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           </tr>
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         </table>
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</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
          <tbody>
           <tr>
            <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:16px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:251.92px;">
<![endif]-->
             <div class="mj-column-per-47 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td style="vertical-align:top;padding:0;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:0;word-break:break-word;">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
                       <tbody>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          S&P 500
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.00% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          6,891
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          GOLD
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.78% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $3,952
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BITCOIN*
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          1.36% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $111,366
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
                       </tbody>
                      </table>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
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</td><td class="" style="vertical-align:top;width:32.16px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td style="vertical-align:top;padding:0;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:251.92px;">
<![endif]-->
             <div class="mj-column-per-47 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td style="vertical-align:top;padding:0;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:0;word-break:break-word;">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
                       <tbody>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          FTSE 100
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.61% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          9,756
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BRENT OIL
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.23% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $64.25
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          US BONDS*
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.09% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          4.08%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
                       </tbody>
                      </table>
                     </td>
                    </tr>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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                     <img alt="Wall Street Fear Gauge Index" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F111%252F608%252F446%252FAPW1bDp49YKeLmZ26jmVoORax%252Fe95ad5ac52419750867c276d067fc8c6b776891d.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Da18d563097d55e98364a93dbec79dcbe/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjE4MTE2MDAuNDAzOTcyNn0:1vENg8:qAKewLG5UOVQWnvCH5wdAMnftvIOawu4gEzbRB_Onik" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
                    </td>
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                      <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                       <p data-block-key="10zqs">
                        Alphabet, Meta, and Microsoft kicked off Big Tech earnings season, and the Federal Reserve made its interest rate decision.
                       </p>
                       <p data-block-key="bq4og">
                        ➕ Your last chance to
                        <a>
                         win flights to London and a two-night hotel stay
                        </a>
                        – for
                        <i>
                         free
                        </i>
                       </p>
                       <p data-block-key="5q13s">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
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                    <span style="font-style:normal">
                     👀
                    </span>
                    <span style="font-style:italic">
                     Today's headlines
                    </span>
                   </mj-raw>
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                   <mj-raw>
                    <span style="background-color:#EFFF0D;display:inline">
                     It’s Time!
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="center" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
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                      <a target="_blank">
                       <img alt="It’s Time!" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-291025-Earnings.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Daab682d1621f4e86cddfd26eafa6ac0a/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjE4MTE2MDAuNDA0MjQyfQ:1vENg8:He3UZhxBZEmFQI4utqgyzky1DWYXxboWUg-IT9p-xu4" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="gd7n5">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="4s8gb">
                    Alphabet, Meta, and Microsoft kicked off Big Tech’s earnings season after the market closed on Wednesday – but unlike Mariah, they couldn’t quite hit the high notes.
                   </p>
                   <p data-block-key="7t14q">
                    <b>
                     What does this mean?
                    </b>
                    <br/>
                    Microsoft put up better-than-predicted revenue and profit. But AI’s made the market a real tough crowd, so its cloud unit’s 39% growth rate was… a serious letdown. See, investors wanted fireworks – not solid but unspectacular momentum – so they sent the firm’s shares down 3%.
                   </p>
                   <p data-block-key="70cfq">
                    Alphabet was probably feeling lucky as it breezed past expectations with $88 billion in sales and strong profits, driven by none other than
AI-fueled cloud growth. But its record infrastructure spending plans – up to $93 billion – are likely to give investors pause. Not right away though: they sent the stock up 7%.
                   </p>
                   <p data-block-key="6po3j">
                    Meta’s $51 billion in sales was higher than estimates, but a $16 billion tax hit squashed that shine. And the firm’s plans for heavier AI spending reminded the market of its other impending costs. So Meta’s shares got a big thumbs down, to the tune of 6%.
                   </p>
                   <p data-block-key="a9he">
                    <b>
                     Why
should I care?
                    </b>
                   </p>
                   <p data-block-key="96pa9">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     The infinite money hack.
                    </i>
                   </p>
                   <p data-block-key="bfkls">
                    Microsoft, OpenAI, and Nvidia are now part of a worrying trend: the kind of bubble-shaped, circular money loop. Microsoft funds OpenAI, which spends hundreds of billions on Nvidia’s chips to power AI models run on Microsoft’s cloud.
                   </p>
                   <p data-block-key="iftg">
                    ⚠️ Problem is, that merry-go-round of cash obscures the true demand for these things. And if just one
firm tightens its purse strings, the loop could break – fast. That’s eerily similar to the dot-com era…
                   </p>
                   <p data-block-key="1klvp">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     High reward – hi, risk.
                    </i>
                   </p>
                   <p data-block-key="15t5a">
                    Nvidia just secured the world’s first $5 trillion valuation, with its stock rising 50% this year. That alone was responsible for nearly a
                    <i>
                     fifth
                    </i>
                    of the S&P 500’s total gains – and for sparking markets’ obsession with AI infrastructure.
                   </p>
                   <p data-block-key="8une5">
                    ▶ Now, Microsoft, Alphabet, Meta, and Amazon are planning to spend a record $420 billion next year on chips and data centers to claim their AI edge. But if AI’s real-world use cases don’t scale as quickly as the hype, this boom could start to look a lot like the fiber-optic frenzy of the early 2000s.
                   </p>
                  </div>
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                   You might also like ⇢
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                    Goldman Doesn’t See An AI
Bubble, But The Pattern Does Look… Familiar
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                     Three Reasons To Be Bullish – And Three Reasons To
Worry
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="pr7ai">
                    Markets have been in a
                    <a>
                     strange place
                    </a>
                    lately.
                   </p>
                   <p data-block-key="7snof">
                    US stocks have been flirting with
                    <a>
                     all-new highs
                    </a>
                    . Gold – the traditional safe haven – has climbed nearly 50% into record territory.
                   </p>
                   <p data-block-key="9ln2j">
                    But, at the same time, seemingly everywhere you turn, people have been asking whether an
                    <a>
                     AI bubble
                    </a>
                    is just about to pop.
                   </p>
                   <p data-block-key="eu9l4">
                    So it’s a good time to
                    <a>
                     zoom in
                    </a>
                    and take a look at
why some folks are optimistic and why others are deeply skeptical.
                   </p>
                   <p data-block-key="c5be3">
                    That’s today’s Insight:
                    <a>
                     three reasons to be bullish, and three reasons to worry
                    </a>
                    .
                   </p>
                   <p data-block-key="6lg5e">
                    <a>
                     <b>
                      Read or listen to the Insight here
                     </b>
                    </a>
                   </p>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="hp4ut">
                    <b>
                     This stock alert system is beating the S&P 500 by 72% this year
                    </b>
                   </p>
                   <p data-block-key="ls67">
                    Most investors don’t beat the market. However, this AI company could change that.
                   </p>
                   <p data-block-key="4iold">
                    With a win rate of 60%
this year,
                    <a>
                     Prospero.AI
                    </a>
                    is helping investors spot trends, risks, and opportunities before the rest of the world catches on. That's why we're proud to
                    <a>
                     partner up again
                    </a>
                    .
                   </p>
                   <p data-block-key="3opci">
                    <a>
                     Prospero's picks
outperformed the S&P by 77% last year
                    </a>
                    and around 50% in the two years before. No wonder investors are signing up: in the last 90 days alone, its weekly active app users tripled, newsletter revenue rose 30%, and its X following doubled. That’s put
                    <a>
                     Prospero on track for a 157% revenue uptick
                    </a>
                    this year.
                   </p>
                  </div>
                 </td>
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                  <div style="font-family:Inter,sans-serif;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
                   Please see important disclosures below*
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                   <mj-raw>
                    <span style="font-style:normal">
                     👀
                    </span>
                    <span style="font-style:italic">
                     Today's headlines
                    </span>
                   </mj-raw>
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                    <span style="background-color:#EFFF0D;display:inline">
                     The Day Job
                    </span>
                   </mj-raw>
                  </div>
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                       <img alt="The Day Job" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-291025-FedRates.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Df3e7d4e8c758b8d4ce3ffa8e7e642f24/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjE4MTE2MDAuNDA0ODgzNH0:1vENg8:93PJs9vjg1C_rXj4vXl3zTdBnopwMOjIx9dVScknU0g" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="panjr">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="bo1hg">
                    The Federal Reserve (Fed) cut interest rates again on Wednesday, putting in the hours to try and keep the job market slowdown from turning into something uglier.
                   </p>
                   <p data-block-key="b35lt">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="29r08">
                    If the Fed just made money cheaper and easier to come by, it’s because it sort of had to. Interest rates still aren’t exactly low, and both the labor and the financial system are starting to show signs of stress.
                   </p>
                   <p data-block-key="ctd02">
                    ▶ With all that going on, the central bank’s betting its nemesis – high inflation – won’t stick around for long. But that doesn’t mean interest rates are headed to the
how-low-can-you-go, near-zero levels from a few years ago.
                   </p>
                   <p data-block-key="7tfdv">
                    ▶ Then again, with key economic reports not being released on account of the government shutdown, the data-driven central bank is flying blind.
                   </p>
                   <p data-block-key="f0die">
                    ➕ The Fed also said that it would stop shrinking its gigantic portfolio on December 1st, ending a three-year process aimed at removing pandemic-era stimulus from the economy. The move will position the central bank to inject new stimulus,
you know,
                    <i>
                     just
                    </i>
                    in case it needs to.
                   </p>
                   <p data-block-key="ejn30">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="etkrj">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     AI’s not making the Fed’s life any easier.
                    </i>
                   </p>
                   <p data-block-key="56bsu">
                    One of the Fed’s two mandates is to ensure maximum employment – and it’s not hitting that mark right now. See, companies say AI is helping them become more efficient – so much so that they’re laying off human workers. Entry-level and routine roles are disappearing,
and youth unemployment has been creeping higher. So the Fed needs to figure out whether its jobs mandate is fit for the AI era, or whether it should adjust “maximum employment” to something more 21st century.
                   </p>
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                   You might also like ⇢
                   <a>
                    2% Isn’t A Magic
Number: Why The Fed Could Consider A Higher Inflation Target
                   </a>
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                   <mj-raw>
                    <span style="font-style:normal">
                     🖋️
                    </span>
                    <span style="font-style:italic">
                     Quote
of the day
                    </span>
                   </mj-raw>
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                   <strong>
                    "Nine-tenths of wisdom is being wise in time."
                   </strong>
                   — Theodore Roosevelt (the 26th president of the US)
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                    <span style="font-style:italic">
                     IN PARTNERSHIP WITH THE AVERAGE JOE
                    </span>
                   </mj-raw>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <h4 data-block-key="5een9">
                    <b>
                     Get the newsletter that rich investors actually read
                    </b>
                   </h4>
                   <p data-block-key="cd5jb">
                    <a>
                     The
Average Joe
                    </a>
                    strips markets down to what matters, giving you financial insights you’ll actually use.
                   </p>
                   <p data-block-key="bkr41">
                    It’s read by more than 200,000 people… and roughly one in five are
                    <a>
                     millionaires
                    </a>
                    .
                   </p>
                   <p data-block-key="u3c4">
                    Do they read it because they’re rich, or are they rich because they read it?
                   </p>
                   <p data-block-key="edfcj">
                    We don’t run those studies.
                   </p>
                   <p data-block-key="a0de9">
                    👉
                    <a>
                     Get the free newsletter
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                          <a target="_blank">
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             <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
              Stay classy,
              <mj-raw>
               Sarah
              </mj-raw>
              😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
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              </a>
              ,
              <a style="color:inherit;font-weight:inherit">
               Stéphane
              </a>
              , and
              <a style="color:inherit;font-weight:inherit">
               Naomi
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              .
Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
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                     THAT
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