📈 Buffett’s Final Letter, And His $150B Promise

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Good Morning & Happy Wednesday.

Markets are eyeing Washington as a potential shutdown deal nears, while SoftBank, Buffett, and CoreWeave headline a busy corporate slate. In tech, AI’s boom is driving trillions in data center spend, Europe’s catching up fast, and the rich are loving their chatbots more than ever.

Grab you Flat White and let’s get into it! ☕️

The AI Race Just Went Nuclear — Own the Rails.

Meta, Google, and Microsoft just reported record profits — and record AI infrastructure spending:

• Meta boosted its AI budget to as much as $72 billion this year.

• Google raised its estimate to $93 billion for 2025.

• Microsoft is following suit, investing heavily in AI data centers and decision layers.

While Wall Street reacts, the message is clear: AI infrastructure is the next trillion-dollar frontier.

RAD Intel already builds that infrastructure — the AI decision layer powering marketing performance for Fortune 1000 brands. Backed by Adobe, Fidelity Ventures, and insiders from Google, Meta, and Amazon, the company has raised $50M+, grown valuation 4,900%, and doubled sales contracts in 2025 with seven-figure contracts secured.

Shares remain $0.81 until Nov 20, then the price changes.

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👉 Shares at $0.81 until Nov 20.

_{This is a paid advertisement for RAD Intel made pursuant to Regulation A+ offering and involves risk, including the possible loss of principal. The valuation is set by the Company and there is currently no public market for the Company's Common Stock. Nasdaq ticker “RADI” has been reserved by RAD Intel and any potential listing is subject to future regulatory approval and market conditions. Investor references reflect factual individual or institutional participation and do not imply endorsement or sponsorship by the referenced companies. Please read the offering circular and related risks at invest.radintel.ai.}

Market News

📈 Dow, S&P 500, Nasdaq futures rise as key shutdown vote looms in House
U.S. stock futures edged higher Wednesday as investors rotated out of Big Tech and into more defensive plays while awaiting a House vote to end the record-long government shutdown. The Dow rose 0.2%, S&P 500 added 0.4%, and Nasdaq 100 gained 0.7% in premarket trading. Markets are also watching Fed officials’ speeches for rate-cut clues and digesting a weak ADP jobs report, which hinted at a cooling labor market. Meanwhile, Disney, Cisco, and Applied Materials headline the week’s remaining earnings.

👀 SoftBank shares slide as Nvidia stake sale highlights AI funding needs
SoftBank shares tumbled up to 10% after the company revealed a $5.8B sale of its Nvidia stake to help fund massive new bets, including $22.5B for OpenAI, a $6.5B Ampere acquisition, and a $5.4B ABB robotics deal. Analysts estimate SoftBank has committed over $41B in recent investments, straining liquidity despite a cash pile of about $28B. CEO Masayoshi Son remains all-in on AI, betting big that today’s valuations reflect real demand, not another bubble.

🦉 Why Warren Buffett Says He's Not Selling His Berkshire Stake Just Yet
In his Thanksgiving letter, Warren Buffett reassured investors he’ll keep a “significant” stake in Berkshire Hathaway even after stepping down as CEO later this year, signaling full confidence in successor Greg Abel. He also revealed plans to accelerate donations of his $150B fortune to his children’s foundations. After 60 years at the helm, Buffett’s message was clear, Berkshire’s legacy and leadership are in good hands, even as the “Buffett premium” begins to fade from its stock.

🔽 CoreWeave Posts Revenue Beat but Stock Drops on Data Center Troubles
CoreWeave’s stock dropped 8% after an otherwise strong quarter, as executives admitted a data center buildout delay from a third-party developer. The company posted $1.36B in revenue, beating forecasts, but issued cautious 2025 guidance below expectations. Despite setbacks, CEO Michael Intrator said AI demand remains “far above supply,” with a $55.6B backlog driven by massive deals with Meta, OpenAI, and Nvidia, proof that even AI’s hottest cloud provider can hit a speed bump on the way up.

🤔 Is the stock market now driving the economy?
The piece argues that the job market, not Wall Street, is still the real engine of the U.S. economy, even if recent trends suggest otherwise. Despite rising unemployment, Americans keep spending, helped by soaring wealth from stocks and real estate. This “wealth effect” may be cushioning the slowdown, but it’s no substitute for steady jobs. The author’s takeaway: the stock market can’t prop up a $23 trillion economy forever, eventually, Main Street has to matter again.

This week in Tech

🏃‍♂️ The global race for the AI app layer is still on
Accel’s 2025 Globalscape report finds that while the U.S. leads in foundation AI models, Europe and Israel are rapidly catching up in the AI application layer, with startups like Lovable and Synthesia emerging as standouts. European and Israeli AI firms have raised 66 cents for every U.S. dollar this year, a massive leap from a decade ago. Accel says these AI-native startups are scaling faster and more efficiently than ever, signaling a global shift where Europe’s software ecosystem finally stands toe-to-toe with Silicon Valley.

😓 How Meta made Wall Street question the AI rally
Stocks stumbled after Halloween, as Meta’s hefty AI spending plans spooked investors and reignited fears of an AI bubble. The selloff followed what some called an “unhealthy rally,” with Big Tech’s debt-fueled buildouts, about $200B this year, now under sharper scrutiny. With layoffs rising and consumer sentiment plunging, This is how Meta made Wall Street start questioning whether AI capex will deliver real returns.

🗺️ If the US Has to Build Data Centers, Here’s Where They Should Go
AI’s infrastructure boom is reshaping the U.S. economy, and the environment. Meta plans to spend $600B on U.S. data centers by 2028, while OpenAI has committed $1.4T, driving a massive nationwide buildout. A new Nature Communications study warns these projects could strain energy and water resources, urging tech giants to look beyond hubs like Virginia and California toward Texas, Montana, Nebraska, and South Dakota, where environmental impacts would be lower.

💰️ AI's popularity is soaring among the highest-income earners
AI brands are booming, but mostly among the wealthy. A new Morning Consult report found Google’s Gemini and ChatGPT were the fastest-growing brands of 2025 among Americans earning over $100K a year. Lower-income households, by contrast, favored budget-friendly names like Fruit of the Loom and Discount Tire, highlighting a widening economic and tech-access gap, where AI tools are becoming luxury brands for the rich.

Invest & Strategies

🧠 Here's Where This Fund Manager Says You Should Look for Stock-Market Bargains
GMO’s new Dynamic Allocation ETF (GMOD), backed by Jeremy Grantham’s philosophy that markets always revert to the mean, aims to steer investors away from overpriced assets without hiding from risk. John Thorndike says it’s not 2008 again, investors just need to avoid the priciest corners, like overvalued U.S. growth stocks. The fund stays 60/40 stocks to bonds, leaning into Japan, emerging markets, and value plays, where valuations look far more attractive. In short: restraint, not retreat, is the move right now.

⚠️ When the Market Forgets How to Fall
Peter Bernstein once warned: when investors forget past bear markets, danger follows. Today’s “all stocks, all the time” crowd mirrors the late-’90s euphoria, fueled by cheap margin loans and short memories. Many younger investors, like the article’s “Mr. Street”, have never lived through a true market crash, making overconfidence easy and risk feel theoretical. As Bernstein’s “empty memory bank” rule suggests, when more than 30% of investors don’t remember pain, bubbles start to form. And in 2025, with speculation running wild, those memory banks look frighteningly empty.

😢 A Wistful Farewell to Warren Buffett’s Annual Letters
Warren Buffett, the legendary investor and longtime CEO of Berkshire Hathaway, is officially stepping down, passing both the leadership and the famed Berkshire shareholder letter to Greg Abel. For decades, Buffett’s letters have been more than financial reports, they’ve been masterclasses in investing discipline, intrinsic value, and emotional control. Much like Bob Dylan transforming folk music, Buffett didn’t invent value investing, he elevated Benjamin Graham’s ideas to global prominence, giving them life through real-world success. As he bows out at 95, it truly feels like the end of an era, one defined by wisdom, patience, and the quiet power of understanding what something’s really worth.

You can read his final letter here.

🤔 You Might Not Be As Good An Investor As You Think
Financial Samurai, learns a humbling truth: his $1.5M IRA success wasn’t from market mastery, but steady saving and compounding. After crunching the numbers, he found he’d barely matched the S&P 500, not beaten it. The takeaway? Even confident investors need reality checks, discipline, not brilliance, builds wealth.