Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Australia moves to ban under-16s from TikTok and Instagram starting Dec. 10.
  Australia will require platforms to block minors from holding accounts, marking the first major democratic crackdown on youth social-media use amid concerns about cyberbullying and harmful content. Regulators worldwide are watching closely, and companies that fail to comply face fines up to $32 million.

• U.S. special election in Tennessee shows GOP wins but with tighter margins.
  Republican Matt Van Epps won a House seat with a smaller margin than past GOP victories in the district, raising questions about Republican voter enthusiasm heading into 2026. Democrats highlighted the closer result as a sign of shifting sentiment.

• Mexico transfers cartel leaders to the U.S. under new pressure campaign.
  More than 55 of Mexico’s most dangerous cartel leaders were secretly flown to the U.S. this year, facing charges that could keep them in maximum-security prisons for life. The covert missions reflect intensified cooperation between the Trump administration and Mexico to dismantle cartel operations.

• Michael & Susan Dell commit $6.25B to fund “Trump accounts” for 25 million U.S. children.
  The donation seeds tax-advantaged investment accounts for kids who are too old for upcoming federal grants but still eligible for long-term wealth-building programs. Michael Dell said the idea was inspired by discussions with hedge fund manager Brad Gerstner.

• U.S. government tightens work-permit rules for immigrants, cutting validity from five years to 18 months.
  The Trump administration said shorter renewals allow more frequent vetting following a recent shooting tied to an Afghan national. The policy marks a reversal of Biden-era rules and aims to further restrict legal immigration pathways.

• U.S. Supreme Court clears Texas to use new GOP-drawn congressional map for 2026 elections.
  The ruling lifts a lower-court block on the map, increasing Republican chances of gaining up to five House seats. Liberal justices dissented, arguing the map likely reflected unconstitutional racial gerrymandering.

• U.S. pushes Europe to block plan using frozen Russian assets to fund Ukraine.
  Washington argued the assets should be reserved to secure a future peace deal between Kyiv and Moscow, urging EU nations not to use them for a proposed €90 billion loan. European diplomats say internal debate continues as Ukraine faces major financing needs for the next two years.

Public Markets

• Airbus shares drop after new quality issues surface in dozens of A320 aircraft.
  The company discovered fresh quality problems shortly after addressing a major software glitch affecting roughly 6,000 A320-family planes. The news pushed shares sharply lower as investors weighed potential delays and added inspection costs.

• Commercial real estate remains out of favor—even with rate cuts.
  Institutional investors, once heavy buyers of office and property assets, are still hesitant after years of falling values despite five Fed rate cuts since 2024. Yet CRE stands out as one of the few U.S. asset classes that still appears fairly priced, especially if an AI-driven market bubble emerges elsewhere.

• Nvidia invests $2 billion in Synopsys to deepen AI-driven chip-design partnership.
  The deal integrates Nvidia’s AI tools directly into Synopsys’ design software and adds AI agents and joint marketing across industries. CEO Jensen Huang called it a major technological upgrade expected to accelerate the adoption of AI-powered engineering.

• Delta Air Lines expects $5B in profit and $4B in free cash flow in 2025.
  Despite a $200M hit from the government shutdown, Delta sees strong holiday demand and plans to use most of its cash to pay down debt. Management forecasts 2026 to deliver outsized earnings as travel demand remains resilient.

• Meta poaches Apple’s top interface designer Alan Dye to lead AI consumer device design.
  Dye will oversee hardware, software, and AI integration across Meta’s interfaces, reporting to CTO Andrew Bosworth. The move deepens Apple’s design-team talent drain, following past high-profile departures including Jony Ive.

• Europe’s largest rare-earths factory ramps up production near Russia’s border.
  Canada’s Neo Performance Materials opened a major magnet plant in Narva, Estonia to help the EU reduce dependence on Chinese minerals. The company says the facility could meet up to 10% of Europe’s rare-earth demand.

• Meta faces EU antitrust probe over WhatsApp AI data-access policy.
  Regulators are examining whether Meta’s new rule allowing AI providers access to WhatsApp data violates competition law. Fines could reach up to 10% of annual revenue, though Meta called the claims “baseless.”

• Meta prepares major metaverse budget cuts as high as 30% for 2026.
  Executives are shifting resources away from metaverse projects and toward AI hardware like glasses and wearables. Layoffs could begin as early as January as Meta refocuses its Reality Labs division.

• Chinese AI chipmaker Moore Threads soars 425% in Shanghai debut.
  The company raised 8 billion yuan ($1.13B), marking China’s biggest first-day IPO jump since 2019 as investors bet on Beijing’s drive for tech self-sufficiency. Proceeds will fund next-gen AI and graphics chip projects, valuing the firm at 282.3 billion yuan.

• SpaceX seeks $800B valuation in new secondary share sale.
  The offering would make SpaceX the most valuable private company in the U.S., surpassing OpenAI, and executives hinted an IPO could come as early as 2026. The new valuation doubles its prior $400B mark, showing continued demand for its satellite and launch businesses.

Real Estate & Private Equity

• Steve Cohen wins approval to build an $8B casino next to Citi Field in Queens.
  His project is one of three selected by New York’s gaming commission, joining Genting’s Resorts World expansion and Bally’s proposed Bronx casino. The developments are projected to generate $7 billion in gaming tax revenue through 2036 and create thousands of jobs.

• TikTok commits over $37B to build its first Latin American data center in Brazil.
  The massive facility near the Port of Pecém will run entirely on wind-powered clean energy and positions Brazil as a rising global hub for data-center investment. The move strengthens TikTok’s regional infrastructure at a time of increased scrutiny of its global operations.

• Hong Kong’s IPO market rebounds, attracting Millennium, Jane Street, and major global funds.
  Cornerstone investors returned to Hong Kong listings at levels not seen in over a decade, signaling renewed confidence after years of geopolitical uncertainty. The revival positions Hong Kong for a four-year high in IPO proceeds.

• SoftBank in talks to acquire DigitalBridge and take it private.
  The Japanese conglomerate aims to capitalize on the AI-driven surge in digital infrastructure, potentially buying the data-center-focused private equity firm for $2.58B. Discussions are ongoing, and no final agreement is guaranteed.

• Sequoia’s $9B hedge fund shifts to a “No Kings” leadership model after internal turmoil.
  Amid weak performance and culture complaints, the fund installed a four-person leadership group to emulate the collaborative structure of Sequoia Capital’s venture arm. The move comes as its board—led by Alfred Lin and Pat Grady—reviews operations following leadership upheaval.

M&A, IPO’s, Bankruptcies

• Barrick considers IPO of its North American gold assets after operational setbacks.
  Mining delays and management shakeups have pushed Barrick to explore selling a minority stake in a unit tied to mines in Nevada and the Dominican Republic. Investors responded positively, sending U.S. shares up nearly 4% in premarket trading.

• Netflix to acquire Warner Bros.’ film studio and HBO Max in a $72B cash-and-stock deal.
  The acquisition ends a heated bidding war and gives Netflix ownership of Warner’s iconic film catalog, HBO Max, and major franchises. Warner Bros. Discovery will still spin out its TV networks, including TNT and CNN, while shareholders receive $27.75 per share.