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Tag: Airbus

  • SSPAI Morning Brief: “Rules on Pricing Behavior of Internet Platforms” Released

    SSPAI Morning Brief: “Rules on Pricing Behavior of Internet Platforms” Released

    Morning Brief

    1. “Rules on Pricing Behavior of Internet Platforms” Released
    2. TikTok signs agreements with investors to establish a new U.S. joint venture
    3. Airbus plans to migrate core business to Europe-based cloud services to avoid U.S. jurisdiction risks
    4. Tesla wins final ruling; Musk’s record-breaking 2018 compensation package reinstated
    5. Anna’s Archive announces completion of a large-scale backup of Spotify’s music catalog
    6. Sam Altman explains the “red alert,” infrastructure plans, and hardware strategy in an interview
    7. Rumors You Can Just Glance At

    “Rules on Pricing Behavior of Internet Platforms” Released

    On December 20, the National Development and Reform Commission, the State Administration for Market Regulation, and the Cyberspace Administration of China jointly issued and released the Rules on Pricing Behavior of Internet Platforms. The Rules were previously open for public consultation from August 23 to September 22, 2025.

    The main points of the Rules include—

    • Protecting operators’ autonomy in pricing. Platforms must not use technical means or their dominant position to impose unreasonable restrictions on operators within the platform, such as forcing “choose one of two,” mandating promotions, or restricting pricing on other channels. Platform fee standards must be open and transparent, and any adjustments to fees must solicit opinions in advance;
    • Regulating price labeling practices. Operators must clearly disclose product prices, service content, and additional fees (such as shipping). Where dynamic pricing or promotional activities are involved, pricing rules and promotion conditions must be prominently disclosed. Products ranked through bidding must be clearly labeled as advertisements;
    • Restraining price competition behaviors. Practices such as selling below cost, using algorithms to implement discriminatory pricing (“big data price discrimination”), price gouging, and price fraud are prohibited;
    • Protecting consumers’ price-related rights. Automatic renewals must provide a convenient cancellation option and issue prominent reminders before charges are made; bundled products must not be pre-selected by default.

    Compared with the earlier draft for public comment, the final version expands the scope of protection for pricing autonomy by extending the prohibition on price comparison bans from other platforms to all sales channels, and further banning intervention measures such as search result demotion and algorithmic downgrading. The criteria for identifying price gouging have been relaxed: in non-emergency situations, price increases that do not match cost increases will no longer be automatically deemed price gouging. Requirements for informing users about automatic renewals are made stricter—beyond specifying the deduction time, amount, and any price changes, platforms must also clearly and prominently notify users of the cancellation method. For price labeling, the Rules further require prominent disclosure on service pages.

    The Rules will take effect on April 10, 2026, with the aim of allowing operators sufficient time to make necessary compliance adjustments.

    TikTok signs agreements with investors to establish a new U.S. joint venture

    According to Caixin, on the afternoon of December 18 (U.S. time), TikTok CEO Shou Zi Chew announced in an internal memo that ByteDance and TikTok have signed agreements with three investors to establish a new TikTok U.S. joint venture. The new entity will be named TikTok US Data Security Joint Venture LLC (TikTok USDS Joint Venture LLC) and will be responsible for data protection, algorithm security, content moderation, and software assurance in the United States. Matters related to the agreement are expected to be completed no later than January 22, 2026. Reaching this deal also means that TikTok will avoid being banned in the U.S.

    Under the agreement, ByteDance and TikTok will continue to own the intellectual property rights to the core algorithms and will license them to TikTok USDS for use within the United States. Other TikTok entities in the U.S. (wholly owned by ByteDance) will continue to handle commercial activities such as e-commerce, advertising, and marketing operations, as well as maintaining global interoperability of TikTok products.

    TikTok USDS will be 19.9% owned by ByteDance, making it the largest single shareholder in the new joint venture. ByteDance’s current U.S. and global shareholders will collectively hold 30.1%, while the new investors will hold 50%. Among them, Oracle, Silver Lake, and Abu Dhabi sovereign wealth fund MGX will each hold a 15% stake. The company will have a seven-member board of directors: ByteDance will occupy one seat, ByteDance’s existing U.S. and global shareholders will hold two seats, the new investors will hold three seats, and the remaining seat will be filled by an independent director appointed by the board.

    Previously, on September 25, Trump signed an executive order in the Oval Office approving the transaction that allows TikTok to continue operating in the United States. The executive order also granted TikTok a 120-day exemption period during which it would not face penalties. At the same time, Trump retained the authority to issue further orders on the matter if necessary to safeguard national security.

    Airbus plans to migrate core business to Europe-based cloud services to avoid U.S. jurisdiction risks

    According to The Register, Airbus is preparing to launch a major tender to migrate its core mission-critical operations to Europe-based cloud platforms with “digital sovereignty,” in a bid to reduce its reliance on U.S. cloud service providers. The contract is expected to be worth more than €50 million and span a period of up to 10 years. The migration will cover systems such as ERP, manufacturing execution systems (MES), and lifecycle management systems involving sensitive aircraft design secrets. The tender is scheduled to open in January next year, with a final supplier expected to be selected before the summer.

    Catherine Jestin, Executive Vice President of Digital at Airbus, emphasized that the move is intended to ensure that extremely sensitive information related to national and European security remains fully under European control. Beyond market factors—such as software vendors like SAP shifting their technological focus to the cloud—geopolitical risks are the primary driver. With Donald Trump’s return to the White House unsettling transatlantic trade relations, and the U.S. CLOUD Act allowing American law enforcement to access overseas data held by U.S. companies, concerns over data sovereignty among European enterprises have been intensifying.

    Although U.S. giants such as Microsoft and AWS offer compliance solutions, Microsoft has previously acknowledged in a French court that it cannot fully guarantee exemption from U.S. law. Additionally, reports that the International Criminal Court’s (ICC) Chief Prosecutor once had services cut off by Microsoft due to U.S. sanctions have further heightened Airbus’s concerns about business continuity. At present, Airbus is awaiting clarification from European regulators on whether it can truly obtain protection from the extraterritorial reach of foreign laws.

    Finding a suitable European provider, however, remains a challenge. Jestin noted that, given the relatively limited scale and technological maturity of European cloud service providers, there is only about an 80% chance of finding a satisfactory solution. These stringent requirements will not only test the technical capacity of Europe’s cloud vendors but also push them to accelerate industry collaboration in order to meet Airbus’s timeline.

    Tesla wins final ruling; Musk’s record-breaking 2018 compensation package reinstated

    On December 19, the Delaware Supreme Court issued a ruling overturning a lower court decision that had previously voided Tesla CEO Elon Musk’s 2018 compensation plan. The record-setting equity incentive plan was valued at approximately $56 billion at the time of vesting. The Supreme Court held that the Delaware Court of Chancery’s remedy—outright cancellation of the plan—was “overly extreme” and failed to give Tesla an opportunity to propose a reasonable alternative form of compensation. The court therefore reinstated the plan and awarded only $1 in nominal damages.

    Back in 2018, Tesla’s board approved a ten-year equity incentive plan under which Musk, upon achieving a series of market-capitalization and operational milestones, would be entitled to purchase roughly 304 million Tesla shares at a deeply discounted price of $23.33 per share. During the plan’s term, Musk would receive no other compensation. A minority shareholder later filed suit, alleging that Musk and Tesla’s board breached their fiduciary duties. In January 2024, the lower court ruled that the compensation-setting process suffered from “serious defects,” finding that the board lacked independence, was controlled by Musk, and failed to adequately disclose key information to shareholders—ordering the plan’s rescission.

    Although the compensation plan has now been reinstated, experts note that the Supreme Court’s ruling primarily addressed the proportionality of the punishment—namely, rescinding the plan—rather than overturning the lower court’s factual findings that Musk was a controlling shareholder and that the compensation process was unfair. As such, the court preserved the negative assessment of Tesla’s corporate governance and merely corrected the remedial approach.

    Following the earlier loss, Musk moved Tesla’s corporate domicile from Delaware to Texas and pushed shareholders to reapprove the plan in subsequent votes. With the 2018 plan reinstated, Tesla’s contingency compensation plan—prepared to mitigate the risk of an adverse outcome—immediately became void. Notably, Tesla shareholders also approved an even larger 2025 compensation incentive plan this November; if its targets are met over the next decade, the new plan’s total value could reach as high as $1 trillion.

    Anna’s Archive announces completion of a large-scale backup of Spotify’s music catalog

    On December 20, the well-known piracy archive Anna’s Archive announced that it has successfully completed a large-scale backup of streaming giant Spotify’s music library. The site claims the project to be the world’s first “fully open” music preservation archive, aiming to ensure the permanent survival of musical culture through distributed storage. The release totals roughly 300 TB of data, including metadata for 256 million tracks and 86 million audio files, covering approximately 99.6% of Spotify’s total user listening volume. Anna’s Archive did not disclose the source of the files.

    The released metadata database contains 186 million unique ISRCs (International Standard Recording Codes). By comparison, the mainstream open database MusicBrainz currently holds only about 5 million unique ISRCs. This means Anna’s Archive has built the largest publicly accessible music metadata index in the world.

    Previously, Anna’s Archive focused primarily on the preservation of books and academic papers. The team stated that this effort was intended to fill gaps in existing archiving practices—namely, the tendency of audiophile-driven archives to prioritize lossless audio quality (resulting in massive file sizes that are difficult to mirror), as well as an overemphasis on popular works at the expense of “long-tail” music. Anna’s Archive emphasized that many niche tracks on Spotify have extremely small audiences and lack dedicated enthusiast maintenance; once streaming platforms remove them or data loss occurs, these “cultural artifacts” risk disappearing permanently.

    According to the release plan, the metadata is already online, while the audio files, album artwork, and differential patches used to reconstruct original files will be released in stages based on popularity. At present, the project is intended primarily for archival purposes and does not yet support online searching or downloading of individual tracks.

    Sam Altman explains the “red alert,” infrastructure plans, and hardware strategy in an interview

    Recently, OpenAI CEO Sam Altman appeared on the Big Technology Podcast, confirming that Google’s recent release of the Gemini 3 model did indeed trigger an internal “Code Red” at OpenAI. This marked the company’s second time entering such an emergency state this year—the first being in response to competitive pressure from the Chinese AI company DeepSeek. Despite the intense competition, Altman revealed that ChatGPT’s weekly active users have surged from 400 million at the beginning of the year to 800 million. He stressed that OpenAI’s approach is not purely defensive, but rather focused on maintaining leadership through rapid iteration. The recently released GPT-5.2 model is widely regarded as the strongest reasoning model to date, excelling in scientific research and enterprise-level tasks.

    On the product ecosystem, Altman said OpenAI is working to move beyond the single chatbot paradigm. He expressed reservations about Google’s strategy of embedding AI into existing search and office suites, arguing that the future lies in “native AI” products. As for the much-discussed hardware plans, Altman disclosed that OpenAI is developing a family of devices centered on proactive perception and environmental understanding, aiming to break free from the interaction limits imposed by traditional screens and keyboards.

    To support its massive computing needs, Altman confirmed infrastructure investment commitments totaling as much as $14 trillion. This enormous sum will be allocated over the long term across chips, data centers, and energy infrastructure. Although OpenAI currently expects annual revenue to reach $20 billion, the company remains unprofitable in the short term due to high training costs. Regarding financial sustainability, Altman said that as inference costs account for a larger share and enterprise business scales up, revenue will eventually cover expenses. On the question of going public, he admitted that while he is not particularly eager to become the CEO of a public company, constraints related to shareholder limits and capital requirements mean that an IPO will be an unavoidable option.

    Altman defined the core of the next generation of AI as “scientific discovery capability,” and previewed the release of a significantly improved model built on this foundation in the first quarter of 2026. As for the definition of artificial general intelligence (AGI), he proposed a new benchmark—“superintelligence”—where AI systems must surpass human capabilities when taking on complex roles such as serving as a company CEO or a national leader.

    Rumors You Can Just Glance At

    • According to Weibo user @i冰宇宙, Samsung’s Galaxy S26 series is confirmed to be announced in February, with an expected release in March. This would be later than the launch schedule of recent years.
    • Some users have noticed that the official WeChat account of Computer Fan magazine has recently been deactivated, and its official website is no longer accessible. Computer Fan was first founded in 1993.
    • On December 20, Xiaomi Brand General Manager Lu Weibing said during a livestream that “the Xiaomi 17 Ultra will definitely see a price increase—and I think it will be a fairly significant one. But compared with the rise in memory costs, I still think it’s relatively modest.” When the Xiaomi 15 Ultra was released, the company had previously stated that it would be the “last time at 6,499 yuan.” Lu explained that this assessment did not fully take memory costs into account, and was based only on increases in processor and camera costs. The 17 Ultra, however, also factors in rising memory prices, with increases far exceeding those of processors and cameras. He added that since the end of 2022, AI has experienced explosive growth, and based on overall projections, memory costs are expected to continue rising through 2025, 2026, and 2027.
  • SSPAI Morning Brief: Withdrawals Over 50,000 Yuan Will No Longer Require Registration

    SSPAI Morning Brief: Withdrawals Over 50,000 Yuan Will No Longer Require Registration

    Morning Highlights

    1. Withdrawals Over 50,000 Yuan Will No Longer Require Registration
    2. Airbus Issues Emergency Recall for Around 6,000 A320 Aircraft, Rolls Back Software Upgrade
    3. Regulators Reiterate Crackdown on Cryptocurrency Trading
    4. JD.com Announces Jingdou Rule Changes Starting in 2026
    5. Beijing Revises Non-Motor Vehicle Regulations, Special Plates Coming for Delivery and Courier Bikes
    6. Tesla Sells Only 100 Cars in India After Four Months
    7. Rumors You Can Just Glance At

    Withdrawals Over 50,000 Yuan Will No Longer Require Registration

    On November 28, the People’s Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released the Measures for the Administration of Customer Due Diligence and the Preservation of Customer Identity Information and Transaction Records by Financial Institutions, which will take effect on January 1, 2026. The Measures serve as one of the supporting regulations for the new Anti-Money Laundering Law that came into effect on January 1 this year. The law reflects a shift in regulatory philosophy from formalistic compliance to a risk-based approach, requiring financial institutions to adopt due diligence measures commensurate with the level of money-laundering risk.

    Compared with the 2022 version, the new version abolishes the former Article 10, which had stated that “when providing cash deposits or withdrawals of over 50,000 yuan in RMB or over 10,000 USD equivalent in foreign currency for individual customers, financial institutions shall identify and verify the customer’s identity and understand and record the source or purpose of funds.” Although the old provision was suspended shortly after publication due to public controversy and never formally took effect, many banks in practice still treated it as a de facto guideline.

    The new version also adds that “for situations involving lower risks of money laundering or terrorist financing, simplified due diligence measures may be taken as appropriate” (§3). Correspondingly, the new rules supplement the simplified due diligence section by specifying that products or services such as “accounts serving only social security or housing provident fund functions, and policy-based or mandatory insurance products” may be considered low-risk factors when assessing the risk of money laundering or terrorist financing (§29).

    However, the new version tightens requirements for one-off financial services such as cash remittance, cash exchange, bill redemption, physical precious metals trading, and the sale of financial products. For any such transaction amounting to over 50,000 yuan in RMB or over 10,000 USD equivalent, financial institutions must retain copies or images of valid identity documents (§9). The previous version required this only for customers who did not hold an account at the institution.

    In recent years, banks excessively questioning customers about the purpose of deposits or withdrawals has repeatedly sparked public concern. For example, on November 11 this year, CCTV reported that at a China Construction Bank branch in Dongying, Shandong, a lawyer attempting to withdraw 40,000 yuan was aggressively interrogated by the teller about the purpose of the withdrawal and the reasons for previous incoming transfers. When he challenged the questioning, bank staff threatened to call the police. The lawyer ultimately abandoned the withdrawal and left. Similarly, on November 28, 2024, a customer at an Agricultural Bank of China branch in Shenyang attempted to withdraw 5,000 yuan but was told that her husband must be present to prove their marital relationship.

    Airbus Issues Emergency Recall for Around 6,000 A320 Aircraft, Rolls Back Software Upgrade

    According to Reuters, on November 28, Airbus issued an emergency directive requiring the immediate recall and repair of roughly 6,000 A320-series aircraft worldwide (including the A319, A320, and A321)—more than half of all such aircraft currently in service globally. The large-scale recall stems from the investigation of a recent flight incident, in which technicians discovered that intense solar radiation could corrupt critical flight-control system data, creating a safety hazard. Both the European Union Aviation Safety Agency (EASA) and the U.S. Federal Aviation Administration (FAA), the primary certification bodies, have issued emergency airworthiness directives mandating that affected aircraft be grounded until repairs are completed.

    The safety risk traces back to a JetBlue incident on October 30 of this year. During a flight from Cancún to New Jersey, the aircraft suddenly lost altitude, injuring passengers, before making an emergency landing in Florida. Investigations revealed that strong solar flare activity had interfered with the aircraft’s Elevators and Ailerons Computer (ELAC), causing an abrupt uncommanded descent. The current fix involves rolling the software back to an earlier version, requiring about two hours per aircraft. However, industry sources indicate that more than 1,000 aircraft may require more complex hardware replacements.

    This incident marks one of the largest recalls in Airbus’s 55-year history and comes during peak holiday travel in Europe and the United States, already straining global airline capacity. Major carriers—including American Airlines, Lufthansa, Air France, and Air New Zealand—have begun grounding affected aircraft for inspection, resulting in delays and cancellations. Analysts note that widespread labor shortages and tight aircraft availability in the aviation maintenance sector make such rapid, large-scale unplanned repairs extremely challenging.

    The A320 family recently surpassed the Boeing 737 to become the most-delivered commercial jet in history and remains a core workhorse of China’s civil aviation fleet. Chinese airlines operate large A320 fleets, and Airbus maintains a final assembly line in Tianjin. Although no detailed information has been released regarding how many domestic aircraft are affected, the high number of A320s in China suggests there may be downstream impacts on flight scheduling.

    Regulators Reiterate Crackdown on Cryptocurrency Trading

    According to Caixin, on November 28, the People’s Bank of China convened a meeting of the joint working mechanism for cracking down on cryptocurrency trading and speculation, attended by leaders from fourteen government ministries.

    The meeting emphasized that cryptocurrencies do not possess the same legal status as fiat currency, lack legal tender attributes, and must not—and cannot—be used as currency in the market. Activities related to cryptocurrencies constitute illegal financial activities. Stablecoins are a form of cryptocurrency and currently cannot meet requirements in areas such as customer identification and anti-money laundering. They carry risks of being used for illegal activities such as money laundering, fundraising fraud, and unlawful cross-border capital transfers.

    The meeting noted that recently, influenced by various factors, speculative cryptocurrency trading has resurged, and related illegal activities continue to occur, presenting new risks and challenges for regulatory oversight. Officials called for continued adherence to prohibitive policies on cryptocurrencies and sustained crackdowns on illegal financial activities involving digital assets.

    Previously, on September 24, 2021, the People’s Bank of China and nine other agencies jointly issued the Notice on Further Preventing and Handling the Risks of Cryptocurrency Trading and Speculation, which clearly stated that cryptocurrencies do not have the same legal status as fiat currency. Activities related to cryptocurrencies—including overseas crypto exchanges providing services to Chinese residents via the internet—are considered illegal financial activities. Any legal entity, organization, or individual engaging in cryptocurrency investment or derivatives trading in violation of public order and good customs will have the related civil acts deemed invalid, and associated losses must be borne by the parties themselves. Activities suspected of disrupting financial order or endangering financial security are subject to investigation and punishment by relevant authorities.

    Since July this year, cities including Shenzhen, Beijing, Suzhou, and regions such as Zhejiang have issued frequent risk alerts, warning the public against illegal fundraising and scams disguised under new concepts such as stablecoins and crypto assets. Regulators have repeatedly stated their intention to continue cracking down on cryptocurrency trading.

    JD.com Announces Jingdou Rule Changes Starting in 2026

    On November 28, JD.com announced that it will adjust the rules for “JD Beans” starting at 00:00 on January 1, 2026. JD Beans are reward points given to users based on their shopping, reviews, posts, and other activities on the platform. The program was launched in October 2013. When making purchases, 100 JD Beans can be used to offset 1 RMB, but the deduction cannot exceed 50% of the order’s settlement amount.

    Under the new rules, the validity period of JD Beans will be shortened—from the current “valid until the end of the next calendar year” to a maximum of 180 days. Specifically, JD Beans earned through regular shopping, reviews, and posting photos will each have a validity period of 180 days. Beans earned through specific promotional events will have a validity period ranging from 1 to 180 days, depending on the event’s stated rules. If an order is canceled or returned after sale and the JD Beans used for deduction have already expired, they cannot be restored. Before the new validity policy takes effect, all existing unexpired JD Beans will retain their original validity period.

    Beijing Revises Non-Motor Vehicle Regulations, Special Plates Coming for Delivery and Courier Bikes

    On November 28, the Standing Committee of the Beijing Municipal People’s Congress voted to approve the newly revised Beijing Non-Motorized Vehicle Management Regulations, which will take effect on May 1, 2026. This marks the first revision of the regulations in seven years.

    The full text of the new regulations has not yet been released. According to media reports, the revision clarifies the categories of non-motorized vehicles permitted on the road, prohibits scooters and balance boards from road use, and emphasizes that no competitive or large-scale cycling activities may occupy public roads without approval. The age limit for minors riding as passengers on electric bicycles has been adjusted from under 12 to under 16 years old, and both riders and passengers are required to wear helmets. The regulations also specify rules for greenways and riverside walking paths.

    Regarding parking, the new regulations stipulate that parking facilities for non-motorized vehicles should primarily be built as supporting facilities, supplemented by independent construction and temporary setups. Where existing facilities are insufficient, they must be expanded or temporary parking zones must be established, and entities are encouraged to open internal parking facilities to the public. The regulations also include charging and battery-swap facilities within infrastructure planning and, in line with recently revised fire safety regulations, further emphasize the prohibition on bringing electric bicycle batteries into residential buildings.

    The new regulations require electric bicycles used for internet-based rental services or for delivery work in courier and food-delivery sectors to be issued special license plates. Internet-rental e-bikes are brought under industry regulation. The revision also clarifies the responsible regulatory departments for new business models. Courier companies, e-commerce platform operators, and other relevant businesses that rely on non-motorized vehicles for delivery services must fulfill safety management obligations and optimize algorithmic rules as required.

    Tesla Sells Only 100 Cars in India After Four Months

    According to BBC, dealership data shows that since Tesla’s high-profile entry into the Indian market this July, the company has sold only around 100 cars. Of the roughly 600 orders received before mid-September, the actual delivery conversion rate was extremely low. Due to steep import duties, Tesla’s entry-level models cost more than 6 million rupees (about 474,500 RMB) in India, far higher than the roughly 2.2 million rupees (about 174,000 RMB) price point of mainstream local EVs.

    Despite the weak start, Tesla recently opened its largest sales and service center in India, located in the northern city of Gurugram. The company also appointed a new head of India operations and introduced a three-pronged strategy focused on increasing EV adoption, expanding the charging network, and improving customer experience. In response to concerns over the high prices, the new executive said that although models like the Model Y require a larger upfront investment, owners can save about 2 million rupees (around 158,200 RMB) over four years through reduced fuel and maintenance costs, and that over-the-air software updates will further lower the total cost of ownership throughout the vehicle’s life cycle.

    Tesla faces additional challenges in India. Currently, EVs account for less than 3% of total passenger car sales, and the country has only around 25,000 public chargers, indicating severe infrastructure gaps. Meanwhile, competitors such as BYD, BMW, and Mercedes-Benz have recently posted strong sales thanks to festival-season demand and tax incentives. Although the Indian government introduced an incentive policy last March aimed at encouraging global automakers to localize production, Elon Musk continues to favor a light-asset strategy centered on imports.

    Beyond India, Tesla’s global performance has also come under pressure. Due to rising tariffs and increased R&D spending, Tesla’s third-quarter profit fell 37% year-over-year. While quarterly revenue hit a new high, Tesla is facing slowing demand in its core mature markets of Europe, China, and the United States.

    Rumors You Can Just Glance At

    • According to X user Tibor, the ChatGPT Android app (version 1.2025.329 beta) contains multiple code references related to advertising features, including mentions of “bazaar content,” “search ad,” and “search ads carousel” placements.
    • According to Caixin, citing several Baidu employees, multiple departments across Baidu’s business lines began layoffs last week, with layoff ratios ranging from 10% to 25%, and some departments nearing 30%. This marks the company’s largest round of layoffs in recent years, exceeding typical year-end adjustments. With signing compensation included, severance packages can reach up to N+3.5 (years of service plus 3.5 months of salary). Many employees believe that the internal adoption of AI tools and the business-model shifts brought by AI are key drivers behind this round of layoffs.
    • According to The New York Times, despite inflationary pressures and economic uncertainty, U.S. consumers demonstrated strong purchasing power during Black Friday 2025, with online spending hitting record highs. Adobe Analytics data shows that online spending on Friday reached $11.8 billion, a 9.1% increase over last year; Thanksgiving Day online spending reached $6.4 billion. According to Mastercard SpendingPulse, online sales jumped 10.4%, while brick-and-mortar retail saw a modest 1.7% increase. Apparel and jewelry were among the hottest categories. However, consumer behavior showed clear signs of caution and polarization, with shoppers placing more emphasis on cost-effectiveness. Additionally, roughly half of total U.S. consumer spending came from the top 10% of households by income, partially masking the consumption downgrade among lower-income groups.