AI Summary
5 min readDiplomats are scrambling to prevent a flare-up in the Iran conflict, Meta’s new AI shopping tool Muse is seeing explosive early use but remains unprofitable, and Tesla’s flat car sales are being overshadowed by Elon Musk’s promises about humanoid robots and autonomous taxis. These are the dominant threads in this Thursday morning edition of WSJ’s What’s News, which also covers Nestlé’s resilient earnings, IBM’s cautious AI outlook, and a behind-the-scenes effort by Meta’s board to keep Mark Zuckerberg from leaving California over a looming wealth tax.
Geopolitical Tensions and Diplomatic Jockeying
One person was killed and eight injured in an attack on a civilian airport in Saudi Arabia, which authorities attribute to Iran-backed Houthi militants. The U.S. State Department responded by pulling some diplomatic personnel from the country, citing continuing threats from the Yemen-based group. This follows earlier missile strikes on Riyadh’s international airport that killed at least twelve. The Houthis have also threatened Red Sea shipping and attacked Saudi oil pipelines, though they did not immediately claim responsibility for the latest incident.
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What you'll learn
- 1 (00:33) **Middle East Diplomacy and Escalation Risks** - Efforts to prevent a wider Iran conflict as Houthi attacks and US/Israeli moves raise tensions.
- 2 (03:47) **Thales Surges on Geopolitical Tensions** - The French defense company reports a jump in orders for radar systems and air defense equipment.
- 3 (04:11) **Tesla’s Flat Sales and Robot Ambitions** - Q3 car sales are flat, but CEO Elon Musk focuses on future revenue from autonomous taxis and humanoid robots.
- 4 (05:17) **IBM’s Cautious AI Outlook** - CEO Arvind Krishna warns that corporate clients are scrutinizing AI spending ROI, even as IBM reports improved Q3 profit and revenue guidance.
- 5 (05:58) **Nestlé’s Resilient U.S. Growth** - The consumer goods giant beats expectations, driven by snacking and pet care, despite inflation and GLP-1 drug disruption.
- 6 (07:19) **Meta’s Stock Split and Zuckerberg’s California Tax Dilemma** - Meta issues new non-voting shares to fund AI investments and help Mark Zuckerberg pay a potential California wealth tax without leaving the state.
- 7 (10:38) **Meta’s Record Revenue and AI Monetization Hopes** - Q3 revenue hits a record, and Meta highlights early success with its AI shopping tool Muse, but profitability remains distant.
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Show Notes
A.M. Edition for Oct. 22. As the U.S. and Israel signal a possible escalation, Middle Eastern mediators scramble to give new life to talks with Iran. While President Trump said he won’t attack before the midterms, WSJ’s Middle East correspondent Benoit Faucon said he’s recently sounded some hawkish notes. Plus, tech stocks sell off globally after a bevy of earnings releases from AI companies disappoint investors and put an abrupt stop to Wednesday’s relief rally. And Mark Zuckerberg agrees to stay in California, for now, as Meta splits its stock to potentially help him pay a future tax bill. Luke Vargas hosts.
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