Business & Money

Apollo chief economist Torsten Slok says massive AI spending has yet to deliver measurable productivity gains beyond the Magnificent Seven, and Gartner estimates $3.5 trillion of AI infrastructure spending could face impairment risk by 2030, per Walter Bloomberg.

Goldman Sachs expects the Fed to hold rates this week and raise them 25 basis points in December, per Walter Bloomberg, which adds that Kalshi traders price a 93% chance of an October hold versus 6% for a hike.

Lula da Silva beat Flavio Bolsonaro in Sunday's runoff after trailing in the first round. The Kobeissi Letter reports Brazil's market fell 20%; Coin Bureau says the iShares MSCI Brazil ETF dropped nearly 20% in overnight trading, before the local exchange opened.

In a clip shared by Daniel Romero, Nebius ($NBIS) CEO Arkady Volozh says the balance sheet is healthy, but that since last week sources such as the asset-backed and debt markets are temporarily closed, so it is using customer advances and other tools to fund a gigawatt build.

In a clip shared by Coin Bureau, Palantir CEO Alex Karp argues that taxing billionaires like him would eventually reach anyone with "a net worth of a million dollars," and warns that tracking everyone's assets "extends the surveillance state."

Coin Bureau says natural diamond prices are down 51% since 2021, and that Anglo American, which owns 85% of De Beers, invested in Marathon Fusion's 2024 funding round. The startup says it made stable gold from mercury; that claim is unverified.

Jesse Cohen's calendar for the week of October 26: the Fed decision and Chair Warsh's press conference on Wednesday alongside Microsoft and Alphabet earnings, then Q3 GDP, Core PCE and Amazon earnings on Thursday.

Ledger's Ariel Wengroff told Yahoo Finance at Money20/20 that the key safeguard is deciding in advance when an AI agent needs your approval before it spends.

At Money20/20, Phantom Money Movement Product Lead Will McComb told Yahoo Finance that prediction markets are drawing a new audience by turning everyday events into trades.

Washington is pushing Reliance Industries to take more Venezuelan oil as it hunts for extra supply for a market unsettled by the Iran conflict. Bloomberg's Sudhi Ranjan Sen reports from Secretary Rubio's India trip.

Bloomberg TV's Ed Ludlow explains the early step toward what could become the biggest corporate merger in history, after Musk confirmed that special committees are studying a SpaceX and Tesla combination.

The Financial Times said its most-read story overnight covered a warning from US ambassador Andrew Puzder. He said Brussels' plan to restrict spectrum access for non-EU companies could bring tough retaliation against European firms.

Nikkei Asia reports that Mynt, the company behind the GCash e-wallet, began trading on the Philippine Stock Exchange on Tuesday. It raised 60.9 billion pesos (about $965 million), a record for an IPO in the country.

Cointelegraph, citing the Wall Street Journal, says investors moving out of AI stocks and into Treasurys pushed Goldman Sachs' risk-appetite indicator below zero. The post asks what the shift could mean for crypto.