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📘 Part 1. When the World’s Factories Slow Down — What the Manufacturing Data Is Telling Us In early November 2025, the global economy once again found itself under the shadow of slowdown. After several years of post-pandemic recovery, global manufacturing has clearly entered a period of “cooling down.” According to the latest reports from the International Monetary Fund (IMF) and S&P Global, the Purchasing Managers’ Index (PMI) for major manufacturing countries has stayed below 50 for eight consecutive months. That is the longest stretch of contraction since COVID-19, and it signals that “demand shortfall” is spreading across the world’s production network. 1️⃣ Manufacturing PMI: A World Map Below 50 China: 49.3 (below 50 for 7 straight months) South Korea: 48.8 (new export orders −5.2%) Japan: 48.7 (export slowdown + rising costs) Germany: 44.9 (lowest since the 2012 eurozone debt crisis) United States (ISM Manufactur...

📘 Part I. The “AI Bubble Warning” That Shook Global Markets — The Heat Is Starting to Fade In early November 2025, global stock markets turned sharply lower. Technology shares led the sell-off, with the Nasdaq Composite down about –3.8% and the Philadelphia Semiconductor Index off –4.5%. Analysts said the pullback signaled that the AI-themed rally that had powered markets since 2023 may have reached a tipping point. This section unpacks why the term “AI bubble” began circulating, what warning signs were flashing, and the structural forces that triggered the current correction. --- 1️⃣ Signs of Excess — When Expectations Overtake Reality The defining feature of this rally was speed — expectations outran fundamentals. Over the past two years, stocks linked to AI—semiconductors, servers, and data-center infrastructure—soared. NVIDIA surged roughly ten-fold from 2022 levels, AMD rose five-fold, and Supermicro skyrocketed fifteen-fold. But profits didn’t keep up. NVIDIA’s Q3 2...

📌 [Part 1] The Light and Shadow of Tesla — Why the “Icon of Growth” Is Shaking As of 2025, Tesla, Inc. remains one of the most closely watched companies in the world. Just a decade ago, electric vehicles (EVs) were viewed as “eco-friendly niche products.” Tesla changed that narrative, making EVs the centerpiece of global mobility and redefining the entire automotive paradigm. But the Tesla of 2025 is not the Tesla of the past. Once the ultimate symbol of innovation, the company now faces a mix of slowing growth, eroding profitability, and intensifying competition — pressures that demand its “next stage of evolution.” As of October 2025, Tesla’s stock trades around $456, showing little year-to-date progress and moving in repeated correction cycles. While its market capitalization still hovers near $1 trillion, the market’s tone has turned more skeptical. The issue is not a temporary dip in earnings but rather the structural fatigue of Tesla’s growth model. --- 1️⃣ Slowing S...