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_Welcome

Welcome to today's edition of AI Business Weekly. From Big Tech's staggering $380 billion AI infrastructure commitment to Nvidia's 260,000-chip deployment in South Korea, today's stories capture the scale and tension defining AI's current moment. Meta's record $30 billion bond offering and Federal Reserve Chair Jerome Powell's stark warning about AI's impact on job creation reveal both the massive capital flowing into AI and its emerging economic consequences. Meanwhile, Core Scientific shareholders' rejection of a $9 billion AI merger signals that even in this gold rush, not every deal gets done. Let's dive in.

Tech's $380 billion splurge: This quarter's winners and losers of the AI spending boom

Google, Microsoft, Meta, and Amazon have all raised their capital expenditure forecasts in this week's earnings reports, underscoring that AI infrastructure spending continues to accelerate rather than plateau. Amazon's CFO Brian Olsavsky captured the prevailing sentiment: "We believe it to be a massive opportunity with the potential for strong returns on invested capital over the long term." This spending wave is reshaping the technology supply chain and creating substantial opportunities for infrastructure providers. Read more

Nvidia steps up South Korea AI push with 260,000-chip rollout

Nvidia announced it will supply up to 260,000 AI chips to South Korean companies and government entities as part of a comprehensive sovereign AI initiative. The announcement came during the APEC Summit and includes partnerships with four of the country's largest corporations: Samsung, SK Group, Hyundai, and NAVER Cloud. The scale of deployment demonstrates both Nvidia's capacity to fulfill massive orders and countries' willingness to make substantial sovereign AI investments. Read more

Jerome Powell says the AI hiring apocalypse is real: 'Job creation is pretty close to zero'

Federal Reserve Chair Jerome Powell delivered a sobering assessment of the U.S. labor market during Wednesday's FOMC press conference, stating that when adjusted for statistical overcounting in payroll data, "job creation is pretty close to zero." While surface metrics show 4.3% unemployment and solid consumer spending, Powell's comments suggest underlying weakness that AI adoption may be accelerating. This marks a significant moment in mainstream recognition of AI's labor market impact. Read more

Meta Platforms plans $30 billion bond sale to fund AI expansion

Meta Platforms announced plans to raise up to $30 billion through a record bond offering dedicated to funding artificial intelligence and computing infrastructure expansion. The offering represents one of the largest corporate bond sales in technology sector history and underscores Meta's commitment to maintaining AI leadership through sustained capital investment. The bond sale allows Meta to leverage favorable debt markets to finance AI buildout without diluting equity or constraining other business operations. Read more

Texas company shareholders reject $9B acquisition by Nvidia-backed AI firm

Shareholders of Core Scientific, an Austin-based Bitcoin mining company, have rejected a proposed $9 billion merger with CoreWeave, an Nvidia-backed AI cloud infrastructure company. The company announced on October 30 that it failed to receive the requisite shareholder votes to approve the merger agreement. The rejection is notable given CoreWeave's backing by Nvidia and the AI infrastructure sector's strong momentum, suggesting that even in a market characterized by aggressive valuations, shareholders remain selective about deal terms. Read more

📢 AI Market Trends

Today's developments reveal the AI industry at an inflection point where massive capital deployment meets emerging economic consequences. Big Tech's $380 billion spending spree and Meta's record $30 billion bond offering demonstrate unwavering commitment to AI infrastructure, while Nvidia's 260,000-chip South Korea deployment shows how AI competition is becoming geopolitical. Yet Jerome Powell's stark assessment that adjusted job creation is "pretty close to zero" introduces a sobering counterpoint to the spending euphoria, suggesting AI's labor displacement effects may already be materializing. Meanwhile, Core Scientific shareholders' rejection of a $9 billion AI merger reminds us that even in this frenzied environment, not every deal succeeds. Together, these stories capture an industry pouring unprecedented resources into AI while the economic and social implications of that investment become increasingly apparent.