Good morning. AI-fueled stock rallies are in full swing. The US government shutdown is dragging on. And a secretive chocolate maker battles a market squeeze. Listen to the day’s top stories.

By Maddie Parker and Omar El Chmouri

The global stock rally extended into a sixth day as optimism over artificial intelligence lifted equities, while Global Infrastructure Partners nears a $40 billion deal to buy Macquarie-backed infrastructure specialist Aligned Data Centers, according to people familiar with the matter. In China, fund managers see potential for Alibaba to extend the AI-fueled $250 billion stock surge this year.

Democrats are standing firm in the face of Donald Trump’s threats to leverage the US shutdown to fire thousands of federal workers. While the monthly jobs report likely won’t be published on Friday due to the shutdown, a number of private-sector indicators in recent days point to sluggish hiring.

Corporate wrap: Boeing’s 777X is slated to fly commercially for the first time in early 2027 rather than next year, people familiar with the matter said. It’s the latest setback for the planemaker and could involve billions of dollars in accounting charges. Meanwhile, Tesla was sued over claims that defects in the doors of a Cybertruck made it a “death trap” during a fatal crash. And OpenAI says a lawsuit accusing it of stealing technology from xAI is just Elon Musk’s latest attempt to distract from the failures of his own generative AI company.

The Trump administration has determined that the US military is engaged in a “non-international armed conflict” with Latin American drug cartels. It’s the latest legal justification for recent US strikes on alleged drug-runners from Venezuela.

Chevron Refinery on Oct. 2. Photographer: Allen J. Schaben/Los Angeles Times via Getty Images

A large blaze broke out after an explosion at a Chevron refinery in Los Angeles County, according to CBS News. LA Mayor Karen Bass said there was no impact on the nearby airport. Still in California, Governor Gavin Newsom threatened to pull “billions of dollars" in state funding from any California university that signs a controversial Trump administration proposal.

Deep Dive: Tariff Reprieve

Donald Trump and Pfizer CEO Albert Bourla. Photographer: Francis Chung/Politico

Around dinnertime on Sept. 25, President Donald Trump took to social media to announce a fresh round of tariffs on drugs. 

• The post seemingly came out of nowhere, rattling pharmaceutical companies without US manufacturing capacity, but it played a critical role in cementing a deal with one of the world’s largest pharma companies, Pfizer.
• For months, Pfizer and the White House had been deadlocked in their negotiations over how to address one of Trump’s most critical issues: lowering US drug prices.
• By September, the pharma giant had secured a deal, winning a reprieve from Trump’s long-threatened pharma tariffs.
• Read the behind the scenes of the negotiations.

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The Big Take

Torrential rain in Dubai. Photographer: Christopher Pike

Torrential rain drenched Dubai in 2024, killing at least four people and raising new questions about the UAE’s cloud seeding program. Here is what really happened in the storm clouds over the city. 

Opinion

Open AI CEO Sam Altman. Photographer: Justin Sullivan/Getty Images North America

OpenAI’s Sora is the AI version of TikTok - not truly designed with creativity in mind, but addiction, Parmy Olson writes. While it’s easy to dismiss Sora as another form of AI brain rot, it could go as viral as ChatGPT.

Before You Go

The roasting of cocoa beans. Photographer: Cyril Marcilhacy/Bloomberg

The names Hershey, Nestlé and Mars instantly signal a sweet indulgence. Yet behind the glossy wrappers, much of what’s inside branded sweets traces back to a company many have never heard of. Now that company is facing one of its rockiest stretches.