Good Afternoon. And thank you to all who’ve served. Today’s meaningful headline isn’t on Wall Street, it’s from OpenAI, which is giving free ChatGPT Plus access to servicemembers transitioning to civilian life. A small gesture, but a powerful one. Tell a veteran. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Dow Climbs on Shutdown Hopes as ADP Data Signals Softer Jobs Market

The News: Stocks were mixed Tuesday as investors weighed signs of a cooling labor market against optimism that the government shutdown is nearing its end. The Dow Jones Industrial Average led gains, the S&P 500 edged higher, while the Nasdaq slipped as weakness in tech names offset broader market strength. The Senate passed a funding bill late Monday, sending it to the House for a likely Wednesday vote before reaching President Trump’s desk. An ADP report showed U.S. private employers shed about 11,000 jobs per week in October, hinting at a softening employment backdrop.

Why It Matters: Markets are cheering the likely reopening of government—but the weak jobs data give the Federal Reserve new cover to cut rates if growth stalls further. A softer labor market could ease inflation pressure but also dent corporate earnings momentum heading into year-end.

What to Watch: All eyes now turn to the delayed September jobs report and House passage of the shutdown bill. Until then, traders are pricing in a classic Wall Street paradox: bad news for workers is still good news for stocks—at least for now.
Source: wsj.com

2. OpenAI Offers Free ChatGPT Plus to U.S. Veterans Navigating Civilian Life

The News: OpenAI is giving one free year of ChatGPT Plus to U.S. servicemembers and veterans within 12 months of retirement or separation, aiming to make the transition to civilian life easier. The initiative—spearheaded by veterans working inside OpenAI—lets eligible users access GPT-4 with memory, custom instructions, and premium features through a partnership with SheerID for verification. OpenAI says the goal is simple: to help veterans translate their skills, plan careers, and manage benefits using AI tools that work 24/7.

Why It Matters: Every year, hundreds of thousands of veterans face what’s often called their toughest mission yet—civilian reintegration. From resume writing to interview prep and decoding VA paperwork, ChatGPT can now act as a personal assistant for that process. The move also aligns OpenAI with a growing trend among tech companies—like Microsoft and Google—using AI to bridge skills gaps and support workforce transitions. It’s a small investment with potentially big impact for veterans—and a strong signal of how AI is moving from buzzword to boots-on-the-ground utility.

What to Watch: Veterans can claim the benefit at chatgpt.com/veterans-claim. And with more than 100 veteran-authored example chats already live, OpenAI may have just created the world’s first AI transition assistant—no push-ups required.
Source: military.com

3. ‘Big Short’ Investor Michael Burry Accuses AI Giants of Inflating Profits

The News: Michael Burry, the famed “Big Short” investor, accused major AI hyperscalers—including Oracle and Meta Platforms—of artificially boosting earnings by stretching the estimated lifespan of expensive Nvidia-powered hardware. In a post on X, Burry alleged the accounting change could understate depreciation by $176 billion between 2026 and 2028, overstating profits by roughly 27% for Oracle and 21% for Meta. He called the practice “one of the more common frauds of the modern era,” though CNBC could not confirm whether companies are using such estimates. Burry also recently disclosed put options totaling nearly $1.1 billion against Nvidia and Palantir.

Why It Matters: The claim strikes at the core of the AI earnings boom narrative, suggesting Big Tech’s profit surge may be padded by accounting choices rather than productivity gains. If Burry’s right, Wall Street could be mispricing one of the decade’s biggest growth stories, echoing his warnings that today’s AI frenzy resembles the late-1990s tech bubble. For investors, it’s another reminder that cash flow and capex matter as much as hype and headcount.

What to Watch: Burry said he’ll release “more detail” on Nov. 25, setting the stage for a showdown between skeptics and Silicon Valley. If he’s right, this could be the sequel no one in the AI industry wanted but Netflix might.
Source: cnbc.com

4. Dow Surges 500 Points as Investors Rotate Out of Tech; Nasdaq Slips Amid AI Sell-Off

The News: Stocks diverged sharply Tuesday as investors rotated out of high-flying tech and AI names into cheaper blue-chip sectors. The Dow Jones Industrial Average jumped, powered by gains in Merck, Amgen, and Johnson & Johnson, while the S&P 500 rose too. AI data-center operator CoreWeave plunged 16% after issuing weaker guidance, setting off declines in peers Nvidia (-2%), Micron (-4%), Oracle (-2%), and Palantir (-1%). Meanwhile, investors sought refuge in value plays and healthcare, helping the Dow outperform for a second straight session.

Why It Matters: The market’s mood appears to be shifting: investors are questioning stretched tech valuations after months of AI-fueled exuberance. The rotation into value and defensive stocks suggests traders are positioning for slower growth, lower rates, and more volatility ahead.

What to Watch: All eyes turn to the House vote on the shutdown deal and the upcoming jobs data deluge once the government reopens. For now, the message is clear: AI stocks may have powered 2025’s rally—but old-school blue chips are having their comeback moment.
Source: cnbc.com

5. Buffett’s Valedictory: Succession, Philanthropy and a Final Playbook for Berkshire

The News: In a reflective final letter, Warren Buffett sketches Berkshire’s next era: accelerating lifetime gifts to his children’s foundations, keeping a “significant” block of Class A shares until shareholders are fully comfortable with successor Greg Abel, and reiterating Berkshire’s culture-first mandate. He praises Abel’s grasp of the insurance engine, notes Berkshire’s size will cap future outperformance, and reminds investors the stock can still fall ~50% at times as it has three times under current leadership. Buffett also warns boards to be vigilant about CEO cognitive decline and skewers the pay-arms-race fueled by compensation disclosures.

Why It Matters: It’s not every day you get to see one of the greats retire. For investors, this is continuity with clarity: Abel is firmly in charge, the board is shareholder-minded, and Berkshire’s catastrophic risk remains low even if compounding slows. The plan to step up charitable transfers suggests more Berkshire stock could migrate to sellers over time—tempered by Buffett’s intent to hold ample A shares during the confidence handoff. The letter also signals how Berkshire will judge leaders: no dynasty building, no “look-at-me” wealth, no supplicant behavior—just underwriting discipline, cash prudence, and opportunism.

What to Watch: Track disclosures on share transfers to family foundations, any tweaks to buyback cadence, and board communications that further institutionalize Abel-era guardrails (especially in insurance). And according to Buffet, Berkshire should only need five or six CEOs this century. What an incredible career.
Source: foxbusiness.com

1. SoftBank Sells Entire $5.8B Nvidia Stake to Fund Massive OpenAI Bet

The News: SoftBank unloaded its entire 32.1 million–share stake in Nvidia in October for $5.83 billion, part of a broader cash-raising spree that also included a $9.17 billion sale of T-Mobile stock. The Japanese conglomerate said proceeds will help fund a $22.5 billion investment in OpenAI and other AI ventures, including the $500 billion Stargate data center project. The sales, plus a $19 billion Vision Fund gain, helped SoftBank double its quarterly profit, though Nvidia shares fell about 2% on the news.

Why It Matters: The move underscores SoftBank’s all-in pivot to generative AI, recycling chip profits into AI infrastructure and applications rather than exiting the sector. While some read the sale as cooling on Nvidia, SoftBank insists it’s strategic—not skeptical—positioning ahead of a record investment quarter. For investors, the liquidation adds liquidity but concentrates risk squarely in the most volatile corner of the tech market.

What to Watch: Watch for how quickly SoftBank deploys its $30B+ in fresh capital across OpenAI, robotics, and data centers and whether it times any future Nvidia reentry. If Masayoshi Son’s AI moonshot hits turbulence, that $5.8 billion cash-out could start to look like unusually good timing.
Source: cnbc.com

2. China Breaks Annual Launch Record With 72 Orbital Missions in 2025

The News: China launched four rockets over the weekend, bringing its 2025 orbital total to 72—a new national record, surpassing last year’s 68. The flurry included two Long March missions carrying experimental and broadband satellites for China’s planned 13,000-satellite SatNet constellation, plus two private launches by CAS Space and Galactic Energy. One of the private flights failed when Galactic’s Ceres-1 upper stage malfunctioned, destroying three payloads. Still, the pace underscores Beijing’s aggressive push to rival the U.S. in commercial and government space access.

Why It Matters: China’s space sector is accelerating despite tightening Western export controls, building launch capacity across both state-owned and private firms. The record comes as the U.S. dominates global activity—largely thanks to SpaceX’s 150+ launches this year, more than double China’s total. But China’s growing network of reusable rockets and mega-constellation plans signals that the space race’s next front may be broadband, not the Moon. For defense planners and satellite firms, orbital traffic jams are becoming a policy issue, not just a physics one.

What to Watch: Expect Beijing to chase 80+ launches in 2026 as SatNet deployment ramps up and private ventures scale. If launch pads had frequent-flyer programs, China would already have platinum status.
Source: space.com

3. FTSE 100 Hits Record High as Rate Cut Hopes Lift U.K. Stocks

The News: The FTSE 100 climbed 1.2% to a record 9,899.6 on Tuesday—its second straight all-time high—after data showing a 5% unemployment rate, the highest in four years, strengthened expectations for a Bank of England rate cut in December. Pharma and energy stocks led gains: AstraZeneca jumped 2.6% to a record, GSK and Haleon rose over 3%, and Shell and BP hit one-year highs as oil prices firmed. Vodafone surged 8.3% after lifting its profit forecast and dividend, while Oxford Instruments soared nearly 15% on strong orders.

Why It Matters: The rally underscores how bad economic news can still be good market news when it nudges the BoE closer to easing. A cooling labor market and slowing pay growth give policymakers room to cut after years of tightening. For investors, lower borrowing costs could revive U.K. equities long overshadowed by the U.S. and Europe, especially rate-sensitive sectors like housing and retail. The sharp divergence—Vodafone soaring, Hilton Food plunging 23%—also shows how quickly rate bets are reshaping winners and losers on the London exchange.

What to Watch: Traders will eye BoE speeches and inflation data next week for confirmation of a December move. If the FTSE cracks 10,000 soon, it’ll prove what every Brit already knows—sometimes a little economic gloom goes a long way.
Source: reuters.com

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