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Markets are mixed but risk‑on for AI leaders: S&P 500 and Nasdaq rose as Nvidia and Amazon led gains, while the Dow lagged. Volatility ticks up as investors weigh stretched tech valuations, Fed commentary and geopolitical trade risks; cyclicals and energy trade cautiously amid earnings and OPEC+ moves.
OpenAI struck a multiyear infrastructure deal with Amazon to secure massive AI compute capacity. The pact will reshape cloud competition and lock huge workloads into AWS for years.
38B – Value of OpenAI’s seven‑year AWS compute deal.
Microsoft secured U.S. approval to ship high‑end Nvidia chips to the UAE, marking a rare export green light. The move underscores geopolitical nuance in chip export policy and global AI rollout.
The White House signalled limits on Nvidia’s top Blackwell chips for foreign buyers. The policy announcement narrows global access to the most advanced AI semiconductors.
Nintendo Hikes Switch 2 Sales Forecast to 19M
Nintendo raised its Switch 2 sales target after stronger‑than‑expected revenue and profit, signaling sustained console momentum and boosting investor confidence in its hardware cycle.
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Palantir reported record revenue and raised guidance as defence and commercial deals accelerate. Strong top‑line growth pushed the stock and sparked renewed investor focus on AI‑driven government spending.
Kimberly‑Clark moved to buy Kenvue in a blockbuster consumer‑health deal, consolidating major OTC brands. The acquisition shuffles major everyday healthcare assets under one roof amid regulatory and reputational noise.
Sarepta Stock Crashes After DMD Trial Failures
Sarepta plunged after two Duchenne muscular dystrophy confirmatory trials missed primary endpoints, casting doubt on late‑stage programs and triggering heavy sell‑offs.
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Starbucks agreed to sell a majority stake in its China business to Boyu, ending a long search for a local partner. The deal transfers control of an essential growth market to private equity while the U.S. chain stays focused on other markets.
The administration said it will partially fund SNAP after court rulings, offering only temporary relief for millions. Travel and tourism groups warned the prolonged shutdown threatens Thanksgiving travel and holiday bookings.
U.S. restricted exports of Nvidia’s top chips, Beijing offered data‑centre power subsidies to firms using local chips, and the Supreme Court review could reshape presidential tariff authority — all set to alter trade and tech policy.
The Supreme Court prepared to rule on the legality of President Trump’s tariffs in a case with major trade ramifications. Treasury Secretary Bessent will attend the hearing, underscoring the administration’s stake in the outcome.
Wall Street strategists warned that stretched valuations could trigger a market pullback after this year’s run. Asian investors fear an AI‑led concentration could create a regional ‘bubble’ if tech momentum falters.
I would love to see them get burned on that.
— Sam Altman
Major DeFi protocol Balancer suffered a large exploit, intensifying scrutiny of crypto security. A separate DeFi platform halted withdrawals after a disclosed multimillion‑dollar loss, raising contagion fears.
Saudi Aramco reported robust third‑quarter profits despite weaker oil prices, showing resilience from higher production. The results highlight Middle East producers’ focus on output and cost management amid market pressure.
Microsoft pushed further into AI infrastructure with major compute and partnership deals. The company is locking capacity across cloud providers to secure Nvidia GPU access for customers and partners.
Australia’s central bank held rates steady while flagging sticky inflation and housing pressures. Officials signalled a cautious stance, keeping markets attentive to future rate guidance.
Ukraine reported heavy air defence success after a large Russian drone wave, underscoring persistent front‑line intensity. The conflict also shows increasing sophistication with drone‑on‑drone engagements.
Beijing rolled out steep data‑centre power subsidies to spur domestic chip demand and build an AI supply chain. The incentives aim to shift workloads onto local silicon and reduce reliance on foreign chips.
Amazon’s stock rallied on its OpenAI cloud tie‑up, lifting broader tech sentiment. A separate AWS deal sent a crypto miner’s shares sharply higher as infrastructure demand spills into adjacent industries.
Big shareholder pushback mounted against Elon Musk’s $1 trillion pay proposal at Tesla. Major institutional investors signaled resistance, raising the stakes ahead of a critical shareholder vote.
BP reported third‑quarter results that beat estimates, aided by divestments and cost cuts. The company is accelerating disposals as part of a turnaround strategy to shore up returns.
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