The Morning Market Briefing

Andrew, Ben, and Tom break down the hotter core CPI print and how AI is soaking up capital while housing freezes, plus the FBI's arrest of an OpenAI engineer accused of bugging a conference room and earnings from ASML, BlackRock, and Bank of America.

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Andrew, Ben, and Tom break down Meta's Muse Wonder launch and why it changes the AI race, plus Kroger cutting 37% of its corporate jobs, Albertsons' $8B lawsuit, and big bank earnings.

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Andrew, Ben, and Tom break down why refinery capacity is driving record diesel prices and the IMF warning that AI is a "slow-moving tsunami" for office jobs, plus the Houthi attack on Riyadh's airport and Bessent's latest letter to Senator Warren.

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Andrew, Ben, and Tom break down the FT's report on OpenAI's revenue and why gross vs. net accounting matters, plus SpaceX's $8B spectrum deal hitting telecom stocks and the 30-year bond's sharp outside reversal.

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Andrew, Ben, and Tom break down why rate hikes aren't slowing AI spending while the rest of construction shrinks, plus Iran stepping up tanker attacks, a strong 10-year auction, and Wolfspeed's conditional Department of War loan.

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Andrew, Ben, and Tom break down heavy short bets against Treasuries, the 3-year auction, and lessons from the 2013 taper tantrum, plus Paramount closing its $110B Warner Bros. Discovery deal as Skydance.

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Andrew, Tom, and Thomas break down ISM Services prices hitting their highest since 2022, Google's 20-year nuclear deal with Constellation, and Trump letting red diesel onto public highways.

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Andrew, Tom, and Thomas cover the FBI's arrest of an alleged China spy realtor at LAX, Flávio Bolsonaro beating the polls in Brazil's election, and tanker attacks picking back up in the Strait of Hormuz.

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Andrew, Tom, and Thomas break down September's 29K payrolls miss, August's downward revision, and the bond rally that followed, plus ISM prices paid jumping to 77.9 and Nike sinking to its lowest level since 2013.

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Andrew, Tom, and Thomas explain why the 10-year hit its highest yield since 2002 and why the debt narrative doesn't add up, plus Trump calling for Powell to resign over the $2.5B Fed renovation and Google's new Gemini 4 Argon model.

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