Hello! This is Lisa Ryan, an executive editor at BI. I’m normally behind the scenes of this newsletter, but today I’m filling in for Dan DeFrancesco. (Don’t worry — he’ll be back next week.)
This just in: Dell is “retiring” hybrid work and calling workers back to the office. Read the memo that CEO Michael Dell sent staff this morning, exclusively obtained by BI.
In today’s big story, we’re looking at the tragic American Airlines crash over DC and why aviation experts have been ringing the alarm for years.
What’s on deck
Markets: These agencies are policing the wild west of crypto during the Trump era.
Tech: Mark Zuckerberg told Meta employees to get ready for an intense 2025.
Business: Microsoft has begun its performance-based job cuts.
If this was forwarded to you, sign up here.
The big story
Near-miss warnings
ANDREW CABALLERO-REYNOLDS/AFP via Getty Images
Wednesday’s fatal aircraft collision over Washington, DC, is a nightmare scenario that aviation experts have been warning about.
As BI’s senior aviation reporter Taylor Rains writes, pilots and aviation workers have been warning for years about the growing risk of a fatal midair collision.
“Our whole air traffic control system has been blinking red, screaming at us that we’ve got it overloaded,” said Brian Alexander, a military helicopter pilot and partner at an aviation accident firm.
Taylor’s report comes in the wake of the tragic collision between an American Airlines flight and a military helicopter on the jet’s final approach into Ronald Reagan Washington National Airport. Sixty-seven people are presumed dead in what became the first complete-loss US airline crash in 15 years.
Alexander cited the “intense inadequacy” of staffing and overwork facing air-traffic controllers as major problems at airports across the US. Another aviation expert, Anthony Brickhouse, said increased flight congestion has also become a significant safety risk.
The US has been battling dangerously close near-misses for years, Taylor writes. Back in 2023, the Federal Aviation Agency created a safety review committee to address the issue. They recommended increased staffing, added oversight funding, and investing in airport technology.
But Brickhouse told Taylor that not enough changes have been made to prevent these close calls. And Wednesday night’s crash has renewed anxiety about air-traffic control staffing and procedures at US airports.
Al Drago/Getty Images
The investigation into the tragic crash is ongoing. Here’s what to know:
There were no survivors from the collision. Three Army crewmembers aboard the Black Hawk were from the 12th Aviation Battalion in Virginia. A spokesperson for US Figure Skating told BI that “several members” of the organization were aboard.
The crash occurred in congested airspace. The DC area’s Reagan Airport has the country’s busiest runway, with over 800 takeoffs and landings daily. Military helicopters often fly low over the nearby Potomac River.
Investigators recovered the black boxes from the passenger jet. “The recorders are at the NTSB labs for evaluation,” an NTSB spokesperson told BI.
Without citing evidence, President Trump criticized FAA DEI efforts. In a press conference, Trump said he didn’t know what caused the crash before laying out a series of diversity initiatives that he suggested could have contributed to the incident.
News brief
Top headlines
3 things in markets
Getty Images; Chelsea Jia Feng/BI
1. With Gensler out, who’s policing crypto? The SEC bid goodbye to Biden appointee Gary Gensler, who many crypto insiders felt was too harsh on their industry. Digital-asset enthusiasts are hoping for clearer guidelines in the crypto-friendly Trump era, and these eight government agencies are likely to be the main crypto cops.
2. An unloved stock sector is waiting in the wings. Healthcare stocks took a hit late last year as investors fretted over the impact of RFK Jr.’s nomination to be health secretary. But those fears were likely overblown, strategists at Janus Henderson, Citi, and State Street said, and the sector’s recent sell-off may have created a buying opportunity, with big gains on the horizon.
3. Blackstone COO addresses DeepSeek concerns. During a Q4 earning call, Jon Gray said the firm is keeping a close watch on the threat DeepSeek could pose to Blackstone’s multibillion-dollar bet on AI infrastructure. The firm is a leading investor in data centers, having touted more than $100 billion. Gray added that Blackstone is particularly interested about what it will mean for demand.
3 things in tech
Credit: Anadolu/Getty, Irina Gutyryak/Getty, Tyler Le/BI
1. “Buckle up” for an “intense” year, Mark Zuckerberg tells employees. At a company all-hands meeting, the Meta CEO made it clear he’s embracing tech’s old motto of moving fast. In a recording of the meeting obtained by BI, Zuckerberg said AI would be top of mind this year and that DeepSeek’s recent shake up would benefit Meta’s goals. He also reflected on one of the company’s big missteps in social media: a slow start against TikTok.
2. Missed China and iPhone targets take a bite out of Apple’s record Q1 revenue. The tech giant scored $124.3 billion in revenue, narrowly beating the $124.1 billion estimate. However, China and iPhone sales missed their targets. During the earnings call, CEO Tim Cook addressed DeepSeek and mentioned Apple is pursuing a hybrid AI model that he says will serve the company well.
3. When ChatGPT gets replaced by AI. OpenAI said this week that Chinese competitor DeepSeek may have used its models “inappropriately.” Yet OpenAI has also been accused of inappropriately using other people’s content to train its models. DeepSeek might just be OpenAI’s karmic repayment, writes BI’s Ali Barr.
3 things in business
Manuel Tsanoudakis/Getty, PNC/Getty, Marat Musabirov/iStock, Elena Frolova/iStock, Ava Horton/BI
1. Meet the millionaire boomers next door. Four older Americans told BI how they retired comfortably, balancing their seven-figure net worths with some frugal habits. Some wish they’d worked less and enjoyed life a little more.
2. The next big thing in social media? Private networks. Alex Hofmann, CEO of the social-media conglomerate 9count, is betting on a new wave of private social networks that prioritize friends over media. Social platforms have become awash with influencers, brands and ads competing for attention, he said, but users want to connect with their friends and meet IRL.
3. Microsoft’s performance-based job cuts have begun. Termination letters viewed by BI show workers impacted by Microsoft’s performance cuts will lose their health benefits immediately. Ex-employees also say they won’t receive severance. Read an excerpt from the termination letter Microsoft sent to affected employees.
In other news
What’s happening today
The Insider Today team: Lisa Ryan, executive editor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.
