Good morning. Elon Musk’s startup xAI attracts big name investors in its ongoing funding round. President Donald Trump threatens to block back pay after the government shutdown. And soccer has its first billionaire player. Listen to the day’s top stories.

By Maddie Parker

Elon Musk’s xAI startup is raising more money than initially planned, tapping backers including Nvidia, to lift its ongoing funding round of $20 billion, according to people with knowledge of the matter. It’s the latest in a flurry of AI deals that are fueling fears of a trillion-dollar bubble. In more AI news, Anthropic will open a first office in India, expanding into a rapidly growing market known for its engineering talent.

Golden rally. Spot gold smashed through $4,000 an ounce for the first time, as concerns over the US economy and the government shutdown added fresh momentum to a scorching rally. With its surging gains this year, the traditional safe haven is on course for its strongest annual advance since 1979. Silver has fared even better this year and is approaching its record set in early 1980.

Speaking of the shutdown, President Trump opened the door to blocking back pay for certain federal workers when the government reopens, in a move that would heighten legal scrutiny of the administration’s maneuvers. Across the nation, the shutdown impact is also being felt by travelers—air traffic into and out of Chicago and Dallas is plagued by delays due to staffing shortages.

Teams from the US, Qatar, Israel and other nations are headed to Egypt as part of a final push for a deal with Hamas aimed at ending the two-year war that’s devastated Gaza and destabilized much of the Middle East. The meeting comes after Trump put forward a 20-point peace plan last week alongside Israel’s Benjamin Netanyahu. Elsewhere, Trump has called off US diplomatic engagement with Venezuela, in a move that may lead to further military escalation in the country.

Mark Carney and Donald Trump in the Oval Office on Oct. 7. Photographer: Shawn Thew/EPA

With a trading relationship worth $900 billion on the line, Trump said he expects the US and Canada will eventually reach a trade deal, in an Oval Office meeting with Canadian Prime Minister Mark Carney. Meanwhile, Mexican officials vowed to push back against new tariffs the Trump administration is planning on heavy trucks, ahead of a Nov. 1 deadline. And the World Trade Organization said the growth of global trade is expected to slow sharply next year, a delayed drag on commerce caused by the tariffs.

Deep Dive: AI Power Boom

A uranium enrichment facility in Ohio. Photographer: Jed Rosenberg/Bloomberg

The AI power boom has turned nuclear stocks into the market’s latest obsession.

• Take the example of Nano Nuclear Energy. It has no revenue and no operating power plant, yet investors have driven its valuation past $2.3 billion.
• The company is being lifted by Wall Street’s latest fixation: the idea that AI will require vast new sources of electricity.
• As tech giants race to build data centers capable of running machine-learning systems, they’re driving up power contracts and making anything linked to nuclear look like a ticket to the future.
• Nuclear power plants have been feeding the grid for decades, but these companies are pursuing a new path. Here’s how.

The Big Take

OpenAI will build data centers with Nvidia chips. Photographer: Annabelle Chih

The big AI worry. A wave of deals and partnerships are escalating concerns that the trillion-dollar AI boom is being propped up by interconnected business transactions. Read the story.

Opinion

President Trump meets with members of his Cabinet. Photographer: Andrew Harnik/Getty Images North America

Hubris at the top could start a major war, Andreas Kluth writes. As the world holds its breath for the announcement of this year’s Nobel Peace Prize, spare a moment to ponder the growing risk of war, including world war.

Before You Go

Cristiano Ronaldo. Photographer: Eurasia Sport Images/Getty Images AsiaPac

Move over Messi. Cristiano Ronaldo’s soccer career has been a series of glittering firsts, from a record transfer to Real Madrid to scoring more competition goals than any man in history. He’s now notched up another huge win off the field: here’s how he became the sport’s first billionaire player.