Lula's narrow re-election win in Brazil is bad news for Washington's push to control resources and influence across Latin America, while Elon Musk is warning that a chunk of the AI boom could collapse.

• Lula beat Bolsonaro by a tiny margin, keeping Brazil firmly aligned with China and the BRICS bloc instead of the US.
• Brazil sits on huge untapped resources, including the world's second-largest rare earth reserves, which the US badly wants as a backup to Chinese supply — now China keeps the inside track instead.
• Separately, the US is pressuring Europe not to limit SpaceX's Starlink, as the EU moves to build its own satellite network and reserve most of the airwaves for European and government use, cutting into Starlink's growth.
• Elon Musk cautioned that "new cloud" companies — firms that just rent out AI chips with no other business — are piling on debt to buy pricier chips and memory, and could face a wave of defaults if AI demand doesn't keep up.
• Rising borrowing costs at major tech firms suggest investors are already getting nervous about an AI-debt bubble, even as most of the US economy outside big tech stays flat.

Outlook: Expect China to deepen its economic grip on Brazil, Europe to keep moving toward satellite independence from the US, and growing market jitters over AI company debt in the months ahead.