Is US politics or AI pullback a bigger risk?

Show notes

Markets cheered the end of the 41-day US government shutdown — not even the news that SoftBank sold its entire Nvidia stake could spoil the mood. Investors are betting that softer economic data will justify another Fed rate cut in December, keeping AI investments affordable and valuations high. In Europe, stocks hit fresh records, with luxury and Swiss names leading gains on tariff optimism. But beneath the surface, questions linger. SoftBank’s pivot toward AI users like OpenAI and ABB shows the ecosystem evolving — yet the sell-off in Nvidia, Nebius, and CoreWeave hints at fatigue. Meanwhile, Alibaba’s Singles’ Day showed how deeply AI now shapes commerce, driving better engagement but not necessarily stronger consumer sentiment. Xiaomi alone sold over $4 billion in products, yet spending caution persists – leading to an existential question: can AI truly thrive if humans don’t?

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