Microsoft is laying out its AI vision, separate from long-time partner OpenAI.

Microsoft's goal is to not have to rely on OpenAI for any of its tech.

That's what they're working toward, but it's going to take some time for them to separate from Open AI.

Meanwhile, investors jitters around artificial intelligence send the NASDAQ to its

worst week since April. And travelers' pain over canceled flights might get even worse. It's Friday,

November 7th. I'm Alex O'Sullough for the Wall Street Journal. This is the PM edition of

What's News, the top headlines and business stories that move the world today.

It's been a dramatic week in markets. The AI boom has driven stocks sky high, and this week,

investors' confidence in that wavered.

Here's journal markets reporter Hannah Aaron Lang.

Obviously, the AI trade kind of dominates the entire stock market right now.

And it's being powered by these major tech companies that are spending billions and billions of dollars to rapidly build out these capabilities.

And the big question that investors have is,

is all of this money that we're spending going to be worth it? Is the price that I'm paying for this

stock justified by what those profits will look like down the line? And stock valuations are

quite high right now. We've seen those jitters kind of reach a fever pitch this week and spread throughout the market and ultimately drive stocks lower.

And reports on mounting job cuts and anxious consumers caused worries, especially in the absence of economic data from the government during the shutdown.

A monthly survey from the University of Michigan shows consumer sentiment in November falling to near record lows.

The NASDAQ had its worst week since April, closing down 3% over the five trading sessions.

For the week, the S&P 500 dropped 1.6% while the Dow ended down 1.2%.

For today alone, though, trading was mixed after some steep declines earlier in the

week, with small gains for the S&P and the Dow and a slight retreat in the NASDAQ.

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