News alert: Wartime is good for Big Oil
Friday, October 30, 2026
ExxonMobil and Chevron saw record quarterly earnings as they pushed to turn out more diesel and U.S. prices for the fuel reached all-time highs.
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Rising prices left Americans with less to spend in September. After taxes and inflation, their income fell 0.3%, the Bureau of Economic Analysis said. The cost of living has become a top concern for voters heading into the midterms after the Iran conflict pushed gas to about $4.25 a gallon.
Amazon's soaring AI spending is starting to spook investors. Amazon went from $14.8 billion in spare cash a year earlier to a $42.4 billion shortfall over the past 12 months. Its shares fell sharply after hours, even though cloud sales grew 39% last quarter, the fastest in nearly five years.
Google is starting to sell AI search ads outside the U.S. Users in 10 countries, including Canada and India, get them first, and the U.K. and Brazil will follow by year's end. CEO Sundar Pichai said AI is drawing more searches, yet search revenue grew 12% last quarter, down from 17% in the spring.
Canada and Nvidia are investing in Cohere's record funding round. The AI company said it's raising up to C$7 billion, the most ever for a Canadian tech firm. Prime Minister Mark Carney said a bigger Cohere would let businesses and governments control who can see their data.
Christine Lagarde will leave the European Central Bank early. Lagarde will step down as the bank's president on Feb. 7, nearly nine months before her eight-year term ends. The bank will also lose its chief economist, Philip Lane, and executive board member Isabel Schnabel by June.
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