,” often 46–50 centimeters long, packed with rich yolk to fuel years of growth. In the frigid deep, embryos can require around four years to hatch, a timeline that magnifies every energetic advantage. The scale is striking—large eggs, large adults, and a textbook case of deep‑sea gigantism. The volcano’s gentle heat may literally shave months or years from the wait. Why heat matters at the bottom of the sea Hydrothermal circulation delivers low‑level warmth without the turbulence that would scatter fragile egg‑cases. Slightly elevated temperatures accelerate enzyme kinetics, nudging development along while keeping embryos within a safe range. Mineral‑laden fluids likely shape local microbiomes, which, in turn, can influence biofilms on egg surfaces. The environment acts like a slow, steady incubator, countering the deep sea’s tyrannies of cold and scarcity. For a species with long maturation and few offspring, every incremental boost compounds across generations. An ecosystem sculpted by fire and water Seafloor volcanoes create steep environmental gradients, stitching together hot vents, cool eddies, and mineral gardens into mosaic habitats. Microbes harvest chemical energy, seeding food webs that support crustaceans, fishes, and skates. Cameras documented egg‑cases nestled among rocky ledges, near communities nourished by vent‑driven chemistry. These islands of productivity behave like deep‑sea oases, sustaining life far beyond the vent orifice’s flickering light. The nursery’s success underscores how geological forces engineer biological opportunity. “Finding a cradle of life tucked beneath a breathing volcano reminds us that the planet’s harshest places can be profoundly generous.” What the discovery could change The nursery reframes conservation priorities in regions where volcanism quietly underwrites reproduction. Protecting hydrothermal corridors could safeguard entire lifecycles, not just charismatic adults spotted during occasional surveys. It also sharpens questions about how climate‑driven shifts in ocean circulation might influence vent activity, temperature fields, and embryo survival. With methodical mapping, time‑series cameras, and environmental DNA, scientists can track whether nurseries remain stable or drift with geologic rhythms. Key implications include: Enhanced understanding of deep‑sea reproduction at hydrothermal sites. New conservation targets centered on geothermal nurseries. Comparative studies with other volcanic regions, from the Galápagos to rift zones. Biotechnological insights from organisms adapted to long, cold development. Better models of how seafloor heat shapes regional biodiversity. Methods behind the revelation Remotely operated vehicles threaded through chimney fields, gathering video, temperatures, and mineral signatures. High‑definition imagery captured the distinctive, horned egg cases, their edges dusted with fine volcanic silt. Geochemical profiles mapped how heat and chemicals disperse, outlining the “thermal lanes” where eggs most cluster. Combined, these datasets reveal a nursery organized by geothermal topography, with egg‑cases concentrated in pockets of gentle, sustained warmth. A fragile boon in a changing ocean Deep‑sea environments feel remote, yet they intersect with global pressures: mining proposals, cable routes, and shifting oxygen levels. The nursery’s resilience hinges on stable heat flow, intact substrates, and minimal disturbance from noise or sediment. Safeguarding such places is not just about protecting novelty; it preserves a slow, ancient strategy that lets large, long‑lived animals endure in the coldest reaches of the Pacific. Where geology and biology meet, the planet’s deep time still writes living stories. This volcano‑warmed nursery adds a vital chapter to that story, revealing how subtle thermal gifts can tip the scales toward life in the abyss. With each dive, researchers trace the contours of an unseen world, where fire feeds water, and water—against all odds—feeds the future.
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Business Lookahead: Gauging the war's impact
STORY: From a worrying drop in stocks to a surge in energy prices from the war in the Middle East to key data on jobs and trade, these are the stories to watch in business and finance in the coming week. ::Look Ahead::War impactThe first quarter is ending with financial markets at the mercy of geopolitics.The Iran war has wiped roughly $7 trillion off global stocks since it erupted.With oil prices up nearly 70% year to date, suddenly interest rates are heading up, rather than down, and energy-hungry AI does not look like such a slam-dunk anymore.Meanwhile, gold has plunged 16% after being nearly unstoppable since the start of 2025.We’ll see whether markets roll on or rollover as the second quarter begins.::Job growth in focusThe U.S. jobs report for March comes out Friday.It will offer a crucial view into the economy's health as investors gauge fallout from the energy price surge.Monthly payrolls are seen rising by 48,000, according to a Reuters poll. February's surprisingly weak report caught Wall Street off guard, showing nonfarm payrolls fell by 92,000 while the unemployment rate increased to 4.4%.Uncertainty over the Iran war is also clouding the economic forecasts for the Federal Reserve, with Wall Street pulling back on expectations for U.S. interest rate cuts this year as the oil price surge fuels concerns about rising inflation.Other U.S. data in the coming week includes retail sales for February and reports on manufacturing and services activity.::Chip checkSouth Korea releases its trade data for March on Wednesday.It will provide an early indicator of how the global economy is holding up in the face of the war and the resulting shock to energy prices. Korea's export-heavy economy is a bellwether for global trade and one of the first to report data from the previous month.Its manufacturing fortunes are of even greater interest than usual, not just because of its dependence on Middle Eastern energy imports, but also because its world-leading DRAM chips are of critical importance to the AI sector and currently in short supply too. ::Inflation assessmentAnd flash euro zone inflation for March is due on Tuesday. After long hovering around the 2% mark, higher energy prices are now expected to push headline inflation up, as they did in 2022. The question is, how large and sustained any jump in inflation might be.Early data is not painting a pretty picture. Private sector growth in the euro zone slowed sharply in March, with input costs rising to their highest in more than three years and supply chains being significantly disrupted.Money markets are now heavily pricing in a rate hike which was almost unthinkable before the Iran war.
Vanderbilt Lung Transplant Program sets new record
The Vanderbilt Transplant Center is now the second largest lung transplant center in the United States by volume, with 149 lung transplants in 2025, the most ever in one year at Vanderbilt Health. The Vanderbilt Lung Transplant Program leads the nation in organ preservation and regeneration and is among the best in long-term outcomes, demonstrating the success of the interdisciplinary team in caring for these complex patients. Several features make the program unique in the United States, said Konrad Hoetzenecker, MD, PhD, professor of Thoracic Surgery and surgical director of the Vanderbilt Lung Transplant Program. Vanderbilt serves as a “second opinion center” and accepts most complex candidates that are turned down by other centers due to increased perioperative risk. This includes patients over 70 years old, patients requiring combined procedures with their transplant, multiorgan transplantations and sensitized patients (individuals who have pre-formed anti-HLA antibodies who are at higher risk for complications). The expertise and excellent outcomes have attracted patients far beyond the borders of Tennessee; almost half of Vanderbilt Health’s lung transplant recipients come from out of state. “Another unique feature is our minimally invasive transplant program,” Hoetzenecker said. “By using distinct surgical instruments and techniques, the incisions can be kept as small as 7 to 8 centimeters, which results in better healing, less pain and faster recovery. “This minimally invasive approach is embedded in an Enhanced Recovery After Surgery (ERAS) protocol, a multimodal, evidence-based perioperative care pathway designed to reduce surgical stress, minimize complications and speed up recovery. Our unique ERAS protocol, by a dedicated interdisciplinary approach, aims to improve recovery after lung transplant and reduce ICU and hospital stay.” The lung transplant program recently celebrated a milestone — 1,000 lung transplants since the program began in 1990. “This significant achievement reflects the concerted effort of a multidisciplinary collaboration by the Departments of Thoracic Surgery, Medicine, Anesthesiology and Critical Care,” said David Erasmus, MD, associate professor of Medicine and medical director of Vanderbilt Lung Transplant. Lung transplants have been attempted since the 1960s, but they were largely unsuccessful until the 1980s, when surgical techniques were refined and new antirejection drugs proved effective. Patient outcomes steadily improved from the 1990s to the present. Vanderbilt’s fourth lung transplant recipient in 1990, Pam Everett, is the longest-living, single-lung transplant known in the world, recently celebrating 35 years since her transplant. The Vanderbilt Lung Transplant surgical team is led by Hoetzenecker and Caitlin Demarest, MD, PhD, the surgical director and associate surgical director of the Vanderbilt Lung Transplant program. Erasmus is the medical director of Vanderbilt Lung Transplant along with Anil Trindade, MD, associate medical director and associate professor of Medicine.
Spiking Diesel Prices Mean Everything Will Get More Expensive
Diesel has climbed faster than gasoline this month, directly hitting businesses, from brewers to trucking companies. Those higher costs are likely to make their way into consumer prices.
Column: The TSA is too important to be turned into a political pawn
Agents' pay should be reinstated, and also significantly higher to reflect their role in keeping the nation safe.
Southwest Virginia Higher Education Center opens regional health training simulation lab
The Southwest Virginia Higher Education Center hosted a ribbon-cutting for its new regional simulation lab.
GOP Tax Writer Floats Bill to Boost Business Interest Deductions
American companies facing higher after-tax capital costs because of how tax law excludes global income from interest deductibility calculations would get a break under new legislation proposed by a GOP House tax writer.
A story of carnival, dance and politics
“I saw the power of combining story with dance and fashion and was really intrigued by the dynamics of that combination,” Amy Kimberly, former executive
EPA approves sale of higher ethanol fuel to try to lower gas prices
The higher ethanol blend is usually limited to use in winter months
Richard Corcoran: Why is New College receiving so much attention?
Small college reforms spark national debate over the direction of higher education.
Glyphosate: A story of science, risk, and nuance
In the summer of 2014, a California groundskeeper named Dewayne Johnson started noticing patches of raw, weeping skin spreading across his body. He had spent years applying Roundup, Monsanto’s glyphosate-based herbicide, for a school district, sometimes drenched in it when equipment malfunctioned. By 2014, he had a diagnosis: non-Hodgkin’s lymphoma. In 2018, a jury awarded him $289 million in damages, later reduced on appeal. Tens of thousands of lawsuits followed. The story hasn’t quieted down. It’s all over the internet, swinging between “this will kill you, buy organic” and “relax, you’re fear-mongering.” Some of that recent chatter stems from an Executive Order protecting glyphosate and its production, which set off intense infighting within the MAHA movement. Some of it reflects a deeper truth: Americans genuinely care about harmful chemicals in their environment (see poll below). And the conversation isn’t going anywhere, with a Supreme Court case involving Monsanto set for this April. Glyphosate (the active ingredient in Roundup) is one of the most widely used herbicides in the world. But does glyphosate cause cancer? And how much exposure is actually risky? With so much mistrust in institutions and corporations (and some genuine conflicts of interest), making sense of the actual scientific evidence is genuinely hard. Here is a translation of what the scientific evidence actually says. Does glyphosate cause harm? Glyphosate is an herbicide that kills most plants it contacts rather than targeting specific species. It works by blocking an enzyme pathway (EPSPS) that plants and many microorganisms need to produce essential amino acids. Without those amino acids, the plant can’t grow and dies. Glyphosate was first developed by Monsanto in the 1970s and became ubiquitous after the company introduced “Roundup Ready” crops in the 1990s. In 2024, Bayer removed glyphosate from residential Roundup-branded products due to litigation pressure. But today it is still the most widely used herbicide in the world. Farmers also discovered they could spray it directly on crops like oats, lentils, beans, and peas just before harvest to dry them out faster and make harvesting easier. Because of its widespread use, it’s obviously really important to understand if it’s harmful to humans. The key principle: The dose makes the poison The most important concept in toxicology is that “the dose makes the poison.” Sixteenth-century physician Paracelsus articulated what remains the foundational principle of toxicology: sola dosis facit venenum. Water will kill you if you drink enough of it. Aspirin saves lives at 81 milligrams and causes internal bleeding at higher chronic doses. So, at what dose is glyphosate poisonous? The LD50 in rats (the dose that kills half the test animals) is around 5,600 mg/kg body weight. Table salt is roughly 3,000 mg/kg. By that classic measure, glyphosate is less acutely toxic than salt. But some people are exposed to a lot of glyphosate through their work. And among the general public, there are many questions about low-dose, cumulative exposure from multiple sources over long periods. Does glyphosate cause health problems? Cancer Correlation maps are striking, with one analysis finding that 60% of counties that spray the most glyphosate have non-Hodgkin’s lymphoma rates above the national average. But correlation alone doesn’t establish cause, which is why animal and human studies matter. In animals: Rat studies are typically what most fear is rooted in, but most people don’t know the study details on the dosage given to rats. A pooled analysis of the 13 most rigorous rat studies found evidence that very high doses, around 55,000 times greater than typical food residue exposure, can cause certain cancers. In humans: One of the strongest studies followed 55,000 herbicide users over 20 years and found no overall increased cancer risk. There was one signal: among those with the highest use, rates of acute myeloid leukemia (AML) appeared elevated. A broader meta-analysis of 18 human studies also found no overall cancer risk, though a separate meta-analysis focused specifically on non-Hodgkin lymphoma found that people with high cumulative glyphosate exposure faced a 41% higher relative risk compared to those with low or no exposure. These human studies are observational studies (randomized controlled trials would be unethical), and meta-analyses are only as reliable as the studies they pool. But the story seems consistent: at very high exposure levels, there may be some cancer risk. But that’s about as far as the science currently takes us. Emerging research: gut and reproductive health Gut: Because glyphosate targets a pathway that exists in some gut bacteria, scientists have questioned whether it could affect the microbiome. In mice, a 2023 University of Iowa study found that glyphosate altered gut bacterial composition and raised markers of intestinal inflammation. A 2024 systematic review found similar patterns: disrupted gut bacteria and problems with the mucus layer that protects the intestinal wall in mice. Whether this translates to humans is an open question. The human gut is highly variable and resistant, and we don't yet have strong studies confirming the same effects in people. Reproductive health: Animal studies have found that glyphosate-based herbicides can interfere with reproductive hormones, including disrupting egg cell development in mice and reducing the number of eggs available in sheep’s ovaries. However, the doses used in these experiments were high, so it’s not yet clear whether the same effects would occur in humans. On the human side, a 2021 pilot study led by Mount Sinai researchers tested urine samples from pregnant women across the U.S. and found glyphosate in 95% of them. The study also found a possible connection between higher glyphosate exposure during pregnancy and a subtle physical difference measured in female newborns. That said, some connections weren’t statistically reliable and this was a small study. The researchers themselves said more and larger studies are needed before drawing firm conclusions. What do regulators say about glyphosate safety? In 2015, the International Agency for Research on Cancer (IARC), part of the World Health Organization, classified glyphosate as "probably carcinogenic to humans" (Group 2A). The classification is worth taking seriously. But, there’s an important distinction: IARC classifies hazard, meaning the potential to cause harm under some conditions. It does not assess risk, which accounts for actual exposure levels and the real-world probability of harm. The U.S. EPA, the European Food Safety Authority, Health Canada, and regulatory agencies in Australia and Japan have all concluded that glyphosate is “unlikely to be carcinogenic to humans” at realistic exposure levels. They’re asking a different question: given how much of this people actually encounter, what is the probability of harm? Your actual exposure is what determines your actual risk. What does glyphosate mean for your daily life? At the grocery store: Food residues are small. The EPA’s acceptable daily intake is 1.75 mg/kg of body weight per day. To hit that threshold from oatmeal alone, a 150-pound adult would need to eat roughly 50 pounds of oats every day. But this calculation addresses only one pathway (food), and we don’t yet have robust tools to measure people’s actual total exposure. If reducing exposure matters to you, organic certification prohibits synthetic herbicides, and organic oat products generally test at lower or undetectable levels. Either way, a diet rich in whole grains, conventional or organic, is far better for your health than one that omits them out of fear of residues. On the farm: Occupational exposure is orders of magnitude higher than consumer exposure. Farmers and farm workers who mix, load, and apply glyphosate-based herbicides, especially without protective equipment, face meaningfully different risk profiles. Proper PPE isn’t optional. Integrated weed management strategies that rotate chemical modes of action are also worth taking seriously, both for health and for long-term effectiveness. If you live near a farm: Spray drift is real. Concentrations near field edges can spike during and after application, particularly on windy days. This is an area where I think public health could really step up and empower rural communities with buffer zones, rather than placing the onus on individuals. But for now, knowing your local agricultural calendar and keeping windows closed during application are the first steps. Bottom line Dewayne Johnson was exposed to glyphosate at levels most people will never encounter, and a jury decided he deserved compensation. That outcome is not evidence that the oatmeal in your pantry is dangerous. But it is a reminder that the dose, the context, and the person doing the exposing all matter enormously. Glyphosate is a chemical tool with benefits, trade-offs, and genuine open scientific questions. Learning to hold that complexity without collapsing into panic or dismissal is, honestly, one of the most useful and hardest things to do in navigating modern health science. Love, YLE Your Local Epidemiologist (YLE) is founded and operated by Dr. Katelyn Jetelina, MPH PhD—an epidemiologist, wife, and mom of two little girls. Hannah Totte, MPH, is an epidemiologist and YLE Community Manager. YLE reaches more than 425,000 people in over 132 countries with one goal: “Translate” the ever-evolving public health science so that people will be well-equipped to make evidence-based decisions. This newsletter is free to everyone, thanks to the generous support of fellow YLE community members. To support the effort, subscribe or upgrade below: Subscribe
German Business Outlook Sinks as Iran War Puts Recovery ‘on Ice’
Germany’s business outlook soured as higher energy prices due to the Iran war threaten to derail its nascent economic revival.
Cattle futures mostly higher waiting on direct business
At the Chicago Mercantile Exchange, live cattle were mostly higher, feeders were up ahead of the week’s direct business. April live cattle closed $.07 higher at $235.37 and June live cattle closed $.05 lower at $234.60. April feeder cattle closed $1.97 higher at $354.45 and May feeder cattle closed $2.35 higher at $350.70. Direct cash […]
Marathon has sold 1.2M copies across Steam, PS5, and Xbox
Alinea Analytics estimates show that Marathon has generated gross revenues of $55M via 1.2M copies sold on Steam, PS5, and Xbox: Looking at the split between Steam, PS5, and Xbox, Steam is clearly the main platform for Marathon, accounting for a little under 70% of the audience (800K copies sold). Meanwhile, PS5 takes about 19% (217K) and Xbox (including console, PC, and cloud) accounts for a bit over 11% or 133K. Marathon is technically a first-party Sony title, so seeing the home console struggle to break 20% of the volume is a notable data point for the ongoing platform-agnostic debate. PlayStation Studios online games will almost certainly continue being multiplatform (despite Sony reportedly pulling back on PC releases). Subscribe for free to get the most accurate games estimates in your inbox twice a week 🫶 Subscribe As for Marathon, the consensus among hardcore players who pushed through the awkward onboarding phase – myself included – is that it’s fantastic. The gunplay, aesthetic, and presentation are among the best in the shooter genre. A great game doesn’t always equal an immediate hit, though, as shown by our estimates. Things are looking lukewarm right now. But this might be one of those marathon-not-a-sprint situations. Had to, didn’t I? Why wasn’t Marathon a hit on the same level as Arc Raiders? One topic that came up in a lot of conversations at GDC this year was why Marathon hasn’t hit the same stratosphere as Arc Raiders. On paper, they’re both extraction shooters, and Marathon has the Bungie pedigree – the house that built the gold standard for gunplay in Halo and Destiny. Marathon’s neon-futuristic aesthetic also distinguishes itself from the gritty realism of Tarkov or the post-apocalyptic hope of ARC Raiders. But vibes can only get you so far for first impressions if the onboarding feels like a brick wall. Marathon is a sweaty PvP-focused experience with a first-time user experience and UI that I can only describe as dreadful. Players are dropped into a complex ecosystem where the UI, though visually striking, is functionally uninformative, forcing users to manually hover over nondescript, identical icons just to identify basic gear or weapon mods. This lack of clarity is compounded by punishing mechanics like a severe heat gauge for movement and a scarcity of vital resources, all without a clear tutorial or a low-stakes mode to learn the ropes. Most people – even top streamers and veteran shooter players – have no idea what’s going on in Marathon at first. Arc is on the complete other end of the spectrum. As we covered here and here, Arc Raiders offers a more collaborative, approachable loop where players often work together toward shared goals. And the objectives are instantly clear. To many players, this contrast only emphasised Marathon’s issues, especially during the testing period. Players understand the Arc Raiders loop within 30 minutes, while Marathon acts as a massive filter, chewing up newcomers and spitting them out before they can experience the depth of Bungie’s signature gunplay. What I’m getting at here is that the poor first-time user experience of Marathon’s Server Slam likely stifled launch sales, while the opposite was true for Arc. Let’s look at the pre-launch copies sold for each game during their respective Server Slams (launch-aligned) : Looking at the trajectory: Arc Raiders saw a massive 80% jump in copies sold during its three-day Server Slam (day -13 to -11). Players jumped in, realised the water was fine, and immediately opened their wallets. Marathon, meanwhile, saw a 49% increase in the four days following its Slam (Day -7 to -3). At the time of each game’s respective launch, Arc Raiders had nearly double the Steam footprint of Marathon – and word of mouth only continued to grow. Bungie could have had more time to fix the onboarding process had the beta happened earlier. But Marathon launched three days after the beta finished. These factors limited the launch sales quite a bit, I reckon. Marathon has found a niche audience, though Despite the friction-heavy start, the data suggests that those who survived Marathon’s onboarding are loving life. We’ve been tracking cross-platform DAUs, and while there’s the expected post-launch leakage, many players are sticking with it. After peaking at 478K total DAUs on its first Saturday, Marathon has settled into a respectable rhythm, holding 345K DAUs as of yesterday and averaging 380K DAUs across the weekend. Steam continues to do the heavy lifting here, consistently accounting for the lion’s share of the daily players. Players have been putting in the hours, too: On Steam, Marathon’s average playtime has climbed to 27.8 hours, significantly outpacing the console averages on PS5 (16.5h) and Xbox (17.3h). Even more telling than the averages: 22% of the Steam audience has surged past the 50-hour mark, and nearly 7% have already logged over 100 hours. Subscribe for free to get the most accurate games estimates in your inbox twice a week 🫶 Subscribe This data suggests that once the Bungie magic clicks, it hooks players deeper than the average extraction shooter. There’s also started to be a shift in the game’s discourse. Marathon launched as one of those games that’s cool to hate. But as Marathon’s 100-hour club grows, we’re seeing conversations around its mechanical merit outweigh the negativity. Several high-profile creators, who were initially vocal critics, have spent the last week coming around on the mechanical depth of the endgame. It’s a subtle but positive signal; the hate train is losing steam, and a new narrative about the game is emerging. Bungie faithfuls unite Another interesting metric in Marathon’s first few weeks is who, exactly, is playing. Bungie leans heavily on its prestige as the “makers of Halo and Destiny,” in its marketing, and that message has clearly hit the mark. On Steam, the gravity (hammer) of Bungie’s previous work is unavoidable. A staggering 78.2% of Marathon players also played Destiny 2. The trend carries across other platforms, with 74.2% of PS5 players and 82.7% of Xbox players also having played Destiny 2. The Halo legacy lives on, it seems. More on that in a bit. While Destiny 2 went free to play, these numbers still represent a high-intent migration of a fanbase that trusts Bungie’s specific brand of kinetic gunplay and cryptic world-building. The Xbox data adds another layer of legacy. About 85.7% of Marathon players on Xbox have played Halo Infinite, while over half of the Steam audience has spent time in Halo Infinite and 36.1% in the Master Chief Collection (a paid collection of the old Bungie-made legacy games). Interestingly, we see a 55.9% overlap with ARC Raiders on Steam. Overlap is even higher there on PlayStation (60.5%) and Xbox (66.5%). And there’s also significant crossover with Helldivers 2 on all platforms, too. Subscribe for free to get the most accurate games estimates in your inbox twice a week 🫶 Subscribe Bungie has found some of its fans with Marathon, and the challenge now is keeping this engaged in a high-stakes PvP environment when they’ve spent the last decade primarily enjoying the power fantasies of PvE. On that note… Go the full 26 miles? Or cut and run? Time for some could’ve, should’ve, would’ve. These things would have improved Marathon’s performance at launch: A more robust onboarding process, perhaps in the form of a short single-player/PvE campaign. We know Bungie fans love this stuff. A traditional arena-based mode akin to Destiny’s Crucible could have been a bridge for the cautious players who’d have been otherwise deterred by the Server Slam. It’s also a great palate cleanser after getting merked. Introducing a dedicated PvE environment would have similarly diversified the conversation and lowered the barrier for the Bungie faithful who found the pure PvP extraction loop too abrasive. PvE is safer than PvP these days. There’s an argument that a thin PvE mode would have just felt like a budget Destiny, potentially hurting the brand more. But given how dire the FTUE is, I think it would have been a net positive. Any kind of tutorialised loop that demystifies the stakes, really. While there is merit in a studio sticking firmly to a singular creative vision, and going all in on the hardcore extraction loop. Less forgiving is the technical reality is that the user interface and first-time user experience (FTUE) were not at a commercial standard for launch. Subscribe for free to get the most accurate games estimates in your inbox twice a week 🫶 Subscribe In a landscape where player time is oversaturated and the most contested currency, a flawed FTUE is a critical failure point. But it’s not all doom and gloom, as Marathon has an incredible, unique gameplay loop, suggesting that financial success is still attainable if Bungie can pivot effectively. Bungie and PlayStation now face a difficult strategic crossroads, though – one within a challenging games market. They could: Double down on Marathon with a long-term Rainbow Six Siege- or No Man’s Sky-style recovery plan, which is something I heard Last Stand Media’s Chris Maldonado mention last week. While this could be a sunk-cost fallacy in action, it could eventually yield the audience the game’s mechanical depth deserves. Shift focus toward the inevitable Destiny 3 or another project, mitigating the escalating opportunity cost and cutting their losses, so to speak. Doing both is an expensive proposition, given the high overhead and burn rate of operating out of Bellevue, Washington. With Sony recently demonstrating a lower threshold for underperforming studios and projects, the margin for error has vanished. Whatever happens, the next six months will determine whether Marathon becomes a cornerstone of Sony’s live-service portfolio or a cautionary tale of vision exceeding accessibility. I’m hoping it’s the former, because Marathon rocks. As always, hit subscribe to get updates on Marathon and other relevant games. Subscribe Want to get your hands on our data for yourself – for free? We’re offering a free trial of our platform for games companies. Send us a message here, or reply to this email, and we’ll set you up. The last word Reply to this email – or reach out here – if you have any feedback for the newsletter – or want to request a game for us to cover. [Alinea Analytics boasts the most accurate PC and console estimates in the business. Game makers use our platform to understand their audience, keep an eye on the competition, monitor sales trends, and spot new opportunities. We equip game studios and financial institutions with accurate data and the confidence to make smarter, data-driven decisions. Want to talk about all things games market data? We’d love to chat!]
When to book summer flights for 2026 as oil prices rise
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Your Thymus and Your Healthspan
Our thymus gland plays a central role in the development or our immune system, specifically for supporting T cell development (how these cells got their name, maturation and differentiation in the thymus) and discriminating between self and foreign, non-self antigen proteins with production of dendritic cells. As we age, our thymus gland shrinks—the process known as involution—with progressive change from spongy to fatty tissue, with loss of functionality. But this process, with respect to timeline and extent, markedly varies from one person to the next. And to make things even more complicated, our thymus gland anatomy and precise location in the chest also is highly variable. So the famous Frank Netter diagrams from the 1960s (such as at left below) don’t capture the remarkable heterogeneity that a random set of 12 chest CT scans (below at right). What I consider as 2 landmark papers in Nature this week (here and here) used AI to quantify health of the thymus in 2 large cohorts, and then correlate the metric to a broad array of health outcomes. In this edition of Ground Truths, I’m going to cover three questions: (1) How was thymus health determined by AI?; (2) How is thymus health linked to key clinical outcomes? and (3) Are there ways we can promote a healthy (aka rejuvenate) thymus gland in our later years? Subscribe 1. How was thymus health determined by AI? This was accomplished by extensive work developing and validating an AI pipeline for 2 stages, the first for localization and segmentation of the thymus bed, and the second to quantify a digital marker, termed the thymic health score. There’s a lot to this algorithmic development, so I won’t go into all the details, but just provide a rudimentary outline of what was done. The 1st stage used supervised learning with 2 radiologists reviewing 2,461 chest CT scans. That work trained a 3D U-Net model to automatically identify the thymic bed’s 3D cropped region using center of mass coordinates, which reached 99.8% accuracy. The 2nd stage used a foundation model that was pre-trained with SwAV (which stands for Swapping Assignment between multiple Views), a self-supervised model, that generated a high-dimensional thymus representation of 4,096 features. That compares to the radiology reductionist and subjective scoring of 0 to 3 where 0 means the thymus is fully degenerated and fatty, and 3 is considered dense, intact glandular soft tissue. Notably, the self-supervised learning (SSL) performance was superior to supervised (AUC ~0.75 vs 0.55, respectively) reflecting the shallowness of the 0-3 classifier vs SSL’s holistic, self-taught AI. The thymic health score ranged from 0 to 100, with the highest number indexed to fully preserved thymic health. The algorithmic work extended to explainability with both Shapely value distribution, meaning the model was holistic not relying on any “magic” pixel, and occlusion sensitivity, demonstrating the model’s performance was not affected by ribs, sternum, lung tissue, but rather focused on the thymic bed directly. Below are a few saliency maps from the occlusion sensitivity that indicate the thymic bed focus, not affected by neighboring structures, using the jet color scale. Now the AI was ready for processing ~25,000 CT scans, each over 30 MB files, from the 2 large participant cohorts to provide a thymic health score, it did so in less than 14 hours, which is less than 2 seconds per scan! Share 2. How is thymus health linked to key clinical outcomes? The two cohorts were the National Lung Screening Trial, NLST (N=25,031) and the Framingham Heart Study, FHS (N=2,581) each with baseline demographics and long term follow up of >12 years for health outcomes. From the NSLT, you can see below that increased age and body-mass index were correlated to reduced thymic health. And, overall, men had reduced thymic health scores compared with women. There are a lot of graphs in the paper for outcomes, for both the NLST and FHS cohorts. To simplify the major outcomes, below is a composite Figure with striking reduction of all-cause mortality and for the different causes of death. The results were consistent between the 2 cohorts. For example, the cardiovascular mortality hazard ratio average was 0.57 in NLST and 0.38 in FHS (weighted to be 0.53 for the aggregate). The reduction of mortality also extended to digestive diseases and pulmonary disease (data not shown below). Lung cancer incidence was reduced by 36% for high vs low thymic health (Figure below, with a panel -incidence and b panel-mortality, adjusted for age, sex, BMI, smoking status). Notably, there was a smoker’s paradox: lower incidence and improved survival for lung cancer in smokers who had a high thymus health score. Smoking was associated with lower thymic scores whereas alcohol was not. Higher thymic health was linked to higher HDL cholesterol, lower triglycerides, lower fasting blood glucose, and lower systolic and diastolic blood pressure. Inflammation biomarkers, such as C-reactive protein and interleukin-6, were elevated in the people with lower thymic health scores. In their second paper, the same team looked at the relationship between thymic score and outcomes for 3,476 patients receiving cancer immunotherapy. The non-small cell lung cancer progression-free survival was reduced in patients with low thymic health score. A parallel relationship for survival was seen for other types of cancer including melanoma, breast, and kidney with a 44% lower risk among high thymic scores (Figure). A similar pattern was seen with different immune checkpoint inhibitors. The thymus health score outperformed programmed death ligand-1 (PD-L1)and tumor mutation burden (TMB) assay of the tumor and was an independent prognostic marker of progression-free survival. In this dataset, a direct connect with thymus score and adaptive immune function was noted with a correlation before cancer treatment for both T-cell diversity and thymus T-cell production (a metric known as T cell receptor excision circles). Thymus Removal Study There is a highly relevant citation about thymus function before moving onto ways to rejuvenate it. In 2023, a very important study of thymus removal during cardiothoracic surgery was published, with 1146 patients undergoing thymus removal vs 1146 matched controls (mean age 55 years). The adverse outcomes for thymus removal were striking, with a 2.9 higher risk of all-cause mortality and doubling of cancer incidence, 1.5 fold increase in cancer mortality, and 1.5-fold increase in autoimmune diseases. The immune function showed marked compromise after thymus removal, as reflected by CD4+ and CD8+ T cells (Figure below) Share Ground Truths 3. Are there ways we can promote a healthy (aka rejuvenate) thymus gland in our later years? In recent months we’ve learned a lot about the process of thymus involution and the pathways by which this may be modulated. Thymus involution is primarily due to loss to thymus epithelial cells (TECs) and there are 2 subtypes with different functions: the cortical, responsible for positive selection of T cells, and the medullary, for negative selection. When adipose tissue infiltrates the thymus, thymic adipocytes are pro-inflammatory, knocking out T-cell output. Likewise, systemic inflammation, or “inflammaging,” from smoking, obesity, and chronic stress promote thymic adipocytes. Now, from preclinical studies, we know about key pathways that account for these processes. Historically, back in 2014, FOXN1 was recognized as a single master transcription factor essential for TEC function, with studies in mice with forced FOXN1 upregulation leading to thymus regeneration. That laid the foundation for potential regrowth of quiescent thymus cells. It took awhile to find pathways to accomplish this goal and to even refute its role as the master regulator. The Liver-Thymus Axis Feng Zhang and his team recently showed that injection of an mRNA vaccine to the liver encoding DLL1, IL-7 and FLT3-L in combination, factors known to support thymopoiesis (Figure), successfully enhanced immune function in aged mice. However, the effect was transient. The FGF21 Story Two reports in 2025 addressed the thymus gland’s production of FGF21, a growth factor (fibroblast growth factor 21) and its control of thymus involution. This growth factor is also produced by the liver, but it doesn’t have impact on the thymus in aged rodent models. In contrast, The liver’s hepatocyte growth factor (HGF) has been shown to reverse senescent TEC structural changes. Growth hormone stimulates production of insulin growth factor-1 (IGF-1) in the liver and the thymus. Two small studies in human participants (TRIIM, for Thymus Regeneration, Immunorestoration, and Insulin Mitigation) of 6 and 50 people, respectively, treated with combined human growth hormone, metformin and DHEA, suggested the potential of slowing epigenetic aging and improving thymus mass and function. But the combination of drugs, small sample, and lack of controls make conclusions murky. Increased thymus FGF21 led to increased CD8 T cells in old mice and extended healthspan and improved physical performance. Building on the previous FOXN1 data, ablation of β-klotho, the obligatory co-receptor for FOXN1, accelerated thymic aging. The benefit to FGF21 was confirmed in a companion paper using an FGF21 knock-in mouse model showing thymus enlargement and increased TECs throughout the lifespan. (schematic Figure below). The accompanying editorial for these 2 papers speculated: “The proposed link between age-associated thymus involution and organismal aging is intriguing, and suggests we might seek to achieve systemic rejuvenation by counteracting thymic involution.” Other Factors Lessons from the Axolotl (Mexican Salamander) In an elegant set of experiments of the axolotl (Figure), known for its complete thymus regeneration after total surgical removal, mediators were identified. Surprisingly FOXN1 was dispensable. But midkine, a growth factor, appeared to be the driver, the initiator of thymus cell growth, survival, and repair. Other components that contributed were Postn+ (periostin-expressing mesenchymal niches) and Ccl19, a chemokine protein from the bloodstream. RANK and RANKL RANK (receptor activator of nuclear factor κB its ligand (RANKL) have been considered key regulators of medullary TECs. In a study of both aged mice and human thymus cell cultures, their key role was confirmed, with multiple benefits of resorting TEC function, recruitment of progenitor cells, and T cell development. Subscribe Summing Up This body of work strongly supports the health of the thymus gland as a critical regulator of human healthspan, not just a correlate or link. The new landmark studies are reinforced by the regenerative biology experimental models that have shown, via an array of mediators, that healthspan of aged mice is at least in part dependent on thymus gland function and its critical role for maintaining adaptive immunity. It sure seems that we’d be better off having an immune reservoir of naive T cells instead of a profile in older adults of exhausted, low quality, memory T cells, with a senescent phenotype. It is striking that we ignored the importance of the thymus gland for many decades. A wake-up call was the results of the thymectomy matched control study reviewed here, with the opposite of high thymic health score improved health outcomes. The convergence of AI and healthspan here is notable. The exceptional and laborious work for developing and validating (no less explaining) the AI to quantify thymus health set the foundation for probing the connect the major health outcomes in two cohorts with extensive follow-up. We’ve never had a way to meaningfully quantify the thymus gland before, so this represents important leverage of supervised, self-supervised, and transformer models. The study wouldn’t have been possible without AI. And it begs the question as to whether there are ways we can maintain our thymus at a high health score. But it’s not so simple to rejuvenate our thymus. There are multiple risks including the induction of autoimmunity, increasing the risk of cancer, and inducing a pro-inflammatory state. For example, factors that increase TEC proliferation could compromise the medulllary negative selection process and leak out auto-reactive (self-attacking) T cells. Thymic cells could be induced to proliferate, but we know, for example, that growth hormone and IGF-1 are associated with an increase risk of cancer. If thymus rejuvenation doesn’t clear out the accumulated senescent cells in older adults, then inflammation within the gland could block the production of TECs. Keeping these risks in mind, we now have identified many ways to keep our thymus healthy as we age that undoubtedly will be tested in clinical trials going forward. Ultimately, the benefit-to-risk tradeoffs will be defined. In the meantime, we have desperately needed an immunome. As I’ve stressed in multiple prior Ground Truths, we have no test in the clinic to assess a patient’s immune status! It was very encouraging for me to get an email from Hugo Aerts, the senior author of the landmark papers in the days after they were published: “I also wanted to say that your Substack on “Why We Need an Immunome” was inspiring for this work. We found it a very compelling perspective and greatly enjoyed reading it.” Just having an assessment of a person’s immune status via a chest CT scan, with millions of these performed per year, might help in guiding the right immunotherapy for cancer (e.g. more intensive, combinations for those with low thymic health scores) and help define people who are increased risk for age-related diseases of cancer, cardiovascular, and neurodegenerative. The main theme of Super Agers is that we now have many layers of data (genetics, proteins, biomarkers, organ clocks that can be integrated via multimodal AI) for us to define a person’s specific risk decades before one of these age-related diseases leads to symptoms, enabling prevention. From the new studies this week, we can add thymus health score as yet another way to understand a person’s risk, a window into their adaptive immune system and healthspan. And perhaps someday we will be able to safely rejuvenate the thymus, or maintain its health through one’s life, and use the thymus health score to monitor. NB: I wrote this post (No A.I.) A Quick Poll Loading... ********************************************************************* Thanks to Ground Truths subscribers (now > 200,000) from every US state and 212 countries. Your subscription to these free essays and podcasts makes my work in putting them together worthwhile. Please join! If you found this interesting PLEASE share it! Share Ground Truths Paid subscriptions are voluntary and all proceeds from them go to support Scripps Research. They do allow for posting comments and questions, which I do my best to respond to. Please don’t hesitate to post comments and give me feedback. Let me know topics that you would like to see covered. Leave a comment Many thanks to those who have contributed—they have greatly helped fund our summer internship programs for the past two years. It enabled us to accept and support 47 summer interns in 2025! We aim to accept even more of the several thousand who will apply for summer 2026.
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