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Good Afternoon. Big Tech’s rally is losing steam, Bitcoin’s gone cold, and bank CEOs are sounding bubble alarms. But AI keeps finding new ways to spend your money, from Shopify’s “agentic commerce” boom to Palantir’s record quarter. Let’s get into it.
—Rosie, Wyatt, Evan & Conor
💰 Markets
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🔍 Section Focus
🔥 What’s Hot: 🔥
Prompt to Buy: AI is taking over the checkout line. Shopify says chatbot-driven orders are up 11x this year. In the new age of “agentic commerce,” your next impulse buy might come from a conversation, not a click.
🥶 What’s Not: 🥶
Bitcoin: Officially in bear-market territory, down 20% from its highs and taking the rest of crypto with it. Winter isn’t coming, it’s here.
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🇺🇸 U.S. News
1. Nasdaq Drops in Tech-Led Selloff
The News: Wall Street hit pause Tuesday as tech stocks led a broader market pullback. The Nasdaq fell sharply, weighed down by a post-earnings slump in Palantir, which despite record revenue, disappointed investors with soft guidance. The VIX spiked, signaling rising nerves after a months-long rally that’s left valuations stretched.
Why It Matters: With major indexes still hovering near all-time highs, even small tremors in Big Tech are enough to rattle confidence. Fed officials added to the unease by signaling that December’s rate decision remains “live,” reviving fears that another cut isn’t guaranteed. Global stocks followed suit, slipping across Europe and Asia.
What to Watch: Earnings season continues to test the market’s optimism. All eyes turn to AMD’s report after the bell because if chips wobble, the whole rally risks losing its edge.
Source: wsj.com
2. Wall St Falls as Bank CEOs Warn of Possible Pullback
The News: Wall Street stumbled Tuesday as bank CEOs from Morgan Stanley and Goldman Sachs warned that markets look overheated, reigniting fears of an AI-driven tech bubble. The S&P 500 and Nasdaq both slid sharply, led by losses in six of the “Magnificent Seven.” The Philadelphia Semiconductor Index dropped nearly 3%, and Palantir and Uber sank despite solid results.
Why It Matters: After months of relentless gains fueled by AI optimism, even modest warnings from top financiers are shaking investor confidence. Jamie Dimon’s call for a possible 10–20% correction underscores how jittery Wall Street has become amid stretched valuations, geopolitical risks, and an ongoing U.S. government shutdown that’s left markets flying blind on key data.
What to Watch: With AMD and Super Micro Computer set to report earnings after the bell, traders are bracing for clues on whether the AI rally still has juice left or if it’s running out of steam.
Source: reuters.com
3. Bitcoin Officially Enters Bear Market after 20% Drop from October High
The News: Bitcoin has officially fallen into a bear market, tumbling more than 20% from its October peak. Analysts using Elliott Wave theory predict the slump could extend through late 2026, marking a prolonged chill for the world’s largest cryptocurrency. The selloff follows a wave of deleveraging, as speculative bets unwound and volatility surged.
Why It Matters: After a year of record highs and institutional adoption, Bitcoin’s slide signals waning risk appetite and perhaps a return to crypto’s cyclical winter. While blockchain data shows long-term holders quietly accumulating, traders warn that the market’s sharp comedown could keep sentiment icy for some time.
What to Watch: If history’s any guide, crypto winters tend to overstay their welcome. Keep an eye on ETF flows, miner selling pressure, and how many miners swap GPU mining for AI data centers because in 2025, even Bitcoin’s cold snap might fuel the next data center boom.
Source: cryptobriefing.com
4. Robinhood Offers Discounted Mortgages to Gold Subscribers
The News: Robinhood is moving from trading floors to living rooms. The fintech platform has launched an exclusive mortgage partnership with Sage Home Loans, offering Robinhood Gold subscribers mortgage rates at least 0.75% below the national average and $500 in closing credits. The initiative, first piloted over the summer, marks Robinhood’s latest step in expanding beyond investing into broader personal finance.
Why It Matters: With home affordability near record lows, Robinhood’s foray into mortgages blends fintech accessibility with real estate’s biggest barrier: cost. The move also reflects a broader trend—tech platforms using data-driven lending tools to simplify and personalize homeownership. For Robinhood, it’s a chance to turn short-term traders into long-term homeowners.
What to Watch: If the rollout gains traction, expect rivals like SoFi, CashApp or PayPal to follow suit. As these once just trading apps look to become financial ecosystems, the new fintech race isn’t just for your portfolio, it’s for your front porch.
Source: businesswire.com
5. Transportation Department May Have to Close Some Airspace Next Week
The News: Transportation Secretary Sean Duffy warned Tuesday that if the government shutdown continues past November 11, the U.S. may be forced to close parts of its airspace due to critical air traffic controller shortages. Duffy said the system is already under strain, with some controllers missing paychecks and others taking second jobs to make ends meet.
Why It Matters: The shutdown—now at day 35—isn’t just a political standoff; it’s beginning to threaten the safety and reliability of the nation’s air travel system. Delays attributed to staffing issues have surged from 5% to over 50%, according to Duffy, raising concerns about both traveler safety and economic fallout if disruptions worsen.
What to Watch: If the stalemate drags on, “runway rage” could become the next national headline—so buckle up. The longer Washington’s gridlock lasts, the more likely it is that America’s planes get grounded.
Source: thehill.com
🌎 World News
1. Head of UK's richest family dies aged 85
The News: Gopichand Hinduja, patriarch of the UK’s richest family, has died at age 85, leaving behind a £35.3 billion legacy and a sprawling global empire. Known simply as “GP,” Hinduja helped transform his father’s small trading firm into the Hinduja Group, a multinational powerhouse spanning finance, media, manufacturing, and energy with 200,000 employees worldwide.
Why It Matters: Hinduja’s passing marks the end of an era for one of the world’s most private yet influential dynasties. The family’s holdings stretch from India’s truck maker Ashok Leyland to London real estate near St. James’s Park and the Old War Office. His death leaves questions about succession and control across the empire, especially after the loss of his elder brother, Srichand, in 2023.
What to Watch: The next generation now faces the task of keeping both a family and a fortune intact—no easy feat when your business footprint spans continents and your surname is shorthand for wealth itself.
Source: bbc.com
2. Shopify says AI traffic is up 7x since January
The News: Canadian e-commerce platform Shopify is betting big on AI-driven shopping, reporting that traffic from AI tools to its stores is up 7x since January and AI-generated orders have surged 11x. On its Q3 earnings call, Shopify President Harley Finkelstein called AI “the biggest shift in technology since the internet,” underscoring how deeply the company has woven AI into its strategy. Shopify, which partners with OpenAI, Perplexity, and Microsoft Copilot, said it’s building the foundation for “agentic commerce” — where AI assistants handle product discovery and purchasing directly in chat.
Why It Matters: With over 2 million merchants, Shopify is positioning itself as the e-commerce backbone of the AI era and vying to compete with giants like Amazon. By integrating shopping into AI conversations, the company could redefine how consumers buy — from clicks to chat prompts. Its internal AI tools, like Scout, are also driving product decisions faster than ever.
What to Watch: Shopify’s vision of “commerce everywhere” could turn chatbots into cash registers. The only question: when your AI starts shopping for you — who’s really holding the wallet?
Source: techcrunch.com
3. Nippon Steel Targets $14 Billion Investment in U.S. Steel
The News: Nippon Steel plans to invest $14 billion in U.S. Steel’s American operations, aiming to boost efficiency, protect and create over 100,000 jobs, and strengthen its foothold in the U.S. manufacturing base. Of that, $11 billion will be deployed by 2028, targeting modernization projects such as Gary Works in Indiana and Mon Valley Works near Pittsburgh. The Japanese steelmaker, which acquired U.S. Steel earlier this year, expects the upgrades to unlock $3 billion in value, including $2.5 billion in annualized earnings gains through capital improvements and another $500 million in cost efficiencies.
Why It Matters: This marks one of the largest-ever foreign industrial investments in the U.S., signaling Japan’s long-term bet on American steel and manufacturing resilience. With 50 Nippon Steel engineers already embedded at U.S. Steel plants, the partnership reflects a broader push to merge Japanese process precision with U.S. production scale.
What to Watch: If successful, the deal could forge a new “Steel Age Alliance” — one that keeps the furnaces burning hot on both sides of the Pacific.
Source: morningstar.com
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🥸 Dad Joke of the Day
Q: How do you fix a broken pumpkin?
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