Peru's Congress ousted interim President José Jerí on Tuesday, just four months after he took office, marking the second time a Peruvian President has been removed in less than six months. The impeachment, stemming from a scandal over Jerí's failure to report meetings with Chinese businessmen, highlights the country's ongoing political instability.
The vote, which saw 75 lawmakers in favor, 24 against, and three abstentions, passed seven motions of impeachment against Jerí. He had become interim president in October following the removal of his predecessor, Dina Boluarte. Fernando Rospigliosi, the current acting head of Congress, was next in line to assume the presidency. This event is the sixth time a Peruvian President has left office before the end of their term within the past decade, according to Time.
In other news, a sweeping crackdown on immigration in President Donald Trump's second term, characterized by elevated deportations and strict new visa bans, precipitated an 80% collapse in net immigration to the U.S., according to a new analysis by Goldman Sachs. The report, released February 16, warned that the dramatic contraction in the flow of foreign-born workers is fundamentally altering the nation's labor supply mathematics and lowering the threshold for job growth needed to maintain economic stability. The investment bank's U.S. economics team, led by David Mericle, projected a precipitous drop in the arrival of new workers. While net immigration averaged approximately 1 million people per year during the 2010s, that figure fell to 500,000 in 2025 and is projected to plummet further.
Meanwhile, the once relentless rally in AI-fueled stocks has lost momentum, as investors confront the unsettling idea that advances in artificial intelligence could erode the very value propositions that made tech giants dominant in the first place. However, some executives and market veterans warned against short-term panic, calling the selloff a rare opportunity to buy into the next phase of the AI boom. The AI growth story has been tempered by a widespread selloff in software stocks. According to Fortune, companies specializing in designing, selling, and maintaining digital software products are getting battered. Earlier this month, JPMorgan analysts wrote that software companies had lost around $2 trillion in value over the past year.
In a separate development, a billionaire Trump supporter blocked the sale of a Texas warehouse for use as an ICE jail. As rumors swirled that ICE was eyeing warehouse properties with the aim of creating new detention facilities, Edward Roski Jr. stood firm. Roski confirmed that the Department of Homeland Security had approached his company, Majestic Realty, to sell a 1-million-square-foot facility that could hold up to 9,500 beds. However, he stated that the deal was not going to happen, nor would any deal like it at his company. Majestic Realty Co. has not and will not enter into such an agreement, according to Fortune.
Finally, the rise of AI is also impacting the workforce. According to Fortune, the labor force is going through what leaders such as Nvidia's Jensen Huang have described as another industrial revolution: the AI boom.
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