AGP Executive Report

Midterm Vote: Americans head to the polls to decide control of Congress and key governor’s offices, with races in Michigan, Florida, Iowa, Nevada, Minnesota and Ohio drawing national attention. More than 55 million people reportedly voted early. Iran Tensions: The U.S. says it struck radar and missile sites on Iran’s Qeshm Island in a defensive action, as diplomacy continues and the Strait of Hormuz remains a key concern. Election Dispute: The Supreme Court rejected the Trump administration’s bid to set aside 20,000 California mail ballots it alleged were sent to noncitizens. AI Costs: Washington’s restrictions on Chinese AI tools are complicating choices for U.S. startups already facing steep bills for American models; one company says switching to DeepSeek cut its costs sharply. Health Access: A new OnMed report estimates 120 million Americans lack adequate healthcare access, with patients in major cities waiting an average of 31 days for appointments.

Markets and AI: U.S. stocks swung after last week’s tech-led sell-off: the Dow rose while the Nasdaq slipped, as investors weighed whether massive AI data-center spending will pay off. Brent crude fell nearly 8% amid hopes of renewed U.S.-Iran talks. Cybersecurity: Refrigeration hacks disrupted supermarkets in several European countries, with some freezers reportedly reaching 122°F. The Pentagon is investigating suspected incidents involving refrigeration systems at six U.S. military commissaries, raising concern that connected equipment could become a real-world target. Energy and Infrastructure: Tech companies are backing major gas projects to power data centers as AI’s electricity appetite grows, intensifying questions about the cost and sustainability of the buildout. Winter Travel: New York leads U.S. winter travel searches, followed by Las Vegas; Florida claims three spots in the domestic top 10, while Cancun tops international searches.

Election Technology: With U.S. midterms approaching, AI-generated political ads are surging: researchers counted 220 worth more than $137 million in October, and many lacked disclosure, raising concerns about voter deception. Data Center Boom: A 180-acre site in Virginia approved for a major data center campus sold for about $9.4 million, as communities nationwide weigh the costs and benefits of AI infrastructure. Environmental Watch: Oregon investigators say a chemical release from a Precision Castparts facility likely caused a fish die-off along Portland’s Johnson Creek; the state has begun enforcement proceedings. Tech: Samsung reportedly plans to launch its first AI smart glasses in the U.S. and South Korea in mid-December, with Google’s Gemini and Galaxy integration. Music: Juan Atkins, the Detroit techno pioneer and Cybotron co-founder, has died at 64.

Election Fight: The Justice Department plans to appeal after a federal judge dismissed its bid to block certification of Alaska’s closely watched Senate race, ruling the requested ballot review infeasible. Michigan Senate: Democrat Haley Stevens endorsed Republican Mike Rogers, her party’s nominee Abdul El-Sayed’s opponent, after a bitter primary feud and dispute over Israel. U.S.-Canada Trade: Mark Carney says teams will work in the coming weeks toward a trade deal after a “good conversation” with President Trump. Tech Markets: Investors are questioning whether tech giants’ huge AI investments will pay off, helping drive October losses in major technology stocks. Culture: Detroit techno pioneer Juan Atkins, a founding member of the Belleville Three, has died at 64. Environment: Oregon confirmed its first detection of invasive hydrilla in Jackson County ponds and plans rapid treatment and surveys to contain it.

Market & Technology: U.S. tech stocks shed more than $1 trillion as investors questioned Big Tech’s heavy AI spending; Amazon reported negative $42.4 billion in free cash flow. National Debt: U.S. public debt has topped the size of the economy for the first time since World War II. Midterms: Early voting has reached a record 48 million, with living costs a leading concern; one first-time voter’s test of AI election advice highlights the need to verify chatbot claims. Housing: Bay Area nonprofit Housing Trust Silicon Valley unveiled a decade-long plan to turn MacKenzie Scott’s $30 million gift into affordable housing and homeownership support. Washington: D.C. and Virginia sued to stop construction of Trump’s proposed 250-foot triumphal arch, citing environmental, legal and traffic concerns. Shipbuilding: Hanwha Philly Shipyard won a $269 million contract to build a U.S. Navy landing ship, its first American naval vessel order. Culture: Native American Heritage Month begins Nov. 1, spotlighting Indigenous history, culture and ongoing challenges.

Midterm Watch: Early voting has reached a record 48 million, with living costs topping voter concerns. Legal fights and delayed counts may shape election night; officials say slower results are normal. Alaska Senate Probe: The FBI is contacting donors to Dan J. Sullivan, a candidate whose name matches the state’s Republican senator, as investigators examine possible voter confusion. Tech Selloff: U.S. tech shares plunged amid concerns about costly AI investments and weaker earnings; Apple overtook Nvidia as the world’s most valuable company. Affordability: Sen. John Curtis heard frustration over housing, fuel and everyday expenses in Southern Utah, and criticized unpredictable tariffs as a burden on businesses. Security Alert: The U.S. Embassy urged Americans to avoid Moscow’s Tsaritsyno Museum Reserve after warning of a credible mass-casualty threat. Healthcare Cybersecurity: A new review warns that attacks on hospitals can disrupt essential systems and leave rural patients with few nearby alternatives.

AI and Markets: A tech selloff erased about $2 trillion from the Nasdaq-100’s value as investors questioned whether costly AI investments can deliver returns; Alphabet alone lost more than $500 billion in a day. Power Costs: Data centers’ rising electricity demand could push up bills nationwide, even for households far from a facility. California voters are also weighing whether Proposition 45 could speed data-center projects past local restrictions. Midterm Mood: Economic frustration is shaping campaigns despite strong growth figures, with inflation and fuel costs weighing on voters ahead of the Nov. 3 elections. Energy and Industry: The U.S. approved an $8.2 billion Texas LNG export port, while U.S. Steel broke ground on a $1.9 billion Arkansas plant. Arctic Defense: The Air Force returned fighter jets to an air-defense alert posture in Alaska’s Aleutian Islands for the first time since the 1990s, in a joint mission with Canadian aircraft. Food Aid: USDA plans to buy $21 million in U.S.-grown long-grain rice for domestic nutrition programs.

Tech Selloff: U.S. markets sank Friday, with the Nasdaq down nearly 1,000 points as investors questioned whether massive AI investments will pay off. Amazon’s profit missed expectations amid heavy data-center spending; Microsoft also offered voluntary buyouts to as many as 60,000 eligible workers, including in the U.S. Energy and Costs: Exxon earned $15.4 billion and Chevron $9.9 billion in the third quarter as the Iran war drove oil and fuel prices higher. President Trump has highlighted the companies’ profits on the campaign trail ahead of the Nov. 3 midterms. Midterm Stakes: Maine’s close Senate race is putting healthcare in focus, with rural hospital and maternity-ward closures and possible Medicaid cuts weighing on voters. Public Health: Florida, reporting 162 measles cases, is considering dropping four school vaccine requirements—a move researchers warn could weaken protection against preventable disease. Security: North Korea displayed more than 30 drone types as prospects for a Trump-Kim meeting faded; meanwhile, U.S. Army paratroopers tested Arctic artillery operations in Alaska, firing more than 600 rounds.

Election Battles: The Trump administration is seeking to block Alaska from certifying its Senate result if Dan Sullivan loses, citing alleged voter confusion over a same-name challenger. The challenger and Mary Peltola’s campaign deny wrongdoing. Iran Tensions: U.S. officials have warned allies that strikes could follow the midterms, as the Pentagon reinforces its Gulf presence and Tehran signals openness to diplomacy. AI and Markets: Weak results and steep AI infrastructure costs at Alphabet and Amazon have rattled tech shares, while data-center power bills are emerging as a midterm issue. Nuclear Energy: The NRC accepted General Matter’s first application to license a Paducah uranium-enrichment plant, starting formal review. Washington is also offering Constellation Energy a $5 billion loan to expand nuclear power for tech demand. Local Growth and Water: Kentucky communities won new Opportunity Zone designations aimed at attracting investment, while California’s revised Delta water plan faces opposition from water agencies, tribes and environmental groups.

Election Watch: A federal judge rejected the Justice Department’s bid to set aside 20,000 California ballots, saying the last-minute request threatened voters’ rights. Meanwhile, polling suggests President Trump’s immigration crackdown is drawing backlash that could hurt Republicans in the midterms. AI and Tech: Google blamed a “technology gap” after its AI tool gave inconsistent answers about presidential election results, including failing to name the 2020 winner. The Justice Department also sued Google, alleging it cut a worker’s duties after he returned from Army cyber-command service. National Security: The Naval Academy plans a new school focused on computing, cyber warfare, robotics and autonomous systems. Separately, a data breach exposed information on more than 40,000 Homeland Security personnel, prompting the agency to seek removal of the files. Economy: The Fed held rates at 3.75%–4% as growth remained strong and inflation stayed elevated. Third-quarter GDP grew at a 3.4% annual rate, with technology investment helping drive expansion.

Markets & Rates: The Federal Reserve held its benchmark rate at 3.75%–4%, citing strong economic activity but persistent inflation. Alphabet shares dropped more than 10% after earnings missed forecasts, as investors weighed the cost of its AI spending. Innovation: A research-transfer advocate warned that political interference in federal grant decisions could deter investors and weaken U.S. innovation. Public Safety: A fire at South Carolina’s Savannah River Site prompted an emergency response; it was extinguished, with no contamination reported outside the affected facility. Space & Jobs: Tennessee has bid to host a proposed U.S. Space Academy at Coffee County, citing nearby aerospace facilities and universities; no decision timeline has been announced. Tourism & Infrastructure: Memphis opened a $6 million Mississippi River landing upgrade, adding cruise-ship moorings and other improvements intended to attract visitors and support local businesses.

AI & Industry: Google’s new Gemini 4 Carbon model topped a major AI benchmark, while North American companies’ robot orders jumped 24.8% year over year in the third quarter. In New York, Edwards Vacuum opened a $319 million semiconductor-parts plant expected to create about 600 jobs. Election Watch: With the midterms a week away, Alabama’s 2nd District shifted to a toss-up, tightening a race that could help decide control of the House. Environment & Energy: The Trump administration’s proposed methane-rule rollback could save oil and gas companies $45 billion, officials say; environmental advocates warn it may increase pollution. Economy: The Federal Reserve held interest rates steady, leaving households watching borrowing costs and savings returns. Work & Culture: Disney’s theme parks division is cutting 100 to 200 jobs as the company reviews projects and priorities. Defense Technology: Army paratroopers in Alaska tested armed first-person-view drones alongside troops and other weapons in live-fire exercises.

Brazil-U.S. Tensions: Senator Flávio Bolsonaro reportedly headed to the U.S. after losing an election and defying a court order to surrender his passports. His location and any asylum approval remain unconfirmed, but the departure could strain ties with President Lula’s government. Midterm Countdown: One week before Election Day, control of Congress is up for grabs: Democrats need a net gain of four seats in both the House and Senate to take control. Tech and Markets: U.S. stocks climbed as chip shares led an AI-driven rally, with investors awaiting major technology earnings and a Federal Reserve decision. Halloween Spending: Americans are expected to spend a record $13.5 billion this year, even as a survey found 61% are cutting back and nearly one in four celebrants expect to take on debt. College Savings: California’s CalKIDS program has reached $2.4 billion in public investment, with accounts for more than 6.1 million children; families have claimed over 1 million accounts. Surveillance Debate: Los Angeles is moving ahead with a three-month license-plate camera pilot in the San Fernando Valley after a council effort to delay it narrowly failed, renewing concerns over data access and privacy.

Federal Probe: FBI agents raided billionaire Stephen Cloobeck’s Beverly Hills mansion in the investigation involving former Rep. Eric Swalwell; officials said no arrests were planned and court documents remain sealed. AI and Cybersecurity: Anthropic filed to go public after reporting sharp revenue growth, a $693 million operating loss and an $80.7 billion accounting loss tied largely to valuation changes. CISA also announced a strategy to hunt down cyber intruders before they disrupt critical infrastructure, while newly released records raise concerns about Medicare’s AI-driven care reviews. Midterm Stakes: Elon Musk has spent $442 million backing Republicans, as debate grows over potential congressional scrutiny of his federal contracts. Energy and Trade: Ford says its upcoming Fathom electric truck will start below $30,000 and offer home backup power. Trump added Canadian municipal waste to a new round of tariffs, drawing support from Michigan Senate hopeful Mike Rogers. Data Center Debate: Ohio voters are divided over limits on facilities that promise jobs but demand substantial power and water.

Iran Tensions: U.S. forces could launch new strikes within 96 hours of President Donald Trump’s order, reports say; no decision has been announced. Courts & Accountability: A federal judge ruled the firing of former Manhattan prosecutor Maurene Comey unlawful and ordered her reinstated. AI & Investment: Anthropic’s IPO filing is fueling interest in a major public offering, while the Treasury proposed adding biotechnology to limits on U.S. investment in China. Data Center Fight: A North Carolina judge cleared the way for a proposed 750-megawatt data center and crypto-mining project, overriding a county pause as officials weighed water, power and pollution concerns; damages remain unresolved. Travel Rules: The U.S. suspended visa-free entry for Chinese visitors to the Northern Mariana Islands, citing security and birth-tourism concerns. Climate & Health: NOAA says El Niño will shape the U.S. winter outlook, and a new study suggests PFAS levels in drinking water may be higher than previously estimated.

Technology Controls: The Treasury is proposing broad restrictions on U.S. investment in rival nations’ sensitive technologies, including biotechnology, citing national security concerns. AI and Jobs: Americans rank AI’s potential harm to politics among their top fears, while Microsoft is offering buyouts to as many as 60,000 eligible employees as companies reshape work around AI. Iran Tensions: U.S. forces in the Middle East are reportedly prepared for major operations within 96 hours of an order from President Trump; officials say he has not made a decision, and action could come after the midterms. Midterm Battlegrounds: Corruption is emerging as a top concern for voters, and Texas’s Senate race is drawing national attention as Democrat James Talarico attacks Republican Ken Paxton over the issue. Environment: A new study suggests U.S. drinking water may contain more than twice the previously reported levels of PFAS chemicals. Maritime History: The SS United States is scheduled to be sunk off Florida in November to create an artificial reef and tourism attraction.