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Capitalist Insider: How Green! Europe goes back to coal as power cost spiral
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Chick-fil-A keeps humans at the drive-thru as rivals go AI
Chick-fil-A CEO Andrew Cathy said the chain will not let AI take drive-thru orders, even as McDonald’s prepares to test voice ordering and Wendy’s rolls out Google Cloud’s FreshAi.
Human hospitality: Cathy told CNBC the drive-thru should stay “human to human,” adding, “We’re not going to substitute that interaction with technology,” because that hospitality creates a warm environment.
Rivals testing: McDonald’s plans to test Archy voice ordering in English and Spanish. Wendy’s is deploying FreshAi, built with Google Cloud, to improve speed, accuracy and consistency.
Behind the counter: Chick-fil-A is still exploring AI away from the speaker. A 2024 Georgia site uses four lanes and a conveyor that can deliver a meal to staff every six seconds.
Scale of the call: The private chain posted about $23.9 billion in U.S. systemwide sales in 2025. Cathy said drive-thru orders stay with employees even as the company tests other ways to serve guests.
Bolsonaro’s 47.1% election shock sends Brazil stocks soaring
Right-wing senator Flávio Bolsonaro took 47.1% in Brazil’s first round to President Luiz Inácio Lula da Silva’s 45.1%, a shock that sent MercadoLibre, Embraer, XP and the EWZ ETF higher.
Vote map: He beat a poll-of-polls by more than 4 points, leading in São Paulo 51.9% to 38.2%, Minas Gerais 48.3% to 43.2%, and Rio 53.0% to 39.4%.
Versus 2022: Flávio Bolsonaro topped his father Jair Bolsonaro’s 2022 first-round baseline, while Lula ran behind his own prior first-round result, Market Ear said.
Stock tape: MercadoLibre, Embraer and XP jumped, and the iShares MSCI Brazil ETF rose overnight to its highest since February 2020. Conservative gains in Congress added fuel.
Barron’s read: Barron’s called the senator’s first-round finish an upset of Lula and said several U.S.-listed Brazilian names rallied Monday on the showing.
Capitalist Insider: How Green! Europe goes back to coal as power cost spiral
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Spain’s left gambles the government on a Nov. 29 vote
Spanish Prime Minister Pedro Sánchez called a Nov. 29 snap election Monday after parliament killed his emergency housing package, betting rent anger can save a Socialist government that trails in the polls.
Housing package failed: Rejected measures would have paused evictions of vulnerable tenants until 2030, raised taxes on tourist apartments, extended pre-2028 leases by two years, and limited investment-firm home buys.
Street and China: Protests followed September’s eviction of an 87-year-old disabled woman from a home of 70 years. Consello said a right government could drop Spain’s softer China line and reopen NATO spending.
Polls and odds: A 40dB poll had opponents PP at 31.6%, PSOE at 27.4% and Vox at 18.4%. Eurasia sees a 70% chance of a center-right majority. Sánchez has not passed a budget in more than three years.
Bond market shrug: Spain’s 10-year was little changed at 4.08%, and the spread widened 3 basis points to 65. Goldman said the ECB bar is lower for an “innocent bystander” like Spain than for France.
Goldman co-CEO: cut spending or yields keep climbing
Goldman Sachs International co-CEO Anthony Gutman said Monday that lower deficits and more durable growth are the only lasting answer to a Western bond rout now centered on France.
London warning: Gutman told CNBC “we need lower fiscal deficits, and we need more durable economic growth,” naming energy costs and the labor market as the drivers markets are watching.
Yield tape: The U.S. 10-year was last at 5.2581%. France’s 10-year stood at 4.8812%, a Friday high since 2002, with debt at 119% of GDP and a 340 billion euro 2027 borrow planned.
Not a crisis yet: TD said “a fiscal apocalypse is not upon us just yet,” seeing interest near $1.1 trillion this year. BMO said the rise has “largely been a real rates story.”
Euro and spread: The Euro touched $1.1160, weakest since May 2025, then sat at $1.1176. The OAT-Bund spread ended the week at 140 basis points, a 34 point gain and the largest in 17 years.
NYC puts four AI labs under oath as Musk is subpoenaed
Senior staff from Anthropic, OpenAI, Google and Meta testify under oath at 11 a.m. ET Monday before all 51 New York City Council members, alongside researchers who quit the labs.
Who is sworn: Witnesses include Logan Graham, Morgan Dwyer, Alice Friend and Shane Cahill, plus former researchers Jacob Coxon, Alex Turner and Daniel Kokotajlo.
Subpoena threat: NYC Council Speaker Julie Menin said firms “owe it to the public” to answer under oath. Coxon has said the labs are “gambling with our lives.” Three companies agreed only after a subpoena threat.
SpaceX no-show: The Council subpoenaed Elon Musk or another SpaceXAI representative. Menin said the city may seek New York State Supreme Court enforcement if the unit does not comply.
IPO still moving: Anthropic is still expected to file as soon as November, raising as much as $100 billion at about a $2 trillion valuation, after a June confidential filing. OpenAI has delayed its listing until next year.
Nvidia’s top server maker posts a 47% revenue surge
Nvidia sat near a record Monday as supplier Foxconn posted a 47% jump in third-quarter revenue on AI server demand, while Intel fell after Elon Musk said TSMC may help his Texas fabs.
Foxconn beat: Hon Hai’s unaudited July-September revenue was T$3.03 trillion, about $95.4 billion, versus an LSEG estimate of T$2.83 trillion. September hit T$1.16 trillion, up 38%, the first month above T$1 trillion.
Record chase: Nvidia was up 0.5% at $235.21 premarket. Holding that would top May’s $235.74 close. Valuation is about $5.6 trillion, at 17.1 times forward earnings.
Intel drop: Intel fell 3.7% to $114.95 premarket after Musk said TSMC is exploring help for Terafab plants in Texas. “Just discussions, but something may come of it,” he said.
What Foxconn said: It expects AI operations to keep growing through year-end, with results in line with expectations, and gives no numerical forecast. The full report is due Nov. 12.