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Stripe on Thursday announced a tender offer for employees and shareholders that valued the company at $91.5 billion, nearly 41% higher than its valuation a year ago, potentially delaying the fintech firm’s ambitions of going public. The deal signals the strong recovery of the global venture capital sector, as central banks have started to cut interest rates amid subdued inflation and strong economic data. “Stripe was profitable in 2024, and we expect to be so in 2025 and beyond,” co-founders John Collison and Patrick Collison said in their annual letter published on Thursday. The payments processing company was valued at $65 billion in a deal last year, which allowed employees to cash out their stock. At its peak, Stripe was valued at $95 billion in 2021. The company serves a variety of high-profile customers, including Elon Musk-led social media platform X, Amazon, car rental firm Hertz Global and grocery delivery app Instacart. Stripe, which has headquarters in San Francisco and Dublin, allows companies to accept payments, send payouts and automate financial processes. Pritam Biswas and Jaiveer Shekhawat, Reuters
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E-Commerce
FBI Director Kash Patel is considering bringing in trainers from the Ultimate Fighting Championship (UFC) to beef up agents’ martial arts and self-defense skills, according to four people familiar with the plan laid out on a call this week with FBI field offices. The newly appointed director discussed the idea during his first video conference call with the bureau’s 55 field office supervisors on Wednesday, said the people, who were granted anonymity to discuss the call’s contents because they were not authorized to speak publicly. Two people briefed on the matter said current FBI agents described the idea as “surreal” and “wacky.” The FBI declined to comment, and a spokesperson for UFC did not have an immediate comment. President Donald Trump is a fan of the sport, mixed martial arts bouts that pit two competitors against each other in a cage, and notably attended a UFC event in New York days after his November election victory, sitting with UFC President Dana White, who he counts as a close friend. During the call, Patel said that Dan Bongino, a far-right podcaster whom Trump tapped to be the FBI’s deputy director, is a huge UFC fan and that he inspired Patel to try the training, one of the people briefed on the call said. Patel added that he thinks it is great, and is exploring a partnership between the FBI and the UFC. “There is training the FBI receives in physical altercations. If Kash Patel believed that should be beefed up, the answer is not to go to Donald Trump’s best friend who runs the UFC,” a former Justice Department official said, when asked about Patel’s proposal. “It’s clearly motivated by the glitz and glamour show, and Trump’s friend,” said the official, who was granted anonymity out of concern about possible retribution. It was not immediately clear how any partnership would work. Patel has rattled the bureau since he was sworn in last week. One of his first acts was to call for some 1,500 FBI employees to be transferred from Washington to field offices around the country and an FBI office in Huntsville, Alabama. Patel telegraphed his plans to shake up the FBI’s operations in his book “Government Gangsters,” in which he called for moving headquarters out of Washington, D.C., and curbing the historical practice of requiring FBI agents who wish to serve in supervisory roles from doing 18-month stints at headquarters to gain experience. During Wednesday’s nationwide call with field offices, Patel reiterated his commitment to scaling back staffing at headquarters and re-distributing people into the field, two people familiar with the call said. He also said Bongino will begin visiting field offices immediately after he starts his new job in mid-March, one of the people added. Sarah N. Lynch, Reuters
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E-Commerce
A spike in demand for electricity from tech companies competing in the artificial intelligence race is upending forecasts for natural gas-fired power in the U.S., as utilities reconsider it as a major new power source. That is not what many scientists and climate activists envisioned in the fight against climate change. And it is endangering progress on the greenhouse gas-reduction goals that scientists say are necessary to manage the damage from burning fossil fuels that warms the planet. Across the nation, tech companies are snapping up real estate and seeking new power projects to feed their energy-hungry operations. In some cases, Big Tech is building climate-friendlier projects like solar, wind, geothermal or battery storage. But industry decision-makers are also turning to natural gas for what they say is a cheap and reliable source of power, raising the prospect that gas-fired power will play a bigger role and for a longer period of time than even they had anticipated. Gas is growing faster now and in the medium term than ever before, said Corianna Mah, a power and renewables analyst at data analytics firm Enverus. Before the spike in electricity demand last year, many in the industry had assumed that there would be few new gas plants and that the nation’s fleet would gradually retire in favor of a grid powered by wind, solar, geothermal, batteries and possibly the next generation of nuclear power sources that don’t emit the planet-warming greenhouse gas carbon dioxide. For many countries, that ramp down is happening as they work toward the goal of slashing their emissions to zero or at least, net zero by 2050, which scientists say could help the world avoid the worst effects of climate change. In the U.S., the electric power sector is the second-biggest emitter of greenhouse gases, according to government figures. And the construction of every new natural gas plant built to last for decades is a setback for climate goals, said John Quigley, a senior fellow at the University of Pennsylvania’s Kleinman Center for Energy Policy. At a top level, we will not get to net zero by 2050 if we are building new gas plants. Period, Quigley said. Burning natural gas emits carbon dioxide, and before that, when it escapes from wellheads or pipelines in its unburned form, it’s an even more potent greenhouse gas called methane. Quigley and others say there is enough solar, wind and battery storage projects on the drawing board to satisfy growing electricity demand. But, they say, utilities and grid operators lack the will to abandon natural gas. Enverus now projects the next five years will bring roughly 46 gigawatts of gas-fired power online. That compares to 39 gigawatts in the past five years, it said. Announcements last year alone include: two 705-megawatt plants by Evergy in Kansas; Entergy’s 2,300-megawatt plant to serve Metas $10 billion AI data center in northern Louisiana, a pair of new plants in Texas and another in Mississippi; a 1,450-megawatt plant by the Tennessee Valley Authority; a 1,400 megawatt Duke Energy project in North Carolina; and Georgia Power’s plans for three oil or gas units with a capacity of up to 1,300 megawatts. And thats not all. Calpine said it’s exploring new gas-fired capacity in the congested mid-Atlantic region, especially Pennsylvania and Ohio, where analysts say the grid operator is trying to fast-track new gas-fired power plants into service. In Pennsylvania, the former Homer City coal-fired power plant is being transformed into a massive gas-fired station that’s expected to supply a data center and got a $5 million state grant to do it. On top of the artificial intelligence boom, the frenzy for new electricity is fueled by cryptomining, the broader electrification of society and a bipartisan push to bring manufacturing back to the U.S. It is coinciding with the closure of coal plants and aging nuclear plants, unable to compete with cheaper gas, solar and wind. Across the U.S., gas pipeline operators are exuberant about the new demand and are reporting strong interest in extending their lines. Chris Kalnin, the CEO of BKV, the largest natural-gas producer in the Barnett Shale gas reservoir in Texas, said the trend there is toward gas plants being built next to data centers in a booming data center corridor in metropolitan Dallas. Data center developers there are in an arms race to secure power, Kalnin said. Data center guys are trying to source power and trying to get to market with their data centers as fast as possible,” Kalnin said. The key to signing up cloud-computing customers “is getting your facility online quickly and getting your facility online quickly requires you to have power and dependable power and a cost-efficient power source. Rob Jennings of the American Petroleum Institute, said the sudden growth in actual and forecast electricity demand has put a premium on power sources that can be built fast and cheaply and are reliable. That means natural gas is once again attractive to investors over solar and wind, he said. In the near term, the reality has dawned on most that it has to be gas, Jennings said. Industry officials say they strive to deliver electricity that is clean, reliable and affordable. For instance, some new gas plants are replacing higher-pollution coal-fired plants, some are designed to run only at times of high demand, some are paired with battery storage or a wind farm nearby and some are designed with carbon-capture technology or to run on a hydrogen blend, said Alex Bond of the Edison Electric Institute, which represents U.S. investor-owned electric companies. At the very least, building gas-fired capacity will have high-level political support. In his remarks to the World Economic Forum in Davos, Switzerland last month, President Donald Trump declared that he’d issue emergency declarations to get coal – and gas-plants built to make the U.S. a superpower of manufacturing, cryptomining and artificial intelligence. But Amanda Levin of the Natural Resources Defense Council said the U.S. must take big steps by 2035 to reduce its reliance on gas. That means slashing a fleet of roughly 1,500 gas plants down to about 100 if the U.S. is to meet strong climate commitments and preserve a chance of addressing climate change, she said. Still, she said there are reasons to be optimistic that gas plant projects on the drawing board wont get built. In recent weeks, Chinese tech startup Deepseek released a new AI model that it boasted was on par with similar models fro U.S. companies and at a fraction of the cost calling into question the need for a massive expansion of energy-hungry data centers. And some analysts believe utilities overestimate the electricity theyll need, essentially by double- or triple-counting data center proposals when firms express interest in multiple locations but only build in one. Besides, Levin said, data center operators are getting better at energy efficiency, particularly in how they cool their servers. Even if all the gas plants are built, they may not get used, she said. There are a lot of reasons, Levin said, “for why we might not actually see all of this (demand) materialize. Marc Levy, Associated Press The Associated Press climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
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