Friday links: moving ever faster

ETFsTrading costs matter, even for indexed ETFs. (wsj.com)Why you shouldn't put illiquid assets into an ETF, the case of the ERShares Private-Public Crossover ETF ($XOVR). (morningstar.com)Warner Bros.There's little argument that Paramount ($PSKY) overpaid for Warner Bros. ($WBD). (spyglass.org)Is there going to be any regulatory push back to the deal? (theankler.com)Prediction marketsOpenAI fired an employee for insider trading on prediction markets. (wired.com)Kalshi keeps signing up new partners. (investmentnews.com)AIOpenAI just raised $110 billion from Amazon, Softbank and Nvidia. (newcomer.co)Amazon ($AMZN) is paying up for being late to AI. (om.co)Despite many warnings, the Pentagon put xAI at the center of its AI efforts. (wsj.com)Anthropic is saying no to the Pentagon. (theatlantic.com)EconomyWhy workers should fear a recession more than AI. (wsj.com)January 2026 PPI came in hot. (cnbc.com)Austin's apartment market may have bottomed out. (wsj.com)Earlier on Abnormal ReturnsPod