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Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 12, 2025 in New York City.

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The divergence between the performance of the Dow Jones Industrial Average and Nasdaq Composite on Wednesday stateside reinforces the suggestion that there are two markets operating in the U.S.: one of an artificial intelligence and another of “everything else.”

Not only did the Dow rise, it also secured its second consecutive record high and closed above the 48,000 level for the first time.

The index, which comprises 30 blue-chip companies, is typically seen as a marker of the “old economy.” That is to say, it is mostly made up of large, well-established companies driving the U.S. economy, such as banks, healthcare and industrials, before Silicon Valley became a mini sun powering everything.

And it was those stocks — Goldman Sachs, Eli Lilly and Caterpillar — that lifted the Dow on Wednesday.

To be sure, new and flashy names, such as Nvidia and Salesforce, constitute the Dow too. But as the index is price-weighted, meaning that companies with higher share prices influence the Dow more, tech companies don’t exert as much gravity on it.

That’s in contrast to the Nasdaq, which is weighted by companies’ market capitalization, and dominated mainly by technology firms. The tech-heavy index fell as shares like Oracle and Palantir slipped — even Advanced Micro Devices’ 9% pop on its growth prospects couldn’t rescue the Nasdaq from the red.

It’s not necessarily a warning sign about overexuberance in AI.

“There’s nothing wrong, in our view, of kind of trimming back, taking some gains and re-diversifying across other spots in the equity markets,” said Josh Chastant, portfolio manager of public investments at GuideStone Fund.

But what investors would really like is if fork in the road merges into one. That tends to be the safer path to take.

What you need to know today

The Dow Jones Industrial Average notches record. The 30-stock index climbed 0.68% Wednesday stateside to close above 48,000 for the first time. The S&P 500 was mostly flat and the Nasdaq Composite fell 0.26%. The pan-European Stoxx 600 gained 0.71%.

Anthropic to spend $50 billion on U.S. AI infrastructure. Custom data centers will be first built in Texas and New York and go live in 2026, with more locations to follow. The facilities will be developed with Fluidstack, an AI cloud platform.

U.S. October jobs and inflation data might not be released. White House press secretary Karoline Leavitt told reporters that part of the fallout of the government closure could be lasting damage to the government’s data collection ability. But analysts think otherwise.

U.S. House of Representatives heading toward a vote. The House on Wednesday night stateside cleared a procedural hurdle required before the vote could begin on a bill that would end the government shutdown. Voting is expected to happen as of publication time.

[PRO] This U.S. mining stock is a top play: CIO. U.K. fund Blue Whale Capital’s Stephen Yiu said macroeconomic concerns, such as the U.S. fiscal deficit and the weakness of the dollar, could support the stock.

And finally…

People walk by the New York Stock Exchange (NYSE) on June 18, 2024 in New York City. 

Spencer Platt | Getty Images

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Private equity firms are facing a new reality: a growing crop of companies that can neither thrive nor die, lingering in portfolios like the undead.

These so-called “zombie companies” refer to businesses that aren’t growing, barely generate enough cash to service debt and are unable to attract buyers even at a discount. They are usually trapped on a fund’s balance sheet beyond its expected holding period.

Lee Ying Shan

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Broadcom is firing on all cylinders, and Wall Street can’t get enough of the stock

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Broadcom is firing on all cylinders, and Wall Street can't get enough of the stock

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Google to launch first of its AI glasses in 2026

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Google to launch first of its AI glasses in 2026

A Google logo is at the announcement of Google’s biggest-ever investment in Germany on November 11, 2025 in Berlin, Germany.

Sean Gallup | Getty Images News | Getty Images

Google on Monday said it plans to launch the first of its AI-powered glasses in 2026, as the tech company ramps up its efforts to compete against Meta in a heating consumer market for AI devices.

The Alphabet-owned company is collaborating on hardware design with Samsung, Gentle Monster and Warby Parker, with whom Google agreed to a $150 million commitment in May.

Google plans to release audio-only glasses that will allow users to speak with the Gemini artificial-intelligence assistant, the company said in a blog. Google also said there will be glasses with an in-lens display that show users information such as navigation directions and language translations. The company said the first of these glasses will arrive next year, but it did not specify which styles that will include.

In a Monday filing, Warby Parker said that the first of its glasses in partnership with Google are expected to launch in 2026.

The glasses will be built on top of Android XR, Google’s operating system for its headsets.

Google’s Monday updates come after the company in May announced that it would be getting back into the smart glasses game. At the time, co-founder Sergey Brin said he learned from Google’s past mistakes of failed smart glasses, citing less advanced AI and a lack of supply chain knowledge, which led to expensive price points.

“Now, in the AI world, the things these glasses can do to help you out without constantly distracting you — that capability is much higher,” Brin said in May.

The AI wearables space has been gaining traction with Meta leading the pack. the social media company’s Ray-Ban Meta glasses were met with surprising success. The glasses, which were designed in partnership with eyewear giant EssilorLuxottica, are infused with the Meta AI digital assistant

Meta also released its own display glasses in September, which allows users to see features like messages, photo previews and live captions through a small display that’s built into one of the device’s lenses.

Other companies like Snap and Alibaba have also been churning out their own AI glasses offerings as the small but competitive market continues to grow.

Google on Monday also revealed more software updates to the Galaxy XR headset, including the ability to link it to Windows PCs and a travel mode that will allows the device to be used in planes and cars.

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Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

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Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

Apple chip chief weighs exit: Report

Several big shots in Cupertino are getting a career change for the holidays.

In the last seven days, there has been extraordinary turnover among Apple‘s top ranks, from its head of artificial intelligence to its top lawyer.

CEO Tim Cook now has two fewer direct reports than he did before Thanksgiving.

The executive who designed the software for the Apple Vision Pro also bounced and is heading to Meta to do the same thing for AI glasses in Menlo Park.

As if last week’s departures weren’t enough, there was another potential exit over the weekend. Senior vice president of hardware technologies Johny Srouji told Cook he wanted out soon, according to Bloomberg.

But any drama seems to have passed, with Srouji telling his staff Monday morning in a memo seen by CNBC that he isn’t planning to leave Apple any time soon.

Srouji is the chip design guru who kicked Intel while it was down and made in-house chips for Mac that performed a lot better, leading to a healthy surge in sales. Srouji is essentially the Jony Ive of chip design, a singular talent, and it is tough to imagine him leaving Apple.

An Apple spokesperson provided no comment on Srouji or any of the recently departed executives.

There are multiple ways to read into all the changes at the top of a company known for keeping a steady leadership team while producing innovative and industry-leading products.

Apple stayed the course while the tech world changed around it in just three short years, as the entire industry has made a massive pivot to AI.

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So it was no surprise AI chief John Giannandrea was out last week. It was on him to deliver an innovative AI experience on the iPhone. Instead, Apple had to admit it couldn’t launch the supercharged version of Siri it had been advertising for months.

Perhaps the new strategy of partnering with an established AI leader such as Google or Anthropic will make up for all of it, but the pressure is enormous for Apple to get it right after the flop this year.

Getting the AI launch right is important for other products as well.

If Apple isn’t going to charge for its AI system, then using it as a selling point for new hardware is its best bet to show it can make some cash.

There are already hints that 2026 is going to be a monumental year.

Some new, rumored AI product categories are expected, such as AI glasses similar to what Meta sells and a tablet for controlling all your smart home appliances.

Apple will also turn 50 on April 1 next year, and it’s expected to launch its first-ever foldable iPhone. Plus, there are more challenges ahead with a looming antitrust trial and whether Apple can maintain its truce with President Donald Trump.

Taken together, perhaps the shake-ups were necessary, especially regarding AI.

It looks like next year will show if Apple got it right.

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