Good morning. Amazon struggles to keep up with AI demand (don’t we all?). Apple’s long-awaited overhaul of its budget iPhone nears release. And the latest on what appears to be yet another aviation tragedy in the US. Listen to the day’s top stories.

Amazon shares fell premarket after the retailer reporter quarterly profit and sales forecasts that missed estimates. CEO Andy Jassy warned of capacity constraints in its cloud-computing division, saying growth will be “lumpy”—comments which echo those of Microsoft last week. 

The new iPhone SE will look similar to the iPhone 14. Photographer: Jeenah Moon/Bloomberg

Better news at Apple, which plans to unveil a long-anticipated overhaul of the iPhone SE in the coming days. The company is expected to announce the device as early as next week but don’t expect a special launch event. It’ll probably just reveal it on its website, people familiar said.

Checking in on trade: Logistics firms are scrambling to adjust to Donald Trump’s new rules that threaten to upend their business delivering small parcels from Chinese sellers to American buyers. And on deals: The president met with US Steel’s CEO yesterday and he’ll meet with the Japanese prime minister today as Nippon Steel hopes to save its takeover bid.

It’s jobs day! Nonfarm payrolls probably rose 175,000 in January, slowing from the prior month. But Bloomberg Economics said the real focus will be on the large, contrasting revisions to the establishment and household surveys that are also due. In the meantime, Federal Reserve policymaker Lorie Logan said further interest rate cuts might not be necessary, as long as demand remains strong and the labor market is stable.

Another air incident: A plane carrying 10 people that went missing in rural Alaska on Thursday during bad weather looks set to be the third deadly aviation disaster in the US over a span of just two weeks. The outsized uptick in accidents and fatalities contrasts with 2023, which was the safest year in aviation with zero fatal crashes.

Deep Dive: MBAs for Foreigners

Despite top US business schools enrolling more students in their full-time MBA programs last fall, fewer of them came from other countries. As the Trump administration focuses on immigration, is that a sign of things to come? 

• Of applicants for the class of 2026 in the US (who enrolled this past fall), 61% came from abroad, according to the Graduate Management Admission Council.
• But 20 of the top 30 US schools as ranked by Bloomberg Businessweek reduced the number of foreign students.
• Enrolling international students can be a double-edged sword: Foreigners can enhance the diversity of the learning environment, and they also tend to pay more for education. But there aren’t as many US work opportunities for noncitizens.
   
  

The Big Take

Illustration: David Huang

A growing list of European companies is chasing higher valuations in New York, attracted by its deep financial pools. And when companies are driven to follow the money, then headquarters, management and hiring can be pulled away, too.

Opinion

A cartoon image of Donald Trump displayed at a Coinhero store in Hong Kong on Jan. 20. Photographer: Paul Yeung/Bloomberg

Crypto’s First Family is deepening the swamp, Lionel Laurent writes. Now is a good time to set up stronger guardrails around the growing and deeply conflicted crypto empire that the Trump presidency and its entourage seem eager to build. 

Before You Go

Sahiti with some recent creations. Photographer: Atdhe Mulla/Bloomberg

Fashion designer Valdrin Sahiti has dressed Beyoncé, J.Lo, and the Kardashians. His unlikely journey has taken him from growing up in the wreckage of the former Yugoslavia to dressing A-list American celebrities. Now Sahiti is set on global recognition.

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