WSJ What’s News – Episode Summary

Episode Title: 2026 Graduates Face Worst Jobs Market in 5 Years
Date: November 14, 2025
Host: Kate Bullivant
Podcast: Wall Street Journal - What’s News AM

Episode Overview

This episode covers the state of global markets amidst recent volatility, intensifying U.S.-China tech tensions (particularly regarding AI chip exports), high-profile media mergers, and, most notably, the bleak job outlook facing 2026 college graduates. Expert guests provide context and firsthand analysis, highlighting economic uncertainty, geopolitical factors, and the reshaped early-career landscape.

Key Discussion Points

1. Stock Market Volatility & Tech Sector Concerns

• Market Sell-Off Continues

  • [00:33-01:56] Kate Bullivant introduces the ongoing global market downturn, with Wall Street seeing continued losses, especially among tech stocks.
  • Quintin Webb, deputy finance editor, explains that markets, especially tech, were "priced at something close to perfection." Even a small shift in sentiment led to the recent pullback.
    • Quote:
      “So you could say that we were priced at something close to perfection. And so it doesn't take much of a shift in mood for things to start coming back a bit.” — Quintin Webb [00:41]

• AI Hype and Tech Valuations

  • [01:56] Webb draws parallels between current valuations and the dot-com bubble, warning that delayed AI breakthroughs or poor returns on big AI investments could undermine already lofty stock prices.
    • Quote:
      “…now there has come into focus this question about whether valuations are excessive. So we are now by some measures back to sort of dot com era style valuations…” — Quintin Webb [01:56]

2. Economic Uncertainty and Trade Policy Shifts

• Fears of Sticky Inflation & Delayed Data

  • [02:35-03:09] Investor anxiety intensifies due to delayed economic indicators following a government shutdown. Reduced confidence that the Fed will cut rates in December.
    • Tapering expectations: Probability of a December rate cut drops from 95% to 50% in the past month.

• Tariff Rollbacks on Latin American Imports

  • [03:09] The U.S. prepares to eliminate tariffs on select goods from Ecuador, Argentina, El Salvador, and Guatemala under new frameworks, hoping to combat inflation and recalibrate international relationships. Tariffs of at least 10% will remain on other products.

• Chinese Economic Slowdown

  • [03:09-05:26] China posts its sharpest slowdown in fixed asset investment since 1992, fueling global economic uncertainty. Retail, industrial, and property sectors weaken, possibly reflecting reduced appetite for overbuilt sectors like steel and EVs.

3. U.S. Immigration Enforcement Focus Shifts to North Carolina

• Community Concerns over ICE Activity
  • [05:26-06:01] After a crackdown in Chicago, attention turns to Charlotte, NC. State and local officials express worry about aggressive and non-targeted ICE operations.
    • Quote:
      “We have seen instances where ICE has gone after American citizens and detained them for up to days at a time. We've seen them assault senior people... This is not how policing is supposed to happen in this country.” — NC Gov. Josh Stein [05:26]

4. AI Chip Export Controls and Tech Titans Divide

• GAIN AI Act: Nvidia vs. Amazon & Microsoft
  • [07:07-09:41] Sandra Kilhoff and reporter Amit Ramkumar explore a proposed amendment (GAIN AI Act) that would tighten controls on AI chip exports to China and other “countries of concern,” favoring U.S. tech giants (Amazon, Microsoft) with exemptions.
    • Amazon and Microsoft support the measure, which could ease their overseas operations, while Nvidia (with 80% AI chip market share) and other chip companies lobby against it.
    • The policy’s path is uncertain, caught up in NDAA year-end negotiations, though it has prominent Democratic backers (Schumer, Warren) but still needs key GOP and banking committee support.
    • Quote:
      “This policy is really interesting because it splits the hyperscalers… It basically gives them an exemption to the policy that would allow them to transfer their chips from the US to overseas... without needing export licenses from the government.” — Amit Ramkumar [07:35]
    • Quote:
      “Lawmakers are very concerned about security risks associated with exporting these chips, potentially to places like China or even the Middle east…” — Amit Ramkumar [09:41]

5. Media Mergers – Warner Brothers Discovery Auction

• [10:15] Paramount, Comcast, and Netflix are preparing bids for Warner Brothers Discovery, with a deal expected to be finalized by year-end. Paramount is committed to buying the entire company, while Comcast and Netflix are mainly interested in Warner’s production assets.

6. 2026 Graduates Face Worst Job Market in Half a Decade

• Dismal Prospects for New College Graduates
  • [10:15-12:31] The National Association of Colleges and Employers survey finds employer sentiment at its most pessimistic since the pandemic; over half of employers rate 2026’s job market for new grads as “poor” or “fair”.
    • Key Drivers:
      • Economic slowdown: High-profile layoffs (e.g., Verizon slashing 15,000 jobs) signal a tepid labor market.
      • AI automation: Companies increasingly assess whether tasks handled by entry-level workers can be automated.
      • Preference for experience: Employers are “just being choosier where they are hiring,” o%en favoring candidates with some experience.
      • Quote:
        “A lot of companies [are] thinking, hey, maybe we can replace the entry level tasks that we used to have the fresh young people do, we can do with AI. And they're just being choosier…” — Alex Frangos [11:36]
    • Long-Term Career Impact:
      • Entering a bad job market can have persistent effects on graduates’ earning power and career trajectory.
      • Quote:
        “You come into a terrible job market and you're set back because your salary starts lower and your prospects are lower. And if you come in to a booming job market, your salary starts at a higher level and that's something you build on throughout your career.” — Alex Frangos [12:15]
    • Bright Spots:
      • Some sectors, like healthcare, education, and manufacturing, are still growing entry-level roles (per Handshake jobs platform).

Notable Quotes & Memorable Moments

• “So you could say that we were priced at something close to perfection. And so it doesn't take much of a shift in mood for things to start coming back a bit.”
  – Quintin Webb (on tech valuations) [00:41]

• “We have seen instances where ICE has gone after American citizens and detained them for up to days at a time… This is not how policing is supposed to happen in this country.”
  – Gov. Josh Stein [05:26]

• “This policy is really interesting because it splits the hyperscalers, the tech giants like Amazon and Microsoft, and it basically gives them an exemption...”
  – Amit Ramkumar (on GAIN AI Act) [07:35]

• “A lot of companies thinking, hey, maybe we can replace the entry level tasks… with AI.”
  – Alex Frangos (on grad jobs) [11:36]

• “You come into a terrible job market and you're set back because your salary starts lower and your prospects are lower.”
  – Alex Frangos [12:15]

Timestamps for Major Segments

• 00:33 – Stock market and tech selloff context
• 01:56 – Tech stock valuations and AI risk
• 02:35 – Delayed data and Fed rate cut uncertainty
• 03:09 – New U.S. tariffs and China economic conditions
• 05:26 – ICE operations in North Carolina; Gov. Stein’s concerns
• 07:07 – Introduction to GAIN AI Act and chip export policy
• 07:35 – Tech industry divisions revealed by chip policy
• 10:15 – Paramount, Comcast, Netflix competing for Warner
• 10:56 – The Class of 2026’s bleak job market
• 11:36 – Impact of AI and economy on entry-level hiring
• 12:15 – Long-term career impacts for 2026 grads

Conclusion

This installment examines the interplay of market jitters, U.S. trade and tech policy, geopolitical stressors, corporate maneuvers, and above all, the historic challenges looming for new college graduates. The episode’s expert analysis underscores that 2026 graduates must navigate a stormy start—one shaped by automation, cautious employers, and the aftershocks of economic and policy shifts far beyond the campus gates.