Teenager-founded unicorns

AI startup Aaru recently reached a $1 billion valuation, making it one of a growing crop of hot companies led by people who have barely cracked their 20s. Co-founders Cameron Fink and Ned Koh started the company two years ago when they were 18 and 19 years old, respectively, along with technology chief John Kessler, then 15. Their firm’s work offers a window into how AI is automating tasks once controlled by research companies, consultants and Madison Avenue. Instead of paying humans to join focus groups and complete surveys, Aaru uses thousands of AI agents, or bots, to simulate human responses. It feeds demographic and psychographic information into its models to create human profiles that match clients’ needs, and the results those bots spit out are being used for product development, pricing and political polling.

(Adapted from “The Billion-Dollar AI Startup That Was Founded by Teenagers,” by Suzanne Vranica, published on March 11, 2026, by the Wall Street Journal)

Shrinking metro areas

Some of the biggest US metro areas are shrinking, new government data shows. The driver is a sharp slowdown in immigration, coupled in many places with losses from people leaving for other parts of the country. The result: the Los Angeles, San Diego and Miami areas all saw population declines in the year through June 2025, according to Census Bureau estimates. At the start of President Trump’s second term last year, government agencies stepped up efforts to detain and deport migrants, tightened pathways to legal immigration and effectively shut down crossings on the southern border. The Census Bureau previously reported that the US population only grew 0.5pc in the year ending last June, the slowest pace since Covid-19 cut off immigration flows and caused a surge in deaths.

(Adapted from “Los Angeles, Miami, And San Diego Are Shrinking As Immigration Slows,” by Paul Overberg, Harriet Torry, and Max Rust, published on March 26, 2026, by the Wall Street Journal)

Very rich Americans

They’re not billionaires, but they’re still very, very rich. The number of Americans worth tens of millions and hundreds of millions of dollars has boomed in the past few decades, thanks to a rising stock market, lucrative private investments and swelling valuations for small and midsize businesses. This growing class is now a huge force in the economy, driving the demand for everything from lavish hotel rooms to private jet travel. There are about 430,000 US households worth $30m or more, according to an analysis of Federal Reserve data by Zidar. Within that, there are about 74,000 worth $100m or more. Over the past few decades, the growth in the number of very rich households has surpassed general population growth, and many well-off households have benefited from the big stock market gains of the past few years.

(Adapted from “They’re Rich But Not Famous — And They’re Suddenly Everywhere,” by Rachel Louise Ensign, published on March 24, 2026, by the Wall Street Journal)

Oil in the US

“Markets do what markets do.” So Chris Wright enlightened a Houston ballroom full of oilmen on March 23rd. America’s energy secretary was the opening speaker at CERAWeek, an industry jamboree, where he set an upbeat tone. War may be raging and oil markets gyrating; but in America’s shale capital, good times were to be had. After all, in Texas, $100 oil is usually cause to pop champagne. Rystad, a consultancy, estimates that if prices average that level over the year, American oil firms will enjoy a windfall of over $60bn. Sellers of liquefied natural gas also stand to benefit handsomely, as the shutdown at Qatar’s national energy company renders nearly a fifth of the world’s supply unavailable, possibly for months. The lack of a supply response will keep global prices — and profit margins — high. But in the long term, it will also add to the destruction of fuel demand.

(Adapted from “How Much Will America’s Oilmen Benefit From The Iran War,”published on March 25, 2026, by the Wall Street Journal)

Published in Dawn, The Business and Finance Weekly, March 30th, 2026