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What I Am Reading

Wednesday, December 3, 2025

Latest Morning Briefing

Positive Spins On AI & On Australia

Investor concerns that AI may be costing more than it’s worth should be put into perspective, Melissa says. It is costing a fortune to build out AI infrastructure, and investors aren’t wrong to worry that OpenAI won’t make money for years, that depreciation practices unduly inflate earnings, that AI stocks may be overvalued. But compared to the GDP impact that ubiquitous AI will have as it sparks productivity growth economywide, the worriers are sweating the small stuff. AI will put our Roaring 2020s outlook into overdrive. … Also: Nvidia’s GPUs are facing new competition from TPUs, but the broader chip industry is expanding solidly. … And: William observes that Australia’s economic strength may be a bellwether for the global economy and bode well for the US.

Markets

Dow Edges Higher; Bitcoin RisesWall Street Journal
S&P 500 edges higher on Fed rate-cut hopes, Microsoft weakness caps gainsReuters
U.S. Dollar Heads for Worst Seven-Day Stretch Since 2020Wall Street Journal

Credit

Treasury Yields Fall Amid Private Payroll Job LossesWall Street Journal

Commodities

Central Banks

Trump's Aides Cancel Fed Chair Interviews as President Homes In on PickWall Street Journal
ECB's Lane flags 'upside surprises' to euro zone inflationReuters
Fed data suggests the central bank has stopped losing moneyReuters

US Economy

U.S. Services-Sector Activity Rises Again (ISM)Wall Street Journal
U.S. Industrial Production Rose in SeptemberWall Street Journal
November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reportsCNBC

US Politics

U.S. pauses immigration applications from 19 non-European countriesReuters

Europe

U.K. Loosens Bank Capital Demands for First Time Since Financial CrisisWall Street Journal

China

China's services growth slips to 5-month low in November, private PMI showsReuters

Global Economy

Growth to Slow as Tariffs Bite, but AI Investments May Cushion the Blow (OECD)Wall Street Journal

AI & Corporate Finance

Marvell to acquire Celestial AI for $3.25 billionReuters
Micron to Wind Down Crucial Brand to Focus on AI & Data CenterWall Street Journal
LSEG to provide licensed financial data to ChatGPT in OpenAI dealBloomberg

Trade

Brussels pushes for 70% of critical goods content to be 'made in Europe'Financial Times

Geopolitics

Marathon Russia–U.S. Meeting Yields No Ukraine Peace DealWall Street Journal
Ukraine Goes After Moscow's Shadow Fleet in International WatersWall Street Journal
Israel, Lebanon send civilian envoys to truce committee for ceasefire monitoringReuters

Japan Consumer Confidence (November 2025)

price expectations remained high. Source:Cabinet Office, Government of Japan

Euro Area Inflation Rate YoY (Flash, November 2025)

data are scheduled mid-December. Source:Eurostat

Australia GDP Growth Rate QoQ (Q3 2025)

. Source:Australian Bureau of Statistics