What I Am Reading

November 30 (Thursday) Latest Morning Briefing Executive Summary: MegaCap-8, AI & Gates On Climate Change The MegaCap-8 stocks are approaching their highest collective market capitalization ever, having already hit a record high in terms of their share of the S&P 500’s capitalization. … Also: Jackie discusses Google’s AI initiatives and election-year challenges. … And: Our Disruptive Technologies segment recaps Bill Gates’ practical and innovative approach to climate-related investments as the annual COP28 climate change conference kicks off in the UAE. Three innovations seem particularly promising. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 27. Markets S&P 500 Slips, Halting November Gains | W Notable investor says ‘the top of growth stocks is coming’ | C Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup | W Oil prices edge higher as OPEC+ meets to discuss supply cuts | R OPEC+ agrees preliminary oil cut deal of over 1 million bpd, sources say | R Central banks Here’s what it would take for the Fed to start slashing rates in 2024 | C Fed starting gun for $6 trillion dash from cash | R US Consumers Likely Pulled Back Spending in October | W Trump financial watchdog tells judge money transfers | C Europe Europe Needs More LNG to Ease Tight Market, Uniper CEO Says | B Euro zone inflation tumble pits ECB against markets | R China China’s Manufacturing PMI Edged Lower, Signaling Continued Weakness | W China’s Economy Faces a Sour End to the Year | W Geopolitics & trade No Strings Attached? Conditions on Israel Aid Split Democrats | W Industries & companies Airlines: Spirit Airlines offers buyouts to salaried employees | C Autos: UAW launches union campaigns at Tesla, 12 other automakers in the U.S. | C Media: Iger explains Marvels flop, too many Disney sequels | C Artificial Intelligence OpenAI’s New Board Takes Over and Says Microsoft Will Have Observer Role | W Talking to Chatbots Is Now a $200K Job. So I Applied. | W Corporate finance Cigna, Humana in Talks for Blockbuster Insurance Merger in Stock-and-Cash Deal | W European Debt: ‘Zombie’ CLOs New Hurdle | B Climate COP28 opens with plea to work together on fossil fuels | R Beyond markets Henry Kissinger, Who Helped Forge U.S. Foreign Policy During Vietnam and Cold Wars, Dies at 100 | W Elon Musk says advertisers trying to ‘blackmail’ him | C

November 29 (Wednesday) Latest Morning Briefing Executive Summary: Breaking Good Many of investors’ fears in 2023 turned out to be unfounded; all they really had to fear was fear itself. Now that investor sentiment has improved as investors have cast some fears aside, will undue fearlessness be a concern for the stock market in 2024? … Also improved from a year ago has been the consensus outlook of Wall Street strategists for S&P 500 operating earnings per share; our own estimates for this year and next have been and are still higher than the consensus. … Also: Joe shares the latest net estimate revisions data, showing more estimate cutting than hiking over the past three months. But analysts still expect positive y/y growth in both revenues and earnings next year. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 27. Markets Big Oil Bets on Hot Air in Climate Talks | W OPEC+ producers to head into meeting amid quota dispute | C Central banks Fed’s Bostic Says Evidence Points to Downward Path for Inflation | B Bill Ackman Bets Fed Will Cut Interest Rates Sooner Than Markets Are Predicting | B US I GDP 3Q 2023: US Economy Grew 5.2%, More Than First Estimated | B Former Trump advisor Gary Cohn says U.S. economy is back to normal | C Even Most Biden Voters Don’t See a Thriving Economy | N Americans are ‘doom spending’ — here’s why that’s a problem | C Hot Healthcare Hiring Bolsters Cooling U.S. Labor Market | W U.S. Suicides Reached a Record High Last Year | W US II The Price Is Wrong for Housing | W Home Prices Hit Fresh Record in September | W Housing Prices at Record High: Consider a Small Down Payment | C Mortgage demand from homebuyers gets boost as interest rates fall | C Europe Europe’s Signa toppled in property rout | R China China’s rising copper imports belie manufacturing gloom | R   Geopolitics & trade Biden to Limit Chinese Role in U.S. EV Market | W Industries & companies Shipping: The Pandemic Blunder Weighing on the Shipping Industry | W Tech: Tech’s New Normal: Microcuts Over Growth at All Costs | W Tech: Why Amazon and Nvidia Need Each Other | W Corporate finance GM Plans $10 Billion Stock Buyback in Bid to Assuage Investors, Hike Dividend by 33% | W Stability AI Has Explored Sale as Investor Urges CEO to Resign | B Beyond markets After Munger’s death, Berkshire succession comes into focus | R Elon Musk’s quest in foreign affairs plagued by his own online behavior | NN

November 28 (Tuesday) Latest Morning Briefing Executive Summary: Xi’s New Open-Door Policy China’s economy is hurting, and the government’s recent attempt to cozy up to the US—on display in President Xi’s recent speech—reflects a dire need for more foreign direct investment. But to get it, the government may need to change its aggressive ways. … China’s consumers are feeling the economic pain firsthand, with declining net worths affecting their spending. Two major crises led China to this juncture, one related to its flailing property market and the other to its aging and shrinking population. … US consumers, on the other hand, are flush with substantial net worth, especially the Baby Boomers. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 27. Markets The Stocks That AI Mania Left Behind | W Stocks hold firm as dollar dithers ahead of US data | R US U.S. needs ‘bipartisan’ leadership and a ‘strong middle’: Ray Dalio | C Biden slams corporations over high consumer costs | C Opinion | Nikki Haley Is Coming for Your Retirement | N Europe Europe Is Short of Ammunition at a Bad Time | W China China’s Property Lifeline Exposes Banks to Big Losses, Job Cuts | B India The Clearest Sign of India’s Very Good Year | W Geopolitics & trade Negotiators Press for Long-Term Israel-Hamas Truce | W Gaza Protests at Colleges Open a Generational Divide | W The Cost of Doing Business With China? A $40,000 Dinner With Xi Jinping Might Be Just the Start | W Industries & companies Aerospace: First long-haul flight fully powered by sustainable aviation fuel takes off | C Banks: Zions, Comerica, First Horizon: Regional bank takeover risk | C Media: Disney ‘Wish’ disappoints at the Thanksgiving box office | C Retail: Shein files for U.S. IPO, looks to expand global reach | C Tech: Amazon rolls out palm-scanning technology for office workers | C Tech: Microsoft Needs a Better Seat at OpenAI’s Table | W   Climate What Are the Biggest Fights at COP28 Climate Summit? | B The Newest Airline Climate Solution? Burying Sawdust | W Two US projects highlight divide over carbon removal’s role in climate fight | R Artificial Intelligence AI threatens wages, not jobs – so far, ECB paper finds | R

November 27 (Monday) Latest Morning Briefing Executive Summary: Update: Another Roaring Twenties May Still Be Ahead Our Roaring 2020s outlook for this decade centers on the idea that technological innovations such as the so-called BRAIN technologies will be widely adopted by companies, fueling productivity growth that minimizes the economy’s major problem of a tight labor market and drives widespread prosperity. The pandemic derailed a productivity boom that started gathering steam in late 2015 and is just this year getting back on track. … We think the stock market rally that began a year ago reflects the technological revolution at the core of our Roaring 2020s scenario. … Of course, there are doubters; we address each of their main points below. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets How to Invest for a More Normal Market | BR Investors Are Hungry for Risk—and Holding Record Cash Sums | W The World’s Largest Buyer of U.S. Debt Isn’t Going Away | W Gold at six-month high as dollar declines and investors eye rate cuts | C American Oil—Good to the Last Drop? | W Currency clashes sour Russia’s oil trade with Asia | R   Central banks Investors See Interest-Rate Cuts Coming Soon, Recession or Not | W   US Amid High Mortgage Rates, Higher Share of Americans Outright Own Homes | B As US job market softens, gains of minority groups hang in the balance | R Biden will convene his new supply chain council and announce 30 steps to strengthen U.S. logistics | C   China China Scrambles to Contain a Looming Shadow-Bank Meltdown | W Geopolitics & trade Putin Has Staked Russia’s Resources on Victory in Ukraine. Can the West Match Him?   | W Global Automakers Turn to China for EV Lessons | W Industries & companies Autos: Behind Tesla’s Challenges in Making the Cybertruck: Ultrahard Stainless Steel | W Health Care: Magic Pills Are Coming | W Logistics: Amazon Tops UPS and FedEx to Become Biggest U.S. Delivery Business | W Media: TikTok owner ByteDance axes hundreds of jobs in gaming unit | C Pharma: Vaccines: A Golden Age of Shots Is Here. What It Means for You. | BR Pharma: Mounjaro superior to Ozempic for weight loss, study says | C Real Estate: The looming office space real estate shortage. Yes, shortage | C Retail: Retailers Have Cleaned Up Their Inventories for the Holidays | W Retail: Buybuy Baby Comeback Bets Expectant Parents Want to Shop in Stores  | W Corporate finance Apple iPhone maker Foxconn to invest $1.5 billion in India expansion | C Climate Progress on climate change has been too slow. But it’s been real | E Now for Some Good News About Climate | W Climate: UAE reportedly planned to use COP28 to lobby for oil deals | C Artificial Intelligence & crypto The fallout from the weirdness at OpenAI | E Coinbase CEO: crypto industry can turn page after Binance settlement | C   Beyond markets These 5 in-demand AI jobs pay $100,000 or more—and can be done from home | C Taylor Swift’s ‘Eras Tour’ concert film will be available to stream. Here’s when and where | C

November 21 (Tuesday) Latest Morning Briefing Executive Summary: Oil, Stocks & 3-D Hand Printing In the spirit of the season, Jackie reflects on two sources of US investors’ gratitude—lower fuel prices and the stock market rally. … A confluence of factors has driven down fuel prices as Americans set out on their Thanksgiving travels, including record-high US oil production and lower-than-expected demand from China. … Interest-rate-sensitive industries have outperformed in recent weeks’ stock-market rally as investors lay bets that the Fed is done tightening. The rally has bumped three S&P 500 sectors to ytd gains above 30%. … And our Disruptive Technologies focus: hand-softening technology for robots, courtesy of 3-D printing. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets Stocks Extend Rally, Boosted by AI Optimism | W All Is Quiet in Oil Markets—for Now | W Central banks Fed Officials Thought Rates Could Rise More if Inflation Stayed Stubborn | N Fed minutes anchor cautious policy approach as risks become more two-sided | R The Fed Wants More Evidence Before Changing Rate Stance | W Fed minutes November 2023 | C US US existing home sales slump to more than 13-year low, prices accelerate | R Houses Too Expensive to Buy Underpin Lofty Rents | W Rising US debt stokes calls in Congress for special fiscal commission | R ‘Funflation’ drives sporting event ticket prices up a whopping 25% | C Opinion | Subscriptions Create Sneaky Sticker Shock | N The success of the expanded child tax credit reveals the failure of phase-ins | Vox Europe Europe’s gas crisis is over, but not the painful adjustment | R Germany Freezes Public Spending in New Setback for Europe | W China China unlikely to repeat last winter’s surge of fuel exports | R The Big Bank With a $15 Billion Conundrum in China | W Geopolitics & trade U.S. Warns Iran Is Weighing Sending Short-Range Missiles to Russia | W Israel, Hamas Near Hostage Deal as Gaza Fighting Intensifies | W China Steps Up Support for Palestinian Cause in Challenge to U.S. Mideast Policy | W   Industries & companies Autos: Ford Downsizes Plan for Michigan Battery Factory, Citing Slower EV Demand | W Autos: Ford scales back EV battery plant in Michigan | C   Artificial Intelligence OpenAI’s Ineffective Altruists vs. Sam Altman | W OpenAI Is a Mess. So What Happens to ChatGPT Now? | W Corporate finance Blackstone Nears $2.5 Billion Deal to Buy Software Developer Civica | W   Crypto Cryptocurrencies dip as investors digest regulatory updates from Binance, Kraken | C

November 20 (Monday) Latest Morning Briefing Executive Summary: Thanksgiving Americans have many blessings to count this week: Real GDP is at a record high; so are real consumption per household, real wages, and household net worth. Thanks to our Founding Fathers, no other country cultivates entrepreneurial capitalism as well as America. … Also: Joe finds that the leadership of the stock market rally has shifted away from large-cap and Growth stocks since last Monday. That follows the script of stock market rallies generally: They get off the ground with the strongest leaders, then broaden out to include other capitalization sizes and investment styles. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets Stock Market Today: OpenAI Upheaval in Focus, Microsoft Stock Edges Higher | W US 20-Year Yield Falls After $16 Billion Sale: Markets Wrap | B US The Hidden Hero Fueling Soft-Landing Hopes: A Boost in Supply | W Yellen: Food, rent inflation key factors in voters’ negative economic outlook | C ‘Bidenomics’ should take a page from the ‘Clintonomics’ playbook | The Hill There’s a Singular Fix for Inflation, and It’s All About Standards | FO The Pay Raise People Say They Need to Be Happy | W A record number of $50 bills were printed last year. It’s not why you think | NN India Indian capital resumes some activities despite hazardous air, river foam | R Geopolitics & trade Israeli Military Encircles Another Gaza Hospital, Doctors Say: Latest News | W China Denies Australia’s Claim That Warship Used Sonar Against Divers | W US to announce global nuclear fusion strategy at COP28 | R Industries & companies Autos: UAW clinches record Detroit deals, turns to organizing Tesla, foreign automakers | R Autos: Will You Keep Driving When Autonomous Vehicles Are Safer Than Humans?  | W Financials: Citigroup Cuts Over 300 Manager Roles as Part of CEO Fraser’s Restructuring | B   Artificial Intelligence OpenAI Glitch Shows Weaknesses in Microsoft’s AI Armor | W Ousted OpenAI head Sam Altman to lead Microsoft’s new AI team | C Hundreds of OpenAI employees threaten to follow Altman to Microsoft unless board resigns | C Nvidia Earnings Preview: What Investors Should Expect From the AI Stock Star | W   Beyond markets Ozempic, Weight-Loss Drugs Make Thanksgiving Less About the Food | B

November 18 (Saturday) Latest Morning Briefing Executive Summary: Retailers, Semis & Quantum Computing With consumers employed and feeling flush, the holiday selling season is starting off well. The recent quarterly earnings reports of a few big retailers were mixed, with TJX reporting good customer traffic while Home Depot and Target beat expectations. … Also: The S&P 500 Semiconductor industry’s price index has nearly doubled this ytd! But while some of its member stocks have posted outsized ytd gains, others have ytd drops. Jackie explores what’s fueling the price action. … And: Quantum computing is advancing by leaps and bounds. So is AI. Combine the two, as some companies are doing, and the innovation potential is astronomical. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets Small-Cap Stocks Are Finally Making Some Noise. Be Careful. | BR This Hot Market May Not Last. Why Options Look Better Than Stocks. | BR Copper Prices Are Rising Again—and So Is Freeport-McMoRan Stock | BR Bad Credit? Car Loans You Can’t Afford Make Millions for Wall Street | B High yield bond market may hold less junk than before: McGeever | R Short-seller Jim Chanos to close hedge funds -WSJ | R Central banks Will the Fed Cut Rates in 2024? The Case That High Inflation Isn’t Over Just Yet. | BR US I Profit Recession Ends as a Challenging Holiday Season Begins | B Is a Recession Coming? Consumers Still Have Plenty to Spend. | BR This Year’s Black Friday Bonus: Falling Prices | W America’s Top 1% Don’t Make as Much as You Might Think | B When Will Home Prices Drop? What It Would Take For Them to Come Down. | BR US II Wall Street Eyes Nikki Haley as Trump Spoiler | W Donald Trump poses the biggest danger to the world in 2024 | E New Speaker Mike Johnson Confronts Old GOP Problems as Honeymoon Period Ends | W China The Price of China’s Exports Is Dropping, Compounding Its Economic Woes | BR China’s shoppers are gloomy and picky | E Japan Will Japan rediscover its dynamism? | E Geopolitics & trade Joe Biden and Xi Jinping rediscover the joy of talking. Good | E   Industries & companies Airlines: Thanksgiving air travel set for records in test for airlines | C Consumer: 6 Consumer Stocks for a Growing Economy | BR Media: Disney box office flops put pressure on Iger, Bergman | C Media: Apple, Disney, Warner, Paramount Global and Lionsgate pause advertising on X | C Retail: Retailers Will Compete Harder for Holiday Sales This Year. Who Will Win. | BR Retail: The Score: Target, Boeing, Macy’s and More Stocks That Defined the Week | W   Artificial Intelligence OpenAI says Sam Altman exits as CEO after board loses confidence | C   Beyond markets How Elon Musk, for Many, Went Too Far | W SpaceX Starship rocket goes for second launch attempt | C U.S. lawmakers urge scrutiny of worker injuries at Elon Musk’s SpaceX | C

November 17 (Friday) Latest Morning Briefing Executive Summary: Retailers, Semis & Quantum Computing With consumers employed and feeling flush, the holiday selling season is starting off well. The recent quarterly earnings reports of a few big retailers were mixed, with TJX reporting good customer traffic while Home Depot and Target beat expectations. … Also: The S&P 500 Semiconductor industry’s price index has nearly doubled this ytd! But while some of its member stocks have posted outsized ytd gains, others have ytd drops. Jackie explores what’s fueling the price action. … And: Quantum computing is advancing by leaps and bounds. So is AI. Combine the two, as some companies are doing, and the innovation potential is astronomical. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets Is the Stage Set for a Year-End Rally? | W What’s Behind the Market’s Wild Overreactions | W Column: Geopolitical angst more a market feature than shock | R   Central banks Powell Fed Votes Together on Interest Rates During Inflation Fight | B Fed’s Susan Collins says more rate hikes can’t be taken off the table yet | C BOJ’s Ueda Says Weak Yen Isn’t Only Negative for Japan’s Economy | B   Global Factories Stay on Sidelines of Recovery: Bloomberg Trade Tracker US I Amid High Mortgage Rates, Higher Share of Americans Outright Own Homes | B Congrats, Your House Made You Rich. Now Sell It. | W US jobs data may be miscounting millions of ‘gig’ workers, research suggests | R Tipping once rewarded good service. Now it predicts how you’re treated | C US II Where Have All the Foreign Buyers Gone for U.S. Treasury Debt? | W Ray Dalio says U.S. reaching a point where our debt problem gets even worse | C Opinion | Why Great G.D.P. Growth Isn’t Good Enough for Bidenomics | N China Is China Ready for Combat? Russia-Ukraine War Is a Lesson for Xi’s Military | B Geopolitics & trade Israel Says It Is Close to Dismantling Hamas Military System in Northern Gaza | W Xi’s Warm Words Jar With Reality for Foreign Companies in China | B Avoiding China Has Been a Winning Investment Strategy. But It Isn’t Easy. | W Podcast: Biden’s ‘Organic’ Strategy for US-China Diplomacy | B Industries & companies Autos: Are Americans Falling Out of Love With EVs? | W Autos: Cadillac Optiq: New entry-level EV crossover | C Consumer: Amazon.com to cut ‘several hundred’ Alexa jobs | R Pharma: Retail investors crowd into Eli Lilly after weight-loss drug approval | R Real Estate: Almost No One Pays a 6% Real-Estate Commission—Except Americans | W Retail: Gap Is Righting the Ship With Old Navy | W Technology Why Brain-Reading Devices Could be the Next Big Thing in Optimizing Your Life | W AI is about to completely change how you use computers | Bill Gates

November 16 (Thursday) Latest Morning Briefing Executive Summary: Retailers, Semis & Quantum Computing With consumers employed and feeling flush, the holiday selling season is starting off well. The recent quarterly earnings reports of a few big retailers were mixed, with TJX reporting good customer traffic while Home Depot and Target beat expectations. … Also: The S&P 500 Semiconductor industry’s price index has nearly doubled this ytd! But while some of its member stocks have posted outsized ytd gains, others have ytd drops. Jackie explores what’s fueling the price action. … And: Quantum computing is advancing by leaps and bounds. So is AI. Combine the two, as some companies are doing, and the innovation potential is astronomical. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets Stocks Continue to Rally, With Investors More Confident in a Soft Landing | W The market thinks rates will come down a lot. It could be let down | C Bonds are still good for your retirement and college savings | WT Boom at last for ‘Big Long’ in bonds | R Wall Street Loves Washington’s New Debt Approach—for Now | W Global The Global Fight Against Inflation Has Turned a Corner | W US Joe Manchin Absolutely Considering 2024 Presidential Run, He Says | B Senate Approves Short-Term Spending Bill as Lawmakers Eschew Shutdown Politics | W Judge in Trump’s Georgia Case to Bar Release of Sensitive Evidence After Media Leaks | W Trump requests mistrial in $250 million New York business fraud case | C US producer prices unexpectedly fall in October | R US economy cools as retail sales dip, monthly producer prices decline | R Europe Germany Cannot Shift Covid Funds to Climate Projects, Court Rules | N Geopolitics & trade The Rise and Fall of the U.S.-China Economic Partnership | N China’s Xi Draws Standing Ovation From U.S. Business Leaders—and Some Doubts | W Biden-Xi APEC Meeting: Military, Fentanyl, AI on Agenda | B Biden-Xi APEC Meeting: China Denounces Report That Criticized US-China Relations | B China objects to US bid for APEC to shift trade and investment principles | R How US, China are Competing for Influence in Solomons, Pacific Islands | B Al-Shifa Hospital: Israeli Troops Raid Gaza Hospital in Search of Hamas Militants | W Why Pentagon spending billions to bring laser weapons to battlefield | C Industries & companies Autos: UAW Workers at GM’s Largest Plant Back Labor Pact, Boosting Deal’s Chances | W Autos: GM-UAW deal back on track for ratification | C Airlines: Air-Traffic Safety Threatened by Staffing, Funding Woes, Report Says | W Energy: US Opens Talks With Global Gas Heavyweights on Emission Tracking | B Retail: Target earnings: CEO says customers thankful for locked items | C Tech: Microsoft CEO Nadella says company isn’t focused on China domestically | C Tech: Microsoft reveals Maia AI processor and Cobalt Arm-based chip | C

November 15 (Wednesday) Latest Morning Briefing Executive Summary: Transitory After All It’s no longer debatable: October’s headline and core CPI excluding shelter reveal that inflation has turned out to be a transitory rather than persistent problem. Rent-of-shelter inflation and nonhousing services inflation are coming back down to Earth more slowly but surely too, as the pandemic effects lifting them all are finally dissipating. … Treasury Secretary Yellen said that the supply of Treasuries didn’t push yields up in October, yet her actions easing supply concerns speak louder. … Also: Small business owners have plenty of job openings but not enough qualified job applicants. …. And: Joe finds just a handful of big companies account for lowered S&P 500 Q4 earnings expectations. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 13. Markets UBS boss Ermotti says ‘incredible’ bond demand is ‘a signal to the Swiss banking system’ | C Central banks Opinion | The Federal Reserve Has Frozen Our Housing Market | N US I U.S. Retail Sales Fall for First Time Since March as Holiday Season Approaches | W The Elusive Soft Landing Is Coming Into View | W House passes bill to avoid government shutdown, Senate to vote next | C The $2 Trillion Interest Bill That’s Hitting Governments | W ‘Bidenomics’ is the opposite of Reaganomics | WT US II Inflation in the US is improving, the public mood is still sour | R Wholesale prices fell 0.5% in October for biggest monthly drop since April 2020 | C Mortgage demand at highest level in 5 weeks after interest rates fall | C While All Inflation Feels Bad, Housing Inflation Is the Worst | W UBS: Inflation is ending, but that’s ‘little comfort to households’ | C Cathie Wood Has a Message for Investors: You’re Worried About the Wrong Thing | W   Europe Europe primed for industrial reboot after key power price deals | R Japan Japan’s Economy Shrinks for First Time in Three Quarters | MSN   China It’s Too Soon to Bet on China’s Housing Turnaround | W Geopolitics & trade Biden, Xi Jinping to Meet in California Amid Atmosphere of Friction | W Biden-Xi: New Chinese factory data puts trade war, tariffs on agenda | C U.S. and China vie for dominance in ‘a la carte’ world order: survey | C Industries & companies Autos: I Visited Over 120 EV Chargers: Three Reasons Why So Many Were Broken | W Autos: UAW-GM deal: Union workers appear poised to reject contract | C Financials: Citigroup layoffs begin as part of CEO Jane Fraser’s overhaul | C Artificial Intelligence The A.I. doomer backlash is here. | Slate.com Companies Tried to Spend Less on Cloud. Then AI Showed Up. | W