Fed officials ‘strongly’ divided on December rate cut

Elon Musk's artificial intelligence company, xAI, is reportedly in advanced discussions to raise $15 billion, aiming for a valuation of approximately $230 billion. This fundraising effort reflects the growing interest in AI technologies and the potential for significant investment in the sector.

Kering's chief executive, Luca de Meo, has communicated to staff the necessity for the luxury group to reduce its reliance on the Italian brand Gucci. In a memo, he emphasized the need to address the company's 'over-dependency' on Gucci to ensure a more balanced portfolio.

Blue Owl has decided to cancel the merger of its private credit funds, a move that could potentially lead to losses of up to 20% for investors involved in one of the funds. This decision reflects the company's cautious approach in navigating the current market conditions.

Lawrence Summers has resigned from the board of OpenAI following scrutiny over his email exchanges with convicted sex offender Jeffrey Epstein. The former U.S. Treasury Secretary announced his decision amid growing criticism and stated he would withdraw from public commitments.

Nokia has announced the separation of its artificial intelligence business into a distinct unit following a $1 billion investment from Nvidia. This strategic move aims to enhance Nokia's growth prospects in the rapidly evolving technology sector, particularly in AI-driven telecommunications.

Nvidia is poised to report its financial performance amid growing concerns about a potential AI bubble. The company's earnings report is expected to significantly impact its stock value, with estimates suggesting a potential $300 billion swing in shares. Investors are anxious as they await the results, reflecting broader market unease.

The American exceptionalism trade is facing uncertainty as Nvidia's performance is set to influence market sentiment for the remainder of the year. Investors are closely watching Nvidia's upcoming earnings report, which is anticipated to provide critical insights into the sustainability of the AI boom. The outcome of this report could significantly impact investor confidence and market dynamics.

Japan's 10-year bond yields have reached their highest levels since the global financial crisis, driven by falling bond prices amid concerns regarding the prime minister's fiscal stimulus plans. Investors are apprehensive about the effectiveness of these measures in revitalizing the economy, leading to a negative sentiment in the market.