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Global military spending hit $2.6 trillion in 2025. These 35 nations have the most expensive militaries.

The world’s military budgets totaled $2.6 trillion in 2025, and the US accounted for more than a third of that.

The US has the world’s most expensive military, spending nearly $1 trillion on defense. That’s over three and a half times China’s reported defense budget, the next largest.

From spending on nuclear technology to advanced aircraft and warships, the world’s top militaries allocate hundreds of billions of dollars each year to stay ahead.

In some countries, big-ticket items such as naval assets or technologically advanced aircraft or missiles account for the bulk of military spending, while others devote large sums to maintaining large conscription troop systems.

Ultimately, military spending varies by country depending on location and interests, Gian Gentile, a retired US Army colonel and senior historian at RAND, told Business Insider. Some countries prioritize homeland defense while others value overmatch and far-reaching power projection.

“The US spends a lot on more sophisticated, extremely precise weapon systems,” he said.

A military’s budget can be measured either as a total amount or as a share of its country’s GDP, reflecting the burden on its economy. Worldwide, countries spent an average of 2.01% of their GDP on defense in 2025.

Wartime spending as a share of GDP typically rises, putting strain on the civilian economy, said Mark Cancian, a senior advisor at the Center for Strategic and International Studies. Ukraine in 2025, for example, devoted over 20% of its GDP to its military, the highest share globally.

Spending statistics help paint a picture of defense priorities, but they don’t always translate into readiness for conflict.

“Readiness is very expensive, and perishable,” Cancian said.

A country’s on-paper investment in its defense systems doesn’t always translate directly into military capability, he added. Training and maintenance are often overlooked in analyses of spending on equipment and technologies.

A particularly high cost when it comes to technologically advanced aircraft, for instance, is maintenance and sustainment.

Still, looking at military budgets can reveal how much capital each country relies on to defend itself.

Last year, the International Institute for Strategic Studies, a London-based think tank, released its Military Balance report, which included data on nearly every country’s defense budget based on each’s reported 2025 figures.

The report includes each country’s total budget (in US dollars), per-capita figures, and defense budget as a share of GDP. Some countries, such as North Korea, Libya, Syria, Cuba, and Afghanistan, did not publicly report their defense budgets.

These are the 35 countries that spend the most on their military, ranked by the size of their defense budgets.

35. Vietnam

Vietnam has the largest reserves in the world, with an estimated 5 million reservists.

NHAC NGUYEN/AFP via Getty Images

Defense budget: $8.41 billion

Defense budget per capita: $79

Percentage of GDP: 1.74%

34. Romania


Soldiers participate in military activities during the media day of the Multi-Domain Command Europe multinational exercise Dynamic Front, supported by NATO allied forces, at the military base in Cincu, Brasov county, Romania, 09 February 2026.

Romania budgets for about $527 per resident for its defense forces.

Alex Nicodim/Anadolu via Getty Images

Defense budget: $9.48 billion

Defense budget per capita: $527

Percentage of GDP: 2.24%

33. Pakistan


Pakistani soldiers

Pakistan spent a total of $10.02 on its military in 2025.

Abdul BASIT / AFP via Getty Images

Defense budget: $10.02 billion

Defense budget per capita: $39

Percentage of GDP: 2.44%

32. Qatar


A general view show armoured vehicles rolling during the military parade marking the Gulf emirate's National Day celebrations in Doha on December 18, 2012

Qatar had the second-highest military budget per capita in the world in 2025, at $3,935 per resident.

KARIM JAAFAR/AFP via Getty Images

Defense budget: $10.11 billion

Defense budget per capita: $3,935

Percentage of GDP: 4.55%

31. Mexico


The Isla Holbox (BAL-02) vessel belonging to the Mexican Navy (SEMAR), intended for humanitarian aid, is docked at Veracruz port in Veracruz, Mexico, on February 6, 2026. Mexico will ship humanitarian aid to Cuba in the coming days while continuing to negotiate with Washington on the possibility of circumventing a US oil siege, President Claudia Sheinbaum said on February 6.

Mexico allocates 0.61% of its GDP to military funding, per the IISS report.

Victoria Razo / AFP

Defense budget: $11.36 billion

Defense budget per capita: $86

Percentage of GDP: 0.61%

30. Denmark


Royal Danish Navy patrol ship

Denmark spent about $2,013 per resident on defense in 2025.

Florent VERGNES / AFP via Getty Images

Defense budget: $12.18 billion

Defense budget per capita: $2,013

Percentage of GDP: 2.65%

29. Iraq


Iraq military

Iraq budgeted for 4.78% of its GDP on military spending in 2025, IISS reported.

Zaid AL-OBEIDI / AFP

Defense budget: $12.68 billion

Defense budget per capita: $295

Percentage of GDP: 4.78%

28. Belgium


Belgian Land Force

Belgium spent nearly $14 billion on its defense funding in 2025.

JULIEN WARNAND / BELGA MAG / Belga / AFP via Getty Images

Defense budget: $13.9 billion

Defense budget per capita: $1,161

Percentage of GDP: 1.94%

27. Indonesia


Indonesian National Armed Forces troops stand in formation during preparations for deployment in Myanmar as part of the Indonesian government's relief mission to assist earthquake victims, at Halim Perdanakusuma Air Base in Jakarta on March 31, 2025

Indonesia allocates about $53 per resident on its military each year, per its 2025 budget.

BAY ISMOYO / AFP

Defense budget: $15.08 billion

Defense budget per capita: $53

Percentage of GDP: 1.04%

26. Norway


Norwegian soldiers march during a military parade on Armed Forces Day in Vilnius.

In 2025, Norway spent about $2,966 per resident on defense.

Yauhen Yerchak/SOPA Images/LightRocket via Getty Images

Defense budget: $16.44 billion

Defense budget per capita: $2,966

Percentage of GDP: 3.18%

25. Sweden


An NH90 helicopter is seen in flight after departing from a temporary base during the Nordic Response military exercise on March 07, 2024 in Kiruna, Sweden. The exercise, which primarily takes place across Scandinavia from March 3-14, features 20,000 troops from 13 allied countries. Following the recent NATO expansion, the group now includes Finland and Sweden.

Sweden’s defense budget amounts to about $1,602 per resident each year.

Leon Neal/Getty Images

Defense budget: $17.06 billion

Defense budget per capita: $1,602

Percentage of GDP: 2.58%

24. Singapore


The mobile column from the Singapore Armed Forces takes part in a parade during Singapore's 50th National day anniversary celebration at the Padang in Singapore on August 9, 2015

Singapore has the fourth-highest defense budget per capita in the world.

ROSLAN RAHMAN/AFP via Getty Images

Defense budget: $17.99 billion

Defense budget per capita: $2,958

Percentage of GDP: 3.13%

23. Taiwan


Taiwan air force

Taiwan budgets for 2.4% of its GDP on its military, or about $898 per resident, according to IISS.

I-Hwa Cheng / AFP

Defense budget: $21.2 billion

Defense budget per capita: $898

Percentage of GDP: 2.4%

22. Turkey


Turkish military on the Turkish-Iranian border

Turkey’s defense budget was over $21 billion, per the IISS report.

Anadolu/Anadolu via Getty Images

Defense budget: $21.48 billion

Defense budget per capita: $254

Percentage of GDP: 1.37%

21. United Arab Emirates


The United Arab Emirates Air Force's newly re-equipped Fursan Al-Emarat aerobatic display team flies the Hongdu L-15 advanced jet trainer from China at the Dubai Airshow on November 16, 2025 in Dubai, United Arab Emirates.

The United Arab Emirates has the seventh-highest defense budget per capita in the world.

VCG/VCG via Getty Images

Defense budget: $21.68 billion

Defense budget per capita: $2,148

Percentage of GDP: 3.81%

20. Brazil


Brazilian military parade

Brazil spends about 1.11% of its GDP on its military, according to its 2024 budget.

Anadolu/Anadolu via Getty Images

Defense budget: $24.27 billion

Defense budget per capita: $110

Percentage of GDP: 1.08%

19. Algeria


Algeria's military

Algeria spends the second-highest percentage of GDP on its military.

NurPhoto/NurPhoto via Getty Images

Defense budget: $25.21 billion

Defense budget per capita: $528

Percentage of GDP: 8.75%

18. Spain


Spanish military

Spain budgeted about 1.53% of its GDP for military spending in 2025.

picture alliance/dpa/picture alliance via Getty Images

Defense budget: $28.91 billion

Defense budget per capita: $611

Percentage of GDP: 1.53%

17. The Netherlands


Dutch military drone

The Netherlands budgeted $1,633 per resident on its military.

Remko de Waal / ANP / AFP

Defense budget: $29.12 billion

Defense budget per capita: $1,633

Percentage of GDP: 2.2%

16. Canada


Canadian Armed Forces

Canada’s military budget was over $31 billion in 2025.

Artur Widak/NurPhoto

Defense budget: $31.21 billion

Defense budget per capita: $797

Percentage of GDP: 1.37%

15. Poland


Soldiers of the Polish Armed Forces ride a battle tank

Poland spends over 3% of its GDP on its military.

Aleksander Kalka/NurPhoto

Defense budget: $33.18 billion

Defense budget per capita: $865

Percentage of GDP: 3.19%

14. Australia


Australian air forces helicopter

Australia’s defense budget equals around $1,378 per resident.

Ian Hitchcock/Getty Images

Defense budget: $37.28 billion

Defense budget per capita: $1,378

Percentage of GDP: 2.04%

13. Israel


IDF soldiers prepare tanks on August 18, 2025 near the Gaza Strip's northern borders

At $4,153 per resident, Israel had the largest military budget per capita in the world.

Elke Scholiers/Getty Images

Defense budget: $39.68 billion

Defense budget per capita: $4,153

Percentage of GDP: 6.5%

12. Italy


Members of the Italian armed force (82° Reggimento Fanteria

Italy allocates about 1.58% of its GDP on military spending, according to its 2025 budget.

Antonio Masiello/Getty Images

Defense budget: $40.09 billion

Defense budget per capita: $658

Percentage of GDP: 1.58%

11. South Korea


South Korea military

South Korea’s military budget reached nearly $44 billion in 2025, per IISS’ reporting.

Kim Jae-Hwan/SOPA Images/LightRocket via Getty Images

Defense budget: $43.84 billion

Defense budget per capita: $851

Percentage of GDP: 2.36%

10. Ukraine


Ukrainian military

Ukraine budgeted the highest percentage of its GDP for defense among countries, a common practice during wartime.

Tetiana DZHAFAROVA / AFP

Defense budget: $44.44 billion

Defense budget per capita: $1,217

Percentage of GDP: 21.19%

9. Japan


Japan military

Japan’s defense budget was nearly $59 billion in 2025.

JIJI Press / AFP

Defense budget: $58.91 billion

Defense budget per capita: $480

Percentage of GDP: 1.38%

8. France


French soldiers wait for the arrival of French President at the Istres military air force base where he is scheduled to deliver his New Year's address to the armed forces in Istres, southern France, on January 15, 2026.

France budgeted just over 2% of its GDP for defense funding in 2024.

Philippe Magoni / POOL / AFP

Defense budget: $70 billion

Defense budget per capita: $1,022

Percentage of GDP: 2.08%

7. Saudi Arabia


Saudi armed forces show their skills during a drill in Saudi Arabia's holy city of Mecca on August 13, 2018, ahead of the annual Hajj pilgrimage.

Saudi Arabia has the seventh-highest defense budget per capita at $1,951 per resident.

BANDAR ALDANDANI/AFP via Getty Images

Defense budget: $72.53 billion

Defense budget per capita: $1,951

Percentage of GDP: 5.72%

6. India


Indian Air Force's Sarang helicopter display team fly in formation during a media preview aerial display ahead of the Singapore Airshow in Singapore on February 1, 2026.

India budgeted for about $55 per resident.

Roslan RAHMAN / AFP

Defense budget: $78.31 billion

Defense budget per capita: $55

Percentage of GDP: 1.9%

5. United Kingdom


Members of the British military at RAF Leeming prepare for Exercise Hyperion Storm, a joint force validation exercise with the UK Special Operations Forces being held at RAF Leeming and the Otterburn Training Area in the north of England. Picture date: Friday January 30, 2026.

The United Kingdom’s defense budget in 2025 was over $94 billion, per the report.

Owen Humphreys – PA Images/PA Images via Getty Images

Defense budget: $94.26 billion

Defense budget per capita: $1,371

Percentage of GDP: 2.38%

4. Germany


German Defence Minister Boris Pistorius and Bavarian State Premier Markus Soeder attend the inauguration of the Innovation Center of the German Armed Forces Bundeswehr in Erding, Bavaria, southern Germany on February 2, 2026.

Germany has the highest-funded military in Europe.

Michaela Stache / AFP

Defense budget: $107.31 billion

Defense budget per capita: $1,277

Percentage of GDP: 2.14%

3. Russia


Russian tanks roll on Red Square during the Victory Day military parade, marking the 80th anniversary of the Victory in the Great Patriotic War, on May 9, 2025 in Moscow, Russia. Russia marks the 80th anniversary of the victory in World War II over Nazi Germany and its allies.

Russia spends a higher percentage of its GDP on defense spending than other nations.

VCG/VCG via Getty Images

Defense budget: $161.18 billion

Defense budget per capita: $1,150

Percentage of GDP: 6.34%

2. China


CJ-20A air-launched cruise missiles are seen during a military parade marking the 80th anniversary of victory over Japan and the end of World War II, in Beijing's Tiananmen Square on September 3, 2025.

China’s defense budget is equal to $178 per resident.

Greg Baker / AFP

Defense budget: $251.29 billion

Defense budget per capita: $178

Percentage of GDP: 1.3%

1. United States


U.S. Navy Landing Craft Air Cushion's (LCAC) unload equipment onto the beach as U.S. Marine Corps V-22 Ospreys and CH-53 Super Stallions fly overhead during the America's Marines 250 event at Camp Pendleton's Red Beach on October 18, 2025 in Oceanside, California. The U.S. Marines are marking their 250th anniversary with a live amphibious assault demonstration entitled

The US also has the fifth-highest military budget per capita.

Mario Tama/Getty Images

Defense budget: $921.02 billion

Defense budget per capita: $2,725

Percentage of GDP: 3.01%




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Oracle to investors: Don’t worry about data center spending, company is ‘very, very good’ at cost-cutting

Oracle has two magic words for investors concerned with the company’s aggressive data center spending: fast and cheap.

Shares of the cloud giant rose as much as 10% on Tuesday after it surpassed investor expectations for the third quarter and raised revenue guidance to $67 billion for fiscal 2026.

Still, Oracle faced some questions about its AI data center buildout and how it plans to justify the billions of dollars it burns along the way. In February, Oracle announced a $50 billion debt raise to help fund its AI ambitions. In the last year, the company has announced major data center projects in Texas, New Mexico, and Michigan.

On Oracle’s third-quarter earnings call Tuesday, Bernstein analyst Mark Moerdler asked, “How comfortable are you with the values you’re creating from the AI data center business itself?”

Oracle co-CEO Clay Magouyrk reassured Moerdler that the company is focused on minimizing the cost of its data center buildout to maximize future profitability.

“We continue to get better and better at running these data centers, delivering them more cheaply, optimizing the amount of cost for networking and hardware spend, as well as power,” said Magouyrk.

He added that Oracle is focused on accelerating the time its buildings spend under construction.

“We’re very good at it,” he said.

“We’re very, very good at reducing those costs during that time period.”

He did not give any other details on how exactly Oracle manages its data center budget.

In 2022, Oracle undertook significant cost-cutting measures, laying off thousands of people in the wake of its $28 billion acquisition of medical records giant Cerner.

In January, Business Insider reported that Oracle was struggling to find financing for Stargate, its $500 billion data center initiative with OpenAI.

Lenders and investors told Business Insider they were growing weary of the project’s lofty ambitions as it races to keep up with the rest of Big Tech amid the AI race.

Amazon, Microsoft, Google, and Meta are on track to spend $600 billion on data centers and AI infrastructure in 2026 alone.




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I moved to Coral Gables for my dogs. I’m spending almost $2,000 more in rent, but we get to walk everywhere.

I’ve learned that there are three types of dog owners in the world: those who have dogs but treat them like pets with basic needs, those who absolutely love their dogs and spoil them, and those who treat their dogs like children.

I’m proudly in the third category.

I grocery shop for my dogs so I can home-cook their meals. I buy them Christmas presents, post photos of them on their Instagram account to more than 12,000 followers (whom I reply to on their behalf), take them to photoshoots and brand partnerships, and got them European passports so I can take them on vacation with me.

Not only that, but I play Bluey, SpongeBob SquarePants, and meditation music for them while I’m busy working to keep them entertained. I let them lick my vanilla ice-cream cone, and they sleep in my bed, cuddled under the covers at night.

But all of those things directly align with my lifestyle and the tasks I already do regularly; however, six months ago, I did the most drastic thing in my life for their benefit. I moved zip codes, prioritizing their well-being.

I chose a neighborhood where I could walk with them everywhere

Last year, while deciding where to move, I focused on finding a neighborhood where I could walk almost everywhere and bring them with me, while feeling safe walking at any hour of the day or night. After researching the best neighborhoods in the city for dog parents, all signs pointed to Coral Gables — one of the most expensive and also most dog-friendly areas in Miami.


French bulldogs on bed

The author is paying almost $2,000 more in rent for her dogs to have a better lifestyle.

Courtesy of the author



Moving to Coral Gables from Doral meant switching from an apartment with a $2,500 monthly rent to one with a $4,700 a month rent. While that is a drastic shift in rent pricing I’m choosing to make, given my current priorities and the lifestyle I want my dogs to have, it makes sense. People always say, “You’re paying for the location,” and quite frankly, that’s never felt more true to me.

Many of the residential buildings in Coral Gables allow pets, which takes the stress off people who need to move but can’t find dog-friendly places. Since the dog culture is so pronounced in this part of Miami, many buildings make it acceptable to have more than one dog.

I moved from Europe to Florida with my dogs

I lived in Europe for nearly five years — three of them in London, then the South of France, and finally Rome — before moving back to Florida in 2022. While in London, I became a dog mom after someone gifted me Bentley for Christmas.


Woman in Rome with dogs

The author moved from Europe back to Miami with her two dogs.

Courtesy of the author



During my time in Europe, I never owned a car because public transportation made getting around effortless. When I moved to Miami, that was what I missed most. Since moving back, I’ve been eager for something that comes as close as possible to the life I lived in Europe, with the dog-friendly energy that comes with it.

My French Bulldogs have many special needs. Being brachycephalic, they can only walk at certain temperatures, which means our walks have to happen during specific hours of the day so it’s not too hot. They also need to maintain a healthy weight, since excess weight can affect their backs and ligaments. Frenchies are prone to skin allergies as well, which I’ve never seen manifest in mine — and I credit that to their fully home-cooked diet.


Dog in the alps

The author wanted a lifestyle that allowed her to take her dogs with her.

Courtesy of the author



While we often get compliments at the vet for being among “the healthiest Frenchies” they’ve ever seen, that level of care comes with real responsibility and sacrifice. Owning a French Bulldog means shaping your lifestyle around its health and wellness needs. I never planned to have this breed, but life had other plans, and I ended up with two that I love with my whole heart.

They’re my buddies, my besties, and I’m grateful I found a place in Miami that makes me miss Europe a little less — while giving me more time to simply be with them and involve them in my daily activities.




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After spending 150 days on Princess Cruises, I earned Elite status. These 4 perks have completely elevated my experience.

Even after working on cruise ships for years, I love this form of travel. And although I’ve sailed with many cruise lines over the years, Princess stands out for its beautiful ships and interesting itineraries.

Just like airlines, most major cruise lines offer loyalty programs, and on every sailing, guests earn credit toward their status.

Although chasing status is never my goal, I gained the highest level — known as Elite — on Princess Cruises’ Captain’s Circle program, after spending 150 days at sea over three years.

Here are five Elite status perks that have completely elevated my sailing experience.

Priority access to water shuttles means more time spent at our destinations


A person holds a priority water shuttle ticket for Elite guests.

I love not having to wait for a water shuttle.

Tammy Barr



Some ports have small or shallow harbors that require cruise ships to anchor offshore and use smaller boats (known as tenders or water shuttles) to take guests ashore.

It’s often a confusing and irking part of the cruising experience because it takes time to load and maneuver these small boats to the pier, which can result in guests waiting hours to go ashore.

Luckily, as an Elite member, I now receive priority access to these water shuttles. My last cruise had three ports where a water shuttle was required to go ashore, and this benefit alone saved me from waiting and worrying about how long it would take to leave the ship.

In the past, I’ve woken up very early and waited in long lines for water shuttle tickets. I’ve also had my independent port plans ruined because of slow tender operations.

With Elite status, though, I’m able to take my entire family on the first tender of the day without having to set an early alarm.

I also have access to complimentary laundry services


Slips of paper and a paper bag on a bed.

As an Elite member, I can have my clothes washed and folded for free.

Tammy Barr



On Princess ships, passengers can pay to access self-service laundromats, as well as full-service laundry and dry cleaning. As an Elite passenger, however, I can send out my dirty laundry and have it washed and folded for free.

This means I no longer have to spend time doing laundry on vacation. Instead, I put my clothes in a bag, and they return clean and folded within a day or two.

I like to use the service for things like socks and underwear, and it’s nice to know I can pack less for long cruises.

Internet access is offered at half price

Although I try my best to disconnect when I’m on vacation, I typically purchase a WiFi package to check in with family members and friends back home.

WiFi is included in some bundled packages, but can also be purchased separately. Luckily, as an Elite member, I receive 50% off all WiFi packages.

There are opportunities for free and discounted food and drinks


An alcoholic beverage and hors d'oeuvres on a table.

I love enjoying free drinks and hors d’oeuvres.

Tammy Barr



One of my favorite parts about being an Elite member is that I get access to discounted food and drinks. For example, certain suites on Princess cruises come with a one-time mini bar, but as an Elite member, this is a perk I get to enjoy on every sailing.

My room comes stocked with 10 alcoholic and 10 non-alcoholic drinks, which include a mix of liquor, beer, soda, and sparkling water. With the price of alcoholic drink packages now up to about $100 per day for each guest, I think this perk provides a good value.

On one formal night each cruise, Elite loyalty members are also invited to the Captain’s Circle party, which includes live music, complimentary drinks, and hors d’oeuvres.

Plus, on formal night, I have the opportunity to order and enjoy delicious hors d’oeuvres while getting ready. I’ve enjoyed small plate options like seared tuna, salmon, and beef — all paired with the mini-bar drinks to create a fun happy hour vibe in my cabin.

I save a lot of money by taking advantage of the various hosted food and drink events on board. In fact, I don’t even purchase a drink package anymore.




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My mother is spending the holidays with me for the first time in years. I’m struggling with the added costs and to-dos.

I have not spent Christmas with my mother in more than a decade. We have spent our Christmases apart simply because of geography. We’ve been living on opposite sides of the country: a five-hour flight or a 26-hour car ride through unpredictable weather.

So, she’s kept to herself for the holidays, and I’ve become the keeper of Christmas for my immediate family. Even as my sons grew up and moved away, taking on their own roles to make our holidays special, I’m still the list-maker, the “don’t forget” reminder, and the decider in all things.

My four sons, all between 25 and 31 years old, have helped lighten my load over the years, especially as their partners have come onto the scene. Christmas was just starting to take on a new, easier shape.

But this year, my mother lost her husband of nearly 40 years, so she’s coming to visit, and I’m realizing how far I will need to stretch my budget.

I have to be my mother’s Santa this year

At first, I didn’t really think about how my mother’s arrival might change my own role for the holidays. I just thought about my mom, exhausted and heartbroken and unmoored by the loss of the husband she has lived with for more than half her life.

But as she gets ready to fly to me for Christmas, I’m realizing she’s going to need me to be her Santa.

My mom needs a Santa. She has suffered this year in a way I cannot even imagine. She needs soothing; she needs to be reintroduced to a big family Christmas. She needs a stocking filled with fun, thoughtful trinkets. She needs me to make this year extra magical, and honestly, I’m worried I’m not up to the task.

I’m struggling to keep up with everything this Christmas

I’m finding this Christmas overwhelming because everyone in the family needs me for different reasons. My kids need me to bring them together, to cook for them and bake for them, and organize a big rental space for the group of us.


Jennifer McGuire and her four sons

The author and her four sons usually spend Christmas together.

Courtesy of Jennifer McGuire



I’m also paying attention to everyone’s finances, thinking about who is doing well and who is not. I’m thinking about who might need a bit more and how I can give a bit more without playing favorites. How can I afford a bit more?

This is, perhaps, the crux of Christmas this year. The weight of giving to my children and my mother when they all need more. Whether it’s holiday gifts, time, or food, everyone needs me to be their person this year.

Even though everyone in the house will be a grown-up, I’m left feeling, for all intents and purposes, like the only grown-up for the holidays.

I’m struggling financially

I’m worried that I simply cannot afford to be Santa for everyone — not this year. Like many others, I have lost job after job in 2025. I am swimming just below the surface of losing everything, and I can’t seem to come up for air.

I know that no one in my family expects a lot for Christmas, but even a little something to make the day special for each person who so deeply deserves it will be a struggle. There are 10 people in our family, and $100 each means $1,000. We all know that $100 each is next to no budget at all.

And so this year, I’m getting creative. I’m buying secondhand gifts. I’m trying to become a crafty person to create something meaningful for all of my loved ones. I’m wishing I had helpful elves to take on some of my Santa tasks. I’m actively choosing to leave the stress of trying to find work at the door until after the holiday. I’m trying, I’m trying, I’m trying.

I’m focusing on giving my mother support

My mother’s first Christmas as a widow can’t be consumed by my own stress. She needs comfort. She needs family. She needs joy. Luckily, all of that is free.

She needs me to be the grown-up in the house. She needs me to be Santa. They all do, and I refuse to buckle under the weight of it.

Instead, I’m going to choose to feel grateful that I have all of this love in my life.




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Oracle investors have questions about its spending

Oracle investors have questions about its spending.

The software giant posted quarterly results that fell short of Wall Street’s revenue expectations on Wednesday, and shares slid more than 11% in after-hours trading.

“Capex & financing needs have been the biggest investor question over the last two months, weighing on the stock,” wrote Derrick Wood, an analyst at TD Cowen, ahead of the earnings call.

During the call with investors on Wednesday, Clay Magouyrk, co-CEO of Oracle, reassured analysts that the company’s debt remains in “investment-grade” and that the company is in unique business areas that justify the optimism.

“We’ve been reading a lot of analyst reports, and we’ve read quite a few that show an expectation of upward of a $100 billion for Oracle to go out and kind of complete these build-outs,” said Magouyrk.”And based on what we see right now, we expect we will need less, if not substantially less, money raised than that amount to go and fund this build out.”

Toward the end of the call, an analyst with Guggenheim Securities asked why Oracle is so optimistic that its growth will accelerate when most software service companies are seeing slowing growth, and Magouyrk responded that Oracle is the “only applications company in the world that’s selling complete application suites,” with added AI.

Despite the revenue miss, Oracle still saw 14% year-over-year revenue growth in the quarter ending November 30. Earnings per share also beat estimates at $2.26 versus the expected $1.64. Net income jumped to $6.14 billion, up sharply from $3.15 billion a year earlier.

The results drop as Oracle leans heavily into the AI frenzy, betting big on massive data center expansion to win more business.

In its September earnings report, Oracle stunned Wall Street with a surge in cloud bookings tied to AI workloads, a boom that sent the stock to a record high. But the rally didn’t last. Shares have since tumbled roughly a third as investors grow skittish about the enormous capital required to keep building data centers and whether Oracle’s biggest customer, OpenAI, can actually deliver on the multibillion-dollar cloud commitments it’s making.




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A Ferrari and over 480 takeout orders: FBI details spending spree of Netflix director in $11 million fraud case

In March of 2020, Netflix infused $11 million into a production company to complete the first season of “White Horse,” a futuristic sci-fi series it hoped to bring to its platform.

Carl Rinsch — the director, writer, and showrunner of “White Horse” — never finished the 12 episodes he was supposed to deliver.

But a short time after he got the cash, Rinsch spent millions of dollars on furniture, cars, credit card bills —  and a whole lot of takeout.

According to testimony at his criminal trial on Thursday, Rinsch spent a total of $9.14 million through a personal bank account with funds originally earmarked to finish “White Horse,” which had the production codename “Conquest.”

The spending included more than 480 food deliveries from Postmates and Uber Eats during a six-month span in 2022, according to a spreadsheet entered into evidence. The spreadsheet showed Rinsch sometimes making a dozen separate food purchases each day.

The most expensive category, FBI agent Michael Naccarelli testified, was for furniture, for which Rinsch spent $3.36 million.

Rinsch also spent $2.4 million on cars — including a Ferrari and Rolls-Royces — and $1.8 million on American Express bills, according to Naccarelli. He also spent money on hotels, jewelry, and art, Naccarelli said.

“Rinsch described the Ferrari as “a birthday gift to myself” in a 2021 text message to his personal assistant, which was shown to jurors later Thursday.

Attorneys for Rinsch told jurors at his trial in Manhattan federal court that the “White Horse” debacle is a civil business dispute — not criminal financial fraud.

They say Rinsch, who previously directed “47 Ronin,” starring Keanu Reeves, is a “creative genius” who was overwhelmed by the demands of directing, writing, and producing “White Horse” and left to flounder by the streaming company.

Days after Netflix sent $11 million to a bank account for Rinsch’s production company, he moved $10.5 million to a personal Wells Fargo bank account, according to Naccarelli and records entered into trial evidence.

The director then moved portions of the funds to a Kraken cryptocurrency exchange account, as well as other bank accounts, before ultimately transferring $13.7 million to a personal Bank of America account.

With his Kraken account, Rinsch purchased about a dozen different cryptocurrencies, including Dogecoin, Etherium, Bitcoin Cash, and the stablecoin Tether, trial records show.

In April 2022, Rinsch’s Dogecoin holdings were worth about $755,000, and his Etherium tokens about $939,000, according to Naccarelli.

While a financial advisor previously testified in the trial that Rinsch’s stock investments went badly, Naccarelli said the director’s cryptocurrency investments were profitable.

“The trades performed very well,” Naccarelli said as Rinsch — wearing a three-piece black suit and a patterned pink tie and matching pocket square — nodded slightly.

Allen Grove, an FBI agent who testified after Naccarelli, said Rinsch considered himself a major Dogecoin trader when they met in April 2023 regarding a dispute over one of Rinsch’s furniture purchases in Paris.

“Mr. Rinsch described to me that he became wealthy during the pandemic by investing in Dogecoin,” Grove testified. “He described himself to me as ‘The Dogecoin Whale.'”

Rinsch said in an earlier deposition, which was shown to jurors on Thursday, that his purchases of four Rolls-Royces were meant for the production of “White Horse,” and not for personal use. Netflix wrote off the production as a loss in 2020.

“That would be fraud otherwise,” Rinsch said in the deposition.




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