Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Trump to Impose 25% Tariffs on Heavy Truck Imports (Nov. 1)
  President Donald Trump announced new 25% tariffs on medium- and heavy-duty trucks starting November 1, expanding his administration’s protectionist trade measures. The move follows intense lobbying from Detroit automakers and aims to strengthen U.S. manufacturing competitiveness.

• Paul Tudor Jones Predicts ‘Massive Rally’ Before Bull Market Peak
  Hedge fund manager Paul Tudor Jones said current market conditions resemble the late 1990s dot-com bubble, signaling a possible final euphoric rally before a major correction. He pointed to loose fiscal and monetary policy as the key driver of the run-up.

• Goldman Sachs CEO Warns of Market Drawdown
  David Solomon cautioned that markets could experience a drawdown within 12–24 months as excess capital fails to generate expected returns. He echoed Jeff Bezos, who recently described AI as being in an “industrial bubble” with hype outpacing fundamentals.

• Israel, Hamas Reach First Phase of Gaza Peace Deal
  President Trump announced a preliminary peace agreement between Israel and Hamas, marking the first step toward ending the two-year Gaza conflict. The deal, mediated by Qatar, includes a hostage and prisoner exchange, with further talks to address demilitarization still pending.

• Saudi Arabia Seeks $10 Billion in Rare Loan
  The Saudi government is in talks to secure up to $10 billion from major Wall Street lenders to support Crown Prince Mohammed bin Salman’s diversification plan. The deal reflects tighter regional liquidity and Riyadh’s growing reliance on international credit markets.

• Argentina Interest Rates Spike to 87% Amid Peso Defense
  Argentina’s central bank hiked short-term Lecap yields to 87% to defend its plunging peso, worsening the country’s ongoing liquidity crunch. The move highlights the government’s struggle to stabilize the economy as dollar reserves shrink.

• North Korean Hackers Steal Record $2B in Crypto
  A report by Elliptic and the FBI confirmed North Korea stole $2 billion in crypto this year — nearly triple 2024’s total. The largest single theft was a $1.46 billion hack of Bybit, cementing it as the biggest cryptocurrency heist in history.

• Lehman Brothers’ London Unit Finally Closes — 17 Years Later
  A London court has approved the final closure of Lehman Brothers International Europe, concluding £28 billion in repayments to creditors — officially ending one of the most infamous bankruptcies in financial history.

• U.S. Launches $20B Financial Rescue of Argentina
  The U.S. Treasury intervened to stabilize Argentina’s collapsing peso, committing $20 billion in financing and buying pesos directly in currency markets. The move follows Argentina’s desperate rate hike to 87%, marking one of Washington’s most direct financial interventions in Latin America in decades.

• Peru’s Boluarte Ousted, José Jerí Sworn In as President
  Peru’s Congress voted to remove President Dina Boluarte, one of the world’s least popular leaders, installing José Jerí as the country’s new president. The shift underscores South America’s ongoing political instability amid widespread anti-corruption protests.

• Venezuela Opposition Leader Wins Nobel Peace Prize
  María Corina Machado, opposition leader in Venezuela, won the 2025 Nobel Peace Prize for her fight for democracy and political freedom under Nicolás Maduro’s authoritarian rule. The award brings international attention to Venezuela’s democratic struggles.

• China Opens Antitrust Probe Into Qualcomm
  Beijing launched an antitrust investigation into Qualcomm’s Autotalks acquisition, escalating tensions ahead of a high-level U.S.–China meeting. The probe signals China’s growing scrutiny of American tech dominance in connected-vehicle and AI chip sectors.

Public Markets

• AMD Surges 25% on OpenAI Investment Deal
  OpenAI and AMD struck a deal granting OpenAI a 10% stake in the chipmaker, aligning their interests in AI infrastructure expansion. OpenAI will deploy 6 gigawatts of AMD GPUs over several years, beginning in 2026. AMD stock skyrocketed nearly 25% on the news.

• Verizon Appoints Dan Schulman as CEO
  Verizon Communications named former PayPal CEO Dan Schulman as its new chief executive, replacing Hans Vestberg. The move signals a strategic shift toward fintech-inspired leadership and renewed focus on digital monetization.

• Hedge Funds Blocked from Wildfire Insurance Bets in California
  New California legislation signed by Governor Gavin Newsom restricts hedge funds and alternative investors from speculating on wildfire insurance claims. The move aims to stabilize premiums and limit financialization of climate-related risk markets.

• AppLovin Under SEC Investigation for Data Practices
  The SEC is probing AppLovin over alleged data-collection violations tied to mobile advertising platforms. The inquiry focuses on whether the company breached privacy policies and platform agreements.

• US Approves Nvidia Chip Sales to UAE in AI Diplomacy Move
  The Biden administration (now under Trump’s policy framework) approved billions in Nvidia chip exports to the United Arab Emirates, marking a key step in the U.S.’s new AI diplomacy strategy aimed at strengthening alliances in the Middle East tech race.

• Hang Seng Bank Surges 25% on $37B Privatization Bid
  HSBC, which owns 63% of Hang Seng Bank, proposed buying out remaining shareholders in a deal valuing the bank at HK$106 billion ($37B). Shares soared over 25% following the announcement.

• Netflix Adds Gaming to Its TV Platform
  Netflix launched video games on TVs for the first time, expanding beyond streaming content. CEO Greg Peters said the company’s goal is to deepen engagement with subscribers through playable content tied to popular franchises like Stranger Things.

• Verizon Partners with AST SpaceMobile for Satellite Service
  Verizon signed a deal with AST SpaceMobile to provide cellular service directly from space, marking a breakthrough in coverage technology. AST shares rose over 2% following the announcement.

• IRS Announces New Tax Brackets for 2026
  The IRS unveiled inflation-adjusted federal income tax brackets for 2026.

  • Standard deduction: $32,200 for married couples, $16,100 for singles.

  • Top 37% bracket: kicks in above $640,601 (single) or $768,701 (married).
    The announcement came as the agency faces furloughs amid a government shutdown.

• U.S. Attorney General Letitia James Indicted on Fraud Charges
  New York AG Letitia James was indicted by a federal grand jury in Virginia for alleged mortgage fraud, making her the second of President Trump’s political opponents charged in recent weeks. The case adds a volatile political dimension to U.S. markets and governance confidence.

• SoftBank Seeks $5B Loan Backed by Arm Stock
  Masayoshi Son’s SoftBank is in talks with global banks for a $5 billion margin loan using Arm Holdings stock as collateral. The move aims to raise cash for new AI bets as Son ramps up post-IPO ambitions for Arm.

Real Estate & Private Equity

• Eli Lilly to Invest $1 Billion in India
  Eli Lilly will invest over $1 billion to expand manufacturing capacity in India, reinforcing its global supply chain for blockbuster obesity and diabetes drugs like Mounjaro.

• Saudi Arabia Loan Push Signals Capital Market Stress
  The $10B Saudi loan request also underscores tightening liquidity in Gulf markets, where large-scale public projects are pressuring sovereign balance sheets — a rare development for the oil-rich kingdom.

• Lehman Closure Wraps Up 17-Year Global Insolvency Case
  With the London arm officially closed, the Lehman wind-down becomes one of the longest in modern finance, freeing capital for creditors and former investors tied to the 2008 financial crisis.

M&A, IPO’s, Bankruptcies

• Paramount Buys Bari Weiss’s The Free Press for $150 Million
  Paramount Global is acquiring Bari Weiss’s The Free Press in a $150 million deal. Weiss will oversee CBS News’s editorial direction, focusing on producing content that prioritizes “news that reflects reality.” The acquisition deepens Paramount’s footprint in alternative digital media.

• Fifth Third Bancorp to Acquire Comerica for $10.9 Billion
  Fifth Third Bancorp announced plans to acquire Comerica Bank in an all-stock deal valued at $10.9 billion, creating the ninth-largest U.S. bank with roughly $288 billion in assets. Comerica shares jumped over 13% after the news.

• xAI to Raise $20 Billion Backed by Nvidia and Others
  Elon Musk’s xAI is raising $20 billion in new financing — up from earlier targets — with Nvidia among key investors. The round blends equity and debt, reinforcing Musk’s push to compete directly with OpenAI.

• HSBC Moves to Fully Acquire Hang Seng Bank
  The $37B privatization represents one of Asia’s largest banking transactions in 2025, strengthening HSBC’s foothold in the Hong Kong market amid global restructuring.

• Polymarket Founder Becomes World’s Youngest Billionaire
  Shayne Coplan, 27, became the youngest self-made billionaire after Intercontinental Exchange (ICE) invested $2 billion in Polymarket, valuing the crypto prediction platform at $8 billion. Coplan launched the company in 2020 from his bathroom while broke — it has since processed more than $3 billion in wagers

• Cantor Fitzgerald Renegotiates O’Connor Hedge Fund Deal
  Cantor Fitzgerald is revising its acquisition terms for UBS’s O’Connor hedge-fund unit after the collapse of First Brands Group, an auto-parts supplier that defaulted on $6 billion in loans. O’Connor had $116 million in exposure, forcing Cantor to cut its purchase price and exclude risky strategies.