Note: The Global Morning Briefing summarizes global news reported by Seoul Economic Daily.
"It's Nicolas Who Pays": French Youth Vent Their Anger
Protests in France that began with student demands for better education conditions spread nationwide within days, and analysts say anger among young people over long-delayed pension reform helped drive the escalation. As economic growth slowed while pension spending kept climbing, companies cut hiring of young workers and the government was unable to expand education funding.
France runs a pay-as-you-go (PAYG) pension system, in which contributions from current workers fund benefits for retirees. South Korea's National Pension Service uses the same structure, but it is backed by a fund of 1,000 trillion won. France has no such fund, leaving the burden on state finances.
The problem is that France's fiscal deficit already exceeds 5% of gross domestic product and government debt is approaching about 120% of GDP. People aged 65 and over account for roughly 22% of the population, placing the country in super-aged territory.
In 2023 the government introduced a pension overhaul raising the statutory retirement age to 64 from 62. But as opposition mounted, it ultimately postponed the increase until 2028.
Since last year, a meme reading "C'est Nicolas qui paie" — "It's Nicolas who pays" — has circulated on social media in France. Le Monde says Nicolas represents a city-educated person in their 30s who dutifully pays taxes and social insurance contributions yet is pushed aside in favor of foreigners and the retired generation.
U.S. and Israel Weigh Three-Day Strike Campaign on Iran, Stirring Oil Prices Again
The United States and Israel are reportedly weighing a resumption of large-scale military strikes against Iran after the U.S. midterm elections next month. Iran has warned that if a U.S. attack materializes it will retaliate against oil facilities in Saudi Arabia and elsewhere in the Gulf, raising concern that war could spread across the Middle East.
The New York Times reported on the 21st, citing multiple sources, that U.S. and Israeli military authorities have drawn up new attack plans targeting Iran's nuclear facilities, missile and drone capabilities and energy infrastructure.
The options under U.S. consideration reportedly include a plan for about three days of concentrated strikes intended to inflict serious damage on Iran's economy and military.
Iran has said it will retaliate forcefully if U.S. strikes resume. It has reportedly warned in particular that it could attack facilities of Saudi Aramco, the kingdom's state oil company, along with refineries, oil fields and power grids across the Gulf.
"Installed in 14 Days": Jensen Huang Unveils Lego-Style Data Center
Nvidia has introduced a new approach that assembles modules like Lego blocks before installation, aiming to shorten the time from construction to startup for artificial intelligence data centers to as little as 14 days.
Nvidia Chief Executive Jensen Huang unveiled DSX POD, a design standard for modular AI data centers, at GTC Berlin 2026 in Germany on the 21st.
Under the method, seven server racks of the next-generation AI computing system Vera Rubin, along with networking gear, cabling and liquid cooling equipment, are pre-assembled at a factory and shipped to the site in containers. Instead of installing components one by one on site, workers simply connect the containers to power, cooling and communications infrastructure already in place, cutting a job that took six months to as little as 14 days. Nvidia plans to supply AI data centers using the design from early next year together with 17 global partners including Dell.
"A one-gigawatt AI data center costs about $50 billion," Huang said. "Assuming it generates $40 billion in revenue a year, a delay of just three months means losing $10 billion in revenue opportunity." He added that the new approach "could cut the time from when the computing equipment arrives to when actual token production begins from four to five months to about one month," stressing that "this means a complete transformation of the global supply chain, and it will also change the way data centers are installed and built."
Confidence From 10 Million Muse Users: Meta to Fund More AI Spending With Share Issue [Market Mover]
Meta, the operator of Facebook and Instagram, raised the low end of its annual capital expenditure forecast, signaling its commitment to artificial intelligence investment. The move appears to reflect renewed confidence in its AI business after its assistant agent Muse took off, following a period in which the company had fallen behind Anthropic, OpenAI and Google in the AI race. Free cash flow turned negative and net profit missed expectations, but the company plans to raise funds for AI investment through a share issue.
Meta said third-quarter revenue rose 26% from a year earlier to $64.6 billion (about 85.47 trillion won), beating the market consensus of $63.4 billion.
Net profit jumped 264% to $9.86 billion, though that was only about half the Street's estimate of $17.2 billion. Earnings per share came in at $3.83, below the market expectation of $5.75. Meta said the shortfall reflected $9.9 billion in costs from a settlement over social media litigation.
Analysts attribute the revenue gain in part to the success of Muse, which launched on Sept. 8 this year. Meta is credited with ushering in an era of mass-market personal agents by linking Muse with its social networks, including Facebook, Instagram and Threads.
Meta's third-quarter free cash flow was negative $2.12 billion, its first deficit in more than 14 years since its May 2012 listing. Free cash flow was $784 million in the previous quarter and $10.63 billion a year earlier.
Facing Chinese Rivals, GM Aims to Cut New-Vehicle Development to Two Years From Five
General Motors is turning to artificial intelligence to overhaul new-vehicle development and expand self-driving technology as it confronts a push from Chinese electric vehicle makers. The automaker plans to shorten development time to two years from the four to five years it previously took and to introduce autonomous driving features from 2028.
GM said at GM Forward, a technology event held in New York on the 21st, that it would speed up vehicle development using AI and virtual engineering technology.
The company plans to make extensive use of AI and computer simulation across the development process, from vehicle design through testing and production. Performance and safety will be verified in virtual environments before prototypes are built, reducing the time and cost required for development.
GM is also expanding its self-driving technology. In 2028 it plans to introduce an "eyes off" feature on the Cadillac Escalade IQ, an electric sport utility vehicle, allowing drivers to take their hands off the wheel and stop watching the road ahead.
