The World Economic Forum

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At Davos, conflict, climate change and AI get top billing as leaders converge for elite meeting

DAVOS, Switzerland (AP) — The Earth is heating up, as is conflict in the Middle East. The world economy and Ukraine’s defense against Russia are sputtering along. Artificial intelligence could upend all our lives.

https://apnews.com/article/climate-davos-kerry-biden-trump-zelenskyy-14c11563536de57a4f20f326f009273f?

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The world could get its first trillionaire within 10 years

DAVOS, Switzerland (AP) — The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos.

https://apnews.com/article/income-inequality-billionaires-davos-85baf23e9a2a7d4d94da5aca11f3ca5e?

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? Sullivan to talk Gaza, Ukraine in Davos

White House national security adviser Jake Sullivan will deliver a speech today at the World Economic Forum in Davos, Switzerland, and lay out the Biden administration's approach to the wars in Gaza and Ukraine as well as U.S.-China competition, Axios' Barak Ravid writes.

• Why it matters: Sullivan's speech comes as the administration seems to be struggling to make progress in two wars in which it's highly invested.

?️ The big picture: In Gaza, President Biden is becoming more and more frustrated with the Israeli government's policy — and with Benjamin Netanyahu.

• In Ukraine, the administration still hasn't been able to get a deal with Congress to fund additional military aid, which could leave an opening for Russia.
• America's allies in the West and the Middle East are increasingly raising questions about the U.S.'s handling of both crises.

? Zoom in: On the wars, Sullivan will argue that "the U.S. and like-minded partners are determined to show that aggression will fail and tough-minded diplomacy can succeed," according to a White House official.

• On China, Sullivan will continue to make the case "that the U.S. does not seek conflict. Instead, we will continue to compete vigorously to shape the future of the international system," the official added.

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? AI built for you

Image: Microsoft

DAVOS, Switzerland — Microsoft announced new subscription AI services for individuals and small businesses that will include the ability to create custom chatbots. Why it matters: The move, unveiled at the World Economic Forum, allows access to tools of the future that Microsoft had previously reserved for larger organizations, Axios' Ina Fried reports. ? Zoom in: A $20-per-month Copilot Pro subscription includes access to Copilot in Office apps like Word, Excel, PowerPoint, Outlook and OneNote. Custom chatbots, which Microsoft calls Copilot GPTs, are "coming soon." OpenAI's ChatGPT Plus offers some of the same features, including the ability to create custom chatbots, at a similar price.

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Economic woes, war, climate change on tap for Davos meeting

DAVOS, Switzerland (AP) — The World Economic Forum is back with its first winter meetup since 2020 in the Swiss Alpine town of Davos, where leaders are seeking to bridge political divisions in a polarized world, buttress a hobbling economy and address concerns about a climate change — among many other things.

https://apnews.com/article/british-politics-china-government-india-united-states-25e850c634345a57ac2621019b90edf9

As Davos opens, Oxfam urges windfall tax on food companies

LONDON (AP) — Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, anti-poverty group Oxfam said Monday as the World Economic Forum’s annual meeting gets underway.

https://apnews.com/article/russia-ukraine-inflation-oxfam-international-covid-business-4cb3a9fd628739291988e2fa61f9a1af

Whitmer headed to Europe, Davos to tout economic development

LANSING, Mich. (AP) — Michigan Gov. Gretchen Whitmer will travel to Europe next week for a five-day trip to promote the state’s recent economic developments and with hopes of attracting new businesses in the automotive and clean energy industries.

https://apnews.com/article/gretchen-whitmer-politics-michigan-state-government-europe-12e73f833b1b29b194c9bd0598fafe29

 

In Davos, Israel’s president calls ties with Saudi Arabia key to ending war in Gaza

DAVOS, Switzerland (AP) — Normalizing ties between Israel and Saudi Arabia would be a key element of ending the war with Hamas and a game-changer for the entire Middle East, Israeli President Isaac Herzog said Thursday at the World Economic Forum’s annual meeting in the Swiss town of Davos.

https://apnews.com/article/davos-israel-herzog-openai-altman-773e21a96baff820d27e7f2c0211f34a?

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? Dan's Davos mindmeld

Davos, Switzerland, during the World Economic Forum this week. Photo: Hollie Adams/Bloomberg via Getty Images DAVOS, Switzerland — The World Economic Forum this week was awash in optimism about the U.S. economy — and palpable fear of President Trump, Axios Pro Rata author Dan Primack writes. Dan's Davos mindmeld: 1. ? Unbridled optimism about the U.S. economy: Stocks are more than two years into a bull market. But CEOs still believe their companies were shackled by Biden regulations. The most common adjective for Trump's administration was "business-friendly." 2. ⏱️ AI timelines: The movers and shakers at Davos were divided over how long it'll take for companies to see a return on their massive AI investments. Energy companies will likely get a moment in the sun first, since AI will need a ton of power to truly take off. 3. ? Scared of Trump: There was palpable fear of displeasing President Trump. Some of the world's most successful executives seemed completely cowed, willing to sidestep core beliefs that might be at odds with the MAGA movement. Masters of the universe at their smallest, Dan writes. ?? Europe on edge: European CEOs are worried about falling further behind the U.S., on everything from economics to tech. And, for the first time in a long time, think their elected leaders share that concern. The question is whether Trump's deregulatory push could possibly be matched by governments that still believe deeply in things like decarbonization.

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Davos sneak peek: OpenAI warns of "capability overhang"

Illustration: Eniola Odetunde/Axios

In Davos this week, OpenAI will unveil plans to help everyday users get as much out of ChatGPT as the most prolific AI adopters, Axios' Erica Pandey writes. Why it matters: ChatGPT is improving fast — roughly doubling the length and complexity of tasks it can handle every seven months, according to OpenAI. But most users tap only a fraction of its power. OpenAI calls this disconnect the "capability overhang," and it's the company's focus for the World Economic Forum in Davos, Switzerland. In a report set to be released Wednesday at an OpenAI event, "Ending the Capability Overhang," execs will argue that the capability gap must be closed for AI to deliver social and economic benefits. Without that shift, the biggest gains from AI will flow to the countries, companies and workers who are testing and pushing AI's limits. ? What's next: With AI innovation outpacing adoption, OpenAI execs will make the case to business and government leaders in Davos this week that closing this gap is central to realizing AI's full economic benefits. OpenAI for Countries aims to help national leaders close the gap. Go deeper: "AI for self-empowerment" ...

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? 1 fun thing: Sphere in D.C.!

Rendering: Sphere Entertainment Co. The builder of the Sphere in Las Vegas is planning to construct a "mini-Sphere" just outside D.C. at National Harbor in Maryland. The smaller Sphere, announced yesterday, would hold 6,000 people and open in 2030, The Washington Post reports (gift link). The new venue is part of a planned "global network of Spheres" and would include a similar exterior LED display as the original in Las Vegas. More details.

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Push to reignite Davos

DAVOS, Switzerland — BlackRock CEO Larry Fink will open the World Economic Forum tomorrow with a blunt acknowledgment that Davos — and the economic system it represents — is facing a crisis of legitimacy, Axios' Zachary Basu writes.

• Why it matters: As thousands of executives and global leaders descend on the Swiss Alps for a week of cocktails and canapés, WEF's interim co-chair will warn that the prosperity they celebrate has left too many people behind.

? Except for the United Nations, this year's conference marks "the largest gathering of global leadership of the post-COVID era," Fink will say in his opening remarks.

• "But now for the harder question," he'll add. "Will anyone outside this room care?"

?️ The big picture: Fink, who inherits the mantle of "mayor of Davos" from WEF founder Klaus Schwab, is casting this year's forum as an elite gathering struggling for relevance in an age of populism and deep institutional distrust.

• Fink believes the AI revolution — a theme of virtually every pavilion on the Davos promenade — will pose the ultimate test of whether capitalism can deliver prosperity beyond its traditional winners.

? What to watch: Fink's remarks set the stage for a week in which Davos' elite consensus will be tested by populist politics — including President Trump's speech Wednesday.

Go deeper: Fink warns Davos that capitalism must evolve.

?? Also this week, Treasury Secretary Scott Bessent, who's leading the U.S. delegation on Trump's behalf, will meet with Chinese Vice Premier He Lifeng.

• Mike is told Trump administration officials plan to focus on economic growth, homeownership and peace through strength — in a deliberate contrast to past globalist fare more focused on DEI, climate and even eating bugs.

? Bessent will include direct criticism of the global elite and draw a sharp contrast between U.S. exceptionalism and European economic stagnation, an administration source tells Axios.

• The administration's messaging and bravado are designed as much for U.S. voters and investors as for the Davos crowd, sources tell Axios.

Go deeper: Trump, Bessent bring American bravado to world stage.

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Best of Davos Day 1

OpenAI is aiming to unveil its first device in the second half of 2026, chief global affairs officer Chris Lehane told Axios' Ina Fried today.

• ? CEO Sam Altman has teased an AI device since acquiring former Apple design chief Jony Ive's company last May, but offered no concrete timeline or description of what it will look like.

Lehane declined to go into any specifics, including whether it would be a pin, earpiece or something else entirely.

• Ive's company, then known as Io, had also hinted at a 2026 unveiling. "We look forward to sharing our work with you next year," according to text in a promotional video released at the time of the acquisition.

Go deeper.

In her first interview as Meta's new president and vice chairperson, Dina Powell McCormick said AI is a "group sport" that will require cooperation among tech rivals to keep "humanity" at the center.

• ? Powell McCormick framed AI as a "transformation" for the human race — and urged the industry to align on "core values" that ensure the technology is as "safe" as it is "productive."

The intrigue: Powell McCormick suggested AI's risks and rewards are now big enough to require coordination among competitors — even as they continue to battle for market share.

• ?️ She called for tech companies to work together on safety standards, energy use and "smart regulation" — envisioning a world that can be both "prosperous" and "peaceful."

Keep reading.

? Finally: Actor Matt Damon is in Davos to recruit more corporate partners for his water access nonprofit, Water.org, pronouncing on stage to Axios' Amy Harder, "We're trying to raise an army." Go deeper.

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The great Davos divorce

Photo Illustration: Allie Carl/Axios. Photo: Andrew Harnik/Getty Images America's closest allies declared an end to the U.S.-led global order today, concluding that President Trump's relentless coercion had exposed its fatal flaws, Axios' Zachary Basu and Barak Ravid report from the World Economic Forum in Davos, Switzerland. ?? Gone are the days of world leaders tiptoeing around Trump, whose first year in office — capped by a crisis over Greenland — has crystallized fears that the old order can't be salvaged. ?? Belgian Prime Minister Bart De Wever, of Trump's threats to impose tariffs over Greenland: "Being a happy vassal is one thing. Being a miserable slave is something else." ??His blunt rhetoric echoed across Davos, where Trump will arrive tomorrow to a summit gripped by diplomatic tension and market anxiety. A former U.S. official close to many European leaders tells Axios that Trump's recent push on Greenland "has crossed a red line for the Europeans for the first time" — and that many believe this may be their last chance to push back. ?? European Commission President Ursula von der Leyen likened Trump's hostility toward allies to the "Nixon shock" of 1971 — the moment the U.S. upended the postwar economic order by abandoning the gold standard. She called for "permanent" independence from the U.S., warning that waiting for a post-Trump return to normal would only deepen Europe's vulnerability. ?? Canadian Prime Minister Mark Carney delivered the most blunt verdict of all: "Let me be clear: We are in the midst of a rupture, not a transition." "We knew the story of the international rules-based order was partially false. That the strongest would exempt themselves when convenient. That trade rules were enforced asymmetrically. ... That international law applied with varying rigor depending on the identity of the accused or the victim." ? "This fiction was useful," he continued, because American hegemony supplied global public goods — from open sea-lanes to a stable financial system. "This bargain no longer works," Carney declared, warning that "great powers" are now weaponizing the economic integration that has long underpinned globalization. Carney was met with a standing ovation from the Davos crowd as he concluded his address. Go deeper.

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Greenland Dominates Davos

President Donald Trump is scheduled to speak at the World Economic Forum today in Davos, Switzerland. The summit comes amid ongoing tensions between the US and Europe over Trump’s push to acquire Greenland from Denmark. This year is the WEF’s biggest gathering yet, with nearly 3,000 delegates in attendance, including business leaders and 64 heads of state. European leaders have gathered on the sidelines to discuss Trump’s threat of 10% tariffs on eight countries beginning Feb. 1. Trump said the tariffs will increase to 25% on June 1, unless the US is able to purchase Greenland (see why Trump wants the island here). Europe is considering invoking the Anti-Coercion Instrument—a so-called trade bazooka, which could restrict US companies’ access to the EU market. Trump’s speech—reportedly centered on how to make housing more affordable for Americans—will begin at 8:30 am ET (2:30 pm local time). Watch it here. Learn more about Davos here.    Living history — and the future DAVOS, Switzerland — In a 24-hour span in the Swiss Alps, we're witnessing what future historians might mark as a hinge moment: The people building civilization-altering AI, a prime minister declaring America's global order dead, and an expansionist, defiant American president all sharing the same tense global stage, Jim VandeHei and Mike Allen write. Why it matters: It's hard to overstate the seismic shifts shaking this week's World Economic Forum in Davos. First, Anthropic CEO Dario Amodei bluntly warned of vast job loss and absurd concentration of wealth as AI capability escalates. With the tech world enthralled by his Claude Opus 4.5, Amodei slammed President Trump for allowing China to buy American chips. Then at the Davos podium, Canadian Prime Minister Mark Carney delivered a historic rebuke to the U.S. under President Trump, declaring the rules-based order led by America "a pleasant fiction": "This bargain no longer works." That was before Trump addresses Carney and world leaders in Davos today, then holds a reception with Amodei and other top American CEOs. (Air Force One briefly returned to Joint Base Andrews because of "a minor electrical issue," about an hour after leaving for Switzerland. Get the latest.) ? The big picture: We've covered a lot of "historic" moments that turned out to be noise. This week feels different. The people building the most powerful technology ever created are saying — calmly, matter-of-factly — that it gets smarter than us very soon. America's closest ally, Canada, is publicly breaking away. And all of it lands on one Alpine town, at one moment, while the most powerful person on Earth prepares to speak. ? What's next: With European leaders before him, Trump is expected to demand that Greenland be handed over to America by Denmark, a NATO ally, with punitive tariffs threatened for nations that stand in his way. "Greenland is imperative for National and World Security," Trump wrote yesterday on Truth Social. "There can be no going back — On that, everyone agrees!" Some of America's closest allies are warning that the issue could shatter the NATO alliance, which once looked unshakable. Trump plans to tout American dominance, unveil housing reforms, and sign the charter for his Board of Peace — an alternative to the U.N. that critics say could rival the institution itself. ? Most every conversation among the Davos elites centers on two topics: AI and Trump. The Trump conversation is mostly speculation and, among many in this crowd, trepidation. On AI, we're hearing mind-bending revelations: Amodei, in an interview with Wall Street Journal editor-in-chief Emma Tucker, painted a potential "nightmare" scenario that AI could bring to society if not properly checked. He said 10 million people — 7 million in Silicon Valley, with the rest scattered — could "decouple" from the rest of society, enjoying as much as 50% GDP growth while others were left behind. Amodei told Bloomberg that Trump's decision to allow sales of advanced AI chips to China has "incredible national security implications" and is "crazy. It's a bit like selling nuclear weapons to North Korea." Demis Hassabis, co-founder and CEO of Google DeepMind, said the path to human-like artificial general intelligence is becoming clearer, although there are still some "missing ingredients." ? Reality check: These aren't sci-fi writers. They're leading companies that are close to building what they're describing. They're telling you the future is fast approaching, if not here. As for geopolitics, Carney invoked Czech dissident Václav Havel's essay on life under communism — the greengrocer who puts up a sign he doesn't believe in, just to get along. Canada, Carney said, had been that grocer. He spoke of an America no longer worthy of trust or reliable partnership: "Friends, it is time for companies and countries to take their signs down." Last week, Carney flew to Beijing — the first Canadian PM there in eight years — and announced China has recently been more "predictable" than America. He cut a trade deal with Xi. Between the lines: Carney ran the Bank of England. He ran the Bank of Canada. He's not a bomb-thrower. When someone like that says the old alliance is over — not pausing, not wobbling, over — that's a seismic marker. ? Market mood: Investors processed all this in real time. The S&P 500 dropped 2% yesterday — its worst day since October — after Trump threatened tariffs on eight European allies over Greenland. A Danish pension fund announced yesterday it's exiting U.S. Treasuries over concerns about American debt. The bottom line: Future historians won't need to reconstruct this week. They'll have the footage. The question is whether we understand what we're watching. Go deeper: "The great Davos divorce," by Axios' Zachary Basu and Barak Ravid. World Economic Forum highlights: Trump backs off tariffs over Greenland after NATO security talks President Donald Trump said Wednesday he is dropping his threat to impose tariffs on several European countries, citing what he described as a new framework with NATO on Arctic security. https://apnews.com/live/world-economic-forum-davos-updates-1-21-2026? Trump backs down on Greenland and cancels tariff threat after NATO agrees to future Arctic deal DAVOS, Switzerland (AP) — President Donald Trump on Wednesday scrapped the tariffs that he threatened to impose on eight European nations to press for U.S. control over Greenland, pulling a dramatic reversal shortly after insisting he wanted to get the island “including right, title and ownership.” https://apnews.com/article/trump-davos-housing-greenland-gaza-a2f3f4c18ba321c8025a3e208fc0ddf6?

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? AI future: "human in the lead"

Axios' Mike Allen interviews Accenture CEO Julie Sweet in Davos yesterday. Photo: Dani Ammann Photography for Axios Accenture CEO Julie Sweet told me at an Axios Live event in Davos yesterday that business leaders see AI as a path to growth, not just cost-cutting. Sweet, who has line of sight into the AI thinking of her company's 9,000+ clients in 120 countries, said the best case for the future of AI is "human in the lead," rather than "human in the loop." "I think we have to actually get rid of that narrative," she said, "because it's not inspiring to people to be a human in the loop." ? A new Accenture Research "Pulse of Change" survey of 7,000 C-suite and non-C-suite workers found that more than three-quarters of leaders think the greater promise for AI is growing revenue, rather than saving dollars, Axios' Avery Lotz reports. 83% of non-C-suite employees expressed confidence that if there were to be an AI bubble burst, their organization "would continue investing in AI in ways that benefit employees and business performance." Just 20% reported feeling like active co-creators in "shaping how AI changes the way we work." Explore the data ...

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Greenland takeover

President Donald Trump is expected to address the World Economic Forum in Davos, Switzerland, today. His trip was delayed on Tuesday after a technical issue forced Air Force One to turn back to the US shortly after takeoff. In Davos, Trump is set to face world leaders who are pushing back against his threats to take Greenland. Sources tell CNN that European leaders are weighing possible off-ramps to appease Trump, including an expanded military presence in Greenland, new commercial and economic agreements, and restrictions on Chinese investments in the territory. Trump, however, has warned that there is no turning back on his pursuit to take the island.

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Swiss Stemwinder

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“Without us, right now you’d all be speaking German,” Donald Trump scolded European leaders at the World Economic Forum this morning. Perhaps the Germans have a word for the experience of watching your country’s leader embarrass himself and the country on the global stage.

Where does one start in summarizing such a speech? The straightforward racism? The economic illiteracy? The determination to alienate allies? The many moments where the president said things that were blatantly, provably false? And because he rambled through more than an hour, he covered a lot of ground.

The most anticipated section was about Trump’s ongoing effort to acquire Greenland. Trump argued that only the United States could defend the island, which he perplexingly also dismissed as “a giant piece of ice” and accidentally called “Iceland” on a few occasions. He also said Greenland was essential for the “golden dome” missile-defense system he claims he will build. (He denied that the U.S. is after rare-earth minerals in Greenland.)

Although Trump insisted that he has the utmost respect for both Danes and Greenlanders, nothing else he said evinced any. He accused them of being ungrateful for the U.S. defense of Greenland during World War II and argued that the American government erred when it “gave it back” after the war. Trump delivered a classic mafioso threat to take Greenland by force, saying that U.S. military might was irresistible, before adding nonchalantly that he would not do such a thing. This was not as reassuring as some headlines might lead readers to believe. And he said that if European leaders didn’t acquiesce, “we will remember.” (In a Truth Social post this afternoon, he said he had reached “the framework of a future deal” on Greenland with NATO Secretary General Mark Rutte, and that he had suspended tariffs scheduled to go into effect on February 1. Further details were not revealed.)

More broadly, Trump assailed NATO, saying that the U.S. had spent heavily on the alliance and gotten nothing in return. Although Trump’s push to get NATO countries to spend more on defense has been successful, he still does not grasp that NATO is an expression of American might, not a drain on it. The group has made much of Europe into vassal states that have supported and extended American foreign policy around the globe. Trump also repeatedly said he doubted that the NATO allies would aid the U.S. if called to do so. This statement must come as a surprise to the many members who supported the United States after 9/11—the only time in history that NATO’s mutual-defense clause has been invoked. (My colleague Isaac Stanley-Becker reported last week on the Danish soldiers who died in Afghanistan.)

Trump seemed determined to alienate allies. He mockingly imitated French President Emmanuel Macron’s accent. He took a swipe at Canadian Prime Minister Mark Carney. He ridiculed the United Kingdom as too incompetent to extract oil from the North Sea. “Sitting on one of the greatest energy sources in the world, and they don’t use it,” he said. But he continued his administration’s outreach to Europe’s far right, blasting immigration to the continent. “Certain places in Europe are not even recognizable, frankly, anymore—they’re not recognizable, and we can argue about it, but there’s no argument,” he said. He claimed that prosperity and progress in Europe and North America were a result of a shared culture that was incompatible with immigration. (Never mind that Trump seems eager to demolish the pillars of cooperation between the U.S. and Europe.)

But Trump’s speech also had a domestic audience; in the lead-up, the White House insisted that his aim was to talk about affordability, which is fast becoming the “infrastructure week” of the second Trump term: frequently promised, never delivered. Trump did meander through some talk of the economy, though his explanations were often too circuitous or false to be very persuasive. Like his predecessor Joe Biden, whom he repeatedly insulted during the speech, he hasn’t figured out how to validate voters’ dim view of the economy without taking blame for it. He celebrated oil drilling (while lying about gas prices); he flogged his plan to cap credit-card interest rates (which Republican congressmen have criticized); he bragged about killing clean energy (while falsely claiming that China does not use wind farms). Most of all, he defended his use of tariffs (which raise costs for American consumers) and complained about trade deficits. Like Trump’s skewed understanding of NATO, this obsession fails to grasp that trade deficits are evidence of America’s massive wealth, not a sign of weakness. His efforts to reduce them, though, are likely to isolate the U.S. and sap that wealth.

Naturally, the president didn’t stay on message. Trump also announced (without offering details) that he would soon prosecute people for a supposedly “rigged” 2020 election. He reprised a racist riff from yesterday’s White House press conference about Somalis having low IQs, and he called Representative Ilhan Omar, a Somali immigrant and Minnesota Democrat, a “fake congressperson.”

After all of this, the president abruptly delivered a boilerplate conclusion about unity and cooperation among nations. This kind of swerve is baffling unless you’ve spent a lot of time watching Trump campaign rallies, in which case it’s very familiar. Trump has no interest in calibrating his tone or approach to different audiences. This can make his speeches painful to watch, but it may also be illuminating in this case. Global leaders in politics and finance who otherwise wouldn’t spend their time watching full Trump stump speeches got the stump speech to come to them—providing a good reminder of exactly who the president is.

Related:

• The sacrifice of the Danes
• Trump threatens to break up NATO over Greenland.

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Trump's Davos winners

DAVOS, Switzerland — A four-day Greenland crisis that roiled global markets, endangered the transatlantic alliance and dominated Davos ended yesterday the same way it began: with a post on Truth Social, Axios' Zachary Basu writes.

• Why it matters: Details remain thin on President Trump's "framework of a future deal" with NATO. But the immediate crisis appears defused in a way that allows virtually every party to claim a win — or at least take a breath.

⚡ 1. Trump — whose speech at the World Economic Forum drew such demand that a stampede nearly broke out — claimed the Greenland deal gives the U.S. "everything we needed."

• Even with concessions falling far short of total control, Trump can tout the "Art of the Deal" to his base and retreat from an issue that polls even worse than his handling of the Epstein files.
• The "Trump Always Chickens Out" (TACO) mockery popularized on Wall Street may sting. But the president's MAGA machine is already moving to sell this as a total victory.

?? ?? 2. For Denmark and Greenland, the most acute and explosive threat was removed when Trump ruled out military force.

• The preliminary framework Trump discussed with NATO chief Mark Rutte includes a commitment to respect Denmark's sovereignty over Greenland, two sources briefed on the proposal told Axios' Barak Ravid.

A senior Western official compared the concept to the UK bases in Cyprus, which are regarded as British territory, and another official confirmed the idea for Greenland is modeled after the sovereign British bases in Cyprus, the N.Y. Times reports.

?? 3. Europe avoided a potentially catastrophic trade war, stood united against Trump's threats and used the crisis to accelerate plans to reduce its dependence on the U.S. It's not alone moving that way, either.

• Canadian Prime Minister Mark Carney was the surprise star of Davos, drawing a standing ovation and extensive coverage for his blunt diagnosis of a "rupture" in the U.S.-led order.

? 4. Markets flexed their muscle as a meaningful constraint on Trump's behavior, with the president acknowledging onstage that plummeting stocks had "cost us a lot of money."

• As Trump's tariff threat evaporated, the stock market surged and long-term bond yields fell.

? 5. Even Davos itself emerged with its relevance renewed, having served as the stage where a true geopolitical crisis was tested, negotiated and pulled back from the brink.

• The oft-caricatured conference remains a factory of buzzwords, but this year's theme — "The Spirit of Dialogue" — proved prophetic.

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?️ Davos diary: Lally Weymouth tribute

One of the most exclusive events on the Davos calendar each year was a lunch hosted by Lally Weymouth, a Graham family member and formidable force at The Washington Post and Newsweek. At the lunch, where a series of world and corporate leaders made brief remarks, she was known to cut off heads of state by decreeing: "Enough!"

• Weymouth died this fall at 82, and a lunch was held yesterday to honor her legacy, with the same format and elite guest list. The lunch was hosted by Meta President Dina Powell McCormick and David Rubenstein, with The Washington Post and Fareed Zakaria. Don Graham and Katharine Weymouth personally asked the hosts to continue the tradition.

? Lally was toasted by the hosts and by friends of many years. Many talked about what a force of nature Lally was, how she covered foreign policy and world leaders, and how she was the "ultimate connector" who brought together people who wanted to change the world.

• Among the toasters and attendees: Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, Khaldoon Al Mubarak, GIC head Lim Chow Kiat, European Central Bank President Christine Lagarde, David Ignatius, Israeli President Isaac Herzog, Brian Moynihan, Luis Moreno, Alan Fleischmann, Michael Dell, Joel Kaplan, Jason Miller, Tony Sayegh, Alexandra Preate, Caryn Zucker, Princess Reema Bandar al-Saud of Saudi Arabia, Jamie Dimon, Bridgewater CEO Nir Bar Dea, IMF Managing Director Kristalina Georgieva, Google's Ruth Porat, Zanny Minton Beddoes, Emma Tucker, Peter Orszag, Blackstone's Christine Anderson, Uber CEO Dara Khosrowshahi, Pfizer CEO Albert Bourla, Teneo CEO Paul Keary, Paul Ryan, Kathleen Lacey, Geoff Morrell and Stuart Holliday.

The lunch at the Hotel Seehof was the only place in Davos where leaders from Israel, Saudi Arabia, Bahrain and the UAE all spoke about the power of the Abraham Accords from President Trump's first term, and his proposed Board of Peace for Gaza. All came to the lunch straight from Trump's signing ceremony.

?️ Other spottings ... Commerce Secretary Howard Lutnick, a known night owl, did a fireside chat with Bank of America CEO Brian Moynihan at the bank's high-level client dinner — then stayed for the nightcap event, after holding court at a packed late-night Qualcomm party earlier in the week.

• At the Bank of America nightcap, Marcus Mumford played live for the crowd, including an acoustic version of Bruce Springsteen's "I'm on Fire."

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?️ Davos redeems itself

Photo illustration: Sarah Grillo/Axios. Photo: Fabrice Coffrini/AFP via Getty Images

DAVOS, Switzerland — In an age of populism and growing insularity, the World Economic Forum defied the odds this year by reclaiming its lost currency: relevance, Axios' Zachary Basu and Dave Lawler write. Why it matters: Thanks to a transformative technology and a hurricane of American power, Davos truly was the locus of global events. ? In past years, the public side of the forum felt weightless. Speeches blurred together. Panel chatter evaporated into Alpine air. Big corporations generated little news of consequence, and world leaders even less. Not this week. The AI frenzy was palpable at WEF, reflecting a shared belief among CEOs, investors and governments that a society-wide transformation is underway. ? Zoom in: Social justice and climate themes faded from the agenda, replaced by a new moral framing — "center humanity" as AI adoption accelerates. But the animating question was more bluntly commercial: How and when will unprecedented AI investment begin to show commensurate returns? ?️ Zoom out: Only one force was powerful enough to pull Davos' attention away from the future and back to the present: President Trump and the fracturing global order. Trump's Greenland threats hijacked the forum from the start, with nervous jokes and oblique references to global "instability" becoming the default icebreaker at panels and parties. Then a parade of Western leaders, led by Canada's Mark Carney, took the main stage and dispensed with euphemism: The world had forever changed, and nostalgia was no strategy. ? Davos became an emergency summit. Markets plunged as trade warfare and transatlantic rupture appeared inevitable. Treasury Secretary Scott Bessent urged leaders to "take a deep breath" and wait for Trump's arrival. The advice proved sound: Trump insulted his way through a 70-minute speech inside a jam-packed Congress Hall but moved toward de-escalation by ruling out the use of military force to seize Greenland. Hours later, after meeting with NATO Secretary General Mark Rutte, Trump completed his extraordinary climbdown — lifting the tariff threat in exchange for a "framework for a future deal" in Greenland. ? The Greenland saga hogged global headlines and turned WEF 2026 into an inflection point — accelerating Europe's entry into the dangerous new world of great power rivalry. Even the most jaded veterans seemed buoyed by the buzz on the Promenade and in the Congress Center. The bottom line: BlackRock CEO Larry Fink — WEF's new interim co-chair, dubbed the "mayor of Davos" — opened the conference by hailing a record turnout of world leaders and CEOs, and questioning whether anyone outside the room would care. The answer turned out to be a resounding yes.

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?? World's most beautiful commute

Video: Axios' Amy Harder

The Axios team arrived in Davos by train from neighboring Klosters each day for the conference — and what a train ride it is! Axios national energy correspondent Amy Harder took this video shortly after sunrise on Tuesday. ps:To each his own!!

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Trump sets the mood

Photo illustration: Sarah Grillo/Axios. Photos: Getty Images

The vibes for the business elites at Davos were "wacky," a banking exec and Davos regular told Axios economics reporter Courtenay Brown. This was a "before Trump" and "after Trump" forum, with the mood dependent on what he'd say or do. ?️ The big picture: Trump's Greenland threats were haunting attendees and melting markets before he even arrived. At the same time, the AI investment boom dominated fireside chats (both formal and casual). There was optimism, with a dash of terror. Then Trump backed down, the markets rallied and everyone went home happy. ? Between the lines: There's no separating business and politics in Trump 2.0. "The week has been a bit focused on the political side of the equation," KPMG U.S. chair and CEO Tim Walsh told Axios. For those who came to do business, "some of the air was sucked out of the room," he said. ? What to watch: The IMF dropped rosy economic projections in Davos, citing a "tech-driven boom." But Davos was a reminder that Trump can quickly disrupt — and restore — the economic mood.

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? Climate, clean tech persist with AI

Photo illustration: Sarah Grillo/Axios. Photo: Fabrice Coffrini/AFP via Getty Images

The clean-energy transition was sidelined but not silenced at Davos this year, Axios national energy correspondent Amy Harder writes. While Trump railed against windmills on the main stage, business leaders on the sidelines discussed massive investments in alternative energy to power the AI boom. ⚡️ Why it matters: The world's climate ambition has collapsed. But demand for clean energy is only increasing. ? The intrigue: Organizers reportedly told Trump they would nix "woke" topics, including climate change, to convince him to attend. Official sessions still covered the topic without saying the words, including the theme: "How can we build prosperity within planetary boundaries?" ? What to watch: AI is sucking up huge amounts of energy in the near term. But many attendees expressed optimism that AI will ultimately help address the effects of climate change and power new energy innovation.

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?️ Chairman of the world

In Davos on Thursday, President Trump holds the signed charter for his "Board of Peace." Trump's most ambitious act at Davos was the launch of his "Board of Peace" for Gaza and beyond, Axios global affairs correspondent Barak Ravid reports. Why it matters: Trump and his team didn't limit themselves to sweeping pronouncements about their plans to rebuild the enclave, which stands destroyed and at risk of renewed war. ? They also want to use the board as a platform to intervene in other conflicts. ? "It's a Board of Peace around the world," a senior U.S. official told Axios. Spooked by the idea of a "rival UN Security Council," with Trump holding the only veto, nearly every Western ally decided to sit it out for now. The 20 countries that attended Thursday's launch ranged from Pakistan to Paraguay. Being there: Trump's envoy Steve Witkoff nearly broke down in tears during his remarks. "We have created a sense of hope for what the future can bring to Gaza," he said. What to watch: The next phase of Trump's peace deal involves Hamas disarming, Israel pulling back, and a new security and political architecture coming into force. The White House has given itself 100 days for initial implementation. As in previous stages, the odds are against them. We'll know May 1.