AI DEVELOPMENT PACE
Dollar jumps after strong US payrolls report
The US dollar index jumped significantly following the Labor Department's report indicating an increase of 165,000 jobs last month, which far exceeded economists' forecasts. As a result, the probability of a rate hike from the Federal Reserve climbed to nearly 80% for next month. Moreover, Federal Reserve officials voiced concerns about ongoing inflation, leading to declines for other currencies such as the euro and sterling against the dollar.
US stock market today: Dow futures fall 475 points as S&P 500 and Nasdaq futures rebound, Nvidia, Micron and AMD lead chip recovery after $3 trillion AI-driven Wall Street selloff
US stock market futures are mixed today, Friday, Nov. 6, after Thursday’s nearly $3 trillion AI-led selloff, as chip shares attempt a rebound. Dow futures are down 475 points, while S&P 500 futures gain 0.26% to 7,402.50 and Nasdaq futures rise 1.33% to 27,107.75. The Nasdaq plunged 5.52% yesterday; the S&P 500 fell 4.36% and the Dow lost 3.44%.
Why Big Tech companies Microsoft, Google, Meta and others are opting for voluntary buyouts
In response to fluctuating market demands, Meta has rolled out voluntary exit packages in France aimed at workforce restructuring. This initiative is part of a broader trend as tech giants like Google and Microsoft implement similar measures globally to optimize costs. These packages offer employees the choice to depart with financial incentives and transition support, showcasing a more favorable approach compared to traditional layoffs amidst economic uncertainty.
US stocks today: Dow rallies 1,500 pts, S&P, Nasdaq over 1% as Democrats win midterm elections
Wall Street experienced a significant rally after the Democrats gained control of Congress, which eased political uncertainties. Investor sentiment was boosted, although data centre stocks faced a selloff due to potential scrutiny. Major tech companies like Amazon and Meta Platforms rose in value while AI infrastructure providers struggled. A decline in oil prices further contributed to market optimism regarding energy and clean technologies.
US stocks suffer worst rout since 2020: Dow plunges 1,800 points, Nasdaq crashes 5.5% as AI fears wipe out $3 trillion
Wall Street experienced a major selloff in technology stocks following recent midterm election outcomes. The Nasdaq Composite recorded its steepest decline in 19 months, while the S&P 500 also fell sharply. Investors are worried about potential regulations impacting AI infrastructure growth amid increasing political resistance. Major chipmakers, including Nvidia, saw significant losses alongside other AI-related companies. Analysts are closely monitoring upcoming economic data to gauge the Federal Reserve's actions.
Nomura silences AI doubters, says Kospi can hit 10,000 mark to double as fundamentals are intact
South Korea's Kospi plunged to a nine-month low amid fears that US political shifts could slow AI infrastructure spending and hurt chip demand. However, Nomura remains bullish, projecting a potential recovery towards 10,000, with a near-term target of 7,500–8,000.
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AI selloff hits India too: TD Power, HFCL, Sterlite, other power capex-linked stocks crash up to 15%
Indian power capex and AI-linked stocks tumbled as a global technology sell-off spread across markets, with TD Power and Thermax plunging 15% each. Concerns that US midterm election results could slow data centre expansion and AI infrastructure spending triggered sharp losses across Asian technology stocks and domestic market-linked companies.
SoftBank credit default swaps hit 4-year high as AI profitability concerns mount
SoftBank Group’s five-year credit default swap spread climbed to a four-year high as investors grew increasingly concerned about the profitability of artificial intelligence investments. Rising borrowing costs, questions over returns from its OpenAI investment and uncertainty surrounding AI infrastructure spending have added to credit market concerns.
Infosys, Wipro, TCS and other IT stocks rise up to 3% as US AI rout deepens; is the bubble bursting?
In the wake of a worldwide AI stock decline, companies such as Infosys and TCS have seen their shares rise, demonstrating a contrasting trend. This downturn has sparked fears of impending regulations within the sector, prompting analysts to predict that Indian IT companies might leverage this moment to enhance their entrepreneurial AI ventures, all while experts caution against excessive financial commitments in the AI landscape.
AI meltdown: Kospi crashes 9%, hits 9-month low as Wall Street bloodbath after midterm elections spills to Asia; circuit breaker triggered
The sell-off followed a global market rout on Thursday, which saw the Nasdaq 100 plunge 6.4%, wiping out a record $2.3 trillion in market value. The weakness extended across Asia on Friday, with chip-heavy indices coming under pressure. Japan's Nikkei 225 Stock Average and Taiwan's Taiex were also on course to enter technical bear market territory, having fallen 20% from their respective peaks.
SoftBank credit risk jumps to 4-year high as AI fears roil market
The cost of insuring against a default for tech investor SoftBank Group jumped to its highest in four years on Friday as worries about AI profitability roiled the world's financial markets.
Wall Street fear gauge soars and retail traders bolt as markets in tailspin
Retail investors experienced significant losses as they sold over $1 billion in stocks due to rising fears. The Cboe Volatility Index spiked sharply, indicating increased market anxiety among traders and investors. Major stock indexes declined, driven down by fears that a Democratic sweep could hinder AI spending. Options market activity reflected heightened demand for hedges, as retail investor sentiment shifted.
Anthropic is rapidly accelerating AI development amid slowdown calls, outside research group says
Anthropic invited researchers from the Berkeley, California-based nonprofit, Model Evaluation and Threat Research, to review its internal data and interview staff as it prepares for its Wall Street debut with debate swirling over the potential for AI models to elude human control with catastrophic consequences.
Nasdaq set to confirm correction as AI stocks tumble
The shock selloff comes a day after the Democrats' election victory including in some key data-center states drove concerns about a slowdown in the AI data-center buildout, optimism about which had pushed stock markets to record highs earlier this year.
AI will level the playing field for SMBs competing with larger businesses: Oracle NetSuite’s Amit Suxena
Suxena said that a massive technological revolution is underway and these are exciting times for new businesses, start-ups, and companies looking to expand.
AI stocks retreat as Democratic sweep puts data centre boom in focus
AI-related stocks came under pressure on Wednesday despite a broader Wall Street rally following the Democratic sweep of Congress. Data centre companies CoreWeave, Iren and Nebius fell, alongside Nvidia and Marvell, as investors weighed concerns over rising power costs, job losses, political scrutiny and debt-funded AI spending.
Donald Trump's midterm drubbing demonstrates the power of data center opponents
Democrat victories in recent midterm elections signal a shift in public sentiment regarding data centers and AI technology. Key races in Texas and Georgia brought significant wins for candidates opposing data center development. Analysts estimate that nearly half of planned US data center capacity could face new regulations and moratoriums. Concerns have emerged over potential slowdown effects on the AI and technology sectors as stocks decline.
From enterprises to SMBs: How Flashfox AI plans to change the hiring game
GetWork’s AI hiring business, now spun off as Flashfox AI, is targeting 500 enterprise clients in the next 24 months as it expands into Southeast Asia and the Middle East.
US bond yields fall; Nasdaq, Dow Jones futures slip 2% as Democrats set for big win in US midterm elections
US Treasury yields fell on Tuesday as investors sought safe-haven assets amid a sharp sell-off in US equity futures following projections of significant Democratic gains in the 2026 midterm elections. The 10-year yield slipped nearly 5 bps to 4.902%, while the 2-year yield dropped 6 bps to 4.55%.
Human control must set limits on superintelligence, says OpenAI's Sam Altman
OpenAI Chief Executive Officer Sam Altman has said that human control over the future must remain a fundamental condition for artificial intelligence (AI) development, arguing that people should not surrender decision-making power to increasingly advanced AI systems.
Deep use cases vault India to ChatGPT’s top global market: OpenAI's India MD
During a visit to India last year, the ChatGPT maker’s cofounder Sam Altman said that India was the fastest growing market for the frontier lab and was already the second largest in terms of users globally. Market estimates had earlier put the India user base at 100 million.
Canva may announce another round of layoffs in November, report claims; hiring freeze also possible
Canva appears to be bracing for possible layoffs or a hiring freeze after recently downsizing their team by cutting 32 employees from the technical content department. Although user growth surged in 2025, the company has drastically revised its revenue forecasts for 2026. CEO Melanie Perkins noted that projections have not met earlier expectations but underscored their commitment to an AI-driven strategy.
Apple's new CEO John Ternus to face first earnings test as memory costs surge
Ternus, who took the reins from Tim Cook in September, has overseen the introduction of Apple's first foldable phone, smart home hub and Apple's first touch-screen laptops. All of those products began shipping during the company's current fiscal first quarter, amid what Cook had called a "100-year flood" of rising memory costs.
US Midterm elections, Apple earnings, jobs data to test Wall Street after AI rout
Wall Street faces a pivotal week as US midterm elections, major corporate earnings and October jobs data test investor sentiment. Recent AI-led tech selloffs have heightened concerns over infrastructure spending and returns. Apple, AMD and Palantir results, alongside regulatory uncertainty and economic signals, could determine market direction and volatility.
Uttar Pradesh to launch state Quantum Mission, steps up push for AI and robotics
The state of Uttar Pradesh is gearing up to launch a transformative Quantum Mission, poised to bolster its technology framework. By focusing on quantum technology within a broader digital transformation agenda, the initiative aims to ignite innovation. At the ETGovernment AI Vision Conclave, leading industry figures explored the adoption of AI, investment avenues, and workforce readiness.
US economy grows faster than expected at 3.4% in Q3 on consumer spending, AI boom
The US economy grew at a faster-than-expected 3.4% annualised rate in the third quarter, driven by resilient consumer spending and AI-related business investment despite higher oil prices linked to the Middle East conflict. The robust growth contrasts with weak consumer sentiment and comes as the Federal Reserve keeps interest rates unchanged.
Amazon lays down AI usage guidelines for software engineers; here’s what it wants
Amazon recently issued internal guidelines regarding the use of artificial intelligence by its software engineers. The guidelines emphasize enhancing customer engagement while utilizing AI to tackle customer challenges effectively. Employees are cautioned against the practice of 'tokenmaxxing,' which could lead to increased costs and complexity. The company advocates for the development of 'Renaissance Developers' who merge AI tools with business understanding.
Amazon asks engineers to reconnect with customers as AI reshapes software development
A company-wide memo also suggested managers to look closely at teams using the least and the most AI; understand what holds back adoption and whether heavy users deliver more.
AI kids need adult eyes in the lab
Satya Nadella and Sam Altman call for a crucial reassessment of AI safety frameworks. Advanced artificial intelligence presents significant existential threats that necessitate immediate global governance. Investors are encouraged to proceed with caution, while tech creators are urged to voluntarily practice restraint for public safety. Thoughtful development of AI could facilitate societal adaptation to its transformative potential over time.
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