Axios

During their meeting at the Oval Office, Intel CEO Bryan Krzanich told Trump that the company is investing $7 billion in a an Arizona factory, per White House pool reports. Krzanich said that the factory — which will create the "most advanced" semi-conductor chips on the planet — will employ about 3k workers directly, and 10k workers in Arizona in support of the factory.

Krzanich added that Trump's "advantageous" tax and regulatory policies are partly responsible for their decision to announce the factory investment at the White House. Trump called the investment "a great thing for Arizona," and said the products will be "amazing."

Facebook is expanding on its Safety Check feature, which allows users to mark that they're "safe" during a natural disaster or terrorist attack in the area. Locals can now offer assistance to victims by providing resources such as food, shelter, transportation, and water.

The new feature — "Community Help" — launched today in the U.S., Canada, Australia, New Zealand, India and Saudi Arabia. After a few weeks of testing, Facebook hopes to expand to additional countries and different types of incidents.

How to use: Safety Check must be activated first. Then people offering assistance can post their donations online, and users seeking help will be able to view those posts by location and category. Facebook says it consulted experts and humanitarian relief organizations when developing this new feature.

Chelsea Clinton's husband, Marc Mezvinsky, shut down his hedge fund in December, per Bloomberg. Eaglevale Partners, which oversaw about $400 million and boasted Goldman Sachs Chairman and CEO Lloyd Bankfein as an investor, has been quietly returning funds to investors since the close.

A bad bet: The close comes after several years of losses, including a 48% loss in 2014 because of a failed bet that Greece's economy would improve, per the WSJ. Two years after Eaglevale opened its Greece fund, it was shuttered in 2016.

About WikiLeaks: This close comes after reports from WikiLeaks that Mezvinsky used his connections from The Clinton Foundation to court investors for Eaglevale, per Politico.

In an effort to bolster digital subscription revenue, The Times announced Wednesday it would give new digital subscribers unlimited access to Spotify Premium, the paid portion of the music-streaming app that has quickly become the highest-grossing music streaming service in America.

Is it worth it? We did the math. If you were going to buy an NYT all access digital subscription and a Spotify premium subscription, you'll save $55 the first year, but you'll lose $10 yearly after that. It doesn't pay off after six years.

Ivanka Trump stepped down on December 28th from a five-person board that oversees a $300 million trust owned by Rupert Murdoch's youngest daughters, the Financial Times reports. The FT says that Trump had been on the board for several years, going back before her father's presidential campaign.

Why it matters: The news illustrates the close relationship between the Trumps and the Murdochs, a relationship that could have wide implications for Corporate America. New York Magazine reports that Trump recently solicited Murdoch's advice for whom to name as chair of the FCC, while Murdoch has pressed Trump to block the proposed AT&T-Time Warner merger.

A source with direct knowledge tells Axios that Republican operatives were urging at least one conservative-friendly website to write Jake Tapper hit pieces yesterday after his hard-hitting interview with Kellyanne Conway.

.@jaketapper to Kellyanne Conway: Why hasn't the President offered his sympathy to our neighbors in the North? https://t.co/YoJ9OYk7d1— CNN (@CNN) February 7, 2017

This is hardly shocking, and happens all the time, but in this weaponized political-media environment it could get nasty fast.

Why go after him: A central part of Team Trump's strategy is discrediting the mainstream media. CNN is his top target, with the New York Times a close second. Jake Tapper is the network's star interviewer, and he's been giving the most aggressive interrogations of Team Trump for months now.

Michael Kors revenue dropped in recent months because of discounts in North America; although the number of handbag units the fashion company sold increased, handbag sales declined, indicating skimmed dollars on sales.

Data: Money.net

The next move: The fashion company aims to sell its handbags at full price, by improving craftsmanship and using better-quality leather since its handbags at full price sold well all last season. Coach recently made a similar move to avoid discounted pricing.

Why this matters: The luxury bag market is crowded with competition, making it difficult to sell at premium prices and dragging prices down. Michael Kors CEO John Idol predicted dollar terms would not increase this year at all for handbags, per the WSJ.

The NYT Dealbook details the sobering letter Seth Klarman recently wrote to investors cautioning against overconfidence in the stock market. Klarman, runs the $30 billion Baupost Group, has been compared to Warren Buffett (and actually has received praise from Buffett) and has only lost money in three of the past 34 years.

• On the markets: Klarman anticipates a "lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst."
• On protectionism: He said "America-first protectionism" will "leave society worse off" and that investors are being blinded by the "potential benefits of stimulative tax cuts" when they know adding barriers to trade is not a path to growth.
• On Trump's tax cuts: He said "The Trump tax cuts could drive government deficits considerably higher" and said they will harken back to the 2001 tax cuts that "fueled income inequality while triggering huge federal budget deficits." Klarman added that even without Trump's tax cuts, government debt will "skyrocket" when interest rates are raised.

Klarman's advice: Hedge fund managers should stop investing in funds that track the market — like index funds and exchange traded funds (E.T.F.s) — as it's depressing their returns. Hedge funds only returned 23% from 2010 to 2015, compared to the 108% returns for the Standard & Poor's index.