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The week in U.S. Business and Markets
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Record AI-related demand expanded across chipmakers, servers and infrastructure, but companies increasingly relied on debt or reduced shareholder returns to fund it. Memory constraints, cash flow pressure, margins and compliance risks made sustained execution more important than headline growth.
Election results split market leadership, benefiting some technology platforms while hurting Musk-linked companies and data-center stocks. Investors also began repositioning sectors around possible changes to regulation, subsidies, contracts and infrastructure spending.
October hiring beat expectations and unemployment fell, but the average unemployment spell reached a decade high outside the pandemic. Low announced layoffs and planned seasonal hiring supported resilience, while weaker executive confidence showed that employers remained cautious.
Apple delivered record revenue and iPhone demand, yet slower services growth, rising costs and a weaker margin outlook drove a negative market reaction. Its decision to borrow for AI expansion added to evidence that future growth will require more balance-sheet capacity.
Qualcomm's handset business weakened sharply as memory costs pressured demand and Apple reduced reliance on its chips. Progress in data centers, automotive and satellite services was not yet large enough to offset the smartphone decline.
Walmart pushed automation from distribution centers into drone delivery, while Amazon raised fulfillment fees as sellers gained alternative logistics options. The moves show retailers competing on infrastructure, speed and delivery economics rather than only merchandise.
Commercial-property distress rose as valuations and refinancing costs overwhelmed rental income, while homebuilder backlogs and mortgage applications weakened. The pressure reached both operating housing demand and the financing conditions supporting property values.
Disney moved toward another major layoff round after earlier cuts, with managers asked to target 20% expense reductions. The repeated actions point to a continuing structural efficiency program rather than a one-time workforce adjustment.
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