On Thursday (January 22), local time, U.S. President Donald Trump filed a lawsuit against JPMorgan Chase (JPM) and its CEO, Jamie Dimon, seeking at least $5 billion in damages. The lawsuit alleges that the bank ceased providing banking services to him and his businesses for political reasons.
The lawsuit was filed Thursday in the state court of Miami-Dade County, Florida. In the complaint, Trump accuses JPMorgan Chase of commercial disparagement and breach of the implied covenant of good faith and fair dealing. Additionally, the suit claims that Dimon violated the Florida Deceptive and Unfair Trade Practices Act.
JPMorgan Chase closed the bank accounts of Trump and his related entities in early 2021, following the January 6 Capitol riot involving his supporters—an event that also led several social media platforms to ban Trump’s accounts.
The complaint states that while JPMorgan did not disclose the specific reasons for terminating the accounts, the plaintiffs later learned the closures were due to “political discrimination against President Trump, The Trump Organization, its affiliated entities, and/or the Trump family.”
However, the complaint does not provide specific details regarding the information the plaintiffs obtained to support these allegations.
Trump and the other plaintiffs in the case—all business entities associated with him—are seeking at least $5 billion in civil damages.
JPMorgan’s Response and Context
JPMorgan Chase denied on Thursday that it closed Trump’s accounts for political reasons. The bank stated that the move was rooted in requirements under federal law and regulatory rules—rules that the bank has consistently sought to modify during both the current and previous administrations.
Trump has been actively campaigning against what he calls “debanking,” frequently naming JPMorgan Chase as he argues that some banks refuse financial services to specific customers based on ideological reasons.
In November of last year, JPMorgan disclosed that it was facing audits, investigations, and legal proceedings related to the Trump administration’s crackdown on “debanking” practices.
It is reported that The Trump Organization has previously filed a lawsuit against Capital One Financial Corp. involving similar allegations.
According to media reports, Jamie Dimon had been working to repair his fractured relationship with Trump. However, that relationship is at risk of deteriorating again due to controversies surrounding Federal Reserve Chair Jerome Powell.
Notably, Dimon criticized Trump at the World Economic Forum in Davos, Switzerland, on Wednesday, stating that he disagreed with Trump’s handling of immigration issues.
The global storage market is entering a powerful new “super-cycle” driven by surging demand for AI chips and supply shortages. On Wednesday, the U.S. storage sector erupted once again. SanDisk Corp (SNDK) skyrocketed 10.63% in a single day, hitting a new all-time high. Micron Technology (MU) rose 6.61%, also refreshing its historical record. Shares of Western Digital (WDC) and Seagate Technology (STX.) followed suit, surging 8.49% and 5.6%, respectively. Analysts pointed out that while HDDs are slower than SSDs, the massive capacity requirements of AI infrastructure are benefiting the entire storage field.
The core driver of this rally stems from Wall Street’s recalibration of valuations for storage giants. Several brokerages raised price targets for SanDisk and Micron, citing robust demand for enterprise-grade SSDs and tight NAND flash supply as key factors driving up product prices. Analysts generally believe that the hunger for high-performance storage in AI infrastructure, combined with the “production-cut-to-support-prices” strategy of major manufacturers, has led to a fundamental reversal in market supply and demand. As chip giants reduce output to maximize profits and spot prices see multi-fold increases, investors are betting that the industry is shifting from traditional cyclical volatility toward a “high-margin, stable-price” foundry-like model. Under a severe supply gap, the upward trend in storage chip prices is widely expected to intensify throughout 2026.
BofA Securities believes the memory chip industry is undergoing a profound transformation, exhibiting “foundry-like” characteristics with reduced cyclicity and improved margins. Supported by strong guidance from upstream players like TSMC and consistent growth in South Korean semiconductor export data, the market consensus is that the storage industry has entered a margin-centric “super-cycle.” Despite the short-term risk of high valuations, the long-term process of value re-rating continues.
Winning a Major U.S. Military Contract! Intel (INTC) Jumps Nearly 12% to Highest Level Since May 2021 Ahead of Q4 Earnings
On January 20, as reported by wccftech, Intel’s new Vice President of Government Technology, James Chew, announced that the company is now a participant in the “Scalable Homeland Innovation Enterprise Layered Defense” (SHIELD) program. Intel will serve as a chip supplier under an Indefinite Delivery/Indefinite Quantity (IDIQ) contract. The project, valued at up to $151 billion, is considered one of the most ambitious initiatives of the U.S. Department of War.
Additionally, Intel is scheduled to release its Q4 2025 earnings after the market closes on January 22. Investor optimism regarding the report has reached a multi-quarter peak, with bets that CEO Lip-Bu Tan’s promised transformation plan is yielding results. Meanwhile, large-scale data center expansions are driving strong demand for Intel’s traditional server chips. According to data compiled by LSEG, Intel’s fourth-quarter data center revenue is expected to surge by over 30%, reaching $4.43 billion.
Fuelled by this optimism, several investment banks recently raised their price targets for Intel. Citigroup upgraded the stock from “Sell” to “Neutral” and raised its target from $29 to $50. Barclays increased its target from $35 to $45, while Susquehanna raised its target from $40 to $45.
Breakthrough Clinical Data for mRNA Cancer Vaccine: Moderna (MRNA) Surges Nearly 16% as Death Risk Halves
Moderna (MRNA) and Merck & Co. (MRK) released median five-year follow-up data from the Phase 2b KEYNOTE-942/mRNA-4157-P201 study. The study evaluates the efficacy and safety of the investigational mRNA individualized neoantigen therapy, intismeran autogene (mRNA-4157 or V940), in combination with the PD-1 inhibitor Keytruda (pembrolizumab) in patients with high-risk melanoma (Stage III/IV) following complete surgical resection. The analysis showed that at the five-year median follow-up, the combination therapy reduced the risk of recurrence or death by nearly half compared to Keytruda alone. According to the press release, eight Phase 2 and Phase 3 clinical trials are currently underway for this combination therapy across various tumor types, including melanoma, non-small cell lung cancer (NSCLC), bladder cancer, and renal cell carcinoma.
In this pre-specified analysis, the combination therapy showed durable and clinically meaningful improvement in the primary endpoint of recurrence-free survival (RFS), reducing the risk of recurrence or death by 49%. The safety profile remained consistent with earlier reports. Moderna and Merck plan to present further data from the follow-up analysis at an upcoming medical conference.
Intismeran autogene is an individualized neoantigen therapy (INT) consisting of a single synthetic mRNA molecule encoding up to 34 neoantigens. These neoantigens are designed using an algorithm based on the unique DNA sequence mutational signature of each patient’s tumor. Once injected, the mRNA sequences are translated into proteins that stimulate a T-cell anti-tumor response through antigen presentation. Based on the KEYNOTE-942 data, the U.S. FDA and the European Medicines Agency (EMA) granted the combination Breakthrough Therapy Designation (BTD) and PRIME status, respectively, for the adjuvant treatment of patients with high-risk melanoma following complete resection.
Currently, the mRNA-4157 indications for melanoma and NSCLC have advanced to Phase 3 clinical trials, putting it on track to potentially become the first marketed mRNA cancer vaccine.
BitGo Holdings (BTGO) is set to become the first cryptocurrency firm to go public in the U.S. in 2026.
According to a filing released by the company on Wednesday (January 21), the crypto custody firm will debut on the New York Stock Exchange this Thursday (January 22) Eastern Time. The stock has been priced at $18 per share, exceeding the previously announced price range of $15 to $17. The offering is led by Goldman Sachs and Citigroup.
It is reported that BitGo Holdings (BTGO) will issue 11.026 million shares, while certain existing shareholders will sell an additional 795,230 shares. Sources familiar with the matter indicated that the Initial Public Offering (IPO) was significantly oversubscribed.
Based on the IPO price and the outstanding shares listed in its filing with the U.S. Securities and Exchange Commission (SEC), BitGo’s market capitalization will reach approximately $2.1 billion.
The filing also reveals that following the IPO, CEO Mike Belshe is expected to maintain control of the company with 56% of the voting power. Additionally, Valor Equity Partners will hold 4.6% of the voting power, while Redpoint Ventures will hold 3.9%.
Debuting Tonight
The primary business of BitGo Holdings (BTGO.US) is providing security, custody services, and liquidity solutions for digital assets. CEO Mike Belshe co-founded the company in 2013.
The company currently serves as the custodian and infrastructure provider for USD1, a stablecoin issued by World Liberty Financial. Notably, Donald Trump Jr. and Eric Trump, sons of U.S. President Donald Trump, are co-founders of World Liberty Financial.
In the first nine months of 2025, the company reported a net income attributable to shareholders of $8.1 million on revenue of $10 billion, compared to a net income of $5.1 million on revenue of $1.9 billion during the same period the previous year.
The past year saw significant listing activity within the cryptocurrency sector. Several firms, including stablecoin issuer Circle and crypto exchange Bullish, made sensational stock market debuts. In November last year, Kraken, one of the world’s largest crypto exchanges, also secretly filed for a U.S. listing.
However, the cryptocurrency market experienced a sharp correction in the final months of last year, leading to a 6.5% decline in Bitcoin prices for the full year of 2025. The year-end sell-off caused continued volatility across the digital asset industry. Despite this, analysts predict a sustained recovery in the IPO market for 2026, with more crypto and fintech companies signaling their intent to go public.
