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Trading of futures and options on the Chicago Mercantile Exchange stopped for several hours due to a data center fault, disrupting markets around the world (more on that below). | Before the technical glitch, S&P 500 futures were signaling the index’s first monthly loss since April. The US benchmark, which had been down as much as 4.7% for November, narrowed its monthly loss to 0.4% before the Thanksgiving holiday. | Market fallout continues in China after property giant Vanke shocked creditors by proposing to delay paying a local bond. Property shares have now retreated more than 4.5% in the six sessions through Friday, the longest run of losses in half a year. | Stocks in Asia edged down on Friday, with South Korea underperforming. The MSCI Asia Pacific Index is set for its worst month since October last year. The Bloomberg Dollar Spot Index gained slightly. | Global stocks held firm and cryptocurrencies mostly gained, with US markets closed for the Thanksgiving holiday on Thursday. Money markets are still pricing in a roughly 80% probability of a 25bp rate cut from the Federal Reserve next month, which has helped firm up risk appetite.

DOJ tightens scrutiny of private market valuations

The Department of Justice is ramping up oversight of how private-market managers value their portfolio assets. Jay Clayton, head of the DOJ’s Manhattan office, signaled growing concern over inconsistent or overly optimistic marks, especially in cases where managers may selectively price assets to boost fees. Regulators are sharpening their focus on valuations tied to liquidity events and fee calculations, with ongoing monitoring to ensure fair, accurate, and investor-aligned practices across private markets. (Bloomberg Industries - Finance | Nov 25)

Private assets poised to generate half of industry revenues by 2030

Private markets are on track to deliver more than half of global asset- and wealth-management revenues by 2030, according to PwC. The consultancy projects that private assets will produce roughly $432 billion in revenue — surpassing both traditional active offerings and passive products. In 2024, private assets already represented 44% of industry revenues, reflecting accelerating competition in private credit, private equity, and infrastructure. (Bloomberg Law via Wealth Management | Nov 25)

Why warnings of a trillion-dollar AI bubble are getting louder

Concerns are mounting that the current AI boom could be inflating a bubble reminiscent of the late-1990s dot-com era. Technology firms are pouring hundreds of billions into advanced chips and massive data-center buildouts—not only to meet demand for services like ChatGPT, Gemini, and Claude, but to prepare for a wholesale shift of economic activity from humans to machines. With total spending likely to reach the trillions, financing is increasingly coming from venture capital, heavy borrowing, and, more recently, unconventional circular-financing structures that have prompted caution among Wall Street analysts. (Bloomberg Technology | Nov 24)

Fed's standing repo facility faces reluctance despite rising use

The Federal Reserve is encountering resistance as it tries to normalize use of the standing repo facility — its key tool for stabilizing short-term funding markets. While bank usage has increased in recent weeks, some institutions told the New York Fed they remain wary of the perceived stigma associated with tapping the facility. Their hesitation threatens to undermine the tool’s effectiveness just as the Fed works to maintain reliable control of short-term rates while shrinking its $6.6 trillion balance sheet. (The Wall Street Journal | Nov 24)

Growing demand for transparency in private market data

Investor appetite for better visibility into private markets is creating a fast-growing data business on Wall Street. Firms are racing to buy or build platforms that package private-equity and private-credit information for pensions, endowments, and other allocators — despite the sector’s intrinsic opacity. The acquisition wave highlights both the rising value of private-market intelligence and the persistent scarcity of standardized, comprehensive data. (The Wall Street Journal | Nov 22)

HashJack — URL-fragment prompt injection against AI browsers

Researchers disclosed an attack vector dubbed HashJack, which exploits how AI-powered browsers (or browser assistants) handle URL fragments (the part after “#”). By embedding malicious prompts there, attackers can influence the behavior of browser-based AI assistants — potentially triggering phishing, data exfiltration, credential theft, or malware downloads. This marks perhaps the first widely demonstrated “indirect prompt injection” targeting AI-augmented browsers — turning legitimate websites into malicious attack surfaces without server-side code compromise. (CSO Online)

Anthropic / Google / Quantum Xchange summoned by US House — AI-assisted state-linked cyberattack pushes oversight & regulation

On Nov 26, US lawmakers sent formal letters requesting that the top executives of Anthropic, Google, and Quantum Xchange testify at a joint subcommittee hearing on Dec 17. The demand stems from a newly disclosed report asserting that a PRC-linked state actor executed a largely autonomous cyberattack using AI — marking perhaps the first public instance of a state-sponsored “AI-orchestrated” cyber operation. The hearing is explicitly framed around “how advances in emerging technology like AI, quantum computing, and hyperscale cloud infrastructure are transforming … the nation’s defensive cybersecurity posture — and expanding adversaries’ operational capabilities.” (Industrial Cyber)

OpenAI / Mixpanel breach — analytics-partner compromise leaks customer data

On Nov 27, OpenAI disclosed that some customer data (e.g., email addresses, organization IDs) was exposed after hackers breached Mixpanel — a popular product analytics platform (CSO Online). Importantly, OpenAI said no access was gained to its core infrastructure, ChatGPT prompts/responses, API keys, payment info, or government IDs (SecurityWeek).

The Thanksgiving plot twist: Half the table was high

A once-secret tradition — the stealthy cannabis run before turkey time — has officially entered the cultural mainstream. You’ve noticed it: the cousins who return from “walking the dog” suddenly find your small talk worthy of a TED Talk. Spoiler: you didn’t get funnier. They got higher. Welcome to America’s newest holiday custom, the “cousin walk.”

— Wall Street Journal

Your brain lives in five eras, scientists say

According to a massive new study of nearly 4,000 brains spanning ages 1 to 90, our neural wiring moves through five sweeping eras — childhood, adolescence, adulthood, late adulthood, and old age. Each shift is marked by a dramatic internal reorganization at roughly ages 9, 32, 66, and 83. Turns out the brain has its own life seasons, and adulthood doesn’t fully kick in until your thirties.

— The Guardian

Deinfluencing: TikTok's most unexpected shopping revolution

Move over “Add to Cart.” TikTok creators are now convincing millions to put things back. Under the billion-view #Deinfluencing tag, users are calling out overhyped products and encouraging smarter spending. It’s the anti-haul, anti-hype, anti-impulse-buy movement nobody saw coming — and consumers are listening.

— Vogue