The Operating Week Ahead: November 17-22, 2025
The Week That Shook Markets: A Business Roundup for November 9–15, 2025 and Look Ahead to What's Next for Companies
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The Start
The past week was defined by dramatic developments in policy, technology, and leadership that set the foundation for conversations in markets and boardrooms for months to come. From the historic government shutdown finally ending, to AI exuberance and ethical debates, here are the stories that matter, and what’s next.
The Government Reopens After 43 Days
After a record-shattering shutdown, the federal government finally returned to operation on November 12. The spending package signed by President Trump provided relief for thousands of federal workers, triggered back pay, and reopened critical agencies, but also exposed lingering risks to the broader economy. Roughly 60,000 private-sector jobs were lost, air travel faced delays, and vital data releases, including the September jobs report, were postponed. The funding deal runs only through January, leaving policymakers and markets bracing for fresh battles over healthcare subsidies and spending.
Fed Signals Caution on Rate Cuts
The Federal Reserve cut rates by 25 basis points in October to 3.75%-4.00%, but the move in December is in doubt. Chair Jerome Powell emphasized that a further cut is “not a foregone conclusion,” prompting traders to reassess their expectations. Internal dissent and persistent inflation concerns have shifted the Fed off autopilot, putting both indebted companies and growth investors on edge ahead of the upcoming meeting minutes (to be released Nov. 19).
U.S.-China Trade Thaw—With New Flashpoints
The week saw a temporary easing of trade tensions after a Trump-Xi summit produced significant tariff reductions. The U.S. lowered its “fentanyl tariff” on Chinese goods, while China removed some retaliatory tariffs on American agricultural exports. Yet, cross-border competition is intensifying: Chinese regulators have taken direct aim at Nvidia, ruling that it violated antitrust laws, thereby escalating the global race in AI hardware and chipmaking.
AI Bubble Fears Dominate Discourse
AI stock valuations, market concentration, and infrastructure bets took center stage with major warnings from The Economist. Where 80% of 2025’s stock gains are AI-fueled, worries about a speculative bubble, echoed by “Big Short” investor Michael Burry, suggest widespread vulnerability. Utilities forecast electricity demand for data centers to be two to three times higher, but skeptics warn that these investments may prove wasteful if the bubble bursts.
Genetic Engineering: Silicon Valley Pushes Boundaries
A Wall Street Journal exposé revealed ultra-wealthy founders, including OpenAI’s Sam Altman and Coinbase’s Brian Armstrong, funding ventures to create gene-edited babies overseas. By exploiting legal gray areas abroad, these leaders are testing not only scientific but ethical boundaries, raising urgent questions about the role of regulation in both biotech and personal privacy.
Porsche Admits Its Business Model Is Broken
Iconic German automaker Porsche made headlines by slashing guidance and announcing cuts exceeding 10% of its workforce by 2029. Plummeting China sales, delays to electric vehicle launches, and unrelenting tariff pressures forced the automaker to reconsider strategies built over decades. The crisis signals wider turbulence for European carmakers facing rapid technological and geopolitical change.
The Trump-Epstein Wildcard
President Trump ordered an investigation into Jeffrey Epstein’s ties to prominent Democrats just days after new emails surfaced. This move, surrounded by controversy and bipartisan petitions for DOJ transparency, adds another layer of political distraction for leaders contending with messaging, risk management, and policy unpredictability in a volatile climate.
“How Markets Could Topple the Global Economy” — The Economist
Synopsis: Explores the risks of concentrated AI market growth. Charts and interviews provide historical perspective and highlight the policy tools needed to address potential reversals.
Insight: Not all bubbles burst the same way; this cycle’s dependence on physical infrastructure and data center expansion means its impact could be unprecedented.
“Genetically Engineered Babies Are Banned. Tech Titans Are Trying Anyway.” — Wall Street Journal
Synopsis: Documents the push by wealthy startup founders to create the first gene-edited child via international loopholes. Highlights regulatory and moral debates.
Insight: The intersection of technology and ethics is no longer theoretical—business leaders are now at the center of defining global boundaries.
“Does Your C-Suite Really Operate as a Team?” — Harvard Business Review
Synopsis: Sheds light on the fragmentation of top-level leadership and the danger it poses to execution.
Insight: Cohesive management isn’t a luxury—it’s prerequisite for strategic success and resilience.
“Stop Running So Many AI Pilots” — Harvard Business Review
Synopsis: Accumulates case studies pointing to the benefits of deep focus rather than scattershot experimentation.
Insight: Real AI value requires commitment and concentrated learning, not breadth for its own sake.
“The ‘Big Short’ Investor Betting $1 Billion Against the AI Bubble...” — Fortune
Synopsis: Details a prominent investor’s bet against the sector, with exact mechanisms for how companies disguise real financial risk.
Insight: Financial leadership and board directors should look past headline growth and scrutinize accounting practices.
“Porsche’s Warning Lights are Flashing” — The Economist
Synopsis: Reveals the storm facing one of Europe’s flagship brands, exploring everything from Chinese tariffs to EV development setbacks.
Insight: The industry’s future will be determined by an ability to adapt—with legacy strategies at risk.
If you’d like to work together, I’ve carved out some time to work 1:1 each month with a few top-notch Founders and Operators. I’d love to work with you.
Economic and Market Timeline
Stay vigilant: the coming week combines a backlog of government data, critical earnings, and central bank commentary that could sway markets.
Monday, November 18
8:30 AM: Empire State Manufacturing Index (October)
9:00 AM: NY Fed President Williams speaks
9:15 AM: Industrial Production & Capacity Utilization (October)
9:30 AM: Fed Vice Chair Jefferson speaks
10:00 AM: NAHB Housing Market Index (November)
1:00 PM: Minneapolis Fed’s Kashkari speaks
Earnings: Home Depot, Baidu, Medtronic, Amer Sports, BellRing Brands
Tuesday, November 19
8:30 AM: Philadelphia Fed Manufacturing Index (November)
8:30 AM: Housing Starts/Building Permits (October)
2:00 PM: FOMC Meeting Minutes (October)
2:00 PM: NY Fed’s Williams speaks
Earnings: Lowe’s, Target, TJX Companies, Viking Holdings, Wix.com
Wednesday, November 20
8:50 AM: Cleveland Fed’s Hammack speaks
10:00 AM: Existing Home Sales (October); Conference Board’s Leading Index
11:00 AM: Fed Governor Cook speaks
1:40 PM: Chicago Fed’s Goolsbee speaks
After market close: Nvidia Q3 FY2026 earnings (EPS: $1.23 forecast, Revenue: $54.59B)
Earnings: Palo Alto Networks, Copa Holdings, Jack In The Box
Thursday, November 21
Before market open: Walmart Q3 FY2026 earnings (EPS: $0.60 forecast, Revenue: $175.14B)
Morning: September Jobs Report (delayed from shutdown)
Earnings: Intuit, Gap, Ross Stores, Bath & Body Works, Veeva Systems
Friday, November 22
7:30 AM: NY Fed President Williams speaks
8:30 AM: Fed Governor Barr speaks
8:45 AM: Fed Vice Chair Jefferson speaks
9:00 AM: Dallas Fed’s Logan speaks
10:00 AM: University of Michigan Consumer Sentiment Index (Final, November)
Earnings: BJ’s Wholesale, Buckle, Moog
Below is the definitive guide to the week’s top business, investor, tech, consulting, MBA, and economics conferences
Corporate, Investor & Tech Conferences
Microsoft Ignite 2025
Dates: November 18–21 | Location: San Francisco & Digital
Flagship global event for IT professionals, developers, and partners. Merged with Inspire, featuring keynotes on AI, Microsoft Copilot, Azure AI, Microsoft 365, and hands-on labs.
Digital registration: Microsoft Ignite
Jefferies Global Healthcare Conference
Dates: November 17–20 | Location: London
Premier European healthcare investment event with 700+ firms, 3,600 attendees, and 10,000 meetings.
Conference info: Jefferies Global Healthcare
IBTM World 2025
Dates: November 18–20 | Location: Barcelona
Major meeting and events industry trade show for MICE professionals. Includes the Exceptional Experiences program, IBTM Ignite, and networking with 2,500+ exhibitors.
Details & registration: IBTM World
Baird Defense & Government Conference
Date: November 18 | Location: Tysons Corner, VA
Leading gathering for federal leaders, agency officials, defense tech, and investment. Themes: Mission, Innovation, Capital Markets.
Event site: Baird Defense & Government Conference
FIA Futures & Options Expo
Dates: November 17–18 | Location: Chicago
Top derivatives and cleared markets expo. Focus: Innovations, regulatory, fintech, cybersecurity.
More info: FIA Expo
West Monroe Chi Supply Summit
Date: November 18 | Location: Chicago
Features MIT’s David Simchi-Levi; “AI in Supply Chain.” Networking, sponsor expo, event with NIU Huskies.
Details: West Monroe Events
Consulting & Governance Events
CII-NYU Corporate Governance Bootcamp
Dates: November 20–21 | Location: NYU School of Law
Intensive governance training for institutional investors on best practices, fiduciary duties, and shareholder engagement.
Event info: Council of Institutional Investors
Russell Bedford Managers & Young Partners Conference
Dates: November 23–25 | Location: Hamburg
Global event for managers and partners in accounting, audit, tax, and consulting.
Russell Bedford Events: Russell Bedford
Academic Conferences & Events
Econometrics of Equilibrium Effects Conference (Becker Friedman Institute, UChicago)
Date: November 14 | Location: Chicago
Focus: Economic policy equilibrium effects, IO, causal inference. Academic research presentations.
Program info: BFI UChicago
Booth-Kellogg ETA Conference
Date: November 19 | Location: Navy Pier, Chicago
Annual event for search fund entrepreneurs, investors, MBA students, and ETA professionals.
Details/registration: Booth-Kellogg ETA
Southern Economic Association 95th Annual Meeting
Dates: November 22–24 | Location: Tampa, FL
One of the largest economics conferences; hundreds of sessions/papers across all fields.
Schedule & info: SEA Annual Meeting
Wharton Campus Visits & Explore Wharton
Dates: Nov 17, 20 (visits); Nov 21 (full-day event) | Location: Philadelphia
Student panels, campus/class visits, and networking for prospective MBAs.
Visit info: Wharton Campus
MIT Sloan Visit Program
Date: November 21 | Location: Cambridge
Admissions sessions, campus tours, Q&A—a must for candidates interested in MIT’s offerings.
Register: MIT Sloan Events
Kellogg Preview Day
Date: November 14 | Location: Evanston, IL
Masterclass, admissions, careers, and networking—Kellogg’s flagship MBA info experience.
Event info: Kellogg Events
NYU Stern MBA Immersion
Dates: November 14–15 | Location: New York
Mock classes, alumni meets, affinity brunch, career sessions for MBA applicants.
Details: NYU Stern Events
XXV NOVA Conference (Columbia Business School)
Dates: November 14–16 | Location: Columbia, New York
Panels and keynotes on strategy and innovation with 20+ finance speakers.
Conference info: NOVA Conference
Global Conference on Business and Economics (GLOBE 2025)
Dates: November 11–14 (virtual)
Global research and academic business sessions, accessible virtually.
Event info: GLOBE 2025
Emory Goizueta & Georgetown McDonough Campus Visits
Dates: November 18+ | Locations: Atlanta, Washington DC
Class visits, tours, and Q&A sessions for MBA candidates.
Goizueta Events: Emory Goizueta
McDonough Events: Georgetown McDonough
Access MBA Tour (Calgary, Vancouver)
Dates: November 17 (Calgary), November 19 (Vancouver)
One-on-one meetings with admissions for global MBA programs.
Details/registration: Access MBA Events
What the World Is Telling Us
The convergence of events this week speaks to an inflection point, where policy uncertainty is intersecting with technological exuberance and structural economic shifts. The Federal Reserve’s hesitation on December rate cuts, combined with the delayed economic data from the shutdown, creates a poorly timed information vacuum. Markets have priced in AI dominance with conviction (80% of 2025’s gains concentrated in a handful of names). Yet, the skepticism from seasoned investors like Burry suggests we may be conflating narrative with fundamentals. History shows that when accounting quality becomes questionable and infrastructure investments outpace demonstrated returns, vulnerabilities accumulate beneath the surface.
What’s particularly noteworthy is the simultaneity of challenges facing established business models. Porsche’s candid admission that decades-old strategies no longer work mirrors broader questions about how legacy institutions adapt when the pace of change accelerates. The genetic engineering controversy and AI bubble concerns share a common thread: when capital moves faster than regulation, ethics, or proven business cases, society faces coordination problems that markets alone cannot solve. The trade détente with China offers temporary relief, but the Nvidia antitrust ruling reminds us that strategic competition will define the next decade regardless of tariff levels.
The week ahead will provide critical data points, Nvidia’s earnings as a bellwether for AI investment sustainability, Walmart’s results as a consumer health indicator, and the long-delayed jobs report that could reshape recession probabilities. But the lesson I’m focusing on is about staying anchored in fundamentals when narratives become seductive. The most profitable investment decisions typically come from recognizing when market prices have divorced from underlying economic reality. Whether that moment is now or still ahead remains the essential question. What’s certain is that 2026 will be shaped by how these tensions resolve. Those who can distinguish signal from noise will be positioned, along with their companies, to navigate whatever comes next.
- john -
Operating by John Brewton goes deep on what it takes to build, scale, and optimize modern companies. This breakdown analysis is just the starting point. Check out last week’s analysis of Amazon’s current operating strategy to see more.
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John Brewton documents the history and future of operating companies at Operating by John Brewton. He is a graduate of Harvard University and began his career as a Phd. student in economics at the University of Chicago. After selling his family’s B2B industrial distribution company in 2021, he has been helping business owners, founders and investors optimize their operations ever since. He is the founder of 6A East Partners, a research and advisory firm asking the question: What is the future of companies? He still cringes at his early LinkedIn posts and loves making content each and everyday, despite the protestations of his beloved wife, Fabiola, at times.
We live in such an exciting but scary time to be honest. We get a different feel how different places experiences the global economy when we travel. Fascinating 💡
Hooray 🎉 the US is open for business! I've had 500k deal stuck for 6 weeks 🤞 hopefully it'll budge now 🤓