Mamdani New NYC Mayor, $500 Billion Chip Selloff, AstraZeneca CEO’s Big Bet

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Zohran Mamdani was elected the 111th mayor of New York in a historic victory that will put an avowed democratic socialist in charge of the city that serves as the capital of global finance. (2) The global selloff in semiconductor stocks accelerated on concern over lofty valuations for some of the artificial intelligence boom’s biggest winners. (3) UK Chancellor of the Exchequer Rachel Reeves will meet CEOs from top insurers in Downing Street on Wednesday, as she seeks to encourage more investment in the City ahead of a tricky budget later this month. (4) European Union member states clinched a preliminary deal to reduce emissions by 90% through 2040 compared with 1990 levels, a move that bolsters the bloc’s climate leadership credentials ahead of the COP30 summit. (5) WhatsApp, the popular messaging service owned by Meta Platforms Inc., introduced a standalone Apple Watch app that makes it easier for users to interact with their chats from Apple Inc.’s smartwatch without pulling out an iPhone. Podcast Conversation: I Saw a Vision of Chocolate’s Future in an Amsterdam Brownie See omnystudio.com/listener for privacy information.