The past week has been one of extraordinary developments across politics, markets, and technology.
From a historic mayoral election in New York to a landmark court hearing on US tariff powers, a record-setting Tesla compensation vote, Apple’s AI ambitions, and the longest government shutdown in American history, each story signals significant transitions underway in both governance and business.
Zohran Mamdani wins New York mayoral race
Zohran Mamdani’s victory as the 111th mayor of New York marked a defining political shift in the nation’s financial capital.
The 34-year-old Democrat and self-described democratic socialist defeated former Governor Andrew Cuomo, securing 50.3% of the vote against Cuomo’s 41.6%, according to the Associated Press.
Mamdani’s win represents a generational and ideological turn in New York politics, making him the city’s first Muslim and first Indian American mayor.
His campaign centered on rent freezes, free public buses, and city-owned grocery stores resonated with working-class and younger voters.
However, Wall Street remains wary. Mamdani’s proposals to raise corporate taxes and increase public borrowing have sparked concerns of capital flight.
Despite tensions, he has since extended an olive branch to the business community, calling for “partnership between the private and public sectors.”
His challenge now lies in balancing progressive policies with economic pragmatism.
Supreme Court questions Trump’s tariff authority
In Washington, the Supreme Court’s scrutiny of President Donald Trump’s use of emergency powers to impose tariffs sent ripples through financial markets.
Conservative justices questioned whether the 1977 International Emergency Economic Powers Act (IEEPA) truly grants authority for sweeping global duties.
Markets gained on Thursday as traders anticipated a narrow ruling that could unwind up to $89 billion in tariffs.
Retailers and automakers rallied.
Analysts expect the administration to pivot to alternative trade statutes, maintaining policy flexibility even if IEEPA tariffs are struck down.
Tesla shareholders approve Musk’s $1 trillion pay package
Tesla investors overwhelmingly endorsed CEO Elon Musk’s record-breaking $1 trillion compensation plan.
Roughly 75% of votes supported the equity-based package, potentially boosting Musk’s ownership stake by 12% if Tesla achieves ambitious targets, which include a valuation of $8.5 trillion and annual earnings of $400 billion.
While major investors like Norway’s sovereign wealth fund and proxy firms opposed the deal, citing its scale and lack of safeguards, supporters argued it aligns Musk’s incentives with Tesla’s long-term growth in robotics and AI.
The outcome reaffirms investor confidence in Musk’s leadership amid ongoing scrutiny.
Apple partners with Google to rebuild Siri using Gemini AI
Apple Inc. is nearing a $1 billion annual deal with Google to integrate the 1.2-trillion-parameter Gemini AI model into Siri, Bloomberg reported.
The move aims to revamp Siri’s capabilities after years of lagging behind competitors like Alexa and Google Assistant.
Codenamed “Glenwood,” the project will use Gemini’s advanced computing power for generative AI functions while maintaining Apple’s privacy standards through in-house cloud infrastructure.
The redesigned Siri, expected in iOS 26.4 by 2026, reflects Apple’s pragmatic shift toward external AI partnerships as rivals race ahead.
US government shutdown becomes longest in history
As political drama unfolded nationwide, the US government shutdown entered its 39th day — the longest in history.
Talks between President Trump and Congress remain deadlocked, with the standoff widening from a dispute over health insurance subsidies to a broader ideological clash.
Democrats offered a one-year extension of expiring ACA subsidies to reopen the government, but Republicans rejected the proposal.
The prolonged shutdown is straining air travel and halting food assistance for 42 million Americans.
Airlines face capacity cuts of up to 20%, and food banks warn of surging demand as federal nutrition support stalls.
With federal data collection suspended, markets now look to private indicators like ADP payrolls for economic direction — as the world’s largest economy continues to operate under unprecedented political paralysis.
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