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TikTok Stays, China Keeps Algorithm

The White House signaled that TikTok will remain available in the US, but the framework deal may be spelling out the same national security concern the government had in the first place.

“We have a framework for a TikTok deal. The two leaders, @POTUS and Party Chair Xi, will speak on Friday to complete the deal,” Treasury Secretary Scott Bessent said. The official White House account amplified the direction of travel, quoting President Donald Trump that the “big Trade Meeting in Europe… has gone VERY WELL” and that a deal was reached on a “‘certain’ company that young people… wanted to save.”

You can read more on the matter here.

What’s going on?

• Trump Admin Targets Critical Minerals With $5B US–DFC Orion Fund (theDeepDive)

• Trump vows crackdown on left-wing groups after Charlie Kirk’s assassination (Globe)

• US Pressures Canada to Honor F-35 Fighter Jet Agreement (theDeepDive)

• SEC allows public companies to block investors from class-action lawsuits (FT)

• What Trump’s $15B Suit Alleges About New York Times Reporting (theDeepDive)

• Trump Proceeding With Biden’s $1.3 Billion Battery Parts Loan (Bloomberg)

• Bank of Canada Cuts Interest Rates By 25 BPS To 2.5% (theDeepDive)

• Fed Divisions Thrust Powell Into Uncharted Territory (WSJ)

• Hyundai Plant Construction Delayed to 2026 After ICE Raid, South Korea Demands Trump Apology (theDeepDive)

What’s the latest?

• Puma: Puma shares jumped 17% after reports of private equity interest, topping the Stoxx 600 (-0.03%), while the CAC 40 fell 0.4% and FTSE 100 rose 0.14%. U.K. inflation held at 3.8% in August, with food up 5.1% and alcohol/tobacco up 5.9%. Markets await the Fed’s expected 25 bps rate cut at 2 p.m. ET, alongside new “dot plot” forecasts. Orsted closed up 0.3% despite share sale concerns and U.S. pushback on wind energy.

• Federal Reserve: The Fed is expected to cut rates by 0.25 points to ~4.1% on Wednesday, its first move in nine months. Economists see a gradual “recalibration,” with up to five cuts by mid-2026, while markets expect three this year and two more by June. The case for easing has strengthened after job data revisions showed 911,000 fewer jobs than previously reported, alongside weak recent hiring. Still, inflation rose to 2.9% in August, limiting the scope for rapid cuts. Economists say the Fed is likely to move cautiously rather than rush to stave off recession.

• Alibaba: Alibaba shares rose over 5% in Hong Kong and 2% in U.S. premarket trade after state media reported China Unicomwill deploy its AI accelerators from chip unit T-Head. The partnership is part of a new data center project also using chips from MetaX and Biren, highlighting China’s push for domestic AI semiconductors amid restrictions on Nvidiasales. The deal reinforces Alibaba’s role as a leading AI and cloud player in China.

• NVIDIA : Nvidia CEO Jensen Huang said he was “disappointed” after reports that China’s internet regulator banned companies from buying its RTX Pro 6000D AI chip, designed for the country. Huang noted Nvidia has stopped including China in financial forecasts due to U.S.–China tensions, calling its business there a “roller coaster.” The ban follows U.S. export restrictions and comes as China also launched an anti-monopoly probe into Nvidia’s Mellanox acquisition. Despite setbacks, Huang stressed China’s AI market remains important, while Nvidia announced a £11 billion ($15B) U.K. AI investment this week.

• Politics: Canada’s federal budget will be tabled on Nov. 4, the first under Prime Minister Mark Carney and Finance Minister Francois-Philippe Champagne. The Liberals promise a “generational investment,” balancing cost-cutting with new spending, after already announcing billions for defence and infrastructure plus a 1% tax cut for the lowest bracket. Critics warn of fiscal risk, with the PBO citing unclear fiscal anchors and Conservatives accusing Carney of doubling the deficit and fueling inflation. The minority Liberals need support from at least one party to pass the budget.

Gold’s New Paradigm with Shaun Heinrichs

The stock market and stuff

• Qatar Investment Authority Takes US$500 Million Stake In Ivanhoe Mines (theDeepDive)

• Ticketing platform StubHub valued at $9.3 billion in NYSE debut (Reuters)

• Did Trump Family Get Crypto Profits In Exchange For Giving Advanced AI Chips To UAE? (theDeepDive)

• China bans tech companies from buying Nvidia’s AI chips (FT)

• Uranium Stocks Jump On Plan To Boost US Strategic Reserve (theDeepDive)

In the juniors

• Integral Metals Provides Update on 2025 Drilling Program at the KAP Project, Northwest Territories (JMN)

• Hercules Metals Assays 0.61% Copper Over 385.9 Metres In First Hole From 2025 Program (theDeepDive)

• Cascadia Minerals Receives 10-Year Exploration Permit and Commences 4,000 m Diamond Drill Program at its Carmacks Copper-Gold Project, Yukon (JMN)

FULL DISCLOSURE: ESGold Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ESGold Corp. The author has been compensated to cover ESGold Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.