Top stories today:

1. NVIDIA says GPUs “generation ahead” of Google’s AI chips
2. Polymarket secures CFTC approval for regulated U.S. return
3. Kevin Hassett emerges as frontrunner in Trump’s Fed chair search
4. U.S. retail sales +0.2% in Sep. as shoppers pull back
5. SoftBank -40% since late Oct. amid fears of new pressure on OpenAI
6. Harmonic, Robinhood CEO’s startup, valued at $1.45B in new round

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. NVIDIA says GPUs “generation ahead” of Google’s AI chips

NVIDIA stock was -3% on Tue. on a report that Meta may use Google’s TPUs for its data centers:

• “We’re delighted by Google’s success... we continue to supply to Google,” NVIDIA said on X.

• “NVIDIA is a generation ahead of the industry,” the company said.

• “[I]t’s the only platform that runs every AI model and does it everywhere computing is done,” NVIDIA said.

• NVIDIA has a 90%+ share in the AI chip market, per analysts, but Google has started getting increased attention in recent weeks for its in-house TPUs.

• “We are experiencing accelerating demand for both our custom TPUs and NVIDIA GPUs,” Google said.

• Alphabet stock +2% on Tue.

2. Polymarket secures CFTC approval for regulated U.S. return after 3 years of restrictions

• Polymarket has received an amended Order of Designation from the CFTC.

• U.S. users will be able to trade Polymarket contracts through futures commission merchants and traditional brokerage channels.

• The marketplace must implement enhanced surveillance, clearing procedures, and full Part 16 reporting.

• 2022: Polymarket restricted U.S. users amid regulatory pressure.

4. Kevin Hassett said to emerge as frontrunner in Trump’s Fed chair search

Polymarket has 52% odds on White House NEC Director Hassett becoming the next Fed chair: