🚀🌳📉🏦👋🤖📈💫 This week in Bay Area business: bumper AI funding, a tech firm hiring, prime rib and Robert Redford

A tsunami warning caused alarm across the Bay Area this week. It put a lot of things in perspective but it wasn’t the only thing causing headlines. 

Oakland’s credit rating took a hit, the downgrade by Fitch being the latest piece of bad news the city has faced in recent months. Wells Fargo announced plans to sell its San Francisco headquarters while a famous S.F. restaurant could be facing legal trouble. 

It wasn’t all bad news, though. 

It might be December (how?) but a tech firm signed the biggest Bay Area lease of the year. While another tech firm announced a slew of new jobs.

November was a bumper month for AI funding and tech stocks started December strongly. 

So, just another week in Bay Area business.

Oakland's credit rating cut by Sarah Klearman

Amid budget deficits and political turmoil Fitch Ratings cut Oakland's credit rating. It's the latest in a series of blows.

Here's the full story.

Wells Fargo going but not going far? by Sarah Klearman

Wells Fargo plans to list its longtime San Francisco headquarters for sale.

The bank has "no plans" to move its headquarters out of San Francisco but leaving the building where it was founded in 1852 will mean it has shed more than half of its footprint in the city. 

Read the full story.

The week in real estate

• Here's how the 2025 housing market will — and won't — change
• Ashby BART Station is open for development
• The numbers behind downtowneS.F.'s recovery
• Affordable housing could still land on this Oakland site
• Why a building sale in Jackson Square fell apart

The biggest tech lease in years by Ted Andersen

Snowflake grew up in San Mateo before departing for Montana after an IPO. Now it's coming back to the Bay Area with the biggest commercial lease the region has seen in years.

"Many of the most data-innovative enterprises, leading startups, and best talent in the world are based here so it’s a natural fit," said Warrick Taylor VP of workplace and real estate at Snowflake.

Read the story.

Steaks but no breaks? By Alex Barreira

House of Prime Rib is a San Francisco institution. Getting a reservation has confounded tourists and locals alike for years. A former employee has sued the world-famous restaurant alleging several violations of state labor law. It’s the second such lawsuit since 2023.

Here's the story.

So how’s downtown San Francisco doing, really? By Mark Calvey

Firms look to San Francisco with both growing confidence and continued caution. Office market fundamentals are improving but work remains to be done. 

For many companies, doing business here, almost five years on from the Covid shutdowns that changed everything, remains an exercise in optimism tempered by reality.

Read the story.

ICYMI here’s what else you need to know

• Trump's new AI czar has criticized OpenAI and is an investor in rival xAI

• The Week in AI
• Pacific Heights boutique Alice + Olivia to close amid neighborhood tensions over landlord
• Asana stock rockets as new AI product gains momentum

• C-suite security? Some Bay Area firms already spend millions
• Earthquake and tsunami warning leave Bay Area shook up

xAI, Anthropic topped Bay Area AI deals in November by Sara Bloomberg

A handful of multibillion-dollar investments continued to drive venture capital deals globally in November with xAI and Anthropic scooping up more than half of the total cash dropped.

Here's the lowdown.

Hiring a lots, AI bots and stocks that pop by William Hicks

Salesforce plans to hire 1,400 salespeople to push an AI product that will, in part, do the job of a salesperson.

"AI agents work alongside humans in a digital workforce that amplifies and augments human capabilities and delivers with unrivaled speed," CEO Marc Benioff said on an earnings call.

Salesforce stock rose 11% Wednesday, despite missing earnings per share and other key growth indicator targets. Read the full story.

Coaching the Williams sisters and real estate all part of the game for this real estate exec by Sarah Klearman

Hugh 'Scotty' Scott was a professional tennis player before he started in the world of real estate with JLL . He told us about transitioning from pro sports, coaching the Williams sisters (yes, those Williams sisters) and why the outlook is bullish for San Francisco.

Here's the full profile.

The Sundance Kid lists Tiburon home for $5.15 million by Ted Andersen

Hollywood legend Robert Redford has listed his home in the luxury Marin enclave. Take a look inside the listing.Could Super Bowl and All-Star Game create lasting careers for Bay Area residents?

Could Super Bowl and All-Star Game be career game changer for Bay Area residents? by Simon Campbell

The Bay Area Host Committee is bringing the biggest sporting events in the world to the Bay Area. To help local residents benefit it is partnering with Tipping Point Community to launch a job creation initiative.

The National Football League (NFL) Super Bowl, National Basketball Association (NBA) All-Start Game and FIFA World Cup 2026™ - Canada, Mexico and the United States will boost the local economy, the 'Bridge to Work' program could build careers that last long after the events have close.

Read the story.

Moonshots and Doom Loops 🚀🌁📈➰💫

This weekly Bay Area business  round-up is written by Simon Campbell, special projects editor at the San Francisco Business Times.

Reach out with news tips, questions or comments: scampbell@bizjournals.com.

And one more thing . . .

Nominate and celebrate 🏆🎊

Nominations are open for our awards and events including 40 Under 40, Fastest Growing Companies, Best Places to Work, Real Estate Deals of the Year, Most Influential Women in Bay Area Business, and many more.

Make your nominations here.

Stay safe and have a good week.