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- As France burns , Macron looks like a man who has lost control
Protests that began at a secondary school in Créteil over a lack of teachers have spread across France, drawing well over half a million people onto the streets and leading to violence, looting and hundreds of arrests. Police weapons caused serious injuries, including a 14-year-old whose jaw was shattered and a 15-year-old who lost a hand. President Macron first threatened punishment for those who vandalised and looted, then acknowledged “legitimate concerns” in a later address but told citizens to wait for his successor's election in six months. The columnist argues the government should have engaged with protest representatives rather than ordering riot police in. The unrest coincides with an incipient sovereign debt crisis, as French OATs bonds have fallen sharply and French yields have risen the most among major advanced economies, while political gridlock blocks spending cuts.
- NVDA-Led AI Boom Looks a Lot Like the Railroad Bubble of 1873, Pulitzer-Winning Historian Warns
Pulitzer Prize-winning historian Liaquat Ahamed warned that the AI boom powering Nvidia (NASDAQ:NVDA) has entered a “manic phase.” On the Prof G Markets podcast on Friday, he compared it to the railroad frenzy that ended in the Panic of 1873.
- Nvidia (NVDA) Grows Like a Rocket But Still Looks Cheap
Nvidia's Data Center revenue reached $89.0 billion in fiscal Q2 2027, up 117% year over year, while GAAP gross margin rose to 75.0% from 72.4%. Total revenue hit $96.2 billion, and management guided fiscal Q3 revenue to $108.0 billion, plus or minus 2%, assuming no China Data Center compute revenue. The Vera Rubin platform is in full production and already running at several cloud providers. Even so, the stock trades at a forward P/E of 24.62 as of October 9, close to the sector's 23.35 and well below its 5-year average of 42.13. The article identifies the main risk as whether big AI customers can keep spending, while Nvidia helps finance the buildout through platforms aiming to mobilize more than $500 billion in third-party capital, subject to definitive agreements.
- SpaceX Stock Looks Expensive. Here's the Valuation Case for and Against.
SpaceX (SPCX) looks expensive on the surface, though CEO Elon Musk has said the company could be worth more than the Earth's economy. Bulls point to Musk's projections of $1 trillion in revenue by 2030 and $3.5 trillion by 2033, well above consensus of $427.1 billion and $1.54 trillion, driven by AI infrastructure, a close Nvidia relationship, a valuation above $2 trillion that eases fundraising, and growth from Starlink and the U.S. mobile market worth over $350 billion. Bears note that revenue was only $18.7 billion last year and consensus for this year is $45.4 billion, while heavy capex could add debt and share count that weigh on value. The article says the stock trades at 49 times forward sales this year and 19 times next year, and cautions that Musk's timelines have often been many years off.
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- Meta Earnings: What To Look For From META
Meta Platforms (NASDAQ:META) will report earnings this Wednesday after the market closes. Last quarter, revenue reached $60.8 billion, up 28% year on year and above analysts' expectations, though revenue guidance for next quarter slightly missed forecasts; daily active users hit 3.6 billion, up 3.4%. The market expects revenue growth of 23.6% this quarter, slowing from 26.2% a year earlier, and analysts have generally reconfirmed their estimates over the past 30 days. Over the last month, consumer internet stocks have gained 1.3% on average, while Meta is down 4.8%.
- An AI bust could come from places investors arent watching , an economist says
Concerns about an AI bubble are growing, and TS Lombard's Dario Perkins warns that investors may be overlooking other risks. Debt among smaller cloud providers, model developers and suppliers could reach $2 trillion by the end of 2027. Perkins does not see this as a systemic risk, but warns that earnings disappointments and canceled orders could ripple through the ecosystem, and that a chip glut could follow over-ordering. Much of the industry's revenue growth still comes from spending within the AI ecosystem rather than from businesses and consumers outside it. He also flags political backlash, noting that ordinary people dislike AI and nearby datacenters, and warns that one high-profile accident could turn AI toxic.
- Yen jumps after JGB auction draws big demand , euro finds relief
The yen rose 0.2% to 158.15 per dollar in Asian trading after a 20-year Japanese government bond auction drew bids of 5.84 times the amount sold, well above the 4.01 times at the previous auction, and the yield fell 6 basis points to 3.71%. A State Street strategist said the record demand suggests sidelined cash is returning and that JGBs are becoming a relative haven from political and fiscal volatility in Europe, particularly France. Anti-government protests in France prompted curfews in several cities, while Italy said it would send 500 troops after two days of unrest, and the euro rallied 0.2% to $1.1234. Elsewhere, bitcoin slipped 0.3% to $81,674.25 and ether edged down 0.2% to $2,393.21.
- Unemployment rate dips to 4 . 7 % - but vacancies hit five - year low
Vacancies fell by 21,000 to 691,000 in the three months to September, the biggest drop since the three months to March and the lowest since July to September 2014 outside the pandemic, while unemployment dipped in the three months to August. Payroll numbers were down 66,000 over the year to September. The ONS said the fall was mainly among smaller firms struggling with higher labour costs, following rises in employer national insurance, the minimum wage and workers' rights. A CBI survey found labour costs and regulations were making it harder to create jobs, and firms urged the Chancellor not to add to their burden in the October 28 Budget. ICAEW's Suren Thiru said the labour market is 'running on idle' and unemployment could climb above 5 per cent, while Shadow Chancellor Andrew Griffith blamed Labour's 'Jobs Tax' and red tape.
- CNBC Daily Open: Tech rebounds in the U.S., but Asia isn’t buying it yet
U.S. tech stocks rebounded as the Nasdaq Composite rose more than 1% on Monday, with Nvidia up 1.4% and Tesla up 3.8%. In Asia, however, tech shares fell on Tuesday, with South Korea's Kospi down over 4% and Japan's Nikkei 225 down 1.6%. Nvidia also unveiled plans to back four German AI startups as part of its nearly $10 billion European investment commitment. Jenny Lee of Granite Asia said Asian companies are reaching IPOs much sooner, often at four to five years old, while Jio Platforms' Indian IPO saw its anchor investor quota oversubscribed more than 30 times, aiming to raise up to 302 billion rupees ($3.2 billion). In Singapore, several agricultural stocks fell after Senior Minister K Shanmugam warned that companies would not escape responsibility for possible roles in the haze, noting seven firms had been questioned by the Singapore Exchange.
- NiSource (NI) Stock Looks Overvalued Against Its Dividend Outlook
NiSource has nearly doubled shareholders' money over the past five years, delivering a 97.6% total return, which raises the question of whether dividends can justify the current share price. The article highlights a new 20-year energy agreement with Microsoft, including customer-funded grid upgrades and long-term electric service for data centers, which may affect future capital needs and cash-flow visibility. Using a Dividend Discount Model with inputs of about $1.35 dividend per share, roughly 9.07% return on equity, a payout ratio slightly above 61%, and implied dividend growth of about 3.5%, the estimated intrinsic value sits meaningfully below the current share price of $41.95. The model still does not bridge that gap, suggesting income investors are paying a premium for a relatively steady payout with modest assumed growth.
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