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AI’s dot-com echoes
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Plus: A tale of two economies.
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<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:5px;width:100%;text-align:center;color:#9B9B9B;margin:0 auto;background-color:#1C4397;border-left-width:0;border-right-width:0">
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<td class="td100" colspan="3" style="padding:5px 5px 5px 30px;width:50%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-prod%252F062525-daily.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3MDI4N30:1v8yKf:4hDE983FzTkADz9hQ29QFeHCoc6sc3IOIQBXXmg3RNw" style="width:265px;max-height:18px;vertical-align:middle;border:0;" width="265"/>
</a>
</td>
<td class="td100" colspan="3" height="1" style="width:50%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3MTE3MX0:1v8yKf:Q3_mb_z5Zz7TNUEOktsTdS0sK9OqhU-jT__HDyXmLh0" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
</td>
</tr>
<tr class="trpad30" style="padding-top:15px;padding-bottom:15px">
<td class="td100" colspan="4" style="padding:15px
30px;vertical-align:middle;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<div>
<span style="color:#888888">
Wednesday, October 15, 2025
</span>
</div>
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<td class="td100" colspan="2" height="1" style="width:33.3333%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3MTk5NH0:1v8yKf:rDxUpFoCOQJr4oiBdH0BXPn1HnOBuLD5EBd2BdHQUHg" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
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<tr>
<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-prod%252FGettyImages-2240630791.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3Mjg4Nn0:1v8yKf:CKp5cVSB4QdLjkU4HPt9nOrMfMd2ar2J_65ygmFjPbk" style="width:600px;max-height:400px;vertical-align:middle;border:0;" width="600"/>
</a>
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<td class="td100" colspan="2" height="1" style="width:33.3333%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3Mzd9:1v8yKf:GX-Ro_cl5jAzvtzf8IH63U6X3Iw451zR9_oGq2zwTHo" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
</td>
<td class="td100" colspan="4" style="line-height:1.5;text-align:right;vertical-align:middle;padding:3px 30px;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="color:#888888">
Aaron Schwartz/Bloomberg via Getty Images
<span class="ql-cursor">
</span>
</span>
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<div>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today,
the IMF is spotting ghosts in the machine, bankers are fluent in uncertainty, Walmart is training ChatGPT to upsell cereal, and leaders replacing people with prompts might get exactly what they paid for.
<span class="ql-cursor">
</span>
</span>
</div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:1px;width:100%;text-align:center;background-color:#888888;color:#9B9B9B;margin:0 auto;border-left-width:0;border-right-width:0">
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20px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
HERE'S WHAT YOU NEED TO KNOW
<span class="ql-cursor">
</span>
</span>
</h2>
</td>
</tr>
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<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Markets caught another trade chill.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
China’s retaliation against U.S. shipping affiliates knocked futures lower and torpedoed the weekend’s
optimism, even as both sides insist a Trump-Xi meeting is
</span>
<a data-linktext="still “on course.”" data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
still “on course.”
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
GM hits the brakes on its electric future.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
The automaker’s production pullback and $1.6 billion charge show how vanishing U.S. subsidies
and China’s dominance have drained power from
</span>
<a data-linktext="once-glowing EV ambitions." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
once-glowing EV ambitions.
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Walmart’s next cashier could be a chatbot.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Walmart’s ChatGPT partnership links conversation and commerce, giving OpenAI a tangible
consumer use case and Walmart a new way to
</span>
<a data-linktext="own the “intent layer.”" data-linktype="Normal" style="background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
own the “intent layer.”
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
The smart money is starting to flinch.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Bank of America’s October survey found that 54% of fund managers think tech stocks are overvalued
as soaring chip deals and circular financing revive memories
</span>
<a data-linktext="of the dot-com bubble." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
of the dot-com bubble.
</a>
</div>
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<tr style="padding-top:10px;padding-bottom:10px">
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</table>
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<tr>
<td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" height="100%" style="table-layout:fixed;" width="100%">
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<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3NDUxfQ:1v8yKf:n94vIa8t1Ih_rz64vGb_iKbT0tX7iQzmoLopmhq4Tq8" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
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<td class="td100" colspan="6" style="padding:5px 20px;width:100%;background-color:#F0F0F0;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<div style="text-align:
center">
Sponsored
</div>
</td>
</tr>
<tr>
<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-prod%252F1200x628-Quartz-2.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NjA1MjI1MjkuMTQ3NTM4fQ:1v8yKf:8VDpzX4qIiL6r74FsoKg-N99ZZjuLv0Er7lF0RStuEA" style="width:600px;max-height:314px;vertical-align:middle;border:0;" width="600"/>
</a>
</td>
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<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="padding:10px 20px;font-family:Arial,Helvetica,sans-serif;color:#168DD9;line-height:1.5;width:100%;background-color:#F0F0F0;vertical-align:top;font-size:12px;mso-line-height-rule:exactly">
<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:24px;color:#000000">
AI skills development in the new talent economy
</span>
</h2>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="padding:10px 20px;line-height:1.5;width:100%;background-color:#F0F0F0;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<p>
<strong style="font-size: 20px">
<a data-linktext="DeVry University’s new research" data-linktype="Normal" style="color:#168DD9;" target="_blank">
DeVry University’s new research
</a>
</strong>
<span style="font-size: 20px">
revealed that 57% of workers believe the skilled use of AI
will be a highly valuable skill in tomorrow’s economy. Workers deem AI skills as more important for the workplace of the future than employers, signaling an AI perception gap.
</span>
</p>
</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" style="border:none; border-spacing: 0; border-collapse: collapse; mso-table-lspace:0; mso-table-rspace:0; mso-margin-top-alt:0px; mso-margin-bottom-alt:0px; mso-padding-alt: 0px 0px 0px 0px;" width="100%">
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<td height="40" style="vertical-align:middle;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000" valign="middle">
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: 1px solid #168DD9; display: block; " target="_blank">
</a>
<table bgcolor="#168DD9" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius: 6px;
-moz-border-radius: 6px; border-radius: 6px; padding-right:25px;mso-padding-right-alt: 25px;padding-left:25px;mso-padding-left-alt: 25px;padding-top:25px;mso-padding-top-alt: 25px;padding-bottom:25px;mso-padding-bottom-alt: 25px; " width="100%">
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<td align="center" bgcolor="#168DD9" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000" valign="middle">
<table bgcolor="#168DD9" cellpadding="0" cellspacing="0" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; " width="100%">
<tbody>
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<td align="center" bgcolor="#168DD9" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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Learn more about DeVry’s
research
</a>
<!--<![endif]-->
<!--[if mso]><a href="https://www.ne16.com/t/9637976/222404108/8008125/6/1009235/?x=80e70b38" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: none; display: block; ">Learn more about DeVry’s research </a><![endif]-->
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
ARTIFICIAL CONFIDENCE
</span>
</h2>
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<div>
<span style="font-size: 16px">
The IMF just called it: déjà boom. At the fund’s fall World Economic Outlook, it warned that America’s AI spending spree is giving off “echoes” of the late-’90s dot-com frenzy — a trillion-dollar boom powered by
silicon and self-belief. The comparison came straight from IMF chief economist Pierre-Olivier Gourinchas, who said the “internet then … AI now” parallel is hard to ignore. Back then, it was routers and dial-up. Now it’s GPUs and data centers — and the optimism is even more expensive.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The numbers back the unease. U.S. firms such as Microsoft, Amazon, Meta, and Alphabet are on track to pour enough into AI infrastructure next year to hit 2% of GDP, a level of investment that’s masking
weaknesses elsewhere. Without it, business spending would already be slipping under the weight of Trump-era tariff uncertainty. Instead, the S&P keeps hitting highs, valuations keep stretching, and the IMF keeps nodding at history.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Gourinchas didn’t predict a bubble, but his restraint said enough. “Whether this will be followed by a correction, I don’t think anyone can tell for sure,” he said — whic might as well be economist-speak for “We’ve seen this movie, and we remember the
ending.” The last time hope, hardware, and valuation grew this fast, gravity caught up. For now, the country is running on artificial growth — and belief remains its most renewable resource.
</span>
<a data-linktext="Quartz’s Joseph Zeballos-Roig has more on the ghosts of bubbles past." data-linktype="Normal" style="color:#168DD9;text-decoration:none;font-size:16px;" target="_blank">
Quartz’s Joseph Zeballos-Roig has more on the ghosts of bubbles
past.
</a>
</div>
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<span style="font-size:18px;color:#168DD9">
CREDIT WHERE IT IS (AND ISN'T) DUE
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Wall Street had a great quarter — if you know which half of the economy to look at. The country’s biggest banks are racking up profits on the back of trading desks, dealmaking fees, and corporate
momentum, even as their consumer businesses start to lose some lift. JPMorgan Chase, Goldman Sachs, Wells Fargo, and BlackRock all delivered strong results that read less like a boom and more like a split screen — proof that corporate confidence and household caution can coexist… at least for now.
</span>
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<div>
<br/>
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<div>
<span style="font-size: 16px">
At JPMorgan, trading revenue jumped 25% as equities and fixed income both surged, helping net income climb 12% to $14.4 billion. Goldman’s deal machine was back in motion, with advisory
and financing fees up 42% — its best showing in a year. Wells Fargo posted its strongest loan growth in years, and BlackRock reeled in $205 billion in inflows to push assets to $13.5 trillion. The numbers glitter, but the shine fades fast: lending margins narrowed, mortgages cooled, and bank executives started leaning on the word “uncertainty” the way they once leaned on “resilience.”
</span>
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<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
This is the kind of tension that keeps an economy upright but uneasy. Wall Street’s revival depends
on volatility that ordinary borrowers can’t afford, and every strong trading quarter rests on a quieter consumer one. For now, both sides are holding — the bankers pocketing fees from motion, the rest of the country managing stillness. And the mood reads like a market trying to convince itself that it’s not nervous.
</span>
<a data-linktext="Quartz’s Catherine Baab has more on what Jamie Dimon really means by “resilient but
uncertain.”" data-linktype="Normal" style="color:#168DD9;text-decoration:none;font-size:16px;" target="_blank">
Quartz’s Catherine Baab has more on what Jamie Dimon really means by “resilient but uncertain.”
</a>
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<span style="font-size:24px;color:#000000">
AI skills development in the new talent economy
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<p>
<strong style="font-size: 20px">
<a data-linktext="DeVry University’s
new research" data-linktype="Normal" style="color:#168DD9;" target="_blank">
DeVry University’s new research
</a>
</strong>
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revealed that 57% of workers believe the skilled use of AI will be a highly valuable skill in tomorrow’s economy. Workers deem AI skills as more important for the workplace of the future than employers, signaling an AI perception gap.
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Learn more about DeVry’s
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The EV race is basically over — because China has won
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How gathering feedback can help leaders make more money
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🔢
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<a data-linktext="Here’s how your mortgage rates actually get set" data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
Here’s how your mortgage rates actually get set
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