Last week, we told you about the great California exodus — how fresh IRS migration data confirms what a lot of us already suspected.

Californians are leaving the state in large numbers. And taking their money with them.

But Bloomberg Opinion columnist Matthew Winkler sees it very differently.

In his telling, California isn’t just the top-performing economy among all 50 states — it’s the fourth-largest economy in the world.

It’s a case he’s made repeatedly in recent years, often in praise of Gov. Gavin Newsom.

California’s GDP is up 40% under Newsom, according to Winkler, elevating the governor to the “economic maestro” of Sacramento.

(Naturally, Newsom’s office posted the Bloomberg article on its website within hours.)

So who’s correct? The Rundown or Bloomberg?

Both are, actually.

They’re just measuring completely different things — and that’s the trick.

Your Rundown for Monday, April 13, 2026...

Boom for Whom?

Yes, California’s economy is worth over $4 trillion. But here’s what’s driving much of that growth…

Apple, Nvidia, Alphabet (Google), Meta and Broadcom.

This handful of Silicon Valley giants — with stratospheric AI-era valuations — is doing an outsized share of the heavy lifting.

And California’s GDP captures every dollar of that activity.

But Winkler gives Gavin Newsom credit for one of the greatest tech booms in history?

That’s not analysis. That’s a press release with a Bloomberg byline.

Back at ground level, the picture looks very different…

• In recent quarters, California’s job growth has lagged the national average

• The statewide median home price is approaching $900,000 — and exceeds $2 million in some major markets

• About one in three California households cannot afford basic living expenses.

The IRS migration data captures something GDP never will: where Americans are choosing to live.

In 2023 alone, almost 206,000 Californians chose to leave — with their families, incomes and tax dollars — and move to more affordable states: Florida, Texas, Tennessee, the Carolinas.

Winkler says California is an economic success story. The IRS data says otherwise.

Market Rundown for Friday, April 10, 2026

S&P 500 futures are down 0.70% to 6,805.

Oil’s up almost 8% to $104.25 for a barrel of WTI.

Gold is down 1.20% to $4,730.10 per ounce.

And Bitcoin’s down 0.25%, just under $71K.