This week was packed with historic milestones and high-stakes moves across business and geopolitics.
Trump and Xi finally met after six years to pause their trade war, Nvidia shattered records with a $5 trillion valuation, and Pfizer and Novo Nordisk battled for control of Metsera.
Big Tech posted blockbuster earnings, while Tesla’s upcoming vote on Musk’s $1 trillion pay package stole the spotlight.
A glance at the major developments this week.
Trump-Xi meeting
President Trump and Chinese President Xi Jinping finally met face-to-face in Busan, South Korea, on Thursday, their first in-person meeting since 2019.
Trump came out of it calling the meeting “amazing,” even giving it a “12 out of 10.”
The two leaders agreed to hit pause on their long-running trade war. As part of the deal, China will start buying US soybeans again, loosen export restrictions on rare earth minerals, and ramp up efforts to crack down on fentanyl trafficking.
In return, Trump said the US will cut tariffs on certain China-related fentanyl goods from 20% down to 10%.
They decided to put off tougher conversations, like those about Taiwan, human rights, and cyber-espionage for about a year, focusing instead on keeping the economic relationship steady for now.
Nvidia hits $5 trillion valuation
Nvidia just made history as it became the first company ever to hit a $5 trillion market valuation in October 2025.
The record-breaking milestone came on the back of booming demand for AI tech and a blockbuster announcement from CEO Jensen Huang, who revealed $500 billion worth of AI chip bookings and plans to build seven new supercomputers for the US government.
The company’s market cap jumped from about $4.9 trillion to over $5 trillion, showing just how firmly Nvidia has cemented its lead in the AI chip race.
And when you look at the big picture, the numbers are wild as Nvidia’s stock has skyrocketed more than 44,000% over the past decade, driven by explosive growth in AI and data centers.
Pfizer races against Novo Nordisk for Metsera
Pfizer and Novo Nordisk are clashing over the acquisition of US obesity biotech firm Metsera.
Novo Nordisk launched a bold $8.5 billion bid, outbidding Pfizer’s earlier $7.3 billion offer, aiming to reclaim its lead in the weight-loss drug market.
The deal includes $6 billion upfront plus milestone payments. Pfizer responded by filing a lawsuit to block Novo’s bid, citing antitrust concerns and regulatory risks, arguing that Novo’s offer is unlikely to close.
This high-stakes battle highlights fierce competition in the rapidly growing obesity treatment market, projected to reach $150 billion by 2030.
Big tech wrap blockbuster Q3
Big tech just wrapped up another round of blockbuster quarters, and the numbers tell a pretty clear story: demand is still strong across cloud, ads, devices, and subscriptions.
Apple saw its services revenue climb, helping make up for slower iPhone sales.
Over at Microsoft, Azure jumped 40%, even though the company is feeling some pressure on margins from heavy AI spending.
Alphabet smashed through the $100 billion revenue mark in a single quarter, thanks to strength in search, YouTube ads, and its growing cloud business.
Meta posted over 20% revenue growth, while Amazon delivered a massive $180 billion quarter, driven by retail efficiency and AWS momentum.
But here’s the twist: even with all that success, these companies are cutting jobs. The reason? AI infrastructure costs are soaring.
They’re automating more tasks and moving talent into areas that fuel future growth. In other words, we’re entering a new era for tech, one where growth is powered more by machines than people.
It’s a capital-heavy, labor-light cycle, and it’s reshaping how Big Tech scales.
Musk’s $1 trillion showdown
Tesla’s annual shareholder meeting on November 6 in Austin is shaping up to be one for the history books. It’s where investors will vote on Elon Musk’s jaw-dropping $1 trillion pay package, the largest ever proposed in corporate history.
The vote has split big investors right down the middle. On one side, firms like ARK Invest, the Florida State Board of Administration, and Atreides Management are backing Musk.
On the other hand, heavyweights like CalPERS, New York’s state pension fund, and the American Federation of Teachers (AFT) are firmly against it.
Supporters say the plan rewards Musk for creating long-term value and keeps him focused on Tesla’s growth. Critics counter that it gives him too much control and exposes weaknesses in board oversight.
Still, most analysts think the proposal will pass, and if it does, Musk could become the world’s first trillionaire, cementing his leadership as Tesla leans harder into its AI-driven future.
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