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White House Adviser Hassett Says AI Funding Ecosystem Is Well Capitalised, Sees No Risk of Full Scale Market Selloff

• Strong funding position: White House National Economic Council Director Kevin Hassett said the AI funding ecosystem is well capitalised, with sufficient financial resources to support continued investment in artificial intelligence infrastructure.
• Debt concerns: Hassett acknowledged that some companies may have potentially high debt levels, creating risks for individual businesses.
• Potential acquisitions: He noted that several large, well funded companies hold equity and debt in other businesses and could step in to acquire struggling firms if financial difficulties emerge.
• Market correction: Addressing last week's technology stock selloff, Hassett said markets sometimes need a pullback after a significant rally.
• No systemic selloff expected: Hassett said the substantial amount of capital within the AI ecosystem should reassure investors, adding that he sees no risk of a full scale market selloff.

Iran's Supreme Leader Authorises Government to Negotiate; US Futures Rally and Oil Prices Drop Nearly 5%

• Diplomatic breakthrough: Iran's Supreme Leader has authorised the government to conduct negotiations, according to the Iranian state news agency IRNA.
• US markets: US stock futures extended gains following the report. S&P 500 futures rose 0.6%, Nasdaq 100 futures gained 1% and Dow futures advanced 0.8%.
• Crude oil: Brent crude fell as much as 6% intraday before trading around $106.10 per barrel, down 5%. WTI crude slipped below $97 per barrel, declining 4.97%.
• Gold: Spot gold touched $3,930 per ounce amid developments surrounding US Iran negotiations.

Trump Says Iran Wants a Deal, Warns of Possible US Action; Threatens to Veto Everything if Democrats Win Midterms bigbreakingwire.in

India to Maintain Infrastructure Spending at ₹12.2 Trillion as Sitharaman Begins Preparations for Union Budget

• Continued infrastructure push: Finance Minister Nirmala Sitharaman said India will maintain public investment in roads, bridges and port connectivity to sustain economic growth while ensuring fiscal discipline.
• Capital expenditure: The government's capital expenditure allocation has increased sixfold to ₹12.2 trillion ($129 billion) for the financial year ending March 2027.
• Private investment: Sitharaman said public spending will remain important until private companies step up investments to expand existing capacity and build new infrastructure.
• Fiscal discipline: The government is targeting a fiscal deficit of 4.3% of GDP for the current financial year while maintaining growth momentum.
• Budget preparations: Sitharaman has begun preparations for the upcoming Union Budget, expected in February. It will mark her 10th consecutive Budget presentation, an unprecedented milestone for an Indian finance minister.
• Economic outlook: Sitharaman highlighted strong tax collections and healthy banking performance, while outlining a longer term roadmap to bring public debt towards 50% of GDP by 2030 without compromising social welfare.

Binance Faces $4.7 Billion in Net Outflows After Hack as Withdrawals Resume; FBI Blames North Korean Hackers

• Heavy withdrawals: Binance recorded approximately $4.7 billion in net outflows by Monday morning in London, following the reopening of withdrawals after its October 29 security breach.
• Withdrawal resumption: The exchange resumed withdrawals in phases on Sunday, initially allowing Bitcoin withdrawals. Around $3.64 billion flowed out after withdrawals reopened.
• North Korean link: The FBI blamed North Korea's TraderTraitor hacking group for the theft. The same group has also been linked by the FBI to the $1.5 billion Bybit hack in February 2025.
• Asset recovery: Binance said it had used company funds to replace approximately 95% of the stolen assets and that withdrawal activity was stabilising.
• Fiat withdrawals: The exchange has also expanded fiat withdrawal support to 28 currencies.
• Scam warnings: Binance founder Changpeng Zhao warned that scammers were targeting affected users with fake compensation offers, posting on X that scammers were “on overdrive”.

US and European Junk Debt Markets Face Growing Stress as CCC Rated Borrowers Come Under Pressure

• The US high yield debt market is facing mounting stress, with a hedge fund manager describing the junk debt sell off as a “complete bloodbath”, according to the Financial Times.
• Multi strategy hedge funds are reportedly shutting down credit trading teams, known as trading pods, amid mounting losses.
• Bloomberg reported that the US high yield credit risk premium reached a 17 month high in late October, while companies delayed more than $5 billion in debt offerings.
• Debt restructuring transactions involving Aston Martin and Altice, including so called drop down deals that move assets away from existing creditors, have added to lender concerns.
• Bruce Richards of Marathon Asset Management warned that many CCC rated borrowers have “no way out” other than default.
• Yields on CCC rated debt have risen in both Europe and the US, while forced selling and creditor unfriendly transactions are adding to investor losses.

Hedge Funds Sell AI Stocks for Five Straight Sessions as Growing Scepticism Raises Bubble Concerns

• Five consecutive sessions of selling: Goldman Sachs prime brokerage data show hedge funds have been net sellers of global AI stocks for five straight sessions, wiping out all their net purchases accumulated since early 2025.
• Long positions unwound: Most of the selling came from hedge funds closing existing long positions rather than opening new short positions.
• Sharp market decline: Goldman's basket of hedge fund favourite stocks fell 4.2% on October 22, its worst single day since 2011, after Meta disclosed plans to raise funds to support its AI spending.
• Signs of stabilisation: Goldman strategist Brian Garrett identified seven indicators suggesting that selling pressure may be easing. However, he also highlighted fund leverage levels historically associated with S&P 500 bear markets.
• Howard Marks' warning: Oaktree Capital Management co-chair Howard Marks said recent setbacks have weakened the perception that AI companies are infallible. He described AI investing and lending as a crowded trade and called growing investor scepticism healthy.
• Big Tech pressure: Alphabet shares recorded their worst single day on October 29 following concerns over negative free cash flow, while Amazon shares declined amid worries about heavy AI expenditure.
• Debt concerns: Capital Group's Jody Jonsson warned that off balance sheet AI debt could make the financial system more fragile.

Marvell's $115 Billion Lumentum Acquisition Set to Become One of the Largest Tech Deals in History

• Marvell Technology has agreed to acquire Lumentum Holdings, a manufacturer of optical networking equipment for data centres, in an all stock transaction valued at approximately $115 billion.
• Under the agreement, existing Marvell shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold the remaining 33%.
• The transaction would rank as the largest merger and acquisition deal by equity value announced this year and among the biggest deals in global technology industry history, excluding the SpaceX and xAI merger.
• The acquisition highlights the growing push by technology companies to capitalise on the artificial intelligence boom, particularly rising demand for data centre infrastructure, optical networking and high speed connectivity.
• AI driven M&A activity is expanding across multiple sectors, including semiconductor manufacturers, specialised technology suppliers, data centre operators and power utilities.

US Stock Futures Rebound Ahead of Midterm Elections as Tech Earnings and AI Data Centre Restrictions Take Focus

• US market futures: US stock index futures rose on Monday as technology and AI related shares stabilised following a weak October. Investors are preparing for the US midterm elections and another wave of corporate earnings.
• Technology selloff: The Nasdaq 100 lost more than $2.5 trillion in market value last month and approached correction territory, as concerns over rising AI investment and uncertain returns weighed on sentiment.
• AI spending concerns: Investors are increasingly questioning whether major technology companies can generate sufficient returns from their massive AI investments. Several firms have also issued bonds to finance spending, raising concerns about debt funded expansion amid higher borrowing costs.
• Data centre restrictions: More than 40 proposals related to data centre development are expected to be voted on across US counties and cities on November 3. Measures include additional taxation, stricter regulations and outright construction bans.
• Potential investment impact: The proposals could put hundreds of billions of dollars in planned AI infrastructure investment at risk and complicate expansion plans for Meta, major cloud providers and developers such as Applied Digital.
• Growing public opposition: A September Quinnipiac University poll found that 72% of voters opposed new data centres in their communities, compared with 65% in March.
• Midterm political uncertainty: Investors are also assessing the possibility of divided government following the elections. Janus Henderson's Seth Meyer noted that midterm elections have historically been challenging for the incumbent party.

Trump Says Iran Wants a Deal, Warns of Possible US Action; Threatens to Veto Everything if Democrats Win Midterms

• Iran negotiations: US President Donald Trump said Iran wants to reach an agreement with Washington, but whether a deal will materialise remains uncertain. He said the US has already “overthrown” the Iranian regime twice and added that Washington may have to take action at some point.
• Trump on Iran: Trump said he had always been relatively polite towards Iran because Tehran wants to negotiate and has continued discussions with the US.
• Midterm elections: Trump warned that if Democrats win the midterm elections, he would veto everything. He also said Elon Musk's warning about a potential comprehensive Democratic victory was not wrong.
• Oil prices: Trump said the increase in oil prices during the Iran conflict was smaller than he had expected. He predicted that gasoline prices would decline, although he did not provide a timeline.
• Iran gas shortage: Iranian officials have again warned of possible natural gas shortages during the winter and urged households to conserve supplies. First Vice President Mohammad Reza Aref cited years of accumulated supply imbalances and damage caused by the war as contributing factors.
• Gas conservation: Aref warned that consumers who fail to conserve gas could face higher prices. On October 25, Iran's parliament speaker had also called for a 10% reduction in national natural gas consumption.

Marvell to Acquire Lumentum in $115 Billion All Stock Deal; Lumentum Shareholders to Own 33% of Combined Company

• Marvell Technology and Lumentum have signed a definitive agreement for Marvell to acquire Lumentum in an all stock transaction, implying an enterprise value of approximately $115 billion.
• Under the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for every Lumentum share held. The deal values Lumentum at approximately $1,132 per share, representing a 23.9% premium to the October 28, 2026 closing prices of both companies, before reports of a potential transaction emerged.
• Following completion, existing Marvell shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold the remaining 33%.
• The transaction is expected to close in the first half of 2028, subject to shareholder and regulatory approvals.
• Marvell expects the merger to generate more than $1 billion in annual cost synergies and increase non GAAP earnings per share in the first year after completion.
• The combined company's target addressable market is projected to expand to approximately $550 billion.

Iran Demands US Lift Sanctions and Unfreeze Assets Under Islamabad Understanding; Brent Crude Falls Below $108

• Iran's demands: Iranian Foreign Ministry spokesman Baghaei said the latest round of negotiations should be linked to the previous talks that resulted in the Islamabad Understanding, as both sides, demands and issues remain the same.
• Sanctions relief: Baghaei said the US must lift all sanctions imposed on Iran under the pretext of “economic exclusion” after allegedly violating the understanding.
• Unfreezing assets: Iran is also demanding the release of its frozen funds and assets, along with the implementation of other commitments accepted by Washington under the agreement.
• Strait of Hormuz: Baghaei rejected claims that these demands are preconditions for diplomacy, saying they are necessary to restore security in the Strait of Hormuz and the Persian Gulf.
• Oil prices: Brent crude fell below $108 per barrel for the first time since October 22, declining 3.3% on the day. WTI crude was also down 3.3%.

Iran Warns Any Party Supporting US-Israeli Military Action Will Face Retaliation; Says Washington Will Be Judged by Actions

• Iranian Foreign Ministry spokesman Baghaei warned that any country or party involved in preparing, planning or carrying out military aggression against Iran should expect consequences.
• He said parties supporting the US and Israel in attacks against Iran should not assume they would be immune from a forceful Iranian response.
• Responding to questions about whether a future conflict could expand to US interests and military bases in Europe, Baghaei said anyone involved in aggression would be considered responsible under international law and should bear the consequences.
• Baghaei also said Tehran would judge Washington by its actions rather than its statements. He added that Iran would not be misled by contradictory US messaging.
• He stressed that concrete actions by the US government would determine whether Iran could build trust and make progress in negotiations.

TrendForce: Global AI Networking Market to Reach $279.8 Billion by 2027, Scale Up Interconnects to Account for 24%

• TrendForce estimates that the global AI networking and interconnect market will grow from $37.9 billion in 2024 to $279.8 billion in 2027, representing a compound annual growth rate (CAGR) of 95%.
• Growth will be driven by expanding AI server clusters and rising bandwidth requirements for AI accelerators.
• Market demand is shifting beyond backend network switches and optical modules towards high speed interconnects connecting AI accelerators and network interface cards (NICs).
• Scale up interconnects, which connect AI chips within large computing systems, are expected to see the fastest growth as GPU platforms move towards rack level architectures.
• This transition is also driving demand for switching equipment and copper cables as chip connections expand from server motherboards to dedicated switch trays.
• TrendForce estimates that Scale up interconnects will increase their share of the AI networking market value from 11% in 2024 to 24% in 2027.

Tesla Registrations Surge Across Nordic Markets in October, Led by 248% Growth in Sweden

• Tesla recorded a sharp increase in new vehicle registrations across several Nordic markets in October, extending its sales recovery in the region.
• Registrations surged 248% year on year in Sweden, 131% in Norway and 34% in Denmark, according to data from local automotive and vehicle registration sources.
• The rebound was supported by a low comparison base from last year, rising fuel prices, government incentives and continued demand for electric vehicles.
• Registration data from the UK and Germany, Europe's two largest car markets, is expected later this week.
• Tesla said in October that its passenger vehicle order backlog had reached its highest level in four years at the end of the third quarter.

Iran Says US Must Meet Its Demands for Regional Security, Accuses Washington of Threatening Nuclear Non Proliferation

• US Iran communication: Iranian Foreign Ministry spokesman Baghaei said information exchanges between Tehran and Washington are continuing. He said Deputy Foreign Minister Gharibabadi's visit to Doha was aimed at facilitating communication between the two sides and that the next decision rests with the US.
• Strait of Hormuz: Baghaei said Iran's demands must be addressed to restore regional security. He called it unacceptable for Washington to raise concerns about the security of the Strait of Hormuz while continuing economic sanctions against Iran.
• Islamabad Understanding: Baghaei accused the US of abandoning previously accepted agreements under the Islamabad Understanding while expecting Iran to fulfil its obligations unilaterally. He described such an arrangement as one sided and unsustainable, insisting that Iran's demands must be implemented first.
• Nuclear non proliferation: Baghaei accused the US of posing the greatest threat to the global nuclear non proliferation regime. He said threats or suggestions about using nuclear weapons could encourage violations of the Nuclear Non Proliferation Treaty.
• Iran's defence: He said other countries, including nuclear armed states, are closely watching US actions and warned that Washington is setting a precedent with potential consequences for international peace and security. He added that threats against Iran would only strengthen Tehran's resolve to improve its defence capabilities.

Iran Links Strait of Hormuz Reopening to US Sanctions Relief; Says Seven Step Plan Can Be Implemented Within Two Days

• Iranian Foreign Ministry spokesman Baghaei said the Strait of Hormuz cannot be reopened until the United States lifts sanctions on Iran.
• Baghaei said indirect, mediator led exchanges with Washington are continuing, with Deputy Foreign Minister Gharibabadi travelling to Doha to assist with the discussions.
• He said Iran's seven step plan forms the basis of diplomacy with the US. The plan has been streamlined and can be fully implemented within two days, although its timing remains flexible.
• Baghaei said the secretary of Iran's Supreme National Security Council will decide whether and how to respond to a US letter, based on Iran's national interests.
• He added that implementation of the plan, the start of negotiations and the restoration of security in the Strait of Hormuz depend entirely on US decisions, conduct and concrete actions.
• An official familiar with the negotiations said Iranian negotiators left the Doha talks on Sunday, but not because of any difficulties.

AI Funding Race Drives Record $16 Billion Yen Bond Issuance; Japan Stocks Fall While South Korea Gains 2.24%

• Record yen bond issuance: Foreign companies and institutions issued a record ¥2.5 trillion ($15.9 billion) in yen denominated bonds between April and September, up 160% year on year, according to Daiwa Securities data cited by Nikkei. The previous record was ¥2.1 trillion.
• Alphabet's major bond sale: Google's parent company Alphabet issued yen denominated bonds for the first time in May, raising ¥576.5 billion, the largest such issuance by a foreign company. The funds are expected to support large scale investment in AI infrastructure.
• Global AI funding demand: Overseas companies are increasingly tapping Japanese investors as AI hyperscale cloud providers drive a global infrastructure funding boom. Most foreign issuers are expected to convert the yen proceeds into currencies such as the US dollar and euro.
• Japan market: The Nikkei 225 closed down 208.25 points, or 0.33%, at 63,081.86 on November 2, dragged down mainly by chip related stocks.
• South Korea market: The KOSPI gained 128.33 points, or 2.24%, to close at 5,859.07 after recovering from an early decline of nearly 2%. SK Hynix rose 3.8%, while Samsung Electronics gained 1.7%.

JPMorgan, RBC and Macquarie Share Outlook on Treasury Bond Auctions, European Bonds and December Rate Hikes

• JPMorgan Chase: The US Treasury is expected to maintain its guidance on Treasury bond auction sizes in its November refinancing announcement. JPMorgan strategists see a possible risk of reduced long term bond issuance but believe there is no reasonable justification for such a move. They also suggest removing the phrase “at least” from future issuance guidance, while expecting the Treasury to take a cautious and gradual approach.
• RBC Capital Markets: The risk reward ratio for tactical long positions in European government bonds is improving. Analysts see scope for a bond market rebound whether energy prices rise further or ease from current levels. However, they remain cautious about the broader outlook, citing strong economic activity, high bond yields and the possibility of further market corrections.
• Macquarie: December could bring another wave of interest rate hikes, with the Bank of Japan seen as the most likely to raise rates. Macquarie estimates an 80% probability of a BOJ hike, around 66% for the European Central Bank and roughly 50% for the Federal Reserve. The firm also expects AI driven capital expenditure to support economic growth in the fourth quarter, particularly in Japan.

PhonePe, Razorpay and Other Payment Firms Tighten Security After October Cyberattacks

• Indian payment companies, including PhonePe, Razorpay, Cashfree and PayU, are automating responses to cyberattacks and tightening transaction controls following a wave of security breaches in October.
• Hackers allegedly exploited stolen partner-bank credentials and vulnerabilities in payment APIs to siphon funds from around 20 financial institutions.
• The incidents prompted cybersecurity agency CERT-In to issue warnings, pushing payment firms to strengthen monitoring and accelerate security upgrades.
• Cashfree CTO Ramkumar Venkatesan said attempted cyberattacks are now at least 10 times more frequent than a year ago.
• Payment companies are speeding up security fixes, automating threat responses and introducing tighter controls to detect suspicious transactions.

Indian Private Banks Report Up to 50% Productivity Gains From AI Adoption

• Major private lenders, including Axis Bank, Kotak Mahindra Bank, HDFC Bank and AU Small Finance Bank, are reporting productivity improvements of 10% to 50% from AI adoption, according to The Economic Times.
• Axis Bank said AI-powered bots handled nearly 60% of its collection calls during the September quarter, reducing the workload for human agents.
• AU Small Finance Bank has cut voice-operation costs by nearly 50% through AI-led automation.
• Kotak Mahindra Bank reported that employees are handling 20% to 30% more work volume with AI tools.
• Banks are increasingly using AI to improve turnaround times, reduce operating costs and absorb business growth without proportionately increasing employee strength.
• However, rising automation is also raising questions about future staffing requirements in back-office operations, collections and credit processing.

ADNOC CEO Warns of Global Oil Supply Risks as Inventories Fall Nearly 1 Billion Barrels

• The CEO of Abu Dhabi National Oil Company (ADNOC) said global oil inventories have declined by nearly 1 billion barrels since the Strait of Hormuz was blocked.
• He warned that the global economy has significantly weakened its supply buffers, leaving energy markets more vulnerable to disruptions.
• Shipping and logistics costs have accounted for more than 30% of the cost of each barrel of crude oil since the shipping disruptions began.
• Diesel inventories in some markets have fallen to their lowest levels for this time of year in 35 years.
• The ADNOC chief called for expanding strategic petroleum reserves closer to consumer markets and increasing the flexibility of refining capacity to strengthen supply security.

Japan Signals Further Rate Hikes as It Raises $1.6 Billion Through Climate Transition Bonds

• Nomura Securities expects the Bank of Japan (BOJ) to raise interest rates to 1.5% in December, citing Governor Kazuo Ueda’s increasingly hawkish stance.
• Japanese inflation remains above the 2% target, while strong corporate investment is encouraging faster monetary policy normalisation.
• The BOJ estimates the nominal neutral interest rate at 1.1% to 2.5%. However, uncertainty over the actual neutral rate makes it difficult to determine the eventual peak for interest rates.
• Nomura expects the BOJ could raise rates further to 1.75% around March 2027, followed by a pause. However, prolonged deflation, higher borrowing costs and differences among policymakers could influence the pace of tightening.
• Separately, Japan raised ¥250 billion ($1.6 billion) through its fifth climate transition bond issuance of 2026. The auction recorded a bid-to-cover ratio of 3.84 times, with the highest accepted yield at 2.2%.
• The issuance forms part of Japan’s ¥150 trillion climate transition financing programme through 2033, aimed at funding designated emissions-reduction projects.
• Japan remains the only government currently issuing bonds under the climate transition bond category, despite increasing reliance on fossil fuels since the regional conflict began.

Trump Threatens to ‘Hit Iran Hard’ as Tehran Warns of a Longer War

• US President Donald Trump threatened on November 1 to deliver a heavy blow against Iran "at some point", claiming he had held back so far to "be a good guy".
• Speaking at a campaign rally in Iowa, Trump said the US had already destroyed most of Iran's military capabilities but still needed to deal with one or two remaining targets.
• On October 31, Trump specifically mentioned the Pickaxe Mountain underground nuclear facility as a potential target.
• Former Fox News host Tucker Carlson claimed in a November 1 post that the Trump administration could strike the facility within days under pressure from Israeli Prime Minister Benjamin Netanyahu.
• Israeli intelligence reportedly claims Iran has restarted uranium enrichment activities at the facility. This claim has not been independently established in the supplied reports.
• An Iranian military spokesman warned that renewed US military action could trigger a war longer than the previous conflict.
• The developments come ahead of the US midterm elections scheduled for November 3.

South Korea’s KOSPI Rallies 3% as Chip Stocks Surge; Citi Sees Further Won Appreciation

• South Korea’s KOSPI extended its rally, gaining around 3% intraday. SK Hynix jumped more than 5%, while Samsung Electronics rose 2.9%.
• Citigroup said strong semiconductor exports and a robust merchandise trade surplus are driving a structural expansion in South Korea’s current account surplus, supporting further appreciation of the Korean won.
• Citi economist Jin-Wook Kim expects South Korea’s current account surplus to average 22.8% of GDP in 2026–2028, compared with 4.2% during 2016–2025.
• Citigroup forecasts the USD/KRW exchange rate to fall to 1,300 within three months and 1,270 over the next six to twelve months, indicating further won appreciation.
• The exchange rate has already declined 6.6% this year to around 1,345.30 won per dollar.
• Citi warned that South Korean financial regulators and the National Pension Service could intervene by buying US dollars if the won appreciates too rapidly.

South Korea to Nearly Double AI and Semiconductor Investment to 21.3 Trillion Won bigbreakingwire.in

Binance Hack: Attacker-Linked Wallet Moves $46.4 Million in Solana to Swap for Bitcoin

• A cryptocurrency wallet linked to the $6.3 billion Binance hack transferred approximately $46.4 million worth of Solana on November 1, according to blockchain tracker Lookonchain.
• The funds were reportedly moved through the Relay protocol to be converted into Bitcoin.
• The FBI has attributed the October 29 attack to North Korea-linked hacking group TraderTraitor. Chainalysis estimates the stolen assets at around $6.4 billion, potentially making it the largest crypto hack on record.
• Binance resumed Bitcoin withdrawals on Sunday after saying it had replenished approximately 95% of the stolen tokens.
• Blockchain analytics firm Elliptic noted that native assets such as Solana cannot be frozen in the same way as assets issued by centralised entities.

ED Registers Money Laundering Case Against Essel Group Chairman Subhash Chandra

• The Enforcement Directorate (ED) has registered an Enforcement Case Information Report (ECIR) against Essel Group Chairman Subhash Chandra following a CBI FIR against him and eight others.
• LIC Housing Finance alleges that Chandra used inflated net-worth certificates to secure two loans worth ₹980 crore for Essel-linked companies in 2018.
• The case stems from allegations of a ₹1,322 crore loss to LIC Housing Finance.
• Essel-linked firms had earlier offered to repay the full loan amount.
• Zee Entertainment said the matter concerns Chandra personally and has "no bearing" on the company's business or operations.

Indian Households Shift Spending Towards Non-Food Items and Services: SBI Research

• Non-food items and services now account for nearly 67% of Indian household expenditure, while food essentials make up the remaining 33%, according to SBI Research.
• The Household Consumption Expenditure Survey 2023-24 highlights changing dietary preferences, growing digital shopping adoption and persistent rural-urban gaps in access to clean cooking fuel and food-security benefits.
• Protein-rich food consumption is increasing, with households across income groups allocating more spending towards protein, vegetables and fruits. However, dietary diversity varies across states, genders and household types, with men recording higher consumption across most states.
• Digital purchases are concentrated in consumables and services (39.68%) and durable goods (23.3%). Food accounts for just 7.1% of online purchases.
• Online adoption remains low for perishable food items, including vegetables (1.32%), fresh fruits (1%), dry fruits (0.62%) and eggs, fish and meat (0.59%). Clothing and footwear have higher online purchase shares at 19.97% and 12.05%, respectively.
• Access to LPG remains highly uneven between rural and urban households. Rural usage stands at 17.2% in Jharkhand versus 77.6% in urban areas. In Chhattisgarh, the figures are 15.3% and 81.3%, while Odisha records 16.8% and 63.5%.
• Rajasthan also shows a wide gap, with rural LPG usage at 22.9% compared with 85.6% in urban areas. Assam and West Bengal report similar disparities.

Oaktree’s Howard Marks Says AI Setbacks Are Fueling Market Scepticism

• Howard Marks, co-chairman of Oaktree Capital Management, said recent setbacks in the AI sector have weakened the market's belief that the industry is immune to mistakes.
• Marks said investors are increasingly questioning the pace of AI investment and adopting a more cautious approach, describing growing scepticism as healthy for the market.
• His comments come as investor patience with major technology companies appears to be declining despite their massive AI spending.
• Recent earnings reports from Alphabet and Amazon have added to concerns that heavy AI investments could put pressure on the existing businesses funding them.
• Marks had warned about a potential market bubble in a memo last year and gained prominence for his January 2000 memo, Bubble.com, which cautioned against the dot-com boom ahead of its collapse.

Meta Reportedly Teams Up With Chinese Robotics Firm Fourier to Develop Humanoid Robots

• Meta is reportedly collaborating with Chinese robotics company Fourier to develop humanoid robots, with the first prototype completed in approximately three months.
• The robot, internally known as “Max”, weighs around 48 kg and is designed for internal research and experimentation.
• Reports indicate that the two companies are already working on a second-generation version of the humanoid robot.
• Meta’s Vice President of Robotics Products, Li-Chen Miller, reportedly spent nearly two months at Fourier’s Shanghai factory during the development process.
• Fourier founder and CEO Gu Jie declined to comment on the reported partnership.