New York's tech scene, once concentrated in "Silicon Alley," has grown so large it lacks a central hub, a development celebrated at a recent event marking the area's 30th anniversary. The anniversary party, however, was temporarily shut down by a New York fire marshal due to overcrowding. Meanwhile, Italy is preparing to host the 2026 Winter Olympics in Milan and Cortina d'Ampezzo, beginning February 4. In other economic news, precious metal prices, including gold and silver, experienced a dip following news of Kevin Warsh's potential nomination for Fed chairman. The electric vehicle (EV) market continues to expand, with projections indicating EVs will constitute over a quarter of new vehicle sales globally in 2025.
The "Silicon Alley" anniversary party, held on a Friday night in Manhattan, drew a large crowd eager to celebrate New York's tech history, according to Fortune. The event was hosted by figures like AlleyCorp's Kevin Ryan and Union Square Ventures' Fred Wilson, who were instrumental in building New York's tech sector in the 1990s. The term "Silicon Alley" emerged from the Flatiron and Soho neighborhoods, where companies like DoubleClick, Razorfish, and About.com originated, fostering a competitive media-minded startup community.
Italy is gearing up to host the 2026 Winter Olympics, marking the third time the country has hosted the winter games, Wired reported. The games will feature 116 medal events across 16 sports.
The price of gold fell to $4,700 per Troy Ounce, while silver dropped to $80 per Troy Ounce, Fortune noted. The decline followed news that Kevin Warsh was likely to receive the nomination for Fed chairman. Warsh, a former Fed governor, is viewed as dovish on short-term monetary policy but hawkish on the Fed's balance sheet, which influenced market sentiment.
The electric vehicle market continues its rapid growth, with projections showing EVs making up over 25% of new vehicle sales globally in 2025, according to MIT Technology Review. Some regions, like China, are seeing even higher adoption rates, with over 50% of new vehicle sales being battery electric or plug-in hybrids. Europe also saw purely electric vehicles outselling gas-powered ones in December.
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