Good morning. And Happy New Year, with apologies to Larry David.

A lot’s happened over the holiday break, so let’s get right into it. —Andrew Nusca

P.S. I’ll be at CES today and tomorrow for our 11th annual Brainstorm dinner in Las Vegas. I’ll be chatting with Qualcomm CEO Cristiano Amon about chip things and colleague Allie Garfinkle will be leading a star-studded panel discussion about agentic AI. Shout if you’re in town—and re-up your Fortune Brainstorm membership so you don’t miss rad things like this.

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