Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition, we are tackling the following:

🚗 Waymo rolls out fully driverless freeway rides across major U.S. cities.
💰 Cisco beats earnings as $1.3B in AI orders lifts full-year guidance.
🩱 Skims hits a $5B valuation after a $225M Goldman-led investment.
🛫 FAA delays mount as controller shortages disrupt over five million passengers.
📱 Google’s Pixel update adds battery-saving Maps mode and new AI photo remixing.

TECHNOLOGY

• Valve Launches Steam Frame VR Headset (PC Gamer) 
  _{^{More: UploadVR, Tom's Guide, TechRadar}}

  • Valve unveiled the Steam Frame standalone headset with a Snapdragon processor, launching early 2026 with wireless PC streaming.

  • The device weighs 440 grams total, features dual 2160x2160 LCDs, and includes a dedicated Wi-Fi adapter.

  • Steam Frame runs SteamOS natively, supporting VR and non-VR games through a compatibility layer and emulation.

• Apple Launches Digital ID, a Way to Carry Your Passport on Your Phone for Use at TSA Checkpoints (TechCrunch) 
  _{^{More: Apple Newsroom, ABC News, Axios}}

  • Apple introduced the Digital ID feature, allowing U.S. passport information in Wallet for TSA checkpoint verification nationwide.

  • Feature works at over 250 airports for domestic travel only, not replacing physical passports internationally.

  • Setup requires scanning the passport chip, selfie verification, and facial movements with encrypted data stored locally.

• Waymo Launches Driverless Robotaxis on Freeways in First for US (Bloomberg) 
  _{^{More: Investing.com, WDIO, CNBC}}

  • Waymo became the first U.S. robotaxi provider offering fully driverless freeway rides in San Francisco, Phoenix, and Los Angeles.

  • Service available 24/7 for early-access users, potentially reducing trip times by up to 50 percent.

  • Expansion includes San Jose airport service, with a fleet exceeding 1,500 vehicles across five U.S. cities.

BUSINESS

• FAA Flight Cancellations Persist Despite Move to End Government Shutdown (NBC News) 

  _{^{More: NPR, CNN, CNBC}}

  • FAA mandated flight reductions ramping from four percent to ten percent by November 14 across 40 airports.

  • Over 5.2 million passengers faced delays since October, with 4,162 cancellations between October 30 and November 9.

  • Air traffic controllers working unpaid for 42 days caused system strain, with disruptions expected even after the shutdown ends.

• Skims Hits $5 Billion Valuation After Funding Round Led by Goldman (CNBC) 
  _{^{More: Bloomberg, Investing.com, Fortune}}

  • Kim Kardashian's Skims raised $225 million, led by Goldman Sachs Alternatives, increasing its valuation to $4 billion.

  • The company expects to exceed $1 billion in net sales for 2025, six years after the 2019 launch.

  • Funds will accelerate brick-and-mortar expansion with 18 U.S. stores and international growth planned for 2026.

• Cisco's Stock Jumps on Earnings Beat, Strong Guidance and $1.3 Billion in AI Orders (CNBC) 
  _{^{More: Cisco Newsroom, SiliconANGLE, Seeking Alpha}}

  • Cisco reported Q1 fiscal 2026 revenue of $14.88 billion and adjusted EPS of $1, beating estimates.

  • The company raised full-year revenue guidance to $60.2-61 billion with EPS forecast of $4.08-4.14, above consensus.

  • Product orders grew 13 percent year-over-year, driven by AI infrastructure demand and networking equipment strength.

MARKETS

WORLD

• Zelenskyy Seeks Dismissal of Justice and Energy Ministers in Ukrainian Corruption Probe (Times Standard) 
  _{^{More: ABC News, RFE/RL, Washington Post}}

  • Ukraine detained five people in an alleged $100 million kickback scheme involving state energy company Energoatom contracts.

  • Former Zelenskyy business partner Timur Mindich was identified as the alleged ringleader, with several ministers implicated in the investigation.

  • Scandal threatens war effort morale and credibility of anti-corruption agencies Zelenskyy attempted to control earlier this year.

• Suicide Bomber Targets Islamabad Court, Killing at Least 12 People and Wounding 27 (NPR) 
  _{^{More: CNN, Al Jazeera, CBS News}}

  • Jamaat-ul-Ahrar faction claimed responsibility for the attack outside the district court complex in the Pakistani capital on Tuesday afternoon.

  • Pakistan blamed India and Afghanistan without evidence, with the defense minister declaring the country to be in a state of war.

  • Deadliest attack in Islamabad since 2008, occurring the day after the blast in Delhi and the cadet college assault.

• Taiwan Evacuates Thousands Ahead of Tropical Storm (ABC News) 
  _{^{More: Al Jazeera, CNN, NPR}}

  • Taiwan evacuated over 3,000 people as tropical storm Fung-wong approached on Wednesday, downgraded from super typhoon strength.

  • Storm killed at least 25 people and displaced 1.4 million people in the Philippines after Sunday's landfall with 185 kph winds.

  • Storm spanned 1,800 kilometers at peak, arriving days after Typhoon Kalmaegi killed 232 people in the Philippines.

FUTURISM

• J.P. Morgan calls out AI spend (Tom's Hardware) 
  _{^{More: Bloomberg}}

  • Report warns AI industry needs $650 billion annually through 2030 for 10% investment returns.

  • Equates to $35 monthly from every iPhone user or $180 from each Netflix subscriber.

  • Analysts fear telecom bubble repeat if revenue fails to materialize at the pace justifying investment.

• Anthropic invests $50 billion in American AI infrastructure (Anthropic) _{^{More: Bloomberg, Investing.com, CNBC}}

  • Company announces custom data centers in Texas and New York with partner Fluidstack.

  • The project creates 800 permanent jobs and 2,400 construction positions with a 2026 launch date.

  • First major direct data center buildout for Anthropic beyond cloud partners Amazon and Google.

• ElevenLabs strikes deals with celebs to create AI audio (TechCrunch) 
  ^{_{More: Variety, Deadline}}

  • Michael Caine joins the Iconic Voice Marketplace while Matthew McConaughey becomes an investor in ElevenLabs.

  • McConaughey uses technology to translate his newsletter into Spanish audio with an AI voice.

  • Marketplace includes 25 celebrity voices from Maya Angelou to John Wayne for licensed use.

CONTENT

• How Microsoft Thinks About AGI (Dwarkesh Podcast)

  • Satya Nadella outlines Microsoft’s AGI strategy and unveils Fairwater 2, a massive next-generation datacenter build project.

  • He discusses business models powering AI, covering Copilot evolution, hyperscale margins, and Microsoft’s in-house silicon efforts.

  • The conversation examines global trust, rising CAPEX needs, and Microsoft’s plans guiding responsible leadership within AI.

• AI Psychosis, America’s Social Fabric, VC’s Future (All-In Podcast)

  • The besties analyze rising AI psychosis, exploring psychological triggers, societal pressure, and destabilizing risks to communities.

  • They discuss America’s weakening social fabric, misaligned student-debt incentives, and political implications.

  • Venture capital’s structure and durability are questioned, highlighting liquidity constraints, incentives, and pressures.

• Lessons Scaling General Catalyst to $40B AUM (20VC)

  • Hemant Taneja explains shaping General Catalyst’s evolution, balancing leadership responsibilities with disciplined investing across LP classes.

  • He discusses AI’s economic consequences, market concentration, and shifting revenue models, transforming jobs and long-term value.

  • Key lessons include navigating secondaries, adapting capital supply, and reflecting on strategic missteps shaping investment thinking.

EXTRAS

• Turkish military cargo plane crashes in neighboring Georgia, killing 20 troops (CBS News)
  _{^{More: Al Jazeera, Washington Post, Euronews}}

  • Turkish C-130 crashed near the Georgia-Azerbaijan border after departing from Ganja with 20 personnel aboard.

  • Video shows aircraft spiraling down with detached tail and nose sections before impact on Tuesday afternoon.

  • Black box recovered as Turkish investigators examine 1968 plane added to fleet in 2010.

• Chile Is Making an Unprecedented Right Turn (Foreign Policy) 
  _{^{More: Americas Quarterly, openDemocracy}}

  • Far-right José Antonio Kast leads polls ahead of November 16 election against Communist Jeannette Jara.

  • Kast campaigns on border security with Trump-inspired wall proposals and strict immigration enforcement measures.

  • Expected runoff on December 14 would mark Chile's shift right following Gabriel Boric's leftist government.

• Starmer Allies Launch Effort to Ward Off a Leadership Challenge (Bloomberg) 
  _{^{More: NBC News, Washington Post}}

  • Starmer allies accused Health Secretary Wes Streeting of plotting a leadership challenge amid dire poll ratings.

  • Streeting denied allegations, calling briefings self-defeating as Labour trails far-right Reform UK in polls.

  • The challenge would require 81 MP signatures under party rules following 18 months of low approval.

• Dive into the 100 Greatest Business Books Database*

  • We've curated an exhaustive database of the top 100 business books of all time, as voted by legends like Steve Jobs, Warren Buffett, Jeff Bezos, and more.

  • And guess what? We've seamlessly integrated it into a trackable Notion checklist.

  • Tackle these masterpieces one by one, and soon you'll be strategising and executing like the pros.

AND MORE

• Donald Trump eyes more domestic travel to promote price-cut measures for everyday goods.

• Tencent Holdings’s USD $280 billion rally may extend as stronger-than-expected gaming earnings boost investor optimism.

• Indigenous protesters defend their gate-crash at the COP30 climate summit in Brazil, citing urgency in forest protection.

• Reading these letters will give you a look inside the minds of some of the greatest leaders of our time.*

• The International Energy Agency says global oil supply may meet demand in 2026, driving oil prices sharply lower.

• European Union turns to big-tech firms and influencers to counter hybrid threats and online disinformation.

• Scientists observe the earliest stages of a supernova in unprecedented detail, revealing a star’s explosion in olive-like shape.

• Gold prices rise 2% as US Treasury yields fall and rate-cut bets by the Federal Reserve gather momentum.

• High-grade US corporate bond sales hit their highest level since 2020 as issuers tap favorable borrowing costs.