In this talk I reviewed the theoretical calculation of the
anomalous magnetic moment of the muon in the Standard Model mainly as it
has been presented in the White Paper, as well as the most recent
developments on the data-driven side, but in particular for what concerns
lattice calculations of hadronic vacuum polarization and hadronic
light-by-light. All this is presented in the light of the new
measurement of $(g-2)_\mu$ recently released by the Fermilab experiment,
which led to an increase of the discrepancy with the Standard Model from
$3.7$ to $4.2 \sigma$.
