Google’s parent company got close to a record $4tn market capitalisation, and more than $1tn has been wiped from the cryptocurrency market in the past six weeks. Plus, US consumers aren’t feeling too merry ahead of the holidays, and the UK prepares for its long-awaited Budget day.

Mentioned in this podcast:

US retail sales growth slows as affordability crunch weighs on households

Crypto market sheds $1.2tn as traders shun speculative assets

Nvidia shares tumble on signs Google gaining upper hand in AI

The four audiences Reeves’ ‘high-wire’ Budget must satisfy

Email Marc with your holiday stories and questions: marc.filippino@ft.com

Note: The FT does not use generative AI to voice its podcasts

Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com

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Google closes in on Nvidia in the AI race

FT News Briefing