Trump's Meltdown

Monday, October 20th, 2025

World News — Trump Urged Zelenskyy To Accept Russia’s Term For Ending the War

FT

Donald Trump pressured Volodymyr Zelenskyy during a volatile White House meeting on Friday to accept Russia’s terms for ending the war, warning that Vladimir Putin would “destroy” Ukraine otherwise, according to people familiar with the matter. The encounter descended into a “shouting match” with Trump cursing repeatedly, tossing aside battlefield maps, and echoing Putin’s talking points—including demands that Ukraine surrender the entire Donbas region. The acrimonious meeting, which saw Trump refuse Ukraine’s request for Tomahawk cruise missiles, reflected the US president’s shifting position and willingness to endorse Putin’s maximalist demands, dashing European allies’ hopes that he might increase support for Kyiv.

Tech — The AI Market Boom

Bloomberg

OpenAI’s recent chip deals with AMD and Broadcom are demonstrating the AI industry’s potential to expand beyond Nvidia’s dominance, with AMD’s stock surging over 40% since announcing its OpenAI partnership and Broadcom jumping 10% in a single session after unveiling its own agreement. While Nvidia still commands roughly 95% of the AI chip market, OpenAI’s voracious appetite for computing power is making it a kingmaker in tech, forcing it to diversify suppliers and creating opportunities for competitors to gain market share. However, concerns are mounting about OpenAI’s ability to fulfill its more than $1 trillion in commitments through 2030, given the private company’s lack of transparency about its financial health and the significant exposure that AMD, Broadcom, and other partners now carry.

The Market — China’s Economic Slowdown

Bloomberg

China’s economy likely grew at its slowest pace in a year during the third quarter at 4.7%, according to Bloomberg survey estimates, as weakness in investment, industrial output, and retail sales undermines momentum from record export sales. Despite massive government borrowing to support local authorities, fixed-asset investment is forecast to be unchanged from a year earlier, with foreign direct investment down almost 13% in the first eight months and both retail sales and industrial output heading for their weakest outcomes of the year. The economic fragility comes as the Communist Party prepares for a key plenum meeting next week that will set priorities for 2026-2030, with the IMF warning that China faces deep structural headwinds including a protracted property downturn, entrenched deflation, and the need to rebalance toward domestic consumption as trade tensions with the US escalate.

The Daily Spark

While the trade war remains a mild drag on growth, its impact is being more than offset by the tailwinds from the AI boom and the industrial renaissance.Consequently, there is a growing upside risk that economic growth will reaccelerate over the coming quarters.

Quote of the Day

“They always say time changes things, but you actually have to change them yourself.”

― Andy Warhol