AI bubble worries spread to Asia
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 5 November 2025
⏱️ 10 minutes
🧾️ Download transcript
Summary
US voters issued a rebuke of President Donald Trump, US stocks dropped on Tuesday as jitters over highly elevated valuations for many artificial intelligence companies intensified, and some investors are worried there’s an AI bubble in Asian stocks as well. Plus, UniCredit’s ambition to become a European banking powerhouse has hit a series of roadblocks.
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Listen to the Swamp Notes podcast
US stocks slide as investors fret over high valuations for AI companies
Asian markets’ reliance on AI boom raises ‘bubble’ fears
What next for Andrea Orcel’s UniCredit?
Today’s FT News Briefing was produced by Marc Filippino, Sonja Hutson, Lulu Smyth and Victoria Craig. Our show was mixed by Kent Militzer. Additional help from Michael Lello. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:04.0 | Today is Wednesday, November 5th, and this is your FT News Briefing. |
| 0:09.0 | U.S. state and local elections were good to the Democrats, and Asian stock markets could be entering bubble territory. |
| 0:18.0 | Plus, Unicredit keeps stumbling on its journey to become a European banking powerhouse. |
| 0:25.5 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 0:35.0 | Democrats got some wind in their sales last night. |
| 0:38.9 | The party won the races for governor in Virginia and New Jersey. |
| 0:43.3 | Both states leaned Democratic in recent presidential elections, but have chosen governors from |
| 0:49.2 | both parties in recent years. |
| 0:51.8 | Yesterday was the first election of President Donald Trump's second term, and it could be a |
| 0:57.5 | national bellwether. |
| 0:59.2 | The U.S. will hold midterm congressional elections next November. |
| 1:04.0 | The New York mayoral election has also garnered national attention. |
| 1:09.0 | Democratic Socialist Zoran Mamdani won. |
| 1:12.1 | He beat out former Democratic Governor Andrew Cuomo, who ran as an independent. |
| 1:17.8 | For more analysis on the results of the election, check out the FT's Swamp Notes podcast this Friday. |
| 1:30.7 | Some of the froth might be coming off the AI boom on Wall Street. |
| 1:36.1 | The tech-heavy NASDAQ composite fell 2% yesterday, and the broader S&P 500 declined a little |
| 1:42.6 | more than 1%. |
| 1:43.9 | Investors are worried about high-flying valuations of AI companies |
| 1:48.6 | and how long it'll take to see a payoff of major investments in the technology. |
| 1:54.4 | Plus, top Wall Street executives warned yesterday that markets are vulnerable to a slide. |
... |
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