Massive UK Tax Rises!! FED Pause?, US-China Rare Earth Truce, Mag 7 Earnings, AI Bubble?

In this episode of Personable Markets, host Harvey Bracken-Smith and guest Luke Sloman analyze a defining week in global finance.
Nvidia hits a $5 trillion valuation, the Federal Reserve pauses rate cuts, and Trump and Xi Jinping outline a potential new trade framework that could reshape technology, agriculture, and rare-earth supply chains.

They explore the AI-driven surge in earnings from major tech firms, the growing dominance of the “BATMMAAN” stocks, and the UK’s controversial tax proposals ahead of the Autumn Budget. Harvey and Luke also debate whether record market highs represent sustainable growth or the early signs of an overheated AI bubble.

In this episode, they discuss:
◽️ Nvidia’s $5 trillion milestone
◽️ Record-breaking Q3 tech earnings
◽️ The rise of “BATMMAAN” in the S&P 500
◽️ Meta’s drop despite strong results

⏱ Timestamps
00:00 Intro
00:35 Market overview and key themes
01:30 Tech earnings recap: Alphabet, Amazon, Apple
04:15 Microsoft and Meta’s AI CapEx spending
06:30 Market reactions and investor focus
08:15 “BATMMAAN” replaces the Magnificent 7
10:00 Nvidia’s $5 trillion valuation
12:10 Blackwell chip demand and revenue pipeline
14:00 Fed cut pause and data blackout
16:20 Powell’s “driving in fog” comment
18:00 Market reaction and inflation outlook
20:00 Trump–Xi meeting breakdown
22:15 Tariff reductions and fentanyl agreement
24:00 Rare-earth exports and semiconductor access
26:30 Nvidia’s China opportunity
28:00 AI market dependence and interconnectivity
30:15 Global markets hit record highs
33:00 Is the AI boom sustainable?
36:00 Comparing investor outlooks: optimism vs caution
38:30 UK Autumn Budget preview
41:00 Labour’s £36B tax hole
43:00 Income freezes, property taxes, ISA reform
45:00 20% exit levy and millionaire migration
47:00 UK inflation and household pressures
49:00 Energy costs and cost-of-living effects
51:00 Brain drain: UK talent moving abroad
54:00 Oxford, Cambridge, and education quotas
56:30 Entrepreneurship culture: UK vs US
59:00 Global capital flows and foreign investment
1:01:00 Retail investors, social media, and sentiment
1:04:30 Market psychology: crash fears vs growth belief
1:07:00 Outlook for 2026 global markets
1:10:00 Key takeaways and lessons
1:15:00 Outro 

📌 Resources
Luke Sloman:
◽️ LinkedIn: https://www.linkedin.com/in/luke-sloman-87a6742a9/?originalSubdomain=uk

Harvey Bracken-Smith:
◽️ LinkedIn: https://linkedin.com/in/harveybracken-smith
◽️ Instagram: https://instagram.com/harveybsmith
◽️ X (Twitter): https://x.com/harveybsmith_
◽️ Newsletter: https://personable.substack.com/
◽️ Website: https://www.personable.media/

Personable Podcast:
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Additional:
◽️ The Draft (Sign up): https://thedraft.io
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Personable is a podcast dedicated to helping listeners become the best they can be by learning from the world’s best in their respective fields. This mission is inspired by my mother, Louise, who encouraged me to become the best version of myself before she passed away from cancer in 2023. 

This content is for informational and entertainment purposes only and is not financial advice. Always consult a qualified financial advisor before making investment decisions. Investing involves risks, and past per