🇨🇦 Justin Trudeau resigns

Good morning. Zendaya made a stunning appearance on the Golden Globes red carpet, with a T tattoo on the side of her chest and a ring on that finger 👀 💍 

Looks like Zendaya and Tom might be engaged.

Screaming, crying, throwing up (from excitement, of course) 👰 🤵 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇨🇦 Justin Trudeau resigns

• 🪙 Semiconductor supply chains

• 🗞️ Bite-sized summaries

  • 📜 Transfer of petitions

  • 🤖 Superintelligence

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets experienced a significant downturn. This sharp decline was attributed to concerns over the HMPV virus, FII selloffs, and apprehensions about Q3 earnings. All sectors faced losses, with PSU Banks, metals, and realty being the worst affected.

🌍️ International

• Markets ended mostly positive. Nasdaq Composite surged 1.2%, driven by strong performances in semiconductor stocks. Nvidia reached an all-time high, jumping over 3%. Investors anticipate the release of December's nonfarm payrolls report later this week.

CANADIAN POLITICS

🇨🇦 Justin Trudeau resigns

Canadian Prime Minister Justin Trudeau just announced his resignation, marking the end of an era for the Liberal Party. Trudeau will serve as interim leader until a successor is chosen, leaving the party with a leadership vacuum just months before October's legislative elections.

Trudeau’s decision follows a period of dwindling popularity and internal dissent within his party:

• His government narrowly survived multiple no-confidence votes, and his handling of domestic and international challenges, including strained US relations, drew widespread criticism.

• The situation worsened after US President Donald Trump threatened a 25% tariff on Canadian goods, intensifying political pressures.

• Adding to the turmoil, Deputy Prime Minister Chrystia Freeland resigned in December, citing differences with Trudeau over Trump's policies. Her departure prompted a cabinet reshuffle, further destabilising Trudeau's administration.

Tensions persisted despite efforts to mend relations, including a visit to Trump’s Mar-a-Lago estate. Trump’s provocative remarks, including suggesting Canada could become the 51st US state, added fuel to the fire.

Overall: Trudeau’s legacy spans significant achievements, including legalising cannabis, implementing a carbon tax, and negotiating a new trade deal with the US. However, his leadership faced increasing criticism in recent years, reflected in polls showing a 20-point deficit against Conservative leader Pierre Poilievre.

Trudeau, the eldest son of former Prime Minister Pierre Trudeau, first came to power in 2015 and led the Liberals to three election victories. His resignation marks a turning point for the party, which now faces the daunting task of selecting a new leader to steer it through upcoming elections.

Read more: Economic Times

SEMICONDUCTORS

🪙 Semiconductor supply chains

India is emerging as a key player in the evolving semiconductor supply chain, driven by geopolitical shifts and technological advancements. This transition, highlighted by Chris Miller, author of Chip War: The Fight for the World’s Most Critical Technology, highlights India’s potential to reshape the industry.

How so?

• As US, Japanese, and European firms pivot away from Chinese chip suppliers, India is uniquely positioned to capitalise on this realignment.

• The Indian government’s proactive investments in semiconductor manufacturing and infrastructure aim to establish the country as a global hub.

• Initiatives like the India Semiconductor Mission focus on creating specialised hubs, with regions such as Bengaluru and Tamil Nadu leading the charge.

However, Miller emphasised the challenges of turning announcements into tangible projects. Building specialised infrastructure, securing suppliers for materials and tools, and sustaining long-term investments are critical steps. Despite these hurdles, India’s electronics ecosystem is expanding rapidly, offering a strong foundation for growth.

• India’s strategy focuses on lagging-edge chips and foundational technologies, avoiding direct competition with advanced players like Taiwan and South Korea.

• This approach caters to global demand for diverse manufacturing capabilities and aligns with India’s strengths.

• While historically a consumer of semiconductors, India is working to shift its role to a producer, reducing import reliance and fostering domestic innovation.

The growing US-India technology partnership further amplifies India’s semiconductor ambitions. This collaboration not only supports India’s self-reliance goals but also aligns with the US’s strategy to diversify supply chains amid rising tensions with China.

Looking ahead: Miller identified two transformative trends reshaping the industry: geopolitical realignments and the impact of AI.

The increasing demand for AI-driven processors presents significant opportunities for India to strengthen its semiconductor capabilities.

While India’s journey mirrors Taiwan’s decades-long ascent, the country is laying a strong foundation. With investments from major players like Tata Electronics and international collaborations, India is positioning itself as a vital hub in the global semiconductor ecosystem.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📜 Transfer of petitions - The Supreme Court has transferred antitrust petitions against Amazon and Flipkart to the Karnataka High Court, consolidating cases previously spread across multiple high courts. The decision ensures future petitions on the issue will also be heard by the Karnataka HC, preventing jurisdictional overlaps. The Competition Commission of India (CCI) supported centralising the cases to avoid conflicting rulings. The petitions involve alleged violations of competition laws, including exclusive arrangements, deep discounting, and preferential listings. Originally initiated in 2020, the investigation has faced delays due to legal challenges.

🤖 Superintelligence - OpenAI CEO Sam Altman announced the company's focus on developing superintelligence—AI systems with cognitive abilities surpassing human capabilities. In a blog post, he highlighted how such tools could significantly accelerate innovation and scientific discovery. Altman reaffirmed the potential emergence of Artificial General Intelligence (AGI) soon, with AI agents expected to transform industries and workflows. He also emphasised the need for global oversight to regulate advanced AI systems while avoiding overregulation of simpler ones. Reflecting on his removal from OpenAI's board, Altman described it as a governance failure but remains committed to advancing AI's transformative potential responsibly.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Budget 2025: States may get special aid despite capex slip.

• Over 400 flights were delayed at Delhi airport due to bad weather.

• Microsoft CEO Satya Nadella meets PM Narendra Modi; talks tech innovation, AI.

• Biology in space unlocked by ISRO, payload grows cowpea leaves.

• Why the US economy can't do without foreigners on H-1B visas.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Golden Globes 2025: Emilia Peréz, The Brutalist, Shogun, Hacks and Baby Reindeer were among the big winners; full list of winners here.

• Naomi Osaka retires with abdominal injury from Australian Open warm up :(