Business & Entrepreneurship

New quantum physics and AI-powered microchip design software awarded grants

Amber Elise Carlson — Thu, 24 Jul 2025 04:02:09 +0000

New quantum physics and AI-powered microchip design software awarded grants Amber Elise Carlson Wed, 07/23/2025 - 22:02

Amber Carlson

Semiconductors鈥攕ubstances that can selectively conduct or block electricity鈥攈ave been dubbed the 鈥�brains of modern electronics.鈥� They form the building blocks of the chips that power electronic devices from laptops to smartphones and tablets to sports watches.

But semiconductors generate heat when they鈥檙e working, and they can easily get too hot, which hurts their performance and can damage them. While smaller chips are denser and more efficient at processing, they are harder to keep cool because of their size.

Sanghamitra Neogi, an associate professor in the Ann and H.J. Smead Aerospace Engineering Sciences department, is exploring ways to protect semiconductors and microchips from heat damage. She specializes in nanoscale semiconductors, which are so tiny their parts are measured in nanometers (billionths of a meter).

Sanghamitra Neogi speaks about her startup, AtomTCAD Inc., at 精品SM在线影片's Ascent Deep Tech Community Showcase on June 25, 2025. (Credit: Casey Cass/精品SM在线影片)

Neogi and her research group, CUANTAM Laboratory, have developed a sophisticated software called AtomThermCAD that can predict how the materials in a microchip respond to heat, which determines whether the chip will ultimately fail from overheating. AtomThermCAD is short for Atom-to-Device Thermal Computer Aided Design software for nanometer-scale semiconductor devices. The research behind this software was primarily supported by a $1 million DARPA MTO Thermonat grant awarded between 2023 and 2025.

Earlier this year, Neogi launched a startup to bring the software to market for semiconductor manufacturers and other customers. To kickstart her new company, AtomTCAD Inc., Neogi received $150,000 in recent grant funding from the state鈥檚 Office of Economic Development and International Trade, or OEDIT, matched by another $50,000 from Venture Partners at 精品SM在线影片, which helps CU faculty and researchers turn their discoveries into startups and partnerships through funding and entrepreneurial support.

The grant from OEDIT was an advanced industries proof-of-concept grant for researchers in advanced industries. Managed by OEDIT鈥檚 Global Business Development division, this funding is intended to accelerate innovation, promote public-private partnerships and encourage commercialization of products and services to strengthen Colorado鈥檚 economy.

OEDIT Executive Director Eve Lieberman said that Neogi鈥檚 work will benefit the entire semiconductor industry, a rapidly growing segment of Colorado鈥檚 economy.

鈥淒r. Neogi鈥檚 research addresses one of the industry鈥檚 toughest challenges by improving heat management at the nanoscale, which boosts chip performance and supports the growth of Colorado鈥檚 advanced technology sector,鈥� Lieberman said.

Chip designers use software like Neogi鈥檚 to test their designs without needing to actually build the chips. But unlike most chip design software, AtomThermCAD uses AI-accelerated quantum physics calculations to model the semiconductors and their components at an atomic level so it can accurately predict whether semiconductors or transistors too small to be seen by the naked eye will overheat.

The software could accelerate technological advancement by saving chip designers months, if not years, of time they previously had to spend developing and testing their designs.

Neogi drew on her expertise in physics and quantum technology to develop the software. She said as microchip components get smaller and smaller, approaching the level of individual atoms, researchers need to look to quantum physics to understand how the components behave.

Neogi also feels her approach could have applications beyond microchip development.

鈥淲hat we developed is a method where you can model the thermal phenomena of any kind of nanoscale tech device,鈥� she said. 鈥淏eyond microchips, it could be nanoscale medical devices and implants inside your body, or even drug delivery systems.鈥�

Beyond the story

Our quantum impact by the numbers:

60-plus years as the regional epicenter for quantum research
4 Nobel prizes in physics awarded to university researchers
No. 11 quantum physics program in the nation and co-leader on the new Quantum Incubator facility

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Sanghamitra Neogi in 精品SM在线影片鈥檚 aerospace engineering department will use $200,000 in grant funding to launch a startup in which she will offer software that uses quantum physics to model microchip designs.

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Podcast episode gives mid-year economic check-in

Megan Maneval — Tue, 01 Jul 2025 15:50:00 +0000

Podcast episode gives mid-year economic check-in Megan Maneval Tue, 07/01/2025 - 09:50

Brian Lewandowski and Richard Wobbekind of Leeds' Business Research Division discuss 2025's economic twists and turns and what may be on the horizon.

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Market mood swings: How fear spreads online鈥攁nd what it means for investors

Katy Hill — Wed, 18 Jun 2025 16:28:31 +0000

Market mood swings: How fear spreads online鈥攁nd what it means for investors Katy Hill Wed, 06/18/2025 - 10:28

Katy Marquardt Hill

When the stock market slumps, social media can amplify the anxiety.

New research finds that after major market drops, investor sentiment on platforms like Twitter and StockTwits turns sharply negative and attention to market news surges. But these emotional reactions tend to fade within a few weeks. What may last longer are the effects: That short-lived wave of fear and focus can ripple through the market, influencing trading activity and stock performance even after the initial panic dies down.

To understand these dynamics, a team of 精品SM在线影片 researchers analyzed millions of posts from 2013 to 2021 on three major investor platforms: StockTwits, Seeking Alpha, and Twitter (now called X). They built two daily indexes: one to track sentiment鈥攈ow much optimism people feel about the market鈥攁nd another to measure attention, or how much people are talking about stocks.

Tony Cookson

鈥淪ocial media is increasingly becoming a forum where investors display their sentiments in public view鈥攊t鈥檚 a natural setting to take the market鈥檚 pulse,鈥� said Tony Cookson, professor of finance at the Leeds School of Business who co-authored the working paper.

鈥淪entiment captures people鈥檚 emotions,鈥� Cookson explained. 鈥淚n contrast, attention reflects investors鈥� focus on markets, which can be high when investors are fearful or when they are enthusiastic.鈥�

The researchers used sentiment and attention data on Stocktwits, Seeking Alpha and Twitter posts that were scored as bullish or bearish. After aggregating these firm-level measures to the overall market level, they found that stock prices tend to rise just before high sentiment days, then typically fall over the following few weeks. In contrast, stock prices decline prior to high attention days, followed by a continuation of negative returns.

Their results have implications for investors. 鈥淲hen market attention is high, future returns are lower. On the flip side, after drops in sentiment, returns tend to recover,鈥� Cookson said.

Different forces, different paths

By separating sentiment and attention鈥攖wo ideas often lumped together in past research鈥攖he team was able to trace how each relates to the market. Sentiment, they found, tends to overreact to bad news, reflecting emotional responses that quickly reverse. Attention, on the other hand, grows.

鈥淭here鈥檚 a clear pattern,鈥� Cookson said. 鈥淲hen markets are going down, we see that sentiment stays down for a while, but then eventually recovers. Whereas attention doesn't exhibit that pattern at all. It tends to reflect yesterday's returns, but then it continues and builds.鈥�

Both forces are closely tied to market activity. When sentiment falls or attention spikes, trading volumes tend to rise. In other words, emotional reactions and market-wide attention鈥攂oth amplified during times of stress鈥攐ften drive trading activity together.

鈥淭hese are happening simultaneously,鈥� Cookson said. 鈥淭here鈥檚 a lot of trading when there鈥檚 a lot of negative sentiment. Those two go hand in hand鈥攖hey鈥檙e capturing and reflecting bad times in the market.鈥�

Volatility and asymmetry

While the study doesn鈥檛 analyze recent markets specifically, it offers a blueprint for understanding how volatility ripples through investor psychology. In tests using daily spikes in the VIX index鈥攁 popular measure of expected market volatility鈥攖he researchers found a consistent pattern: When volatility jumps, sentiment drops sharply and attention surges.

That response isn鈥檛 symmetric. 鈥淲e see this for sharp drops in the market鈥攏egative news鈥攂ut we don鈥檛 see it for similarly sharp spikes in markets,鈥� Cookson said. 鈥淭he negative days seem to leave more of a mark in the sentiment index and the attention index.鈥�

The asymmetry is critical. Fear reflects deeper and longer-lasting shifts in online investor mood than enthusiasm. When markets fall, social media sentiment turns negative鈥攁nd stays that way for several days. Attention, meanwhile, spikes and remains elevated, showing that fear drives sustained investor focus.

But after a market rally? Sentiment and attention barely budge.

Why does fear hit harder? 鈥淔ear spreads faster,鈥� Cookson said. 鈥淓nthusiasm is kind of a more gradual building process. You don鈥檛 see it in the daily patterns. You see fear on display in this daily index.鈥�

How panic travels

The effects don鈥檛 stay confined to a single stock. Instead, the researchers found that fear travels across firms.

鈥淚t鈥檚 not just sentiment about Apple and Tesla and Microsoft added up,鈥� Cookson said. 鈥淚t鈥檚 Apple affecting how you feel about Tesla or Microsoft.鈥�

That emotional spillover means sentiment that spreads across the whole market is less likely to be about information and more likely to reflect emotion. 鈥淲hen sentiment is focused on one thing, it鈥檚 more likely to be information,鈥� Cookson said. 鈥淲hen it鈥檚 spread across many things, that can鈥檛 be information鈥攊t has to be emotion.鈥�

What investors can learn

So what does all this mean for investors?

鈥淚n fearful times, sentiment tends to overreact鈥攖hat鈥檚 something to keep in mind,鈥� Cookson said. Meanwhile, increased investor chatter online, especially during anxious periods, often signals weaker stock returns ahead.

The old Warren Buffett dictum鈥斺€淏e fearful when others are greedy, and greedy when others are fearful鈥濃€攕till applies, Cookson said: 鈥淥ur results show how natural emotion is part of markets鈥攊t matters.鈥�

That emotional swing can be costly. 鈥淵ou might be prone to getting out of the market in a way where you end up buying high and selling low,鈥� Cookson said.

The practical takeaway? Stick to the basics.

鈥淒iversification is usually a good idea. Timing markets is usually a folly,鈥� he said. And be wary of the distorted lens social media can create. 鈥淓specially if you鈥檙e using social platforms like Twitter or even Seeking Alpha, you鈥檙e operating in a polarized information environment. Everything seems either good or bad鈥攎aybe it's good to fight the natural urge to act on sentiment.鈥�

New research shows how online sentiment and attention predict trading patterns and returns during volatile markets.

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After the layoffs, what does trust mean at work?

Katy Hill — Wed, 11 Jun 2025 20:57:13 +0000

After the layoffs, what does trust mean at work? Katy Hill Wed, 06/11/2025 - 14:57

Katy Marquardt Hill

In the aftermath of widespread layoffs across industries, the concept of trust at work is under new pressure. As companies operate with leaner teams and ask more of the employees who remain, being 鈥渢rusted鈥� with greater responsibility can carry mixed emotions. While trust is often intended as a vote of confidence, some employees may experience it as added pressure鈥攅specially when job security feels uncertain.

Supervisors often view trust as a show of confidence or a way to motivate employees. But in workplaces still adjusting to job cuts and uncertainty, that trust can land differently, especially for those with shaky confidence or low self-esteem. Instead of feeling empowered, employees may experience it as a high-stakes responsibility that brings more stress than stability.

A growing body of research shows that when trust isn鈥檛 grounded in a sense of self-esteem at work, it can backfire鈥攍eading to stress, disengagement and even conflict at home.

Tony Kong

Recent research published in the Journal of Management Studies offers new insight into this dynamic. Led by Tony Kong, an associate professor in organizational leadership and information analytics at the Leeds School of Business, the study found that employees鈥� self-esteem at work plays a crucial role in how they interpret and respond to trust from their supervisor.

It might seem intuitive to think that feeling trusted by a supervisor will boost an employee鈥檚 engagement and performance, but the reality is more nuanced, Kong said.

"If employees feel valued and important in their workplace, then feeling trusted is a positive experience,鈥� he said. 鈥淭hey feel ready to invest themselves in their work, which enhances their job performance and reduces their work-home conflict.鈥�

However, not every employee feels valued at work. According to Kong, employees who feel unappreciated or devalued in their roles may experience trust from their supervisor in a negative way. For them, being trusted by a supervisor can feel like a heavy burden instead of a morale boost. When they are given extra responsibilities鈥攕uch as a big project or a leadership role鈥攊t may cause imposter feelings, self-doubt and anxiety, Kong said.

"Trust can be heavy,鈥� he said. 鈥淲hen someone trusts us on really critical things and we don鈥檛 have confidence in our ability or worth to live up to that trust, it becomes a stressor.鈥�

The impact of trust on work-life balance

The stress from feeling overly trusted can extend into an employee's home life, according to the study, which was conducted in two phases in the United States and China.

The researchers, who also included Cecily Cooper of the University of Miami; Jian Peng of Southeast University in China; Craig Crossley of the University of Central Florida; and Reka Anna Lassu of Pepperdine University, conducted two survey studies in the two countries and found the relationship between felt trust and work engagement was positive when employees鈥� self-esteem at work was higher. It found the opposite when self-esteem was lower. Similarly, employees with higher self-esteem at work were better at managing work and home demands, while those with lower self-esteem saw more negative effects at home.

"These negative experiences can easily spill over into home life, leading to conflicts with family members," Kong said.

On the other hand, when employees with higher self-esteem at work are given trust, they feel capable of meeting those expectations鈥攁nd it enhances their performance both at work and in their home lives, the study found.

Balancing trust and avoiding disengagement

As an employee, how can you manage the weight of trust at work? It starts with recognizing where you stand within your workplace鈥檚 culture of trust. Are you feeling truly valued by your supervisor and colleagues? If not, it may be worth addressing that gap before stepping into roles that require additional responsibility, Kong said.

This could mean discussing your workload with your supervisor or seeking feedback on your contributions to help ensure you're recognized for your strengths.

Employees who feel trusted should also reflect on their own self-esteem in the workplace and communicate their needs to their supervisor. If you feel overwhelmed or unsure about your abilities or status at work, speak up before taking on more responsibility.

"Your supervisor can only help if your high or low need for trust is known," Kong suggests. "If you feel like you're struggling with low self-esteem at work, you should communicate the issue and address it with your supervisor, so your supervisor can better manage trust and give you appropriate responsibilities."

How managers and HR can help

Managers and human resources departments play a critical role in managing employee trust at work, according to another research paper authored by Kong and published in the Journal of Management. Kong said the first step for managers is to ensure their employees feel valued before extending trust.

"Trust cannot be given blindly or recklessly," Kong explains. "First, make sure employees feel that they matter in the workplace. Appreciation and recognition go a long way toward building that foundation."

Before trusting an employee with high-level responsibilities, it鈥檚 crucial for managers to ensure that employees feel valued and esteemed.

"If you鈥檙e going to give someone a stretch assignment or involve them in a critical decision, make sure they feel important first," Kong said. "The key is making employees feel that their contributions are unique and significant. When they feel like their voice or support matters, they will feel more confident living up to your trust."

This can be achieved through simple actions like providing constructive and honest feedback regularly, offering recognition for good work and showing appreciation for employees鈥� unique strengths and the small things they do to make the workplace better.

Ultimately, trust can be a strong force for good in the workplace鈥攂ut it has to be managed thoughtfully, Kong said.

鈥淲hen trust is given in alignment with the levels of employees鈥� self-esteem at work, we are more likely to build a high-engagement, high-performance and low-stress workplace that benefits everyone and makes everyone flourish,鈥� he said.

Supervisors often see trust as a motivator鈥攂ut in a workplace shaken by layoffs, it can create stress instead of stability.

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Sustainable spinouts: Innovation in action

Megan Maneval — Mon, 09 Jun 2025 15:49:22 +0000

Sustainable spinouts: Innovation in action Megan Maneval Mon, 06/09/2025 - 09:49

Coloradan

From engineered "living" sidewalks to quantum-fueled leak detection systems, several CU spinouts are bringing Earth-focused breakthroughs to the marketplace.

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What 'no tax on tips' really means for service workers鈥攁nd everyone else

Katy Hill — Tue, 27 May 2025 14:38:58 +0000

What 'no tax on tips' really means for service workers鈥攁nd everyone else Katy Hill Tue, 05/27/2025 - 08:38

Katy Marquardt Hill

The broad tax package passed by House Republicans last week includes a bill that would eliminate federal income taxes on tips, advancing a key campaign promise from President Trump with unexpected bipartisan support.

If enacted, the change would take effect from 2026 through 2028. The idea is straightforward: Let tipped workers keep more of their earnings. But how would the bill actually work鈥攁nd what could it mean for the broader tax system, tip culture and even Social Security?

Nicole Lazzeri

精品SM在线影片鈥檚 Nicole Lazzeri, a teaching assistant professor of accounting at the Leeds School of Business, sat down with 精品SM在线影片 Today to walk through the policy proposal, what it actually covers and what workers and taxpayers should know.

At a high level, what is this 鈥渘o tax on tips鈥� idea trying to accomplish? Who benefits the most?

The biggest direct beneficiaries would be people who rely on tips for a significant portion of their income鈥攔estaurant servers, rideshare drivers, barbers, nail techs, bellhops. That part is pretty clear.

But when you look under the hood, it gets a little more complicated. The current version of this proposal鈥攖he one included in what鈥檚 been dubbed the 鈥淏ig, Beautiful Bill鈥濃€攄oesn鈥檛 actually remove all taxes on tips. It lets workers deduct their reported tip income from their federal income taxes, but tips would still be subject to payroll taxes鈥攖hat鈥檚 Social Security and Medicare, the 7.65% that鈥檚 taken out of every paycheck.

So yes, it would help some workers. But not as much as it might seem.

So this isn't the same as treating tips like gifts, which aren鈥檛 taxed at all?

Exactly. There were earlier versions of this idea that would have classified tips as gifts, which means they wouldn鈥檛 be taxed at all. But that鈥檚 not how this latest version is written.

Instead, you鈥檇 still report your tips on your W-2, and they鈥檇 still count for payroll tax purposes. The change is that you鈥檇 get what鈥檚 called an 鈥渁bove-the-line鈥� deduction on your income taxes. That鈥檚 good, because it means you don鈥檛 have to itemize to take the deduction. But if you make over $160,000, you wouldn鈥檛 be eligible at all.

What鈥檚 the real-world impact for workers鈥攅specially low-income workers who may not owe much in federal taxes anyway?

This is a big one. Many workers who earn most of their income in tips鈥攅specially college students or part-time workers鈥攐ften don鈥檛 owe federal income tax in the first place. In fact, a 2022 stat I found said 37% of tipped workers had too little income to owe federal income tax.

But that doesn鈥檛 mean they don鈥檛 owe any tax. Most still have to pay that 15.3% self-employment tax鈥攐r at least half of that if they鈥檙e regular employees. And that kicks in at just $400 of earnings, way below the standard deduction for income taxes. So the policy may help some people, but not necessarily the lowest earners, which is important to understand.

Would this change have any impact on Social Security or Medicare funding?

As it鈥檚 written now, no鈥攏ot directly. Because tips would still be subject to payroll taxes, they鈥檇 still count toward Social Security and Medicare. If the proposal had treated tips like gifts, that would have been a bigger issue, since those programs are funded through payroll taxes.

Of course, it鈥檚 always possible that regulations change after the fact, but as of now, those contributions would still be made.

Are there any precedents in the tax code for something like this?

Not really鈥攁t least not for earned income. We have exclusions for things like scholarships, life insurance proceeds, gifts, inheritances. But those aren鈥檛 considered earned income.

This would be one of the first cases I know of where someone works for the money and then isn鈥檛 taxed on it鈥攁t least for income tax purposes. That鈥檚 pretty unusual.

What about other concerns or unintended consequences? Could this change tip culture itself?

There鈥檚 some speculation that it could go either way. On one hand, if customers know that tips won鈥檛 be taxed, they might tip less, assuming workers are keeping more of it. Tip fatigue is a real thing鈥攑eople are already frustrated by how often they鈥檙e asked to tip, especially for counter service.

On the other hand, maybe workers would be more motivated knowing they鈥檒l keep more of each dollar. So it鈥檚 hard to say how that will net out.

Another thing to remember: States don鈥檛 have to follow federal tax policy. Some may still tax those tips at the state level. During the COVID pandemic, for example, federal unemployment benefits were made tax-free retroactively鈥攂ut some states kept taxing them. That could happen here, too.

Why do you think this polls so well, even though the details are so wonky?

I think it just sounds good. It鈥檚 an easy message鈥斺€淟et workers keep their tips鈥濃€攖hat appeals to a broad audience.

It could also be a way to energize younger voters or blue-collar workers in swing states. I鈥檝e seen similar momentum with policies like legalizing marijuana or forgiving student loans鈥攖hings that play well in campaign ads even if the actual implementation is complex or limited.

Could this open the door for other industries to ask for similar exemptions?

That鈥檚 a possibility. Once you carve out one type of income from taxation, it becomes harder to argue why others shouldn鈥檛 get the same treatment.

From a tax policy perspective, it鈥檚 cleaner to pass laws that apply across industries, rather than adding more exceptions to an already complicated code.

Is there anything else that people should know about this?

One small but interesting detail is that employers could also benefit. Restaurants and similar businesses could claim a credit for the payroll taxes they pay on cash tips鈥攂ut only if those tips come from serving food or drinks. The 鈥淣o Tax on Tips鈥� bill proposes to extend this credit to employers in the beauty service industry.

Also, the current proposal would expire at the end of 2028. So unless Congress extends it, this could be temporary.

Bottom line?

This policy could offer some real savings for service workers鈥攂ut the name doesn鈥檛 tell the full story. Tips would still be taxed in some ways, and not everyone stands to benefit equally.

A plan to eliminate federal taxes on tips is moving forward, but the benefits may be smaller than they sound. Nicole Lazzeri walks through the policy proposal and what workers and taxpayers should know.

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What the US credit downgrade means for the economy and your wallet

Katy Hill — Wed, 21 May 2025 18:48:12 +0000

What the US credit downgrade means for the economy and your wallet Katy Hill Wed, 05/21/2025 - 12:48

Katy Marquardt Hill

Moody鈥檚 recent decision to downgrade the U.S. credit rating for the first time in history has reignited concerns on Wall Street and beyond, as investors reassess the reliability of government debt. The credit rating agency cut the country鈥檚 long-standing triple-A rating by one notch last week, citing rising federal debt and mounting interest costs鈥攆actors that could make borrowing money more expensive and pressure an already strained stock market.

With this move, all three major credit rating agencies have now downgraded the United States from their highest rating: Standard & Poor鈥檚 did so in 2011, Fitch followed in 2023 and now Moody鈥檚 in 2025.

The move rattled bond markets, sending long-term Treasury yields above key thresholds and raising alarms about potential fallout for consumer loans, including mortgages and credit cards.

Nathalie Moyen

To break down what Moody鈥檚 downgrade means, 精品SM在线影片 Today sat down with Nathalie Moyen, a finance professor at the Leeds School of Business and the W.W. Reynolds Capital Markets Program Chair. In this role, she supports the World of Business course for first-year students, which explores the role of business in society.

What does it mean when a country like the U.S. gets a Moody鈥檚 downgrade, and why is this significant?

Moody鈥檚 evaluates publicly available information about the U.S. government's financial position and offers its opinion on the country鈥檚 ability to repay its debt. Because Moody鈥檚 bases its assessments on existing data, its downgrade on May 16 did not introduce any fundamentally new information. However, many investors rely on credit rating agencies to interpret complex financial details, so the downgrade was significant to them.

What made this downgrade particularly shocking is that Moody鈥檚 had consistently rated U.S. debt as essentially risk-free since it first issued a rating in 1917. The U.S. maintained that top rating even through the Great Depression, World War II and the Great Recession in 2008.

What鈥檚 in a downgrade?

Imagine a high school graduate who leaves their job to attend the University of Colorado. While in school, their income drops and their personal credit score may fall. As educators, we view this as a worthwhile investment. Once the student graduates, they should be better off and their credit rating is likely to surge above previous levels.

The same principle applies to countries. The debt the U.S. accumulated to finance World War II could have warranted a downgrade at the time, especially since the outcome of the war was uncertain. But Moody鈥檚 did not downgrade it. Today鈥檚 rising U.S. debt levels don鈥檛 stem from such extraordinary circumstances, yet financial markets now only recognize the possibility that the U.S. may eventually struggle to meet its debt obligations.

How does a downgrade like this impact everyday Americans鈥攆or example, mortgage rates, car loans or credit card interest?

The downgrade is a reflection of higher borrowing costs. U.S. Treasury yields, used as benchmarks for many consumer borrowing rates, have been rising steadily since 2020. As a result, most Americans have already experienced higher interest rates on new mortgages, auto loans and credit card balances.

These rising rates embed growing concerns about U.S. fiscal risk and have also affected retirement savings through market volatility. Higher financing costs may lead businesses to delay hiring or investment, slowing economic growth.

Meanwhile, the U.S. government now faces higher interest payments on its own debt. Eventually, that pressure will likely lead to higher taxes or cuts in government spending, both of which will be felt by everyday Americans.

We saw the 30-year Treasury yield briefly top 5%. Why does that matter, and what does it tell us about investor sentiment right now?

One of the most fascinating aspects of financial markets is that they reflect collective expectations about the future. Yields on the 30-year Treasury debt incorporate all currently available information and beliefs about what lies ahead. While our common law system is grounded in precedent, financial markets are inherently forward-looking. Together, these legal and financial systems help stabilize our political institutions by offering both structure and foresight.

Because markets aggregate future expectations, a loss of confidence in the economy can become a self-fulfilling prophecy. If investors and businesses expect negative outcomes, they may delay investment and innovation, actions that can themselves trigger or worsen the downturn they feared in the first place. The increase in Treasury yields signals rising concerns about future inflation, debt sustainability and policy uncertainty, all of which point to a growing unease.

Moody鈥檚 cited long-term fiscal challenges, rising interest costs and political gridlock. How should we interpret this decision and the concerns behind it?

These concerns are real and warrant attention, but it's important to step back and take a broader perspective. In the early 1980s, the 30-year Treasury yield remained above 10% for several years. Since then, borrowing costs have generally trended downward, giving rise to the 鈥淕reat Moderation,鈥� a period marked by lower inflation, milder recessions and reduced market volatility.

As recently as 2020, the 30-year Treasury yield was below 2%. Today, while it has climbed, it is hovering around 5%. In historical context, the U.S. has weathered far more turbulent conditions. That history should give us reason for cautious optimism. We鈥檝e faced serious fiscal and economic challenges before and emerged stronger. The key now is to steer the economy toward more stable ground.

With the U.S. now rated just below triple-A by all major agencies, are Treasurys still considered a 'safe haven' investment globally?

What makes the U.S. a 鈥渟afe haven鈥� isn鈥檛 just the credit rating of the federal government, whether it鈥檚 Aaa or one notch below. The safety comes from the strength of our legal and financial institutions: the rule of law, an independent central bank, the deep, liquid financial markets and the continued role of the U.S. dollar as the world鈥檚 reserve currency. Moody鈥檚 downgrade is a stark reminder that none of this should be taken for granted.

How do Trump-era policies鈥攍ike renewed tariffs and proposed tax cuts鈥攆actor into Moody鈥檚 downgrade and the broader fiscal picture?

Moody鈥檚 downgrade came on Friday, May 16, as Congress was debating the 鈥淥ne Big Beautiful Bill Act.鈥� It鈥檚 tempting to view that moment as the final straw that broke the camel鈥檚 back, but the reality is that the downgrade was a long time coming.

Standard & Poor鈥檚 removed its top rating for U.S. Treasurys back in 2011 during the debt ceiling standoff between Republicans and Democrats. Fitch downgraded its rating in 2023. Now, all three major credit agencies agree: There is a non-zero probability that the U.S. may eventually find it difficult to repay its debt.

Some argue that as long as the U.S. controls its own currency, it can鈥檛 default in the traditional sense. Does that lessen the weight of these credit downgrades?

Yes, the Federal Reserve could step in and print money to prevent a technical default by the U.S. government. Doing so would inject more dollars into the system, fueling inflation and weakening the U.S. dollar relative to other currencies. As global investors see the value of their U.S. holdings decline, they would be less inclined to buy U.S. government debt. In turn, the U.S. government would need to offer even higher interest rates to persuade these investors to continue lending money.

So while printing money might avoid a traditional default, it leads to a downward spiral. It may not be default in the classic sense, but it鈥檚 still a losing strategy.

精品SM在线影片 Today regularly publishes Q&As with our faculty members weighing in on news topics through the lens of their scholarly expertise and research/creative work. The responses here reflect the knowledge and interpretations of the expert and should not be considered the university position on the issue. All publication content is subject to edits for clarity, brevity and university style guidelines.

Finance expert Nathalie Moyen explains why the U.S. losing its top-tier credit rating is more than a symbolic shift 鈥� and how it could impact borrowing, savings and government spending.

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Will tariffs disrupt your summer vacation plans? Probably not, finance expert says

Katy Hill — Tue, 20 May 2025 22:07:50 +0000

Will tariffs disrupt your summer vacation plans? Probably not, finance expert says Katy Hill Tue, 05/20/2025 - 16:07

Katy Marquardt Hill

As families plan summer getaways鈥攂ooking flights, reserving hotels and mapping out road trips鈥攎any are also keeping a close eye on rising prices. Could new import taxes, including those recently enacted by the Trump administration, make vacations more expensive?

Edward Van Wesep, professor and chair of the finance division at the Leeds School of Business, studies financial decision-making and how economic policy impacts consumers. He sat down with 精品SM在线影片 Today to explain why tariffs are unlikely to disrupt most Americans鈥� summer travel鈥攁nd where consumers might actually feel the pinch.

Edward Van Wesep

Will tariffs increase the cost of summer travel for most Americans?

Not significantly. Most summer travel spending goes toward services鈥攍ike hotels, flights and activities鈥攁nd services are generally not subject to tariffs. If you're traveling internationally, tariffs are even less relevant. For example, if you go to Mexico and stay in a hotel or dine out, tariffs don鈥檛 apply to what you鈥檙e consuming there. Domestically, tariffs might slightly affect businesses that import goods, but any price increases are likely to be small and not passed on directly to consumers in a noticeable way.

Could tariffs impact prices for airfare or hotels?

Only in very limited ways. Hotels might import certain goods, but these aren't major parts of their day-to-day operating costs. What matters more for pricing is demand. If demand stays high, prices will too. If fewer people travel, prices may drop. Airlines face similar dynamics; imported parts might raise maintenance costs, but that doesn't automatically translate into higher ticket prices.

What about gas prices?

Gas prices tend to be higher in the summer, but I wouldn't expect anything drastic. The average price nationwide is $3.17 per gallon, which is the same as in 2007, 18 years ago. Oil prices lead gas prices by a few weeks and they have been trending down so, if anything, I would expect the price of gas to fall. Tariffs don't have much to do with gas prices because we are not an energy importer.

Are there types of travel-related purchases where tariffs will be felt more directly?

Low-cost imported goods are the most vulnerable. Think toys, clothes or travel gear bought from places like Walmart or online retailers such as Temu. These products are often imported with very thin profit margins, meaning companies have little room to absorb the cost increases and will pass them directly to consumers. So if you're stocking up for a family trip, you might notice higher prices on those items.

Could inflation or consumer pullback affect summer travel more than tariffs?

Possibly, but not yet. Consumer sentiment has been negative, but actual spending remains strong. Personal consumption forecasts for this quarter are reasonably strong, and people are still traveling. However, if inflation in areas like food or fuel starts to squeeze household budgets, we could see a dip in demand. If that happens, prices for travel-related services鈥攍ike hotels鈥攎ight fall to attract more customers.

What about less visible vacation costs like theme park tickets or attraction fees?

In most cases, those won鈥檛 change much either. Theme parks base ticket prices on demand. Even if tariffs increase the cost of imported parts or supplies used in the park, the effect on ticket pricing is minimal. The cost of letting in one more visitor is low, so prices are more about strategy than expenses. Unless there鈥檚 a major drop in attendance, prices are unlikely to shift significantly.

Is it smarter to book summer travel now or wait?

Planning ahead is wise, especially in an uncertain environment. Prices always fluctuate with demand, but current economic unpredictability adds another layer. For travelers, that means it鈥檚 a good idea to book early, secure refundable options when possible and have backup plans in place鈥攍ike alternatives for accommodations or transportation in case of cancellations.

Tariffs may hit prices for toys and clothes, but your travel costs are likely safe. Finance professor Edward Van Wesep explains why.

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No likes? No problem: Why posting your vacation photos still gives you good vibes

Katy Hill — Mon, 19 May 2025 22:27:15 +0000

No likes? No problem: Why posting your vacation photos still gives you good vibes Katy Hill Mon, 05/19/2025 - 16:27

Katy Marquardt Hill

You're scrolling through your camera roll after a beach weekend or a long-awaited trip to Europe. You post a few snapshots to your Instagram story. A few people view them, but no one likes or comments. Still, that small act of sharing somehow feels like enough.

According to a new study, just being seen online鈥攅ven without receiving any feedback鈥攃an enhance your mood, feed your self-esteem and leave you with positive memories. Researchers call this the 鈥渕ere attention effect,鈥� and it reveals something surprisingly uplifting about the way we engage with social media.

Alix Barasch

鈥淚t turns out that just being noticed can be surprisingly powerful,鈥� said Alixandra Barasch, an associate professor of marketing at Leeds School of Business and co-author of the study, published in the Journal of the Association for Consumer Research in March 2025. 鈥淎ttention is a limited resource, and simply knowing that someone has seen what you鈥檝e shared鈥攚ithout necessarily liking or commenting鈥攃an still have a meaningful impact.鈥�

Social media has come under intense scrutiny in recent years for its harmful effects on mental health, especially among young people. But this study suggests that not all social media use is damaging. It highlights a more positive side of online sharing鈥攕howing that even brief moments of visibility and connection can offer psychological benefits.

Being seen > being liked

Across four experiments, the researchers asked participants to imagine sharing experiences鈥攆rom telling a story at a dinner party to posting a photo on social media鈥攁nd then manipulated how much attention the participants believed it received. Some imagined receiving lots of views or listeners, while others received few. The researchers, including co-authors Matthew J. Hall of Oregon State University and Jamie D. Hyodo of Western University in Ontario, Canada, also tested whether feedback like likes and comments changed how people felt.

The result? People felt just as good receiving attention alone as they did with approval鈥攕uggesting that just being seen was enough to boost self-esteem and satisfaction.

鈥淚t鈥檚 not always about the applause or the reactions,鈥� Barasch said. 鈥淭he fact that someone is there, witnessing our experience, gives it value.鈥�

This simple truth may explain our social media posts about the mundane鈥攍ike a photo of our morning coffee or a walk in the park.

鈥淚t helps explain why we share even the most routine parts of our day,鈥� Barasch said, 鈥渂ecause it gives them extra value.鈥�

Why views still matter

While much of the social media conversation focuses on external validation鈥攃hasing likes, curating perfect images and comparing follower counts鈥攖his study offers a different take.

鈥淭he attention itself is enough,鈥� Barasch explained. 鈥淲hat really matters is knowing someone spent time on your content鈥攅ven without clicking like.鈥�

That鈥檚 likely why people return to check who viewed their stories, even if they don鈥檛 consciously care about engagement.

鈥淭here鈥檚 that dopamine hit from just knowing people watched鈥攖hat we鈥檝e been seen,鈥� Barasch said.

Social media and memory

The study also found that being seen affects not just how we feel about ourselves, but how we remember the experiences we share.

鈥淢ost of our utility is retrospective,鈥� Barasch said. 鈥淭he way we remember our lives鈥攐ur trips, our moments鈥攎atters more than we think.鈥�

Even if attention doesn鈥檛 help you remember new details, it can change the focus of your memory.

鈥淟et鈥檚 say you had a trip to France. Some days were perfect, others rainy and frustrating,鈥� she said. 鈥淧osting and receiving attention would likely shift your focus toward the positive moments鈥攍ike drinks on a sunny patio with your best friends.鈥�

In this way, attention not only builds self-esteem in the moment, it makes our memories more positive.

鈥淭his research shows a spillover: if people pay attention to me, I feel better socially. And that can actually change how I feel about the experience I shared,鈥� she said.

Constructing identity in the digital age

Barasch emphasized that digital attention has become a key part of how people construct their identities.

鈥淲e鈥檙e always trying to understand ourselves鈥攁nd now, so much of that happens through digital attention,鈥� she said. 鈥淚t鈥檚 another way we connect with people.鈥�

And while social media shouldn鈥檛 be the only way we build self-worth, it鈥檚 a meaningful addition to how we understand ourselves, she added.

The research also has implications for marketers. It suggests that when consumers post about brand-related experiences and receive views, even without feedback, they may remember the experience more positively, buy the product again and say nice things about it. To make the most of this, marketers could design packaging or create events that are 鈥渟hare-worthy鈥� and share consumer photos or posts about a product on their own platform.

鈥淭his research has real value for companies,鈥� Barasch said. 鈥淭he positive spillover from social self-esteem can shape how consumers remember brand experiences鈥攍ike drinking a personalized Coke鈥攍ong after the moment has passed.鈥�

So if you鈥檙e wondering whether to post that vacation photo鈥攅ven if no one double-taps鈥攇o ahead. Just sharing it might be enough to lift your mood and make the moment last a little longer.

New research shows that just being seen on social media鈥攚ithout likes or comments鈥攃an still boost your mood and shape your memories.

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New climate initiative to turn student innovations into startup success

Katy Hill — Mon, 05 May 2025 11:30:00 +0000

New climate initiative to turn student innovations into startup success Katy Hill Mon, 05/05/2025 - 05:30

Katy Marquardt Hill

Ashley Grosh, 精品SM在线影片 alum and vice president at Breakthrough Energy, founded by Bill Gates in 2015, unveils the Leeds School of Business's new initiative, Boulder Climate Ventures. Credit: Cody Johnston

In a major step toward accelerating Colorado鈥檚 climate innovation economy, 精品SM在线影片 has launched Boulder Climate Ventures, a new interdisciplinary program that equips students to develop and launch high-impact startups focused on climate solutions. The program is supported by Breakthrough Energy, a global initiative focused on advancing climate and energy solutions through innovation and investment.

Led by the Center for Ethics and Social Responsibility (CESR) and the Deming Center for Entrepreneurship at the Leeds School of Business, Boulder Climate Ventures is a graduate-level program that connects students鈥攑rimarily from business, engineering and science backgrounds鈥攖o a growing network of experts, researchers and entrepreneurs tackling sustainability challenges.

Boulder Climate Ventures is the newest addition to Breakthrough Energy鈥檚 University Climate Ventures network, joining Stanford University, MIT, Technical University of Munich and Nanyang Technological University in Singapore. 精品SM在线影片 is the first U.S. public university to be included in the network鈥攁 milestone that reflects the university鈥檚 growing leadership in climate innovation, said Andrew Mayock, vice chancellor for sustainability.

鈥淲e have the student ingenuity, strong faculty support, cutting-edge research and supportive ecosystem to catalyze the technological transformations the world needs,鈥� Mayock said. 鈥淭his program is a prime example of where we鈥檙e headed as a university and broader community.鈥�

Founded by Bill Gates in 2015, Breakthrough Energy supports promising climate and energy technologies on their path to scale-up. Its platform includes Breakthrough Energy Ventures, a venture fund focused on high-impact startups; Catalyst, which funds first-of-a-kind commercial-scale projects; and Discovery, which supports early-stage innovation through initiatives like the Fellows program and University Climate Ventures. As part of this collaboration, CU students will gain access to Breakthrough Energy鈥檚 global network of innovators, mentors and investors鈥攁ccelerating their ability to bring climate solutions from the lab to the market.

鈥淲ith Boulder Climate Ventures, we鈥檙e advancing a bold vision where innovation, sustainability and interdisciplinary learning converge to create lasting impact,鈥� said Vijay Khatri, Tandean Rustandy Endowed Dean of the Leeds School of Business.

That vision is deeply aligned with 精品SM在线影片鈥檚 broader mission, said Bryn Rees, associate vice chancellor for innovation and partnerships.

鈥淏oulder Climate Ventures is a natural extension of 精品SM在线影片鈥檚 commitment to harnessing innovation for real-world impact. By supporting interdisciplinary collaboration and fostering the next generation of climate tech entrepreneurs, we are not only addressing critical environmental challenges but also positioning our university as a leader in developing scalable solutions,鈥� Rees said. 鈥淏oulder Climate Ventures will complement and integrate with the many other programs at 精品SM在线影片 to support all those who wish to build transformative ventures.鈥�

Igniting student startups

Boulder Climate Ventures includes a two-part entrepreneurship course launching in fall 2025.

The first course, 鈥淏usiness Opportunities in Climate Tech,鈥� which is being tailored to enhance 精品SM在线影片鈥檚 established innovation network, will explore emerging challenges and innovations in key Mountain West sectors鈥攕uch as mining, water management, energy, agriculture and wildfire resilience鈥攖hrough a seminar focused on real-world cases and expert insights. The class aims to equip students with the knowledge to identify scalable venture opportunities while building a community of entrepreneurs that will guide team formation for the second part of the course.

The follow up course, called 鈥淐limate Tech Venture Discovery,鈥� includes entrepreneurship lectures and guest visits from founders and investors. Students will receive support from climate tech and venture capital advisors and work toward launching a viable company by conducting customer discovery, completing a techno-economic analysis, developing an investor pitch and presenting to external judges.

鈥淲e鈥檙e creating a low-risk space for students to test climate tech ideas using a proven, market-driven curriculum,鈥� said Katherine Ratledge, program manager at CESR at Leeds. 鈥淏y building a strong community across CU and the Rocky Mountain region, we鈥檙e empowering future climate innovators to turn bold ideas into real-world impact.鈥�

A natural climate hub

鈥淏oulder鈥檚 unique mix of culture, talent and research makes it a natural hub for climate innovation鈥�, said Ashley Grosh, vice president at Breakthrough Energy and a CU alum.

鈥淏oulder has all the right building blocks鈥攚orld-class research, a deep-rooted culture of sustainability and a thriving startup ecosystem,鈥� Grosh said. 鈥淲e don鈥檛 have to build that from scratch. The ecosystem is here. It鈥檚 about connecting the dots and fueling momentum.鈥�

精品SM在线影片 has long been a leader in sustainability-focused innovation. The university has launched 44 sustainability-focused spinouts, ranging from companies developing low-carbon building materials to startups using quantum technology to detect and prevent methane leaks from oil and gas operations. This spring, 精品SM在线影片 was also awarded $1 million in climate innovation grants through a partnership with Deloitte and broke ground on a 1.1 megawatt solar array on its East Campus as part of its plan to achieve carbon neutrality by 2050.

Organizers say Boulder Climate Ventures is designed to grow with the community and reflect CU鈥檚 distinct strengths rather than mirror existing models at other institutions.

鈥淪tanford has its version, MIT has its flavor,鈥� Grosh said. 鈥淎nd this program will reflect CU鈥檚 identity. Our hope is that it grows authentically鈥攕haped by CU鈥檚 unique strengths and community.鈥�

The Leeds School of Business program makes 精品SM在线影片 the first U.S. public university in Breakthrough Energy Discovery鈥檚 global network, joining MIT and Stanford.

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