TLDR

MARKET RECAP → Stocks closed higher to kick off December, with the Nasdaq Composite (QQQ) reaching a fresh intraday high. Among the biggest gainers were Supermicro (SMCI), which popped 29% on news that a special committee found “no evidence of misconduct,” and Tesla (TSLA), after receiving an upgrade to a “Buy” rating, which hinged on CEO Elon Musk’s relationship with President-elect Donald Trump.

FRANCE FACES POLITICAL BUDGET SHOWDOWN → French PM Michel Barnier bypassed parliament to push a contested budget, risking a no-confidence vote and rattling markets already uneasy over France's soaring debt. 🗳️

MUSK TAKES AIM AT OPENAI → Elon Musk filed a motion to block OpenAI's for-profit shift, alleging antitrust violations benefiting Microsoft (MSFT) while ramping up competition with his xAI. 🧠

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TODAY’S TOP NEWS

France Faces Political Budget Showdown

🗳️ French PM Michel Barnier pushed through a controversial €60 billion (~$63 billion) budget bill using constitutional powers, risking a no-confidence vote backed by far-right and leftist parties. The move highlights mounting fiscal tensions and fragile political alliances.

📉 Markets reacted as France’s debt and deficit woes, with public debt at 110% of GDP, spooked investors. Borrowing costs rivaling Greece's underscored fears of political instability and economic fallout.

🤔 Marine Le Pen’s National Rally criticized the budget for tax hikes and spending cuts but risks backlash if turmoil harms her presidential ambitions. Economists warned of market chaos unless France enacts long-overdue fiscal reforms.

TODAY’S TOP NEWS

Musk Takes Aim At OpenAI

🧠 Elon Musk filed a motion to block OpenAI's conversion to a fully for-profit entity, arguing that its restructuring unfairly benefits Microsoft (MSFT) and restricts competitors like his xAI. The injunction also seeks to prevent OpenAI from using allegedly sensitive data.

💼 Musk accused OpenAI and Microsoft of antitrust violations, claiming they pressured investors to avoid funding rival AI startups. OpenAI dismissed the claims as baseless, asserting its governance aligns with its mission.

💰 The legal battle comes as OpenAI raises billions in funding, valuing it at $157 billion, while Musk’s xAI races to secure $6 billion. The generative AI market is projected to exceed $1 trillion in revenue within a decade.

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