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

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

🏗️ India’s TCS gets TPG to fund half of $2B AI data center project.
📱 Google cracked Apple’s AirDrop and is adding it to Pixel phones.
💰 Nvidia’s record $57B revenue and upbeat forecast quiets AI bubble talk.
🪖 Judge orders Trump administration to end National Guard deployment in DC.
💼 Stocks crumble as US jobs fail to clear Fed outlook, tech hammered.

TECHNOLOGY

• India’s TCS gets TPG to fund half of $2B AI data center project (TechCrunch)
  ^{_{More: Yahoo!}}

  • Nvidia posted soaring Q3 results with revenue and profit beating expectations, fueled mostly by data center growth.

  • Demand for Blackwell GPUs surged across global markets as the company announced multi-million-GPU AI infrastructure projects.

  • Shipments of H20 GPUs disappointed due to China restrictions, but Nvidia still forecasts a strong $65B Q4.

• Google cracked Apple’s AirDrop and is adding it to Pixel phones (The Verge)
  ^{_{More: MSN}}

  • Google enabled Pixel 10 phones to send and receive files with Apple devices via AirDrop without Apple’s involvement.

  • The feature currently supports iPhone, iPad, and macOS, with plans to expand beyond Pixel 10 later.

  • Transfers require Apple users to enable temporary discoverability, after which Quick Share sends files like normal AirDrop requests.

• Nvidia’s record $57B revenue and upbeat forecast quiets AI bubble talk (TechCrunch)
  ^{_{More: Yahoo!, Investing.com}}

  • Nvidia posted soaring Q3 results with revenue and profit beating expectations, fueled mostly by data center growth.

  • Demand for Blackwell GPUs surged across global markets as the company announced multi-million-GPU AI infrastructure projects.

  • Shipments of H20 GPUs disappointed due to China restrictions, but Nvidia still forecasts a strong $65B Q4.

BUSINESS

• Judge orders Trump administration to end National Guard deployment in DC (AP)
  ^{_{More: Al Jazeera, NBC, The Washington Post}}

  • A federal judge ruled Trump’s National Guard deployment in Washington, D.C., unlawfully intruded on local law enforcement authority.

  • The order is paused for 21 days for appeal, as states lined up along party lines in the lawsuit.

  • The ruling states the president cannot deploy D.C. or out-of-state Guard troops for general crime control.

• Walmart boosts its outlook and prepares to switch its stock listing (Reuters)
  ^{_{More: MSN, Bloomberg}}

  • Walmart raised annual forecasts after strong quarterly results driven by solid online and comparable U.S. sales.

  • The company plans to move its stock listing from the New York Stock Exchange to the Nasdaq.

  • Economic strain drives consumers to Walmart, boosting growth across lower-income and expanding higher-income segments.

• Kalshi’s valuation jumps to $11B after raising a massive $1B round (TechCrunch)
  ^{_{More: Yahoo!}}

  • Kalshi raises $1 billion at $11 billion valuation, less than two months after $300 million round.

  • The funding round is led by Sequoia and CapitalG, with support from Andreessen Horowitz and others.

  • Kalshi allows global users to bet on diverse future events, boosting popularity after election predictions.

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MARKETS

WORLD

• Stocks crumble as US jobs fail to clear Fed outlook, tech hammered (Reuters)
  ^{_{More: Investing.com, CNA}}

  • Asian markets slid sharply as strong but ambiguous U.S. jobs data reignited uncertainty over upcoming Federal Reserve decisions.

  • Despite Nvidia’s strong earnings, Wall Street fell amid renewed concerns about inflated tech valuations and weak market momentum.

  • Major regional indexes—including Japan, South Korea, Taiwan, and China—recorded steep weekly losses driven by broad risk-asset selloffs.

• Japan’s October exports exceed estimates, driven by strong shipments to Asia, Europe (CNBC)
  ^{_{More: MSN}}

  • Japan’s October exports grew 3.6% year-on-year, surpassing economists’ 1.1% growth expectations.

  • Shipments to Asia rose 4.2%, while Western Europe exports surged 8.8% year-on-year.

  • Exports to North America declined 2.7%, including a 3.1% drop in U.S. shipments.

• Vietnam flood deaths rise to 43 amid heavy rain in coffee regions (Bloomberg)
  ^{_{More: Reuters}}

  • Severe flooding in Vietnam’s central highlands raises the death toll to 43, affecting coffee-producing regions and local communities.

  • Approximately 61,000 people were evacuated, while over 500,000 residents remain without electricity amid ongoing heavy rainfall.

  • The national weather agency issues flash flood and landslide warnings across six provinces, urging caution and emergency preparedness.

FUTURISM

• Gemini 3 is almost as good as Google says it is (The Verge)
  ^{_{More: CNBC, Wired}}

  • Google claims Gemini 3 improves reasoning, conciseness, and task completion, but real-world performance still includes notable caveats.

  • The model upgrades Canvas with better multimodal interpretation, complex prompt handling, and richer interactive code generation features.

  • Early testing shows Gemini 3 can handle demanding tasks like 3D scale visualizations, though not flawlessly.

• Hyundai showcases off-road ambitions with new rugged concept SUV (CNBC)
  ^{_{More: Yahoo!}}

  • Hyundai unveils “Crater” SUV concept, aiming to boost off-road capabilities in the U.S. market.

  • The rugged compact SUV combines Hyundai design with features similar to Wrangler, Bronco, and Hummer.

  • Hyundai says the concept demonstrates a commitment to more versatile, emotionally engaging future XRT vehicles.

• Amazon’s lawsuit against Perplexity ignites a fierce new AI browser battle (The Verge)
  ^{_{More: The Guardian}}

  • AI agents threaten to disconnect consumers from service apps, undermining reviews, ads, loyalty programs, and revenue models.

  • Major service platforms fear losing direct customer relationships as AI intermediaries reduce brand influence and economic control.

  • Amazon’s lawsuit against Perplexity marks the first major clash over AI agents accessing commercial websites.

CONTENT

• Stewart Butterfield discusses mental models for creating products people truly love (Lenny's Podcast)

  • Stewart Butterfield shares leadership and product frameworks that guided Slack and Flickr’s development and success.

  • Key concepts include hyper-realistic work-like activities, the owner’s delusion, and utility curves for decision-making.

  • Insights cover pivoting, user-centered design, and strategic thinking for building products and leading teams effectively.

• Ryo Lu explains how effective product websites clearly communicate company offerings (Y Combinator)

  • Ryo Lu analyzes product websites, highlighting design choices that clearly communicate a company’s purpose and value.

  • Discussion covers early-stage startup sites, emphasizing structure, clarity, branding, and user understanding.

  • Examples include Crunched, Velvet, Klavis AI, and other startups demonstrating effective and ineffective website design.

• Kevin Weil and Alex Lupsasca discuss early signs of GPT-5 accelerating research (OpenAI)

  • GPT-5 helps accelerate science by surfacing literature, speeding calculations, and designing follow-up experiments across disciplines.

  • OpenAI researchers highlight current capabilities, limitations, and transformative potential in physics, biology, and mathematics.

  • Experts discuss model improvements, benchmarks, and how GPT-5 may reshape scientific progress over the next five years.

EXTRAS

• Google enhances AI scam protection in India, though significant gaps still exist (TechCrunch)
  ^{_{More: AInvest, The Times of India}}

  • Google expands AI scam detection in India using Pixel 9 devices and Gemini Nano on-device analysis.

  • Digital fraud is rising rapidly, causing billions in losses and affecting increasingly smartphone-reliant users.

  • Limitations include English-only warnings and low Pixel market share, restricting effectiveness in India’s diverse language landscape.

• U.S. Transportation Department approves female crash test dummy reflecting women’s body differences (AP)
  ^{_{More: NBC, The Seattle Times}}

  • New crash test dummy aims to improve vehicle safety for women, reflecting real female body characteristics.

  • Women face higher risks in car crashes, being more likely to be injured or killed than men.

  • Dummy includes over 150 sensors and realistic female anatomy, unlike outdated male-modeled standards from 1978.

• Joby Aviation makes ‘corporate espionage’ claims in lawsuit against rival Archer (TechCrunch)
  ^{_{More: Yahoo!, MSN, CNBC}}

  • Joby Aviation sues Archer Aviation, alleging stolen trade secrets by former employee George Kivork.

  • Lawsuit claims Kivork exfiltrated confidential business, technical, and partnership information before joining Archer.

    Archer denies allegations, calling the lawsuit baseless and asserting robust employee onboarding prevents such misappropriation.

AND MORE

• WhatsApp introduces a Notes-like feature similar to Instagram for users.

• ChatGPT group chats are now available globally for all users.

• Perplexity launches its AI browser Comet for Android devices worldwide.

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

• Google launches Nano Banana Pro AI image generator with enhanced text.

• Letterboxd plans to release a new movie rental feature in December.

• YouTube reintroduces testing of an in-app private messaging feature.