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Stocks sold off as AI valuation worries pushed the Nasdaq sharply lower while the S&P 500 lost ground and the Dow held up better. Volatility spiked as tech and AI names led declines, gold ticked higher ahead of US jobs data, and the dollar strengthened amid safe‑haven flows.
The US federal shutdown has become the longest in history, rattling services and forcing lawmakers back to the table. Talks have resumed amid mounting pressure as the economic and travel disruptions deepen.
46 GW — Announced AI datacenter capacity by hyperscalers (equivalent to powering ~44.2 million US households).
The Supreme Court is weighing the legality of President Trump’s sweeping tariffs in a case with major economic implications. Markets and trade groups are braced for a ruling that could reshape US trade authority.
Equity markets plunged as investors reassess sky-high tech valuations tied to AI. The selloff hit both US and Asian bourses, amplifying volatility across global markets.
HKEX Posts Record Quarter as IPOs and Trading Boom Lift Profit
Hong Kong Exchanges & Clearing reported best-ever quarterly profit on surging IPOs and elevated trading, signaling robust investor activity in Asia despite global market jitters.
More on scmp.com
OpenAI’s cloud commitments are remaking the market for compute, with massive deals reshaping AWS and other providers’ revenue outlooks. Big-dollar cloud contracts are accelerating concentration in infrastructure demand.
AI datacenter expansion is colliding with grid limits and strained supply chains for liquid cooling. Builders warn power and component bottlenecks could delay projects and inflate costs.
M&S Profits Halve After Cyberattack – Retail Sales Halted
Marks & Spencer said adjusted pretax profit plunged after a cyberattack forced an extended halt to online orders, leaving the retailer to rebuild lost seasonal sales and consumer trust.
More on wsj.com
Crypto markets plunged as bitcoin fell under $100k and large holders offloaded positions. The move triggered liquidations and stoked fears the rally has reversed into a broader correction.
Tesla’s unprecedented $1 trillion pay package for Elon Musk remains controversial as shareholders prepare to vote. Large investors are publicly signaling opposition, raising governance questions.
China suspends 24% additional tariffs on some US goods; EU ministers agree a watered‑down 2040 emissions target; Canada unveils proposed stablecoin legislation in federal budget.
Legacy tech firms are restructuring amid the AI transition, with IBM announcing large job reductions. The cuts underscore industry shifts from services to software and AI-focused units.
Microsoft’s massive cloud backlog and a flurry of AI contracts highlight the company’s central role in the AI infrastructure race. That backlog may be both a growth engine and a source of execution risk.
“You will see mass chaos. You will see mass flight delays. You’ll see mass cancellations.”
— Transportation Secretary Sean Duffy
A UPS cargo jet crashed after takeoff from Louisville, producing a massive fireball and fatalities. The accident has grounded flights and sparked investigations into operations at the major hub.
Democrats scored major wins in key races, including New York City’s mayoralty, signaling political headwinds for the administration. The results could shift federal policy battles and oversight priorities.
A British court limited Getty Images’ claims against Stability AI, a key decision in AI training litigation. The ruling refines copyright arguments over datasets and model training.
Novo Nordisk trimmed forecasts as competition and pricing pressure hit its obesity and diabetes franchise. Investors are watching pricing, market share and Medicare negotiations closely.
Auto makers face safety recalls and tariff headwinds: Toyota is recalling over a million vehicles and Jeep plug‑in hybrids were told not to charge. Tariffs and safety issues are denting industry sentiment.
China is expanding its naval reach and publishing satellite imagery to assert strategic claims, increasing regional tensions. Beijing’s moves signal more assertive overseas operations and messaging.
The Ukraine war continues to see drone exchanges and strikes on energy infrastructure, underscoring sustained escalation risks. Both sides report attacks on military and industrial targets.
Chipmakers face intense scrutiny as investors parse earnings and capacity for AI demand. AMD beat estimates but stocks fell, while debate continues over Nvidia’s long-term dominance in AI semiconductors.
EU ministers struck a late deal on climate targets ahead of COP30 even as hyperscaler datacenter demand forces a re-think on power. Analysts warn AI infrastructure announcements will sharply raise electricity needs.
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