tl;dr: JWST has uncovered early-universe objects that defy existing models: supermassive black holes too large for their age, unexpectedly bright ancient galaxies, and mysterious "little red dots" that may be a new class of gas-shrouded black holes. Astrophysicists are now proposing competing explanations—super-Eddington accretion, direct-collapse black hole seeds, bursty star formation, and unusually massive early stars—but lack the data to determine which are correct. New simulations and MIRI spectroscopy are revealing surprising diversity among early galaxies, suggesting the problem has shifted from too few theories to too many.