In today's newsletter:

• All eyes on the consumer and the Fed
• A bet on embedding A.I. in business
• “Electricity is the new price of eggs.”
• Trump’s A.I. czar under scrutiny

Andrew here. Hope you had a great Thanksgiving weekend. We’re gearing up for the DealBook Summit, which is taking place just 48 hours from now. We’re thrilled to announce a new interviewee: Taiwan’s president, Lai Ching-te (by video). Of course, Taiwan is a pivot point in so much of the discussion about U.S.-China relations and the future of the semiconductor industry.

Also: Thanks for sending in questions for interviewees. Keep them coming. We look forward to seeing many of you there. We’ve got a ton of news for you this morning, so without further ado …

All eyes on the consumer and the Fed

Global markets have become volatile this morning, with stocks, crypto and bonds all selling off. S&P 500 futures are down, too, as investors brace for more data on the American consumer and the economy.

The latest: Bitcoin fell sharply, trading below $86,000. And last week’s rally in U.S. stocks looks set to end, after the S&P 500 flirted with a new record.

But the Nasdaq Composite fell last month, snapping a seven-month winning streak as valuation fears dragged down the so-called Magnificent Seven group of artificial intelligence players.

Investors had been growing more optimistic that the Fed will cut interest rates at next week’s meeting. A solid start to the holiday sales season last week has also bolstered the rally.

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