Saturday 7 November 2026
Written automatically each morning by Claude from 10 news feeds, and published without editing.
Wall Street had a rough Thursday, and the mood hasn’t improved. Tech shares fell sharply as investors bet on an AI slowdown in the wake of the US midterms, and the volatility spread to global markets. This isn’t the first wobble over a tech bubble this year, but the political backdrop has changed. Republicans lost control of Congress, and the question now is what that does to the policy environment the AI trade has been leaning on.
The White House response was to double down. Trump confirmed on Friday that Stephen Miller, architect of the immigration crackdown, will become chief of staff, replacing Susie Wiles. Wiles was ousted just days after the defeat. The BBC reads the move as setting up likely clashes with Congress, and Politico reports Republicans fear Miller’s promotion means no party-wide reckoning over the midterm wipeout. Expect a more confrontational White House facing a Congress it no longer controls.
On trade, Washington has told Beijing it must “immediately” meet the terms of the Busan deal. The US says China is not delivering on commitments to increase supply of rare earths and other critical products. That is a pointed public warning to put on a deal that was meant to stabilise the relationship, and anyone with exposure to supply chains that depend on those materials should watch whether it escalates.
In AI, OpenAI has reportedly raised a further $11bn at a $1.25tn valuation. The round hasn’t closed and is expected to in the coming weeks. It sits awkwardly beside Thursday’s selloff: private markets are still pricing the sector at the top of the range while public markets are asking whether the growth is there. Big Tech is also trying to repair relations with Democrats after two years close to the White House. The open question is whether that holds up against what states, local communities and the markets do next.
Finally, Iran has threatened to attack subsea cables if the US escalates its military strikes again, and ships have been seen loitering near cable routes. Nothing has happened to the cables, but it puts a spotlight on infrastructure that carries a large share of financial and data traffic.
Sources
- From the front row to the hot seat — what the midterms mean for Big Tech — TechCrunch
- Stephen Miller, architect of Trump’s immigration crackdown, to become White House chief of staff — Guardian
- With Stephen Miller pick, Trump readies for a battle — BBC News
- Inside the early GOP reckoning after historic defeat — Politico
- US warns China it must ‘immediately’ meet terms of Busan trade deal — FT
- OpenAI reportedly raises an additional $11 billion at a $1.25 trillion valuation — TechCrunch
- Ships loiter near subsea cables amid Iran’s warnings to Trump — Ars Technica
- Trump taps immigration hardliner Stephen Miller as chief of staff — FT
- US tech stock rout: is the AI bubble bursting? — Guardian
TechCrunch, Guardian, BBC News, Politico, FT, Ars Technica — 2026-11-07