Good Afternoon. From LA to Wall Street, it’s a day of big moves. The Lakers score a record-breaking sale, Mastercard keeps consumers swiping, and Chipotle feels the sting of a leaner economy. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

Connect your email, and you’ll instantly get a CRM with enriched customer insights and a platform that grows with your business.

With AI at the core, Attio lets you:

Join industry leaders like Granola, Taskrabbit, Flatfile and more.

👉Try Attio Pro for free

1. Nasdaq Slips as Meta and Microsoft Weigh on Tech

The News: Stocks fell Thursday as Meta and Microsoft dragged tech lower. Meta plunged nearly 10% after unveiling bigger AI spending plans and a $25 billion bond sale, while Microsoft dipped despite solid earnings. The U.S. said it would cut some China tariffs after Trump and Xi’s first in-person meeting in six years, as Beijing pledged to ease rare-earth curbs and fentanyl exports. Treasury yields and the dollar climbed after Powell tempered hopes for a December rate cut.

Why It Matters: Wall Street’s AI darlings are learning that even infinite ambition has a cost. Meta’s “spend big or fall behind” approach has investors questioning how long the AI race can keep driving record valuations without clear new revenue streams — especially with Powell’s foggy rate outlook still hanging over the market.

What to Watch: Apple and Amazon report tonight. If their numbers disappoint, the Magnificent Seven might start looking more like the Slightly Shaken Six.
Source: wsj.com

2. Lakers Officially Sold for Record $10 Billion

The News: The Los Angeles Lakers have been sold to Mark Walter — already owner of the Dodgers — in a $10 billion deal, the highest valuation ever for a U.S. sports franchise. The NBA unanimously approved the sale, which leaves Jeanie Buss and her family with a 15% stake and a five-year governance role. The Lakers’ estimated financial muscle backs the price tag: $170 million in operating income and steady revenue growth of $551 million last season.

Why It Matters: This sale cements the Lakers as the global sports brand, surpassing the Warriors and Knicks in valuation and putting basketball economics in a new league. For the NBA, it’s validation that team ownership is now a billionaire’s blue-chip asset class, not just a passion play.

What to Watch: With Walter’s TWG Global capital behind the team, expect flashier partnerships, tech investments, and maybe even a new entertainment complex. The Lakers may have sold, but if the Buss legacy holds, they’re still running showtime, just with a bigger budget.
Source: bloomberg.com

3. Chipotle Stock Tanks as Young Diners Pull Back

The News: Chipotle shares plunged 17% after the company slashed its full-year sales forecast for the third straight quarter, warning of a “broad-based pullback” among customers, especially Gen Z and millennials squeezed by student loan repayments, unemployment, and weak wage growth. Revenue rose 7.5% to $3 billion, but same-store sales barely moved and margins slipped.

Why It Matters: Chipotle’s younger customers — long its growth engine — are eating out less as inflation fatigue and debt pressures weigh on discretionary spending. With roughly 40% of its diners earning under $100K, the burrito chain is feeling the sting of a generation tightening its belts.

What to Watch: Chipotle plans up to 370 new locations in 2026, including its first in Europe. But until wallets open again, expansion may be the only thing growing faster than guac prices.
Source: fastcompany.com

4. Mastercard Signals Consumer Strength

The News: Mastercard posted strong third-quarter results and forecast high-teens revenue growth for Q4, driven by what CEO Michael Miebach called “healthy consumer and business spending.” Revenue rose to $8.6 billion, just above expectations, with spending volumes up 9% and services revenue surging 25%. The upbeat tone followed Visa’s similarly strong report earlier this week.

Why It Matters: Despite slowing growth in other corners of the economy, the card networks are holding firm. Consumers may be trading down, but they’re still swiping, keeping Visa and Mastercard insulated from product-level weakness and proving the U.S. wallet isn’t tapped out just yet.

What to Watch: Both firms’ optimism suggests spending power remains sturdy heading into the holidays. But if credit delinquencies rise or job markets cool, even the swipe kings could start feeling the slowdown.
Source: morningstar.com

5. Berkshire Feels Buffett’s Absence Early

The News: With Warren Buffett set to hand over CEO duties to Greg Abel by year-end, Berkshire Hathaway’s stock has already lost its “Buffett premium.” Shares are down 12% since May — their sharpest underperformance versus the S&P 500 since 2020 — as investors brace for life after the Oracle of Omaha. Analysts have begun downgrading the stock, citing softer insurance pricing, trade headwinds for its rail business, and slimmer returns on Berkshire’s record $344 billion cash pile.

Why It Matters: The transition marks the end of an investing era. Buffett’s steady hand and credibility have long served as Berkshire’s intangible asset — one markets can arguably now quantify. Without him in the CEO chair, analysts expect investors to demand more transparency and fewer “trust us” moments from the famously tight-lipped conglomerate.

What to Watch: Abel’s first shareholder letter in early 2026 will set the tone for Berkshire’s post-Buffett identity. Expect Wall Street to scrutinize every word because when the Oracle of Omaha stops writing, even silence can move markets.
Source: wsj.com

1. Italy’s Economy Flatlines, Barely Dodges Recession

The News: Italy’s economy stalled in the third quarter, avoiding a technical recession by the slimmest of margins. GDP was flat from the prior quarter after a 0.1% contraction in Q2, while year-over-year growth slowed to just 0.4%, according to Italy’s statistics agency ISTAT. Domestic demand shrank, offset only by stronger trade flows. Agriculture grew, services stagnated, and industry slipped.

Why It Matters: Europe’s third-largest economy is treading water as higher rates and weak demand weigh on output. Analysts say EU recovery funds are now doing most of the heavy lifting, an awkward reality for a country once hailed as a post-pandemic rebound story. The silver lining? Jobs are holding steady, even if growth isn’t.

What to Watch: With just one quarter left, Italy’s on pace for 0.5% growth this year — exactly the government’s revised target. Whether that counts as success or survival may depend on when the next EU funding check clears.
Source: reuters.com

2. China Buys U.S. Soybeans But Deal Still Elusive

The News: China snapped its months-long soybean embargo, buying 180,000 metric tons of U.S. soybeans just before Thursday’s Trump–Xi summit in South Korea. The purchase — about three cargoes worth — was widely seen as a goodwill gesture ahead of the leaders’ talks. After the meeting, Trump announced Beijing would buy 12 million tons this year and 25 million annually for the next three years, signaling a potential thaw in the trade freeze that hit U.S. farmers hard.

Why It Matters: The news long-awaited relief to farm states battered by months of lost exports. But traders remain cautious — China already stocked up from South America, and tariffs still cloud the outlook. For many U.S. farmers, this rebound feels less like a boom and more like a breather.

What to Watch: If China follows through on bulk orders, Midwest silos could finally see movement — but until tariffs drop, markets will stay jumpy. Soybeans may be sprouting optimism, but the harvest of trust will take longer to grow.
Source: scmp.com

3. European Telecom Giants Push for Merger Reform

The News: More than 20 of Europe’s biggest telecom firms — including Deutsche Telekom, Vodafone, Orange, Nokia, and Ericsson — urged Brussels to relax merger rules, warning that fragmented markets are crippling Europe’s 5G rollout. In a joint letter to EU President Ursula von der Leyen, the CEOs argued that with over 100 operators across 27 nations, the continent can’t keep pace with the U.S. and China, where 5G standalone networks already reach 25% and 77% of users, respectively.

Why It Matters: The industry says scale equals survival. After pouring €500 billion into networks over the past decade, Europe’s telecom giants face soaring costs and stagnant returns — while regulators still block national mergers that could create true heavyweights. The EU, however, insists its rules curb monopolies, not growth.

What to Watch: The Digital Networks Act, due in December, will show whether Brussels favors bold consolidation or bureaucratic caution.
Source: gsma.com

“When I first opened Attio, I instantly got the feeling this was the next generation of CRM.”
— Margaret Shen, Head of GTM at Modal

Attio is the AI-native CRM for modern teams. With automatic enrichment, call intelligence, AI agents, flexible workflows and more, Attio works for any business and only takes minutes to set up.

Join industry leaders like Granola, Taskrabbit, Flatfile and more.

👉Start for free today

Q: What’s the best way to burn a thousand calories?

A: Leave the pizza in the oven.

✅ Bank Better: Open a new checking account and complete qualifying activities to earn a $300+ bonus.* Easy money.
✅ Brain Reset: See how color walking can be a simple practice that gives your brain the reset it needs.
✅ Get Through The Day: Terrible night’s sleep? Here’s how to make it through the day.
✅ It’s an Incredible World: See winning entries for Wildlife Photographer of the Year 2025.

*A message from our sponsor or affiliate link.

A small, membrane-bound sac within cells that transports and stores substances, such as proteins or neurotransmitters.

“Neurotransmitters are released into the synaptic cleft from vesicles in neurons.”

Grit Capital: Get weekly deep dives on markets, stocks, and investing strategies used by 270K+ investors, hedge funds, billionaires, and advisors. Sign-up here.