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Last Week’s Headlines

Economy & World News

• China executed its first-ever emergency space mission to rescue astronauts on the Tiangong station.
  China launched the unmanned Shenzhou-22 capsule after Shenzhou-20 was damaged by space debris, making it unsafe for crew return. The rapid-response launch—completed in just 16 days—highlights China’s growing space capabilities and its ability to react quickly to orbital emergencies.

• Kevin Hassett emerges as the frontrunner for Federal Reserve Chair under Trump’s transition team.
  Advisers say Trump prefers Hassett due to his loyalty and shared view on rate cuts, which could lead to a more White House-aligned Fed. However, uncertainty remains as Trump is known to make late-stage personnel shifts.

• The Pentagon says Alibaba, Baidu, and BYD should be listed as aiding the Chinese military, escalating U.S.–China tensions.
  A letter to Congress recommended adding several major Chinese firms to the Pentagon’s 1260H list, which flags companies tied to China’s defense sector. The list carries no automatic penalties but serves as a major warning to U.S. investors as geopolitical scrutiny intensifies.

• China’s industrial profits slipped 5.5% in October, reversing September’s strong rebound.
  The decline reflects renewed pressure from U.S.–China trade uncertainty and Beijing’s efforts to curb excess capacity in key sectors. Despite October’s drop, industrial profits for the year are still up 1.9%, though growth is slowing sharply.

• Italy’s Leonardo unveiled an AI-powered defense system to counter hypersonic missiles and drone swarms.
  The “Michelangelo Dome” integrates land, sea, air, and cyber platforms at machine speed to protect Europe against fast-moving threats. Italy aims for initial readiness by 2026 and full capability by 2028, giving NATO smaller nations a cheaper way to upgrade their defenses.

• President Trump called for “reverse migration” in a sweeping new immigration crackdown.
  Following the shooting of two National Guard members, Trump said he would halt admissions from unspecified developing nations and revoke citizenship from certain naturalized migrants. The proposals lacked implementation details but signal a more aggressive shift in immigration posture.

• Ukraine’s top negotiator Andriy Yermak resigned amid a widening government corruption probe.
  The investigation centers on a $100 million scheme involving the state nuclear energy company, adding instability at a critical moment in the war with Russia. Zelensky framed the resignation as part of a reboot to restore trust as Kyiv faces battlefield pressure and Western demands for reform.

• Tech companies have cut more than 180,000 jobs in 2025 as AI restructuring accelerates.
  Amazon eliminated 14,000 roles, Verizon cut 13,000, and Microsoft reduced 15,000 positions while pouring $80 billion into AI infrastructure. A new MIT study found current AI systems could replace 11.7% of U.S. jobs, pushing firms toward even deeper workforce reductions.

• The Pentagon recommended adding several Chinese tech firms to a defense-risk list, signaling potential future sanctions or investment restrictions.
  Companies like Alibaba, Baidu, BYD, Hua Hong Semiconductor, and WuXi AppTec were flagged for ties to Chinese military operations. The move increases uncertainty for investors with exposure to China’s tech ecosystem as security risks take regulatory priority.

• American shoppers spent a record $11.8 billion online on Black Friday, up 9.1% from last year.
  Adobe Analytics expects another $11.4 billion in spending across Saturday and Sunday as early holiday demand and flexible payment options fuel e-commerce growth. The data shows resilient consumer spending despite higher interest rates and economic uncertainty.

• The European Space Agency approved a record €22.1 billion budget as the UN launched a global comet-tracking exercise.
  The coordinated effort centers on Comet 3I/ATLAS, which will pass Earth at a safe distance in December and serve as a test for planetary defense readiness. Scientists, including Harvard’s Avi Loeb, are exploring whether the comet could theoretically release probes near Jupiter next year—though NASA insists all evidence points to a natural origin.

Public Markets

•  Alphabet is closing in on a $4 trillion valuation as AI momentum accelerates.
  Google shares jumped as Gemini 3’s launch and cloud revenue strength lifted market sentiment, adding nearly $1 trillion in value since late October. Analysts say Google is reasserting itself as an AI leader, with help from large corporate chip deals and supportive regulatory outcomes.

• Meta is reportedly negotiating a multibillion-dollar deal to buy Google’s AI chips.
  The move would deepen Google's challenge to Nvidia by expanding demand for its TPU chips, especially after it agreed to supply Anthropics with 1 million units. Meta may also rent Google’s chips through its cloud division starting next year.

• Abercrombie shares surged 30% after a massive earnings beat and strong Hollister growth.
  While its core brand showed signs of slowing, Hollister’s momentum is expected to drive the company’s holiday season. The retailer exceeded expectations on both revenue and profit, lifting the stock over 30% intraday.

• Microsoft faces growing resistance to its AI-driven data-center expansion, particularly in rural communities.
  Local pushback in Wisconsin forced the company to abandon a planned build, despite already having approved a nearby site. Environmental and lifestyle concerns are quickly becoming a major hurdle for hyperscaler buildouts.

• U.S. Medicare secured a 71% discount on Ozempic and Wegovy for 2027 pricing.
  The deal—unusually public—reflects the Biden-era negotiation rules and brings significant future cost savings for the government. Pfizer’s Ibrance will also face a major price cut, though markets showed limited reaction in after-hours trading.

• Novo Nordisk’s Ozempic pill failed in key Alzheimer’s trials, wiping out one of its biggest future-growth bets.
  Patients showed no measurable cognitive slowdown, forcing Novo to halt its extension study and sending shares down more than 12%. The failure deepens Novo’s struggles after losing obesity-drug leadership to Eli Lilly.

• Amazon faces an FAA probe after a delivery drone snapped an internet cable in Texas.
  An MK30 drone caught an overhead cable in Waco, triggering an investigation and renewing safety questions around Amazon’s 500-million-deliveries-per-year drone ambition. Regulatory hurdles, layoffs, and repeatedly missed targets continue to slow the program’s rollout.

• Alphabet shares climbed as markets extended a four-day rally ahead of Thanksgiving.
  Investors cheered expectations of a December Fed rate cut and strong big-tech momentum, with the Dow jumping over 400 points. Alphabet’s recent surge follows reports Meta may adopt Google’s TPU chips, intensifying competition with Nvidia.

• Nvidia shares dipped 2.6% after a big run-up, though the company insists its AI lead remains intact.
  The semiconductor giant said it is still “a generation ahead,” even as Meta and Google explore collaboration that could broaden the AI-chip landscape. Shares recovered modestly the next day as optimism remained strong.

Real Estate & Private Equity

• Amazon’s true data-center footprint is far larger than previously known, exceeding 900 global facilities.
  Documents show AWS relies heavily on colocated servers alongside its owned mega-campuses, with rented sites accounting for roughly 20% of computing power. The scale underscores how deeply embedded Amazon is in the global infrastructure powering modern cloud and AI workloads.

• Rural Wisconsin communities are blocking major AI data center projects, citing social and environmental concerns.
  Microsoft was forced to pull plans for a new site after strong pushback from residents worried about noise, land use, and quality-of-life disruptions. As AI infrastructure expands, tech giants must navigate increasingly complex political and local challenges in underserved regions.

• A CME-linked data center malfunction in Illinois temporarily shut down major futures and options platforms.
  A cooling-system failure at the CyrusOne facility caused outages across CME Group’s digital operations, disrupting activity at one of the world’s most critical trading hubs. The incident raised questions about redundancy in financial-market infrastructure, which handles quadrillions in daily trading volume.

• SEC rejected Dream Exchange’s bid to launch a minority-focused stock exchange after uncovering financial irregularities.
  The ruling cited an investigation into potential securities violations and undisclosed ties to the Church of Scientology. Regulators said the startup hasn’t demonstrated the capacity to meet obligations expected of a national exchange.

M&A, IPO’s, Bankruptcies

• Warner Bros. Discovery is asking bidders to submit sweetened offers after initial bids fell short.
  Paramount, Comcast, and Netflix are among the suitors seeking some or all of the company’s assets, but insiders say bids must be improved by December 1. Warner Bros. may soon enter exclusive negotiations with one buyer depending on the revised proposals.