MARKET RECAP → Stocks and just about everything dropped on Tuesday as the recent pullback deepens, giving investors nothing to look at but a sea of red.

⚡CLOUDFLARE’S UNUSUAL-TRAFFIC FACEPLANT → A traffic spike and brittle config at Cloudflare (NET) briefly broke access to X, ChatGPT and other major sites, underscoring just how concentrated the internet’s plumbing has become—embarrassing for Cloudflare, but more of a wake-up call on single points of failure than an immediate thesis-breaker.

🥐 PANERA’S CARB COMEBACK → After chasing margin with smaller portions, thinner staffing, and higher prices, Panera is now spending real money to repair the guest experience, aiming to trade short-term margin sugar highs for traffic growth, better unit economics, and eventually a more appetizing IPO story.

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For the week beginning November 17, 2025

🤖 Claude just signed for mega-compute: Anthropic is locking in $30 billion of Azure capacity plus up to 1 gigawatt of future compute from Microsoft (MSFT), while Microsoft and Nvidia (NVDA) pony up as much as $15 billion in fresh Anthropic funding. That’s a circular but massive “you buy my cloud, I buy your equity” loop that hard-wires Claude into Azure’s AI roadmap.

☁️ Microsoft hedges its OpenAI bet: By putting Claude on Azure AI Foundry, Microsoft turns Anthropic into a second flagship alongside OpenAI, not a side quest. It gets model diversity, more leverage in its OpenAI relationship, and the only frontier model now available across all three major clouds via one of its own platforms.

💾 Nvidia sells the shovels (again): Nvidia’s first deep partnership with Anthropic means Blackwell and Rubin GPUs sit at the heart of Claude’s next-gen scaling, with up to 1 gigawatt of Nvidia-powered capacity in play. Investors get more confirmation that the AI “compute bubble” is also a very real CapEx cycle, even if the circular deals start to look nosebleed frothy.

🥪 Panera learned the ‘shrinkflation’ lesson: Panera Bread quietly chased margins by shrinking portions, cutting staff, and nudging quality down while prices marched higher — and diners noticed. Traffic slipped, the brand lost ground in fast casual, and suddenly $15 soup-and-sandwich combos with less soup and smaller sandwiches stopped feeling like “daily habit” food.

📉 Now it’s reversing course, loudly: New leadership is rolling out a turnaround plan that restores portion sizes, upgrades ingredients, and puts more labor back on the floor instead of offloading everything to kiosks. Think bigger salads that don’t cheap out on toppings, better bread and proteins, and an explicit promise that value menus and bundles won’t feel like punishment.

📈 Investor read: back to volume, not vibes: The strategy shifts Panera from spreadsheet-driven cost cutting to a “win back frequency” play, betting that happier guests and busier cafes will ultimately support higher system sales and a future IPO window. If execution matches the marketing, Panera’s owners could trade near-term margin pressure for a healthier $6–7 billion top line — and reclaim lost share from Chipotle (CMG) and Starbucks (SBUX).

Trump calls to revoke ABC’s license over reporter’s Epstein files question (CNBC)

Meta wins FTC antitrust trial that focused on WhatsApp, Instagram (CNBC)

Google announces Gemini 3 as battle with OpenAI intensifies (CNBC)

Trump administration takes further steps to dismantle Department of Education (CNBC)

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