Good Afternoon. On this day in 1960, the first televised presidential debate put JFK and Nixon on America’s screens. Sixty-five years later, we’re still glued to them, this time for Siri’s AI makeover, TikTok’s political tug-of-war, and a viral app that sold your phone calls for pocket change. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

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1. Apple Delays Siri Overhaul, Tests ChatGPT-Like App

The News: Apple has delayed its major Siri upgrade to spring 2026, scrapping its earlier Apple Intelligence plan after features failed up to a third of the time. The new Siri will be powered by large language models, offering continuous conversation, complex task execution, and human-like responses. To prepare, Apple is testing an internal chatbot app called Veritas that mimics ChatGPT, though it won’t be public. Apple is also partnering with Google (Gemini) for summarization and has held talks with Anthropic (Claude), while keeping user-data search in-house for privacy.

Why It Matters: This means iPhone voice commands will stay clunky for at least another year, no seamless AI butlers until 2026 or later. For Apple, the delay risks losing ground to Google, Microsoft, and OpenAI, which are already embedding smarter AI assistants into daily life. Investors will weigh whether partnerships offset the lag, especially as AI hardware spending climbs. What to watch: iOS 26.4 in March 2026, the slated launch of next-gen Siri. Until then, you’ll still be repeating yourself to set a timer like it’s 2015, before Siri says “I found this on the web.”
Source: bloomberg.com

2. Stocks Rise as New Tariffs Meet Sticky Inflation

The News: U.S. stocks climbed Friday despite President Trump slapping 100% tariffs on branded drug imports starting Oct. 1. Separately, August’s PCE inflation came in at 2.7% YoY (core 2.9%), exactly matching forecasts. Consumer spending jumped 0.6% MoM, while personal incomes rose 0.4%, underscoring household resilience. The S&P 500 gained, the Dow rose, and the Nasdaq edged up.

Why It Matters: Tariffs risk pricier prescriptions unless companies follow Trump’s orders to build plants in the U.S., which could blunt the sting for some drugs. For investors, inflation landing on target eased fears of a hawkish Fed, boosting odds (88%) of another rate cut on Oct. 29. What to watch: Fed signals ahead of the October meeting, where sticky inflation collides with a weakening labor market. For now, Wall Street seems convinced you’ll keep swiping your credit card, even if it’s for more expensive cold medicine.
Source: finance.yahoo.com

3. Tired of Paying Investment Taxes? There’s an ETF for That

The News: A new wave of funds is trying to turn tax drag into tax deferral. Exchange funds let investors swap concentrated stock positions (say, $3M in Nvidia) for a diversified pool without triggering immediate capital gains, but require a seven-year lockup. Alpha Architect has launched option-based ETFs that turn Treasury-like returns into long-term capital gains, now managing $8.2B. And F/m’s “Compoundr” ETFs hop in and out of bond funds to strip dividends, converting income into unrealized gains. Fees range from 0.4%–0.95%.

Why It Matters: For wealthy investors, these funds could delay Uncle Sam’s cut and improve after-tax returns. For everyday buyers, risks loom: IRS scrutiny, higher fees, and the chance these funds don’t scale and shut down. If regulators accept the structures, Wall Street could expand the toolkit for tax-sensitive investing, but if they don’t, investors could be stuck with back taxes. What to watch: IRS rulings and fund survival over the next few years. It’s less “have your cake and eat it too” and more “have your cake and hope the IRS doesn’t decide to penalize you for it.”
Source: wsj.com

4. Viral Call-Recording App Neon Exposes User Data

The News: Neon, a viral iPhone app that promised to pay users for recording phone calls to sell to AI firms, shot to the top five in the App Store with 75,000 downloads yesterday. But within a week of launch, the app went dark after TechCrunch discovered a flaw exposing users’ phone numbers, call transcripts, and audio recordings. The bug let any logged-in user pull data from others’ calls, including earnings and metadata. Founder Alex Kiam shut down servers but did not admit the breach in customer emails.

Why It Matters: Consumers chasing side-hustle cash may have instead leaked private conversations to strangers, highlighting risks in viral “data-for-dollars” apps. For investors, Neon’s stumble raises questions about app-store vetting and whether venture backers actually reviewed security. Apple and Google could face pressure to tighten reviews, while regulators may eye compensation rules for apps monetizing sensitive user data. What to watch: whether app stores ban Neon permanently or allow a relaunch after patching. For now, Neon proved your private calls are worth more to hackers than the pocket change it promised you. Turns out the real lesson was always “don’t sell your data for beer money.”
Source: techcrunch.com

5. Ethos Files for IPO Under “LIFE”

The News: Ethos Technologies, the Google Ventures–backed insurtech startup, has filed to go public on the Nasdaq under ticker LIFE. Founded in 2016, Ethos built a digital-first life insurance platform that lets applicants skip medical exams and apply online in minutes. The company hit a $2.7B valuation in 2021 and now reports a 21% YTD stock gain (pre-IPO private trades). Underwriters Goldman Sachs and J.P. Morgan will lead the deal, with proceeds earmarked for expanding AI-driven underwriting and market reach.

Why It Matters: Ethos aims to cut paperwork and lower barriers to coverage, making life insurance less of a headache. For investors, the IPO tests whether insurtech can finally deliver sustainable growth after peers like Lemonade stumbled post-listing. A successful debut could revive appetite for digital-first insurers and fintech IPOs. What to watch: pricing details from Goldman and JPM, expected in the coming weeks. For now, Ethos is betting Wall Street will see “LIFE” as more than just a four-letter ticker.
Source: bloomberg.com

1. ByteDance to Keep About Half of TikTok U.S. Profits Post-Sale

The News: TikTok’s U.S. arm was valued at $14B under a Trump-approved divestiture deal that hands 80% control to Oracle, Silver Lake, and MGX. But ByteDance will still collect ~50% of profits via licensing fees for its algorithm plus its <20% equity stake. TikTok generates $10B+ annually in U.S. ad revenue. Oracle will retrain the algorithm solely on U.S. data to satisfy national security rules, while ByteDance keeps one board seat but no role on the security committee. The deal must be finalized within 120 days.

Why It Matters: For U.S. users, TikTok stays alive, but its “Made in China” roots still linger financially. For investors, the low $14B valuation, less than half prior estimates, signals geopolitical risk discounts in forced sales and concerns about how the viral algorithm will change. Lawmakers remain skeptical, warning ByteDance’s licensing deal may preserve influence despite divestiture optics. What to watch: whether Beijing formally signs off, since China restricts algorithm exports and could still block the deal. Politicians may claim victory, but the only clear winner is ByteDance’s balance sheet & Oracle.
Source: bloomberg.com

2. Lufthansa to Cut Thousands of Jobs in Restructuring Push

The News: Deutsche Lufthansa will announce several thousand job cuts Monday, slashing 20% of administrative staff as part of its “Matrix Next Level” restructuring. The overhaul centralizes network planning, sales, and loyalty programs in Frankfurt, reducing autonomy at subsidiaries like Swiss and Austrian Airlines starting in 2026. Europe’s largest airline by sales has struggled with costs and labor unrest, issuing two profit warnings in 2024. Shares rose 3.4% Friday on news of the cuts, reaching their highest level in three weeks.

Why It Matters: For workers, the cuts mean shrinking payrolls even as Lufthansa employs 7% more people than in 2019 despite flying less. For investors, the restructuring is designed to restore margins closer to its 8% target and prove management can tame costs against rivals like Air France-KLM. Ongoing labor disputes, including a pilot pension fight, threaten to complicate the turnaround. What to watch: Monday’s Capital Markets Day for final job cut numbers and timelines. For now, Lufthansa is betting trimming staff will lift profits, though passengers may just hope the cuts don’t cut into their to legroom.
Source: aviationweek.com

3. Oil Jumps on Russian Export Ban, Trump Pressure

The News: Oil prices logged their biggest weekly gain since June, with Brent up 4% to $69.63 and WTI at $65.25. Russia banned most diesel exports through 2025 and extended gasoline curbs after Ukrainian strikes knocked out 16 of 38 refineries, cutting >1M barrels/day of capacity. Meanwhile, President Trump pressed NATO allies to halt Russian energy purchases, warning sanctions relief is contingent on compliance. Turkey, which imports ~330,000 barrels/day, was singled out in White House talks. U.S. crude inventories also fell by 607,000 barrels.

Why It Matters: Higher crude means pricier gas and diesel heading into winter, with ripple effects on transport and groceries. For investors, tight supply plus geopolitical heat could keep energy stocks buoyant even as Fed policy clouds the outlook. Europe faces a balancing act: 90% of Russian imports already cut, but exemptions last until 2027. What to watch: whether Turkey and other holdouts bow to U.S. pressure, which could further strain global supply. Oil may be fueling markets, but it’s draining wallets too. Remember, sharp increases in oil prices have often preceded U.S. recessions.
Source: aljazeera.com

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