Business news

• AI-led tech slide extends into third day as Oracle, Nvidia, fall in premarket trading - AI-related names have made losses since Oracle's mixed results on Wednesday.
• Altman and Musk launched OpenAI as a nonprofit 10 years ago. Now they’re rivals in a trillion-dollar market - As OpenAI turns 10, the former nonprofit AI lab is at the center of a roughly $1.4 trillion bet on AI infrastructure.
• UK economy unexpectedly shrunk before Budget - The U.K. economy unexpectedly contracted in the three months to October, according to official figures released Friday.
• Asia-Pacific markets trade higher after Wall Street notches fresh record - Asia-Pacific markets traded higher on Friday, tracking Wall Street gains.
• Reddit challenges Australia’s under-16 social media ban in High Court filing, says law curbs political speech - Reddit filed a legal challenge seeking to either declare the law invalid, or exclude the platform from the provisions of the law
• Thailand dissolves parliament, heightening political turmoil as Trump seeks to salvage ceasefire with Cambodia - The escalation broke the ceasefire brokered in July by Trump who threatened to halt trade talks with the two countries unless they ended the fight.
• Trump scared Europe with his national security strategy. That's no bad thing, ex-CIA chief says - Former CIA Director General Petraeus told CNBC it was good that European nations had received a wake-up call to look after their future defense and security.
• CNBC's Inside India newsletter: India's $3.3 trillion opportunity for global fund houses - Indian retail investor-driven mutual fund assets are expected to touch $3.3 trillion by 2035, according to a Bain & Company report.
• Lululemon CEO Calvin McDonald to depart in January as retailer struggles to compete, woo shoppers - Lululemon's CEO Calvin McDonald will leave the athleisure retailer at the end of January as sales in its largest market sag and consumers flee to competitors.
• Costco's quarterly beat isn't enough to knock out the bears — here's what could - The quarter looked pretty down the fairway, with beats across key line items — the membership renewal rate.