WSJ What’s News — “Selloff Sweeps Global Markets”
Date: November 18, 2025
Host: Caitlin McCabe
Notable Segments: Hannah Miao (Markets), Elliot Brown (Defense/Geopolitics), Lindsay Ellis (Workplace & AI)
Episode Overview
This episode explores the intensifying global market selloff amid fears of an AI bubble, updates listeners on a pivotal House vote regarding the release of the Epstein files, examines shifting U.S.–Saudi relations and F-35 fighter sales, and investigates how the AI wave is upending expectations for American workers. The tone is brisk, urgent, and informative, in typical Wall Street Journal “What’s News” fashion.
Main Discussion Points & Key Segments
1. Global Market Selloff and AI Bubble Concerns
Segment Start: 00:45
Guest: Hannah Miao, Shanghai-based WSJ reporter
- Market Declines:
- Major indexes in Asia and Europe are down; US futures also sliding.
- Bitcoin falls below $90,000 (00:45).
- “The S&P 500 yesterday logged its largest three day percentage decline since April, back when President Trump’s trade war sent markets tumbling. This time…the culprit is stemming at least partially from fears that the AI frenzy…could be overdone.” — Caitlin McCabe (00:45)
- Technical Indicators:
- Both S&P 500 and Nasdaq drop below their 50-day moving averages.
- “Analysts often look at this as a gauge for where stocks go from here. The longer term momentum is now pointing in the negative direction…could be more pain ahead.” — Hannah Miao (01:44)
- AI Bubble Debate:
- Concerns that AI investments are being “funded by debt” and won’t deliver commensurate revenue (02:30).
- Sundar Pichai (Alphabet CEO) recently said, “if the AI bubble were to burst, no company would be immune, even his own company, Alphabet.” — Hannah Miao citing Pichai (03:04)
- Economic Uncertainty:
- Lack of regular government economic data due to shutdown amplifies investor uncertainty.
- Upcoming September jobs report is highly anticipated for clues about true economic health (03:40).
- Selloff Is Broad:
- Bitcoin, gold, Asian and European markets also down.
- “The volatility index…is at some of the highest levels since April. So generally we’re seeing a lot of uncertainty out there.” — Hannah Miao (04:19)
- Memorable Moment: “Even gold has taken a hit. So it’s been pretty widespread…and we’ve seen this also hit Asian stock markets, European as well.” — Hannah Miao (04:41)
2. Epstein Files: House Vote & Political Fallout
Segment Start: 06:14
- Expected House Vote:
- A measure to compel the Justice Department to release the full Epstein files is set for a vote.
- “Potentially, dozens of Republicans are expected to vote in support of the measure, in a sign that Trump’s influence within the GOP is showing some signs of weakening.” — Caitlin McCabe (06:22)
- Trump first tried to block the vote, then reversed course: “I’m all for it…We’ve already given 50,000 pages. You do know that?” — Donald Trump, via Caitlin McCabe (06:50)
- Reputational Fallout:
- Over 20,000 emails from Epstein made public by House Oversight last week.
- Former Treasury Secretary Larry Summers stepping back from public life after being named in email trove.
- “He was deeply ashamed of his actions and said he takes full responsibility for his, quote, misguided decision to continue communicating with Epstein.” — Caitlin McCabe (07:43)
- Senator Elizabeth Warren urged Harvard to cut ties with Summers.
- No wrongdoing implied by being named in emails.
3. US–Saudi F-35 Deal and Middle East Diplomacy
Segment Start: 07:54
Guest: Elliot Brown, WSJ defense reporter
- Sale Announcement:
- Trump announces US will sell F-35 fighter jets to Saudi Arabia, only the second Middle East nation after Israel to have them.
- “Historically, the F-35s have been reserved for our absolute closest allies…there’s concern that it would erode Israel’s military advantage…” — Elliot Brown (08:19)
- Geopolitical Implications:
- Israel’s “qualitative military edge” now at risk.
- The F-35 deal is also seen as a lever in negotiating further Israel–Saudi normalization (Abraham Accords).
- “If you give Saudi the jets now, then you’re lacking one more tool in the toolbox to convince them to normalize relations.” — Elliot Brown (08:51)
- AI Chip Sales:
- Saudi also pushing to get top-end Nvidia AI chips; unclear if they have budget (09:29).
- Khashoggi Aftermath:
- Trump’s overtures signal rehabilitation of Crown Prince Mohammed bin Salman after the murder of Jamal Khashoggi (09:07).
- UN Security Council & Middle East Peace:
- UN Security Council backs Trump’s peace plan for Gaza; Russia and China abstain.
- Resolution sets up international stabilization force and “Board of Peace” for Gaza reconstruction and possible path to Palestinian statehood “if the right conditions are in place.” (09:54)
4. The AI Imperative at Work—Use It or Lose Your Job
Segment Start: 10:49
Guest: Lindsay Ellis, WSJ Workplace Reporter
- Corporate AI Push:
- “The prevailing concern for most workers is the fear of being replaced by AI… it’s mostly when employees aren’t embracing the technology fast enough.” — Caitlin McCabe (10:54)
- Companies now require AI training, using performance reviews and even incentives to spur adoption.
- “You have some companies that are incentivizing early adopters with cash prizes or with plum assignments. Other companies are saying this is going to be part of your performance evaluation. And in a few cases, we’ve seen organizations push out individuals who are not using artificial intelligence in their day to day work.” — Lindsay Ellis (11:39)
- Worker Attitudes:
- Gallup: 40% of US workers who don’t use AI “don’t believe it can help”; 11% just “don’t want to change how they worked” (12:12).
- Further Coverage:
- Listeners encouraged to check out Lindsay Ellis’s fuller interview on Tech News Briefing (12:33).
Notable Quotes & Memorable Moments
- “If the AI bubble were to burst, no company would be immune, even his own company, Alphabet.”
—Sundar Pichai, as cited by Hannah Miao (03:04) - “Analysts often look at this [50-day moving averages] as a gauge…Longer term momentum is now pointing in the negative direction…more pain ahead.”
—Hannah Miao (01:44) - “We’ve seen organizations push out individuals who are not using artificial intelligence in their day to day work.”
—Lindsay Ellis (11:52) - “If you give Saudi the jets now, then you’re lacking one more tool in the toolbox to convince them to normalize relations.”
—Elliot Brown (08:51) - “He added that he was deeply ashamed of his actions and said he takes full responsibility for his, quote, misguided decision to continue communicating with Epstein.”
—Caitlin McCabe on Larry Summers (07:43)
Timestamps for Key Segments
- 00:45 — Global market selloff, AI bubble fears
- 01:44 — Technical context: moving averages & volatility
- 03:04 — Sundar Pichai’s warning on the AI bubble
- 04:19 — Bitcoin, gold, and volatility index
- 06:14 — House vote on releasing Epstein files
- 07:43 — Larry Summers & Harvard fallout
- 07:54 — US-Saudi F-35 fighter jet sale
- 08:19 — Elliot Brown on the significance of the deal
- 09:29 — AI chip negotiations with Saudi/UAE
- 09:54 — UN Security Council backs Trump’s Gaza plan
- 10:49 — AI expectations for American workers
- 11:14 — Lindsay Ellis on AI training and corporate expectations
- 12:12 — Gallup survey on AI resistance
Takeaways
- Markets are undergoing a sharp correction, spurred by skepticism about overhyped AI investments and a lack of fresh economic data.
- US political currents are shifting, with Trump’s grip on the GOP under scrutiny as the House prepares to vote on making Epstein files public.
- High-stakes geopolitics, from US military sales to the Middle East peace process, remain volatile.
- For workers, the pressure is building not just to live with, but to actively leverage, AI at work—or risk being left behind.
This summary covers all major topics in the episode, with attention to key points, expert commentary, and notable quotable moments. For more depth, listeners are directed to related WSJ podcasts referenced in the episode.