Good Afternoon. From Capitol Hill to Cambridge, the week’s ending with a rare mix of relief and reinvention. A glimmer of progress in Washington lifted markets for their lows, even as earnings stayed mixed and global growth signals flickered. And in the background, MIT may have just shrunk the future of vaccines and their price tag. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Stocks Rebound From Day’s Lows on Hope of a Shutdown Deal

The News: U.S. stocks clawed back from session lows Friday as hopes of a government shutdown deal lifted market sentiment late in the day. Reports that Senate Democrats are floating a new proposal — extending health-care subsidies for one year to reopen the government — helped calm investors after a volatile week. The Nasdaq trimmed losses to about 0.5%, but remains on track for its worst weekly performance since April, when tariffs roiled markets. The Dow and S&P 500 hovered near flat, while gold and oil rose as traders sought safety.

Why It Matters: The prospect of a deal offers a glimmer of relief after a 37-day shutdown that has stalled economic data, strained air travel, and weighed on consumer confidence. Fresh University of Michigan data showed household sentiment tumbling toward record lows as uncertainty drags on. Meanwhile, tech stocks — the market’s key growth driver — continued to wobble, with Tesla, AMD, ARM, and Marvell all sliding. Even after Tesla’s $1 trillion pay package approval, investor enthusiasm remains muted.

What to Watch: With political negotiations accelerating, markets are betting on a weekend breakthrough. Watch for signs of progress from the Senate and whether a shutdown resolution can stop the Nasdaq’s slide before it turns into a full-blown correction. For now, Wall Street’s mood is less “risk-on” and more “wait-and-hope.”
Source: wsj.com

2. Tesla Shareholders Approve Elon Musk’s $1 Trillion Pay Package

The News: Tesla shareholders voted overwhelmingly — with more than 75% approval — to grant CEO Elon Musk a record-breaking $1 trillion compensation plan, potentially giving him control of up to 25% of the company if he meets ambitious performance milestones. The plan ties Musk’s rewards to Tesla’s growth in market cap, vehicle and robot production, and AI advancements, including autonomous “robotaxis.” The vote came amid controversy, as major institutional investors and proxy advisers criticized the plan’s “astronomical” scale and governance risks.

Why It Matters: The approval cements Musk’s dominance over Tesla and underscores investor faith in his long-term vision — even as Tesla’s car sales have slumped and the company pivots toward robotics and AI. The vote also signals that shareholders are willing to tie Tesla’s future, for better or worse, to the world’s richest and most polarizing CEO. If Musk hits his milestones, Tesla’s value could rise to $8.5 trillion — more than five times today’s market cap.

What to Watch: With Musk hinting he’d leave Tesla if the package failed, investors avoided a leadership crisis — for now. But with his attention split between Tesla, SpaceX, and xAI, the big question is whether Musk can keep Tesla’s wheels turning while chasing his AI “robot army” ambitions. Expect scrutiny to shift next to how regulators and the Delaware Supreme Court handle his previous contested 2018 pay deal.
Source: wsj.com

3. Block Sinks 10% After Weak Quarter and Slowing Square Growth

The News: Block shares tumbled 10% Friday after the fintech firm reported disappointing third-quarter results, missing Wall Street’s revenue and earnings estimates. Adjusted EPS came in at $0.54 versus $0.67 expected, while revenue totaled $6.11 billion, falling short of forecasts. The company’s Square division saw gross profit rise just 9% year-over-year, slowing from last quarter’s 11% growth, even as payment volume increased 12%. Executives blamed a processing partner change and lower-margin hardware sales.

Why It Matters: The miss underscores growing challenges for Jack Dorsey’s fintech empire as Square’s core small-business payments unit loses momentum. While Cash App remains a bright spot — with gross profit up 24% and 58 million active users — investors are increasingly wary that Block’s growth engine is becoming too dependent on its consumer business. With shares already down 24% year-to-date, the weak print reignites questions about profitability and competitive positioning in the crowded digital payments landscape.

What to Watch: Block lifted its full-year profit outlook to $10.2 billion, betting Cash App’s lending and card products can offset Square’s slowdown. But unless Dorsey can reaccelerate growth in high-margin business services, Wall Street’s patience may prove shorter than a Cash App transfer.
Source: cnbc.com

4. MIT Engineers New Lipid Nanoparticles That Supercharge mRNA Vaccine Delivery

The News: MIT researchers have unveiled a breakthrough lipid nanoparticle (LNP) design that could cut mRNA vaccine doses by up to 99% while maintaining the same immune response. The new biodegradable nanoparticles — called AMG1541 — enhance cellular delivery and help mRNA escape from endosomes more efficiently, a key bottleneck in vaccine effectiveness. In preclinical influenza vaccine tests, AMG1541 achieved the same antibody response as current FDA-approved lipid systems at just 1% of the standard dose.

Why It Matters: One way to lower healthcare costs is through innovation. This new method could dramatically lower vaccine costs, reduce side effects, and speed up global vaccine access, especially in lower-income regions, leading to better patient outcomes across the globe. By improving mRNA delivery and targeting immune cells in lymph nodes, the technology may enable faster and cheaper production of vaccines for influenza, COVID-19, HIV, and emerging diseases. The biodegradable design also minimizes inflammation — addressing one of the major concerns around existing mRNA formulations.

What to Watch: The MIT team’s work, published in Nature Nanotechnology, has drawn support from Sanofi and the NIH, signaling strong industry interest. If future human trials confirm these findings, AMG1541 could redefine how quickly and efficiently the world responds to current and new illnesses. What a time to be alive.
Source: bioengineer.org

5. Google Unveils Ironwood in Bid to Loosen Nvidia’s Grip

The News: Google announced it will make Ironwood, its seventh-generation Tensor Processing Unit (TPU), widely available in the coming weeks — its most powerful chip yet, built to handle the largest and most data-intensive AI models on the planet. The chip, which can connect up to 9,216 units in a single pod, is four times faster than its predecessor and already has major customers like Anthropic, which plans to use 1 million TPUs to train its Claude model. Ironwood marks Google’s biggest bet yet on custom silicon as it races against Microsoft, Amazon, and Meta to build the backbone of the global AI infrastructure.

Why It Matters: In Silicon Valley, the mantra “your margin is my opportunity.” is leading big tech giants to create their own chips. From Google’s TPUs to Amazon’s Trainium, in-house chipmaking has become the next frontier of cost control and competitive advantage. By cutting reliance on Nvidia’s pricey GPUs, Google is aiming to boost efficiency, lower costs, and secure supply amid ongoing chip shortages. The move also underscores a strategic shift: whoever controls compute capacity can control the future of AI.

What to Watch: Ironwood’s rollout could reshape the AI infrastructure market if Google can convince major developers to switch from Nvidia’s CUDA ecosystem. Expect ripple effects as other tech giants double down on custom chips to claw back margin and perhaps a new kind of arms race, not for users or data, but for computational sovereignty.
Source: cnbc.com

1. Honda Slashes Profit Outlook on EV Costs and Weak Asia Sales

The News: Honda Motor cut its full-year operating profit forecast by 21%, lowering guidance to 550 billion yen ($3.7 billion) from 700 billion yen after taking a major hit from one-time EV expenses and soft demand in Asia. The automaker’s automobile division posted an operating loss for the first half of the fiscal year, weighed down by 224 billion yen in electric-vehicle-related charges and a shortage of chips from supplier Nexperia. Honda’s Asia sales forecast was also trimmed to 925,000 vehicles, down from 1.09 million, amid intensifying competition from Chinese automakers offering cheaper models and steep incentives.

Why It Matters: The results highlight the growing strain traditional automakers face in the EV transition — rising costs, slowing adoption, and fierce competition. Honda’s decision to cut its 2030 EV sales target from 30% to 20% signals a more cautious approach as profitability erodes and supply chain issues persist. The hit in Asia, long a key profit engine, underscores how quickly China’s carmakers are reshaping the regional auto landscape.

What to Watch: Honda executives warned there will be no major new models launched in Asia until at least next fiscal year, suggesting near-term pressure will continue. Investors will be watching whether Honda can stabilize margins through cost control — or whether Japan’s No. 2 automaker risks being left idling in the global EV race.
Source: businesstimes.com.sg

2. China to Lift Chip Export Ban to European Carmakers

The News: China is preparing to lift its export ban on automotive chips to Europe, following a breakthrough trade agreement between President Donald Trump and Chinese President Xi Jinping. The move effectively ends a month-long standoff triggered when the Dutch government seized control of Nexperia, a chipmaker owned by China’s Wingtech, citing national security concerns. Beijing retaliated by halting exports of chips and rare-earth minerals, threatening to stall European and Japanese car production. As part of the new deal, the U.S. will delay export restrictions on Wingtech for one year, while China resumes chip and mineral shipments.

Why It Matters: The dispute had exposed just how fragile — and geopolitically entangled — the global auto supply chain has become. With 70% of Nexperia’s chips packaged in China, the export freeze had already begun to bite across Europe’s car industry, with some manufacturers warning of imminent production halts. The resolution marks a rare moment of détente in the ongoing U.S.-China tech war, easing short-term supply pressures but leaving deeper questions about control over strategic technology.

What to Watch: While chip flows are set to resume, the truce is temporary — the U.S. delay on Wingtech’s export limits lasts just one year. Expect further tension as Washington weighs security concerns against industrial stability, and as Europe pushes to diversify chip supply chains away from China. For now, automakers can breathe but the road ahead still runs through geopolitics, which is always a bumpy ride.
Source: theguardian.com

3. Petrobras to Launch New Platform in Brazil’s Largest Oil Field

The News: Petrobras will activate a new production platform this December in its flagship Búzios field, part of Brazil’s pre-salt Santos Basin and one of the world’s largest deep-water oil reserves. The launch marks the next phase in Petrobras’s five-year plan to deploy 14 new platforms, aimed at boosting output and reinforcing Brazil’s role as a top-five global oil producer. The new FPSO (floating production, storage, and offloading) unit will feature advanced efficiency and sustainability technologies, including all-electric systems, waste-heat recovery, and zero routine flaring.

Why It Matters: The move underscores Brazil’s transformation from a regional player into a global offshore powerhouse — a journey that began with the pre-salt discoveries nearly two decades ago. Búzios alone now produces over 900,000 barrels per day, helping offset global supply declines and fueling exports to Asia and Europe. Petrobras’s latest expansion also highlights how the company is threading the needle between high-volume production and lower-carbon innovation, setting new industry standards for sustainable deep-water operations.

What to Watch: All eyes will be on how fast Petrobras ramps up production from the new platform and whether it can maintain cost discipline amid volatile oil prices and how much supply they can generate without lowering the price of oil too much. The company’s success could reshape global trade flows and further cement Brazil’s influence in the energy market proving that the future of oil, at least for now, still runs deep.
Source: blooomberg.com

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