|  | Nasdaq | 23,004.54 | |
|  | S&P | 6,728.80 | |
| | Dow | 46,987.10 | |
|  | 10-Year | 4.093% | |
| | Bitcoin | $103,513.08 | |
| | Sweetgreen | $5.78 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: Stocks overall were mixed yesterday. But if you see any Wall Street types doing a version of Charlie Brown’s sad head-down walk this weekend, it’s because the Nasdaq just finished its worst week since tariffs were announced in April, as investors questioned whether AI is a bubble ready to pop (more on that below).
- Stock spotlight: Sweetgreen may be past its salad days—the lunch spot hit a record low after its earnings report showed younger diners pulling back and pricey new menu items failing to find fans.
| |
|
|---|
AI OpenAI CFO Sarah Friar opened a can of worms this week when she said the company wanted a government “backstop” on loans to help with the $1.4 trillion in spending it has planned over the next eight years for data centers and other infrastructure commitments. Despite CEO Sam Altman’s efforts to “clarify” Friar’s statement with a tweet almost as long as this newsletter that asserted the company is not trying to become “too big to fail,” and White House AI czar David Sacks declaring that the taxpayers will never have to fund a bailout for AI, questions remain. Critics are asking even more loudly: Is a company that recently announced it was rolling out erotica and has yet to turn a profit already too big to fail? It’s circular logic It’s more than size that has some observers nervous. As the Wall Street Journal points out, it wasn’t only that banks were “too big to fail” in 2008 when the collapse of Lehman Brothers triggered a global financial crisis—it’s that they were too interconnected. Now, the extremely polyAImorous nature of OpenAI’s core investments, coupled with how the tech industry is propping up an economy teetering on the edge of a recession, has some worried that we’re headed toward another bubble popping. OpenAI has billions tied up in circular investments with companies that include Nvidia, Microsoft, AMD, Oracle, and CoreWeave, designed to help foster its buildout. And it hasn’t spelled out how it plans to fund the necessary infrastructure yet (an IPO isn’t expected in the near term). Not everyone’s against government support: Jensen Huang, the CEO of Nvidia, which briefly crossed a $5 trillion market cap last week, said on Wednesday that having government subsidies to support data centers is the only way to stay ahead of China in the AI race. Zoom out: As AI giants held out their hands for governmental support, investors pulled back. AI company stocks lost more than $820 billion this week, making it their worst week since President Trump’s tariff announcements in April.—DL
| | |
|
|
Presented By EnergyX The federal government just made one of the biggest private-sector investments of this administration. Where? Lithium. It’s no shock. Current production needs to increase 18x by 2040 to meet projected demand, and China controls 80%+ of global supply. This combination is creating a once-in-a-lifetime opportunity. No wonder 35,000+ people have already invested in EnergyX. Their patented tech can produce up to 300% more lithium than traditional methods. Now, after a recent acquisition, they hold roughly 50,000 acres of lithium-rich resources in the US, right next to energy giants like Exxon. With backing from the DoE, General Motors, and POSCO, they’re preparing to unlock America’s lithium supply. Get a piece of the lithium boom as an early-stage EnergyX investor today. |
|
WORLD  Flight cancellations could rise to 20% if shutdown continues. Airlines canceled at least 1,000 US flights yesterday, after the FAA ordered 10% flight reductions at 40 airports across the country over the next week as air traffic controllers missed a paycheck due to the government shutdown. Yesterday’s cancellations amounted to a 4% reduction, but Transportation Secretary Sean Duffy said it might get even worse, with flights reduced by as much as 20% if the shutdown drags on. “If this shutdown doesn’t end relatively soon, the consequence is that more controllers don’t come to work,” Duffy told Fox News.
 Consumer sentiment fell to near-record lows. The American consumer’s current mindset can best be represented by a frowny face emoji, according to the University of Michigan’s closely watched monthly survey, which showed sentiment falling to 50.3 in November from 53.6 the month before. That puts the current sentiment just above where the index sat amid historically high inflation in 2022. Consumers are concerned about the impact of a prolonged government shutdown, the survey’s director said, with concerns especially magnified among lower-income consumers. And good news may not be coming any time soon, as Democrats and Republicans remain far apart on how to end the shutdown. The GOP yesterday rejected a Dem plan to reopen the government in exchange for extending ACA subsidies for a year.
 Starbucks is beary sorry. The coffee chain apologized to customers after its “Bearista” cup, a viral piece of holiday merch, sold out so quickly that it was hard to come by. The glass cup in the shape of a bear wearing a Starbucks beanie debuted as part of a seasonal drop on Thursday, which also included new drinks and other holiday-themed merchandise. But the popular cup sold out in many locales, leaving customers fuming on social media. By yesterday, the $30 cup was being listed for $500 on eBay. Starbucks apologized to disappointed bear hunters, saying it had shipped “more Bearista cups to coffeehouses than almost any other merchandise item this holiday season.”—AR
|
|
|
GAMING Grand Theft Auto fans are being forced yet again to exercise their patience. Take-Two Interactive’s Rockstar Games is pushing the release of GTA VI for the second time, with the game now set to roll out on Nov. 19, 2026, instead of in May. The company’s stock fell over 8% after the announcement, but execs—and analysts—are holding strong to the idea that, in the end, it will all be worth it. GTA VI has been one of the most highly anticipated video games since GTA V was released over a decade ago. GTA V sold 220+ million copies and is the second-best-selling game ever released. The latest delay means fans will have waited 13 years between iterations. You have to laugh Sure, the delay might inspire another round of memes, but delays are common in the gaming world (especially with Take-Two), and analysts are betting it will actually boost sales since the new date is so close to the holiday season. A November release will also likely help spur console sales on Black Friday 2026 as gamers secure their driving-around-Miami machines. Bottom line: While fans might be cursing another delay for GTA VI, Take-Two CEO Strauss Zelnick said, “It’s always painful when we move a date," but “we’ve never regretted it in retrospect.”—MM | | |
|
|
Together With Indeed The business case for work wellbeing. New research from Indeed, in partnership with Oxford University, reveals a strong business case for work wellbeing. Companies with higher employee wellbeing achieved greater profits, higher returns on assets, and increased valuations. Those with top Work Wellbeing Scores outperformed the S&P 500 by 8%, proving wellbeing can drive business outcomes. Learn more. |
|
ICYMI Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.  The world’s tallest teenager, 7-foot-9 Olivier Rioux, made his college basketball debut in the University of Florida’s second game of the season after the crowd erupted into chants of “We want Ollie,” words that any given skateboarder would kill to hear from their crush.
UK-based Collins Dictionary selected “vibe coding” as its word of the year for 2025. We’re not sure if anyone told them, but that’s actually two words. A new tomb lottery in Paris will give a handful of lucky residents the chance to be buried in the same cemetery as playwright Oscar Wilde and musician Jim Morrison, because who cares about spending eternity next to loved ones? Prince Harry apologized to Canada—whose head of state is King Charles III, Harry’s dad—after he and Meghan Markle wore Los Angeles Dodgers hats to Game 4 of the World Series against the Toronto Blue Jays. Both teams use the same colors, so maybe he just got confused. Several Miss Universe contestants walked out of a pre-competition gathering in Thailand after a national director started scolding Mexico’s titleholder. We hear there’s an opening at the Miss Uranus pageant with his name on it.—ML |
|
|
NEWS - The Supreme Court temporarily halted a judge’s order that required the Trump administration to fully fund the SNAP program for the month, pausing it until an appeals court decides whether to put its own block on the order while the administration appeals it.
- Cornell University agreed to pay $60 million to end the Trump administration’s civil rights investigations into the school and to get more than $250 million worth of federal funding restored.
- The Justice Department said it was investigating price-fixing allegations after President Trump accused meatpacking companies of colluding to drive up beef prices.
- No jobs report from the BLS was published yesterday because of the government shutdown. That means the Fed likely won’t have complete information when it decides whether to cut rates next month.
- Former NY baseball player Darryl Strawberry was pardoned by President Trump on tax evasion and drug charges.
- Grammy nominations came out yesterday. See who got the nod besides the Dalai Lama.
|
|
|
Together With Quince Go with the flowknit. From performance wear to everyday threads, Quince has you covered. Literally. Swaddle yourself in sustainable, certified fabrics that dry quickly, wick moisture, and boast four-way stretch. They’re 50%–70% less costly than luxury brands in market. Check out their wide selection of men’s and women’s activewear—and stay ultra-comfy out there. |
|
COMMUNITY Last week, we asked: “What’s a fact you learned recently that blew your mind?” Here are some of our favorite responses: - “Switzerland is abbreviated as ‘CH’ because its Latin name, Confoederatio Helvetica (Swiss Confederation), was chosen to remain neutral across its four official languages: German, French, Italian, and Romansh.”—Alison from Austin, TX
- “Cleopatra lived closer to the launch of the iPhone than the construction of the pyramids.”—Jurre from Belgium
- “There were no tomatoes in Europe until the 1500s, when they were brought back from the Americas by Hernán Cortés. Strange to think of Italy with no tomato sauce!”—Carl from Des Moines
- “The state with the most lighthouses isn’t on the Atlantic or Pacific Ocean, it is Michigan with the Great Lakes!”—Wiley from Asheville, NC
This week’s question If you had a time machine that could transport you to any year in a particular city, where and when would you travel to? Sam’s answer to get the juices flowing: “I’d go to 1920s New York and spend the night grooving to a Louis Armstrong performance while sipping on bootlegged French 75s.” Submit your answer here. |
|
|
|
