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

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

📱 Trump and Xi will ‘consummate’ TikTok deal on Thursday, Treasury Secretary says.
💰 HSBC records $1.1B provision after Luxembourg court ruling in Madoff case.
🚗 Volkswagen secures a stable chip supply despite China’s export restrictions.
📈 Toyota achieves record first-half sales boosted by strong U.S. demand.
☢️ Russia successfully tested its new nuclear-powered Burevestnik cruise missile.

TECHNOLOGY

• Trump and Xi will ‘consummate’ TikTok deal on Thursday, treasury secretary says (TechCrunch)
  ^{_{More: The NY Times, Business Insider, The Guardian}}

  • The United States and China have finalized a comprehensive TikTok deal following framework talks held in Madrid.

  • President Trump’s executive order transfers TikTok’s U.S. operations, algorithm, and security oversight to a newly formed board.

  • Oracle, Fox Corp, Andreessen Horowitz, and Silver Lake will invest as both nations also discuss rare earth trade issues.

• ICE expands AI surveillance, threatening privacy, democracy, and online free expression (The Verge)

  • ICE is investing $5.7 million in Zignal Labs’ AI system to monitor vast amounts of online activity.

  • The platform analyzes over 8 billion social media posts daily, tracking geolocated data and identifying individuals.

  • Critics warn that the technology enables mass surveillance, threatening privacy, free speech, and democratic accountability in the United States.

• Apple plans to introduce ads in its Maps app next year (MacRumors)
  ^{_{More: TechCrunch}}

  • Apple Maps may begin showing ads for nearby restaurants and businesses as early as next year.

  • The move expands Apple’s advertising strategy, following its App Store ad placements and broader iOS monetization efforts.

  • Apple aims to use AI for more relevant results, though users may resist an increase in in-app advertising.

BUSINESS

• HSBC records $1.1B provision after Luxembourg court ruling in Madoff case (CNBC)
  ^{_{More: CNA, Financial Times, Reuters}}

  • HSBC will record a $1.1 billion provision following a Luxembourg court decision tied to the Madoff fraud.

  • The court rejected HSBC’s appeal over Herald Fund’s securities claim but accepted its cash restitution appeal.

  • HSBC plans a second appeal as the provision reduces its capital ratio by roughly 15 basis points.

• Volkswagen secures stable chip supply despite China’s export restrictions (Reuters)
  ^{_{More: The Economic Times, MSN}}

  • Volkswagen’s CEO confirmed the company currently has enough chips despite China’s export ban on Nexperia products.

  • Oliver Blume warned that the global chip crisis remains fragile and requires immediate political intervention.

  • The standoff adds pressure to Europe’s auto industry, already strained by U.S. tariffs and rare earth restrictions.

• Toyota achieves record first-half sales boosted by strong U.S. demand (Bloomberg)

  • Toyota maintained record global sales in the first fiscal half, driven primarily by rising demand in the U.S.

  • The company’s total global sales, including Daihatsu and Hino, increased nearly 3% year-over-year in September.

  • Production climbed 9% to over one million units, offsetting weaker performance in Japan and China.

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MARKETS

WORLD

• Japan launches H3 rocket carrying HTV-X1 cargo spacecraft to ISS (AP)
  ^{_{More: ABC News}}

  • Japan’s H3 rocket successfully launched the new HTV-X1 cargo craft to deliver supplies to the ISS.

  • The HTV-X1, successor to the Kounotori series, carries larger payloads and supports temperature-sensitive lab samples.

  • The mission showcases Japan’s growing space capabilities and aims to expand future autonomous and commercial launch operations.

• Russia successfully tested its new nuclear-powered Burevestnik cruise missile (Reuters)
  ^{_{More: AP, The Independent, ABC News}}

  • Russia tested the Burevestnik, a nuclear-powered cruise missile claimed to evade all existing and future defenses.

  • Putin said the missile flew 14,000 kilometers using nuclear propulsion, signaling progress toward operational deployment.

  • Western experts question its safety and reliability, citing past test explosions and potential environmental hazards.

• Thailand’s exports surge 19%, defying U.S. tariffs and market expectations (Bloomberg)
  ^{_{More: Reuters}}

  • Thailand recorded a 19% export growth in September, its strongest performance in three years.

  • The surge exceeded all economists’ forecasts, significantly outpacing August’s 5.8% export growth rate.

  • The increase came despite U.S. tariffs imposed under President Donald Trump’s trade policies.

FUTURISM

• AI is redefining the legal boundaries of identity and personal likeness (The Verge)
  ^{_{More: The Byte Beam}}

  • The AI-generated Drake-style song “Heart on My Sleeve” sparked major debate about using people’s likenesses in media.

  • While streaming services removed the track for copyright reasons, it exposed broader legal gaps around voice and image imitation.

  • Likeness laws vary by state, prompting new efforts to create federal rules addressing AI-generated faces and voices.

• China deploys advanced robotic dogs for patrol and practical field operations (Bloomberg)

  • Quadruped robotic dogs are outperforming humanoid robots in agility, stability, and real-world performance applications.

  • A recent Semianalysis report describes these four-legged robots as today’s most advanced general-purpose machines.

  • China currently leads the world in producing and deploying these AI-powered robotic patrol units.

• Japan launches world’s first stablecoin pegged to the yen (Reuters)
  ^{_{More: The Business Times}}

  • Japanese startup JPYC introduced the world’s first yen-backed stablecoin, supported by domestic savings and government bonds.

  • The launch follows renewed global interest in blockchain technology after U.S. President Donald Trump’s public endorsement of the sector.

  • Japan’s major banks plan to issue their own stablecoins, signaling broader digital currency adoption in a cash-reliant nation.

CONTENT

• Block evolves into the world’s most AI-native enterprise, says CTO Dhanji Prasanna (Lenny's Podcast)

  • CTO Dhanji Prasanna led Block’s AI transformation, inspired by his “AI manifesto” to Jack Dorsey.

  • Block’s internal AI agent, Goose, saves employees up to ten hours weekly through automated support and workflows.

  • Prasanna emphasizes leadership-driven AI adoption and claims organizational habits boosted productivity more than AI itself.

• Robert D. Kaplan explores global crises, freedom, and Russia’s ongoing decline (Sam Harris)

  • Sam Harris interviews Robert D. Kaplan about his book Waste Land: A World in Permanent Crisis.

  • They discuss climate change, demographic shifts, political extremism, and the tension between freedom and social order.

  • Kaplan examines Russia’s decline, U.S.-China tensions, and global instability shaping the post–Middle East war world.

• Daron Acemoglu examines AI’s impact on global economies and future prosperity (The Prof G Pod)

  • MIT economist Daron Acemoglu discusses AI’s broad economic effects and implications for global inequality.

  • He warns of power concentration and uneven access to AI’s productivity and profit gains.

  • Acemoglu urges regulation and stronger institutions to ensure AI supports, not undermines, long-term societal well-being.

EXTRAS

• Huawei EV partner Seres plans $1.7B Hong Kong listing (Bloomberg)
  ^{_{More: South China Morning Post, AInvest}}

  • Seres Group began taking investor orders for its Hong Kong initial public offering this week.

  • The EV maker aims to raise to HK$13.2 billion, equivalent to about $1.7 billion.

  • Seres may expand the deal by 32%, potentially boosting proceeds to HK$17.4 billion.

• Apple hosts Vision Pro developer event focused on immersive app creation (MacRumors)
  ^{_{More: Apple}}

  • Apple held a two-day “Meet with Apple” event highlighting immersive media and interactive app development for visionOS 26.

  • Developers learned to create Apple Immersive Video, design spatial experiences, and use SharePlay and spatial Personas effectively.

  • Apple shared livestream replays on YouTube after launching the M5 Vision Pro on October 22.

• South Korea’s president warns the housing market is a ticking bomb (Bloomberg)
  ^{_{More: The Business Times}}

  • President Lee Jae-myung warned that South Korea’s property market is an overheated bubble nearing collapse.

  • He supported the Bank of Korea’s decision to hold rates to prevent fueling real estate prices.

  • Seoul apartment prices have surged for 38 straight weeks despite government measures and rising affordability concerns.

AND MORE

• Police arrest suspects for stealing crown jewels from Paris’ Louvre museum.

• Argentina’s midterm elections give Milei a decisive victory for his libertarian overhaul.

• World leaders congratulate Japan’s new Prime Minister Sanae Takaechi at ASEAN.

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• Meta’s co-founder admits that 13 years as CEO was exhausting and emotionally draining.

• TikTok’s robot star Rizzbot shocked fans by giving me the middle finger.

• Japan’s legendary sushi master turns 100 but refuses to retire.

• I joined a 24-hour vibe coding hackathon and helped create an innovative app.