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Plus: Trump Saved This Vietnamese Real Estate Mogul’s Fortune. Now They Are Opening A Golf Resort Together

Forbes
Good morning,

The government shutdown has officially passed the two-week mark, and one key casualty is economic data.

The Bureau of Labor Statistics has paused most of its reports, posing a challenge for investors and policymakers who rely on such data to gauge growth, prices and jobs. And while there aren’t alternatives that can fully replace the government figures, they may be all there is to go off for the foreseeable future. 

For more standard gauges, look to payroll processor ADP for private sector job growth. Other metrics include the “Big Mac Index,” which compares purchasing power between countries, or the “Lipstick Effect,” which speaks to smaller luxury purchases during downturns.

Let’s get into the headlines,

Danielle Chemtob Staff Writer, Newsletters

Follow me on Forbes.com

Who are the richest people in the world today?
FIRST UP
You’ll soon be able to purchase items from Walmart directly through ChatGPT, the latest push to incorporate shopping into OpenAI’s chatbot. Walmart and Sam’s Club members can plan meals and restock grocery items directly through ChatGPT, though it’s not clear exactly when the integration will launch.

The heat of the ongoing AI boom has spilled over to a famously difficult hardware space—humanoid robotics. Forbes has learned that a pair of stealth Silicon Valley ventures, Rhoda AI and Genesis AI, each with more than $100 million in funding, have been secretly developing human-like machines they hope will one day be able to perform tasks typically done by people.

In May, Donald Trump’s son Eric, the executive vice president of the Trump Organization, traveled to Vietnam to unveil a new Trump-branded real estate project: the $1.5 billion Trump International Hung Yen. 

For the Southeast Asian country and Dang Thanh Tam, the Vietnamese entrepreneur behind the deal, it is a huge win. Dang has Trump to thank, not just for this deal but, in part, for his current fortune. Dang is now among Vietnam’s richest people with an estimated $400 million fortune, thanks to his 34% stake in industrial park developer Kinh Bac City and his 29% stake in publicly traded telecoms infrastructure outfit Saigontel.

Dang founded Kinh Bac in 2002 and started building industrial parks just as Vietnam opened up to global markets, bringing major manufacturers like Apple supplier Foxconn to his properties. Then he took the firm public in 2007 and borrowed heavily to expand his fortune by investing in banks and mining—before almost losing it all when interest rates surged in 2011. He spent much of the following years in retreat, paying back and restructuring his firm’s debt.

Then Trump took office in 2017, unleashing a trade war against China that launched a wave of relocations to Vietnam as manufacturers sought to avoid American tariffs on Beijing. Dang profited handsomely from that shift, and Kinh Bac recovered from its doldrums. 

And despite the Trump Administration’s recent tariffs on the country, Vietnam—and Kinh Bac—are at the core of the so-called “China plus one” strategy that manufacturers are using to diversify. Dang is now primed to continue profiting from the trade wars and he remains bullish on his company’s prospects.

WHY IT MATTERS
“As long as Trump's trade war with China continues, countries like Vietnam are likely to keep benefitting as manufacturers move some operations there to maintain easier access to the U.S. market,” says Forbes deputy editor Giacomo Tognini. “Entrepreneurs like Dang are betting that this will continue, and that Vietnam's economy is set to keep growing—bringing in more clients at his industrial parks, and potentially creating more customers for his burgeoning hotel business with the Trump Organization.”
MORE
BUSINESS + FINANCE
After a rough patch, shares of Albertsons soared 14% Tuesday as the grocer raised its sales and profit outlooks in its second-quarter earnings. Still, the firm’s stock is down 2% this year, and 90% of Americans say they are stressed about the cost of groceries.

Trade tensions are escalating between the U.S. and China, and stocks of U.S. rare earth firms dropped Tuesday despite surging in premarket trading. Both the U.S. and China began levying a tit-for-tat port entry fee on ships from each other’s countries—which has the potential to further disrupt supply chains.

WEALTH + ENTREPRENEURSHIP
Real estate giant Brookfield announced a $5 billion deal with Bloom Energy, which makes fuel cells that can be used as a power source for data centers, sending Bloom shares skyrocketing 27% Monday—even as the firm has never turned a profit. It was also a big day for Bloom’s biggest shareholder, founder and CEO KR Sridhar, whose stake is now worth $490 million.
TECH + INNOVATION
Few firms have felt the collapse of the market for NFTs more than the once-dominant OpenSea, leading the company to fire over half of its staff in early November 2023. But now, the startup is pivoting, expanding from NFTs to become a one-stop shop for trading all cryptocurrencies across 22 different blockchains. 

Oracle plans to deploy tens of thousands of AMD’s newest artificial intelligence chips, expanding a partnership with the firm as AI infrastructure needs swell. The news comes after the chipmaker—Nvidia’s main rival—announced a multibillion dollar partnership with OpenAI last week.

Waymo plans to begin giving paid robotaxi rides in London next year, with no human backup driver, as the Alphabet unit seeks to establish itself as the global leader in autonomous driving. Waymo, which provides hundreds of thousands of paid rides weekly, has been testing in Tokyo as well, but hasn’t yet announced a launch date.

MONEY + POLITICS
A holding company named DT Marks Defi LLC has taken in more money than almost any other entity in President Donald Trump’s web of businesses. But thanks to a secretive agreement that surfaced around the time of the inauguration, it remains unclear who is really receiving the cash.
FACTS + COMMENTS
The U.S. seized a record-setting amount in bitcoin from the self-custodied cryptocurrency wallets of Prince Group founder Chen Zhi, who authorities allege orchestrated a vast “pig butchering” scam based in Cambodia:

Around $15 billion

The amount in bitcoin that the DOJ seized

 

250

The number of U.S. victims impacted by a Brooklyn-based operation that facilitated the fraudulent laundering of millions of dollars on behalf of Prince Group

 

2015

The year Prince Group was founded, allegedly growing into one of Asia’s largest criminal enterprises

STRATEGY + SUCCESS
The size of your LinkedIn network can make a big difference in your job search—research shows that early-career professionals with 500 or more LinkedIn connections are nearly twice as likely to receive job offers than those whose networks are smaller. To grow your network, start by connecting with colleagues and former classmates, as well as recruiters who you interact with. And be sure to keep your profile regularly updated with project samples, skills and certifications.
VIDEO
GAMES
QUIZ
If you’ve been dreaming about a move abroad, a small Italian village will now pay half of your rent until early 2026. What city is the village a one-hour drive away from?
A.Florence
B.