Silicon Valley's early return on Trump investment: Plunging valuations, delayed IPOs / Newsom to world: California open for business / California businesses are reeling from Trump's on-again, off-again tariffs / ValueAct takes a stake in Sanwa. How the activist can make a good company into a great one / Co-founders of Silicon Valley venture capital firm back Trump's presidential bid / AI startups are resurrecting San Francisco's commercial real estate / Silicon Valley investors build $300bn cash pile in start-up funding crunch / A new breed of companies expand in San Francisco’s prime areas