Hi, thanks for reading. I’ve said it before and I’ll keep saying it: This newsletter doesn’t use generative artificial intelligence, never has. But I’d be lying if I said I wasn’t involved in the AI economy; we pretty much all are.

My retirement is invested in the stock market, which has set record after record thanks to AI hype, and like many Americans I’m paying higher electric bills driven in part by data center demand.

Investors and big tech companies are pouring hundreds of billions into the promise of AI. Whether all those bets will pay off, drawing in enough users and becoming more resource-efficient to make all the numbers work… that’s not clear yet. 

So that’s where we’re starting today’s newsletter, but we’ve also got stories on how President Donald Trump’s immigration policy could impact your weekend, along with the World Cup. Plus, an unlikely benefactor for “Trump Accounts.” Have a great weekend!  — Tony Wagner, newsletter editor

Artificial intelligence startups pulled in $222 billion in venture capital investment in 2025, according to one recent analysis. That’s about 65% of all VC dollars last year. 

Marketplace visited one, TinyFish AI, which got about $47 million in VC funding last year. That’s small compared to companies like Anthropic and Open AI, but for this tech to pay off the way investors are expecting, the industry will need a whole ecosystem of AI companies.

“The problem is that as AI is becoming more and more powerful and value-driven, the chasm between the large and small companies [is] expanding,” said TinyFish co-founder and CEO Sudheesh Nair. “We are intentionally trying to see if it is possible for us to bridge that.” 

TinyFish makes AI software that makes it easier for small, independent hotels to appear in search results or platforms like Expedia. An “infrastructure layer” on which other companies might build applications, Nair said.

Nair acknowledges deploying AI across the economy, from startups like his and others, will have consequences, especially in places with cheaper water and electricity for data centers.

“Smaller communities are going to be really affected by this,” he said. “Sort of like invisible fracking.”

He believes that the value of AI will eventually reach them, but it could take years. “For example, if we find a new cancer drug,” he said.

After TinyFish, Ryssdal and McCarty Carino visited one of the defining images of the AI economy right now: an under-construction data center.

This one is owned by Digital Realty, one of the biggest data center colocation providers in the world. In Silicon Valley alone, Digital Realty has 15 data centers, including the Santa Clara location Marketplace visited. 

Digital Realty broke ground on the facility in 2021. It’s 430,000 square feet, with an empty, identical 12-megawatt data hall on each of its four floors. It’s expected to become operational in 2027. 

“Obviously we have to work very closely with the municipalities and utility grid when power is delivered,” chief revenue officer Colin McLean said. “It’s a challenge if you don’t have power for a data center, so we have to wait for the timing of that.” 

The Men’s World Cup is coming to the U.S., Mexico and Canada, and it could give the U.S. a $30 billion economic boost, according to soccer’s governing body FIFA.

From mid-June to mid-July, 48 teams will play 104 matches in 16 cities : Seattle, San Francisco, Los Angeles, Houston, Dallas, Kansas City, Atlanta, Miami, Boston, Philadelphia, New York/New Jersey, Monterrey, Mexico City, Guadalajara, Vancouver and Toronto.

The World Cup will draw six to seven million ticket-buyers, with as many as half of those expected to be international visitors rooting for their nations’ teams.

President Trump has said the World Cup is “a once in a lifetime opportunity to showcase the beauty and the greatness of America. And we can’t wait to welcome soccer fans from all over the globe.”

Meanwhile, since taking office in early 2025, the Trump administration has stepped up vetting of all foreign visitors to the U.S., said State Department deputy spokesperson Mignon Houston. “This was a promise made by this administration,” said Houston, “really taking every visa decision as a national security decision.”

Millions of World Cup ticket-holders will soon be applying for tourist visas at U.S. consulates around the world, and FIFA’s website cautions: “A match ticket does not guarantee admission to a host country, and fans should visit each host country’s government website today for entry requirements for Canada, Mexico and the United States. Given the processing times involved, FIFA recommends submitting the visa application as early as possible.”

And, for those traveling to the U.S., the State Department launched the FIFA PASS, or Priority Appointment Scheduling System, on Jan. 20, 2026.

Houston explained: “It was a commitment by this administration to prioritize those who have FIFA World Cup 2026 tickets, ensuring that those who have purchased a ticket, who have made a financial commitment to attend the games, will be able to receive an appointment in time to travel to the United States and attend those games.”

Houston said the State Department has added 500 extra consular officers worldwide to vet FIFA PASS applicants, who will have appointments scheduled no later than the World Cup kick-off on June 11th. But that doesn’t guarantee they’ll be issued a tourist visa. (The FIFA PASS FAQ page reads: “Scheduling an interview appointment via FIFA PASS does not guarantee the visa will be issued. Like all visa applicants, ticket holders must undergo thorough screening and must demonstrate they qualify for a visa.”)

And even if foreign ticket-holders are granted a visa, it doesn’t guarantee they’ll be permitted to enter the country. U.S. immigration officials plan to start vetting the social media histories of foreign visitors soon, which critics of the proposal warn could discourage some from coming to the United States for the World Cup.

The increased scrutiny would include visitors from visa-waiver countries generally considered close U.S. allies, explained Edward Alden at the Council on Foreign Relations.

“That’s a lot of the Europeans, and there’s a real concern that could discourage people who normally travel pretty easily to the United States,” he said. “News reports people are getting across the world about the deportation campaigns here in the United States have a lot of folks on edge. Navigating the State Department-Homeland Security bureaucracy to get into the country is not at all straightforward, and I think it’s likely to discourage a lot of fans. I don’t expect the turnout to be as robust as the organizers are hoping.”

Does Donald Trump have a favorite Nicki Minaj song? We’re just guessing with this one, because of his fondness for combat sports.

The rapper and self-described “number-one fan” of the President, pledged up to $300,000 to fund Trump Accounts. These tax-advantaged investment funds, created by the One Big Beautiful Bill Act, will be issued to children born from 2025 through 2028 and seeded with $1,000 from the Treasury and private donors. The White House joked (I think) that this particular gift would go to the children of Minaj’s fans, the Barbz.