Bad time to be a tech investor or employee

U.S. job losses in October were nearly twice as many as the previous month, making it the biggest October since 2003, according to data from outplacement firm Challenger, Gray & Christmas.

The technology sector was hardest hit, with 33,281 job cuts, almost six times the September total.

It feels terrible to be fired. And it would be terribly ironic to work in the very field that develops technology and creates redundancies.

One person escaped both the horrors of redundancy and existential doubt. tesla CEO Elon Musk just received a nearly $1 trillion pay package approved by Tesla shareholders.

But to get the full $1 trillion, Musk will have to hit a series of performance targets that would ultimately give Tesla a valuation of $8.5 trillion.

The company’s market capitalization currently stands at $1.54 trillion, but by contrast, the world’s most valuable company is currently Nvidia, which briefly reached a valuation of $5 trillion last Wednesday.

But after Thursday’s decline in tech stocks, Nvidia’s Market capitalization has fallen to “only” $4.57 trillion.

Other technology companies, e.g. microsoft, broadcom and Palantir Technologiesstocks fell widely on concerns that the stock prices were too high. Those moves dragged the high-tech industry Nasdaq Composite It decreased by 1.9%.

For most tech workers and investors, Thursday was another reminder of the intensity of volatility. For Elon Musk, it was just another day on the road to the stratosphere.

India has “almost stopped” its purchases of Russian crude oil. This was made by US President Donald Trump on Thursday, adding that he intends to visit the country in 2026 if Indian Prime Minister Narendra Modi extends the invitation.

China’s exports decreased in October. The value of overseas shipments decreased by 1.1% year-on-year on a US dollar basis, marking the first decline since March 2024. Economists polled by Reuters had expected 3%.

SoftBank Group lost more than $50 billion in a week. The company’s stock price fell as much as 8% on Friday, extending losses from earlier in the week. The move follows a broader decline in AI stocks on Wall Street.

US market declines due to technology recession. Major indexes fell in the U.S. on Thursday, with the Nasdaq Composite Index suffering the heaviest losses. Asia-Pacific markets stalled on Friday, weighed down by AI-related stocks. Advantest And SK Hynix.

(PRO) Other companies benefiting from AI spending. Including big tech companies alphabet and microsoftis spending $380 billion on AI infrastructure this year. Analysts say there are lesser-known companies that could ride this investment wave.

Inside the Gulf region’s multi-trillion dollar AI gambling industry

After raking in trillions of dollars in oil revenue, the Gulf monarchy has become known for funneling cash into big-ticket projects like sci-fi desert cities, major sports franchises and advanced military equipment.

But now, facing a prolonged period of low oil prices, some of the region’s leaders are considering leveraging vast national capital to build a domestic artificial intelligence industry.

— Emma Graham