Edgen Stock·Nov 28 2025, 11:06
[1] TSMC to Build Three 2-Nanometer Factories in Taiwan (https://www.chosun.com/english/industry-en/20 ...)[2] TSMC to expand 2nm capacity to 10 fabs, adding three in China's ... (https://technode.com/2025/11/25/tsmc-to-expan ...)[3] TSMC to start mass production of cutting-edge 2nm process ... (https://www.nanotechnologyworld.org/post/tsmc ...)
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Nov 28 2025, 13:40
Swedish Government Challenges E-Commerce Platforms Over Illegal Product Listings
## Executive Summary The Swedish government has initiated action against major e-commerce operators, including **Amazon**, after the child protection group **ChildX** filed a police report concerning the sale of sex dolls with a childlike appearance on their platforms. Government officials summoned **Amazon** and other companies to a meeting and pledged to combat the distribution of these illegal products. This event marks a significant escalation in regulatory oversight for global e-commerce platforms, exposing them to heightened legal, financial, and reputational risks. ## The Event in Detail The catalyst for government intervention was a police report filed by **ChildX** against **Amazon** and two other e-commerce sites operating in Sweden. The report alleges that the sale of these products violates Swedish legislation prohibiting material that portrays children in a sexualized manner. In response, Sweden's government publicly committed to addressing the issue and summoned the involved online vendors for a meeting on November 28 to discuss their legal obligations and platform responsibilities. ## Regulatory and Financial Implications Under existing Swedish law, not only the possession of childlike sex dolls but also their distribution is illegal. This legal framework shifts the liability from third-party sellers directly to the e-commerce platforms that facilitate these transactions. The financial risks for companies like **Amazon** include potential fines, litigation costs, and the significant operational expense of enhancing content moderation and product screening systems. This incident underscores a growing ESG (Environmental, Social, and Governance) concern for investors, focusing on platform safety and ethical conduct. ## Market Precedent and Broader Context This situation is analogous to a recent case involving online retail giant **Shein**. After French authorities received reports of childlike dolls being sold on its platform and on **AliExpress**, **Shein** responded by removing the listings, launching an internal investigation, and ultimately banning the sale of all sex dolls globally. This precedent suggests that decisive, self-regulatory action may be a necessary strategy to mitigate brand damage and regulatory penalties. The Swedish case is a key indicator in the broader global debate over platform liability, suggesting that governments are increasingly prepared to hold major tech companies accountable for illegal content and products, thereby challenging the long-held "safe harbor" defenses of digital marketplaces.
Nov 28 2025, 13:31
AI Investment Fuels US GDP as Bridgewater CIO Warns of 'Dangerous Phase' Ahead
## Executive Summary Greg Jensen, co-Chief Investment Officer of **Bridgewater Associates**, has issued a stark warning that the real artificial intelligence bubble has not yet formed, asserting that investors are underestimating the impending scale of the AI transformation. His commentary comes as economic data reveals that AI-related capital expenditure (capex) is responsible for over half of U.S. GDP growth in the first half of 2025. This intense, concentrated investment has propped up the economy but has also created a fragile environment, with market gains narrowly focused on a few infrastructure providers and raising concerns about systemic risk should this spending contract. ## The Event in Detail According to Jensen, the market has not yet entered the speculative frenzy typical of a major technological shift. Instead, he argues that the world is now entering a "more dangerous phase" of the AI cycle. This next stage is defined by intensifying competition, accelerating capital spending, and an ensuing grab for scarce resources, for which he believes investors are unprepared. This view challenges the narrative that the current AI rally is a simple repeat of the dot-com bubble, suggesting the most volatile period is still ahead. ## Market Implications The economic reliance on AI investment is profound. According to multiple economic analyses, the AI boom accounted for more than half of the U.S. economy's 1.6% growth rate in the first six months of 2025. Stephen Juneau, an economist at Bank of America, noted that AI is "the only source of investment right now," as private business investment excluding AI has been stagnant since 2019. This concentration creates significant economic vulnerability. Jonathan Millar, Senior U.S. Economist at Barclays, estimates that a 20% to 30% decline in the stock market could reduce annual GDP growth by one to 1.5 percentage points, highlighting the economy's growing dependency on the performance of AI-linked equities. ## Expert Commentary **Bridgewater's** internal research supports Jensen's caution, noting that the stock rally has narrowly benefited companies at the center of the AI infrastructure buildout, such as **Nvidia**. The firm's analysis indicates that price increases in key stocks like **Nvidia** have been largely justified by announced capex plans and corresponding near-term earnings expectations. However, it also points out that very little potential upside is priced in for the companies that will benefit from the broader deployment of AI across the economy. This view is echoed by other market strategists who suggest looking toward sectors like industrials and utilities, which are part of the AI revolution but do not carry the same stretched valuations as semiconductor firms. Major technology firms, including **Microsoft**, **Alphabet (Google)**, **Meta Platforms**, and **Amazon**, have announced massive capex plans for data centers and AI hardware, fueling this infrastructure-centric boom. ## Broader Context The current economic landscape is characterized by a growth cycle heavily reliant on a single theme: AI infrastructure spending. While this has driven positive GDP numbers and corporate earnings for a select group of companies, it has also created a precarious economic dependency. The "dangerous phase" articulated by Jensen refers to the potential fallout if these massive capex commitments slow down or if market sentiment shifts. The concentration of gains in a handful of high-valuation technology stocks creates a fragile system where a correction could have outsized macroeconomic consequences, turning a sector-specific downturn into a broader economic drag.
Nov 28 2025, 13:24
India's Q3 GDP Growth Surges to 8.2%, Exceeding Market Forecasts
## Executive Summary India's real Gross Domestic Product (GDP) for the third quarter of the calendar year, corresponding to the second quarter of its 2025-2026 fiscal year, expanded by 8.2% year-on-year. This figure represents a six-quarter high and significantly surpasses consensus forecasts from economists. The robust growth was underpinned by strong performance in the manufacturing and services sectors, coupled with resilient domestic demand. This economic momentum suggests that India is well-positioned to exceed its annual growth projections for the fiscal year. ## The Event in Detail Official data reveals that the 8.2% growth rate in the July-September period was driven by broad-based strength across key economic sectors. The manufacturing sector was a primary contributor, with the Index of Industrial Production (IIP) registering a 4.0% year-on-year growth in September 2025, led by a 4.8% expansion within manufacturing itself. Concurrently, the services sector displayed significant buoyancy. The expansion was particularly pronounced in the financial, real estate, and professional services sub-sectors. This dual engine of growth—spanning both industrial production and high-value services—highlights a resilient and diversified economic expansion, achieved despite a challenging global economic backdrop and the impact of tariffs. ## Market Implications The stronger-than-expected GDP figures have a bullish impact on Indian markets and are likely to bolster investor confidence. Such a high growth rate, especially when many major economies are experiencing slowdowns, reinforces India's position as a premier destination for foreign investment. The positive data could provide a tailwind for Indian equities and potentially strengthen the Indian Rupee (INR) as capital inflows increase. Furthermore, the performance suggests sustained domestic corporate earnings and consumer demand, creating a favorable environment for businesses operating within the country. ## Expert Commentary According to market analysts, the 8.2% growth figure comfortably exceeded projections, signaling a more vigorous economic recovery than was previously anticipated. Economists note that the strength in both manufacturing and services indicates a healthy, balanced expansion. With the economy growing at an 8% clip in the first half of the fiscal year, multiple observers now believe that the annual growth target of 6.3% to 6.8% for FY26, as projected in the Economic Survey, is not only achievable but likely to be surpassed. ## Broader Context India's economic performance stands in stark contrast to the more tepid growth seen across many parts of the globe. While the S&P Global US Services PMI showed a slight expansion to 55 in November, India's decisive 8.2% GDP surge places it among the world's fastest-growing major economies. This robust domestic performance, driven by internal demand and industrial activity, showcases the nation's increasing resilience to external global pressures. It solidifies India's role as a critical engine for global economic growth and a standout performer in the emerging market landscape.