WSJ What’s News: Episode Summary
Episode Title: What’s Driving Tech Companies to Hire More U.S. Workers?
Release Date: August 13, 2025
Host: The Wall Street Journal

1. Presidential Summit on Ukraine

Timestamp: [00:03] - [04:08]

The episode opens with a discussion about President Trump's recent virtual summit with European leaders, convened by German Chancellor Friedrich Merz, aimed at addressing the ongoing conflict in Ukraine.

Key Highlights:

• Constructive Dialogue: President Trump described the call as "constructive" ([00:28], Alex Osoleff).

• European Leaders' Satisfaction: WSJ Chief European Political Correspondent Bojan Panchevsky reports that European leaders left the call "exceedingly satisfied" and felt that Trump was "extremely attentive" and "in agreement with everything they said" ([01:55]).

• Main Agenda Points:

  1. Ceasefire Priority: A ceasefire was emphasized as the top priority to halt bloodshed on the battlefield ([02:36], Bojan Panchevsky).
  2. Territorial Discussions: Territorial negotiations should only occur based on the current battle lines, freezing the contact line as a boundary ([02:36]).
  3. Negotiation Authority: Only President Zelensky can negotiate territorial issues on behalf of Ukraine, not Europe or the U.S. ([02:36]).
  4. Security Guarantees: Russia must accept the security guarantees established post-negotiation, though specifics remain under intense discussion ([02:36]).

• Threats to Putin: President Trump threatened President Vladimir Putin with "very severe consequences" if he refused a ceasefire, highlighting the significance of the upcoming Alaska meeting ([00:57]).

Bojan Panchevsky concludes that the call was productive, setting the stage for the crucial negotiations between Trump and Putin scheduled for Friday ([04:08]).

2. Lawsuit Against Zelle

Timestamp: [04:13] - [06:11]

The podcast transitions to corporate news, focusing on New York Attorney General Letitia James's lawsuit against Zeppelinski Bell, the owner of the payments platform Zelle, for allegedly failing to protect users from fraud.

Key Highlights:

• Accusations of a Political Stunt: Dylan Tokar, covering corporate crime and regulatory policy, explains that Zelle's management claims the lawsuit mimics previous claims by the Consumer Financial Protection Bureau (CFPB) and labels it a political maneuver ([04:46], Dylan Tokar).

• Arguments from Zeppelinski Bell: The company asserts that the New York Attorney General's office did not conduct an independent investigation and that Zelle invests significantly in fraud prevention measures ([04:46]).

• Role of Attorneys General vs. Federal Agencies:

  • Tokar discusses the growing role of state attorneys general in consumer protection, especially as the federal CFPB's influence wanes due to policy shifts under the Trump administration ([05:07]).
  • He notes that while states can address harm within their jurisdictions, they may lack the authority to pursue cases with broader impacts ([05:14], Dylan Tokar).

• Implications for Federal and State Dynamics: The lawsuit highlights the nuanced relationship between state and federal regulatory bodies, with Democratic states stepping up to fill gaps left by reduced federal oversight ([05:14]).

3. Market Movements and IPOs

Timestamp: [06:11] - [10:27]

The episode delves into recent developments in the financial markets, highlighting stock movements and notable IPO performances.

Key Highlights:

• Stock Market Rally: U.S. stocks saw gains fueled by optimism over potential Federal Reserve interest rate cuts in the upcoming meeting. The Dow Jones increased by approximately 1%, while the S&P 500 and Nasdaq rose by 0.3% and 0.1%, respectively, reaching new highs ([06:11], Alex Osoleff).

• Bullish's IPO Surge:

  • Cryptocurrency exchange Bullish experienced a meteoric rise of over 150% on its IPO day, significantly surpassing typical first-day gains of 20-30% ([06:11]).
  • The stock's surge led to a temporary trading pause and ultimately closed nearly 84% higher, echoing concerns about potential underpricing and missed revenue opportunities, similar to the software company Figma's 250% jump in the previous month ([06:11]).

• Amazon vs. Walmart in Grocery Delivery:

  • Walmart announced an immediate expansion of its 10% employee discount to include almost all grocery purchases, aiming to alleviate rising grocery costs for its 1.6 million U.S. workers and enhance employee recruitment and retention ([07:50]).
  • In response, Amazon is aggressively expanding its grocery delivery service, launching same-day delivery in a thousand cities and planning to double this to 2,300 locations by year-end. The service is now free for Prime members, a strategic move to increase market share in the competitive grocery sector ([07:50]).

4. Incentives for U.S. Hiring in Tech Companies

Timestamp: [06:11] - [10:27]

The core focus of the episode explores the recent surge in U.S. hiring by tech startups, driven by favorable tax incentives.

Key Highlights:

• Tax Deduction for R&D Spending:

  • WSJ Special Writer Teo Francis explains that a new tax deduction under President Trump's tax and spending law allows companies to immediately deduct expenses related to research and development (R&D), including salaries ([07:50], Teo Francis).
  • This deduction effectively makes hiring R&D personnel in the U.S. more cost-effective than in previous weeks, encouraging startups and tech companies to prioritize domestic hiring ([07:50]).

• Impact on Hiring Practices:

  • The incentive is particularly appealing to tech, biotech, and pharmaceutical industries where R&D is concentrated ([08:39]).
  • Companies are more inclined to hire U.S.-based employees rather than outsourcing to countries like India or China, which typically offer lower labor costs ([08:44], Teo Francis).
  • Teo notes that even if overall R&D spending doesn't increase, the accelerated deductions enable companies to allocate resources more efficiently, potentially rehiring laid-off workers or initiating new projects ([09:45], Teo Francis).

• Economic Implications:

  • Increased R&D spending and hiring can boost the U.S. economy by fostering innovation and creating high-skilled jobs ([08:44], Teo Francis).
  • This shift not only benefits domestic labor markets but also aligns with broader economic strategies to enhance competitiveness and technological advancement ([09:40], Teo Francis).

• Supporting Data:

  • According to ZipRecruiter data referenced by Teo Francis, job ads for R&D positions in the third quarter have already reached two-thirds of the level anticipated for the entire quarter last year, indicating a robust response to the tax incentives ([07:50]).

Conclusion

The episode of WSJ What’s News delivered a comprehensive overview of significant global political developments, corporate legal battles, dynamic market movements, and strategic shifts in the tech industry’s hiring practices. By highlighting the interplay between tax policy and economic incentives, the podcast provides valuable insights into how legislative changes can drive corporate behavior and impact the broader U.S. economy.

Notable Quotes:

• Bojan Panchevsky: "The number one is a ceasefire before everything else... Trump is responsive to this because this is something that he's been calling for for over a year now." ([02:36])
• Teo Francis: "It is cheaper to hire people in the US than it was a few weeks ago." ([07:50])
• Dylan Tokar: "We're going to see the Democratic states stepping in here and bringing some of these cases that we would have seen the CFPB bring." ([05:14])

Produced by: Pierre Bienname
Supervising Producer: Michael Kosmides
Host: Alex Osoleff