World leaders and business people have left Davos after an eventful annual meeting of the World Economic Forum dominated by US President Donald Trump.
Reuters presents five takeaways from the Davos Forum:
Geopolitics
Europe has learned the value of standing up to Trump. The claim on Greenland crossed all red lines regarding territorial sovereignty, and Europe's resistance, possibly aided by subsequent financial market collapse, was seen as one of the reasons Trump backed down.
But Europe's trust in the transatlantic relationship with Washington has been severely shaken, and its leaders are looking for ways to act more swiftly when the next crisis arises.
"Efforts are being made to advance the European decision-making process. We are probably too slow," said a European Union official.
Many European leaders have stated that they found the approach of the Trump administration offensive and undiplomatic, even though some said the American president raised legitimate issues.
Ukraine was initially overshadowed during Davos, but when Trump announced an agreement on Greenland, Ukrainian President Volodymyr Zelensky came to Switzerland for discussions. A peace deal seems elusive, despite American, Ukrainian, and Russian officials discussing progress.
In another sign of the Trump administration's influence on the agenda, Russian President Vladimir Putin's envoy, Kirill Dmitriev, landed in Davos on Tuesday for discussions with American officials - the first Russian official to visit Davos since Russia's invasion of Ukraine in 2022.
Dmitriev held talks with American officials without participating in the Forum.
European leaders openly debated not only whether Trump might attack Iran, but also what would follow. Will the regime collapse? And if it does, who will bear the consequences? Trump's unpredictability has once again become a defining feature of the event.
Macroeconomics and Markets
Threats by the US to impose tariffs on European allies who resist Trump's ambition to acquire Greenland have inflamed trade tensions and heightened concerns among CEOs that Europe can no longer rely on the US.
"When you talk to business people today, what do they want? Stability, predictability, and the rule of law. I would say they are insufficient," said Canadian Finance Minister François-Philippe Champagne during a debate on tariffs.
Trump's handling has amplified the arguments of those advocating for countries and companies to diversify trade, moving away from an increasingly protectionist US, and to engage in more trade among themselves.
Financial institutions were hoping for increased trade activity and growth this year, facing potential disruptions from politics, geopolitics, artificial intelligence, and US financial technology.
JPMorgan CEO Jamie Dimon warned that a proposal to cap credit card interest rates would be an economic disaster, while other bankers said they are trying to shape the administration's policy on affordability.
Crypto industry leaders discussed the potential of stablecoins and blockchain technology to disrupt finance. Some bankers said they are experimenting with the new technology, while others remained cautious.
Macroeconomic outlooks, questions about the independence of the US Federal Reserve, and fears of bubbles in artificial intelligence and other assets have affected investors.
Artificial Intelligence
The tech industry came to Davos in force, with rare appearances by Tesla CEO Elon Musk and Nvidia's Jensen Huang.
AI startup Anthropic set up office spaces on Davos's main street for a week, aiming to boost its enterprise sales.
And, unlike the skepticism at the end of 2025, executives said they are leaving behind concerns that the market is overvaluing AI companies.
While jobs will disappear, they said new ones will emerge. AI would be an excuse to justify layoffs, not necessarily the cause, two business leaders told Reuters.
But union leaders feared AI would destroy jobs and lead to more inequality, some calling for regulation and professional training.
Energy
Big Oil returned to Davos with a vengeance after a year of Trump's presidency, who ordered a halt to wind parks and urged American companies to drill for more oil domestically and abroad.
US Energy Secretary Chris Wright told a panel that global oil production needs to double to meet the increasing demand for energy.
Wright also said that Europe and the American state of California are wasting too much money on investments in green energy. The Trump administration is radically changing the narrative, which the oil industry likes, said an oil industry executive.
However, breaking ranks with Trump on renewable energy, Elon Musk said the US could produce enough solar energy to meet all its electricity needs, including the expanding demand due to the proliferation of energy-hungry data centers of Big Tech.
"You could take a small corner of Utah, Nevada, or New Mexico - a very small percentage of the US surface - to generate all the electricity the US uses. Unfortunately, the tariff barriers for solar energy are extremely high, making the economics of solar energy implementation artificially high," Musk said.
Defense
The world breathed a sigh of relief after Trump said he would not resort to a military solution to his Greenland requests. But some executives are pinning hopes on increased European and American defense spending, including construction projects and hirings.
Trump also spoke about a secret sonic weapon he said was used during the capture of Venezuelan President Nicolas Maduro.
Russia and China will have to start from scratch, Trump said. Russian intelligence services are analyzing this, the Kremlin said.