Breakfast | The three major indices continued to decline, NVIDIA fell nearly 3% before its earnings report, and Bitcoin-related concept stocks rebounded

Market Overview

U.S. stocks fell again ahead of Nvidia's earnings report, with the three major U.S. indices hitting a one-month low for two consecutive days. The Dow and Nasdaq dropped over 1%, and the S&P fell for four straight days, marking the longest losing streak in nearly three months. The chip index fell over 2% for four consecutive days, with Nvidia closing down nearly 3%, reaching a nearly one-month low; Amazon dropped over 4%, leading the decline among the seven tech giants; the China concept index rose 0.4%, reversing five consecutive days of decline, with Baidu rising nearly 2% after the earnings report, while Pinduoduo fell over 7%.

U.S. Treasury yields rose across the board, but intraday gains were trimmed. The dollar index halted its two-day rise; the yen hit a new low not seen in over nine months. Cryptocurrencies, which have been under pressure for days, rebounded, with Bitcoin briefly dipping below $90,000 before rising nearly 5% to reclaim the $93,000 mark, while Ethereum rebounded over 7% after briefly falling below $3,000.

Gold fell below $4,000 intraday for the first time in over a week, with futures down nearly 2% at one point before turning positive. Oil rebounded to a one-week high, with U.S. crude rising nearly 2% intraday.

During the Asian session, A-shares and Hong Kong stocks opened lower and continued to decline, with the ChiNext index dropping over 1%. AI applications performed strongly against the trend, while the tech index and Hang Seng index fell over 1%, and new energy vehicle concept stocks declined.

Key News

Li Qiang met with Russian President Putin.

In the U.S., the number of initial jobless claims for the week ending October 18 was 232,000, marking the first report since the government shutdown caused official reports to be absent. The "mini non-farm" ADP weekly employment data showed that, as of November 1, the average weekly decrease in private sector employment in the U.S. was 2,500.

Saudi Crown Prince made his first visit to the U.S. in seven years, presenting a "big gift" to Trump by confirming an increase in investments in the U.S. to $1 trillion; the U.S. Secretary of State stated that export licenses for Saudi chips would be issued; Trump mentioned before the meeting that he would approve the sale of F-35 fighter jets to Saudi Arabia.

Trump claimed he has selected a candidate for the Federal Reserve Chair, with the U.S. Treasury Secretary stating that the list has been narrowed down to five, including current Fed governors Waller and Bowman, former governor Warsh, White House economic advisor Hassett, and BlackRock executive Reed.

The White House is reviewing new regulations: proposing to tax U.S. citizens' overseas cryptocurrency assets.

The U.S. Treasury Department reported that in September, overseas investors held $9.25 trillion in U.S. Treasuries, nearing a record high, with Japan's holdings increasing for nine consecutive months to a three-year high, while the UK's holdings fell for the first time in nine months.

Xiaomi's Q3 adjusted net profit surged 80.9% year-on-year to a record high, with electric vehicles and AI-related innovative businesses achieving operational profitability for the first time in a single quarter; on the earnings call, Xiaomi stated that it would complete its annual delivery target for cars ahead of schedule this week, and it expects a decline in gross margin next year, while the smartphone business may respond to rising storage costs by increasing prices.

Pinduoduo's Q3 revenue growth slowed to 9%, with net profit increasing by 17% year-on-year, and management warned that financial volatility would continue; on the earnings call, they reiterated "long-term value" and cautioned that this quarter's profits are not indicative, with future performance potentially fluctuating

Baidu Q3 revenue reached 31.17 billion yuan, with AI business revenue growth exceeding 50%, and Luobo Kuai Pao's global service volume increased by 212% year-on-year.

Google's most powerful AI model has arrived, Gemini 3 Pro received the highest score in model rankings in history, claiming to be the best ambient programming and agent coding model, launched on the first day for search, App, and developer platform simultaneously.

Microsoft, NVIDIA, and Anthropic have established a strategic partnership, with Microsoft investing $5 billion, NVIDIA investing $10 billion, and Anthropic committing to purchase $30 billion in Azure computing power, reportedly valuing the agreement at $350 billion after the deal.

Market Report

US and European Stock Markets: The S&P 500 fell 0.83%, closing at 6617.32 points. The Dow Jones Industrial Average fell 1.07%, closing at 46091.74 points. The Nasdaq fell 1.21%, closing at 22432.845 points. The European STOXX 600 index fell 1.76%, closing at 561.62 points.

A-shares: The Shanghai Composite Index fell 0.81%, closing at 3939.81 points, the Shenzhen Component Index fell 0.92%, closing at 13080.49 points, and the ChiNext Index fell 1.16%, closing at 3069.22 points.

Bond Market: By the end of the bond market, the yield on the benchmark 10-year U.S. Treasury bond was about 4.11%, down about 3 basis points during the day; the yield on the 2-year U.S. Treasury bond was about 3.57%, down about 4 basis points during the day.

Commodities: WTI December crude oil futures rose 1.39%, closing at $60.74 per barrel; Brent January crude oil futures rose 1.07%, closing at $64.89 per barrel. COMEX December gold futures fell 0.2%, closing at $4066.5 per ounce. LME aluminum futures fell 1.2%, closing at $2780 per ton.

News Details

Global Highlights

Li Qiang meets with Russian President Putin. Li Qiang pointed out that China's determination and position on developing mutually beneficial cooperation with Russia is consistent, and China is willing to further enhance cooperation resilience with Russia, consolidating and maintaining the steady development momentum of bilateral cooperation. Both sides should jointly organize new national-level theme years between China and Russia, make good use of visa-free and other "mutual benefits" policies to promote closer ties between the two peoples, and strengthen the grassroots friendship foundation of bilateral relations.

Just now, a debate erupted between Chinese and American robots. The CEO of "American Yushu" personally stepped in to diss, and Lingqi Wanwu released "uncut videos" A "no acceleration, no remote control" robot video unexpectedly sparked a "debate over authenticity" across the Pacific. Behind the anxiety of Silicon Valley tycoons lies a highly disruptive robotic "Android moment" quietly brewing in China.

In the week ending October 18, the number of initial jobless claims in the U.S. was 232,000, marking the first report since the government shutdown that has kept official reports absent. “Small Non-Farm” ADP weekly employment data: For the four weeks ending November 1, the U.S. private sector saw an average weekly decrease of 2,500 jobs.

• For the week ending October 18, the total number of initial jobless claims in the U.S. was 232,000. This is the first glimpse into this key high-frequency labor market indicator since the government shutdown earlier this month. The number of continuing claims for unemployment benefits recorded 1.957 million, slightly up from the previous week's 1.947 million.

Saudi Crown Prince visits the U.S. for the first time in seven years, presenting a "big gift" to Trump, confirming an increase in investment in the U.S. to $1 trillion. $1 trillion is equivalent to Saudi Arabia's annual GDP. When asked if he could fulfill the investment promise at the current oil price level, Crown Prince Mohammed stated that Saudi Arabia is not fabricating opportunities to please the U.S.; these are real opportunities. He cited the example of AI chips, stating that Saudi Arabia has a huge demand for computing power. The White House stated that the investment agreement includes nearly $142 billion in U.S. defense equipment sales; Saudi companies will also purchase $14.2 billion in manufacturing equipment from U.S. companies, Boeing will export $4.8 billion worth of 737-8 aircraft; companies like Google and Oracle will invest $80 billion in cutting-edge technology in both countries. The U.S. Secretary of State stated that a Saudi chip export license could be announced on Tuesday.

• “Major policy shift”! Foreign media: On the eve of the Saudi Crown Prince's visit to the U.S., Trump stated that he will approve the sale of F-35 fighter jets to Saudi Arabia. According to Global Times, U.S. President Trump stated on the 17th local time that he would approve the sale of F-35 stealth fighter jets to Saudi Arabia. Crown Prince and Prime Minister Mohammed bin Salman is scheduled to visit the U.S. on the 18th, and Trump will host him. This arms sale will mark a "significant policy shift" that could alter the military balance in the Middle East and test Washington's definition of maintaining Israel's "qualitative military edge."

Trump claims he has selected the next Federal Reserve Chair. On Tuesday local time, U.S. President Trump stated that he believes he has selected the candidate for the next Federal Reserve Chair, while claiming that someone is preventing him from firing the current Fed Chair Powell. Bessent stated that he has narrowed the candidate pool to the following individuals: current Fed governors Waller and Bowman, former Fed governor Warsh, White House National Economic Council Director Hassett, and BlackRock executive Reed White House Reviews New Regulations: Proposed Tax on U.S. Citizens' Overseas Crypto Assets. The Trump administration is reviewing a proposal aimed at taxing U.S. citizens' overseas crypto assets. The proposal suggests that the U.S. join the "Crypto Asset Reporting Framework" created by the OECD to combat tax evasion through automatic information sharing. The Trump administration previously believed this move could prevent U.S. taxpayers from transferring assets overseas and promote the development of the domestic crypto industry. If approved, the framework is planned to be implemented globally in 2027.

In Just Six Weeks, $1.2 Trillion "Vaporized" from the Crypto Market. This round of sell-offs began due to concerns over overvalued tech stocks and the direction of U.S. interest rate policy. Data provider CoinGecko reported that the total market capitalization of over 18,000 digital currencies dropped by 25% during this period. High-risk small-cap tokens took the hardest hit. Analysts warn that in the current gloomy sentiment, Bitcoin at $75,000 may not be far off.

Crypto Market in "Extreme Panic," Preparing for Bitcoin to Drop to "$80,000". Options market data shows that traders' protective demand for downside levels such as $90,000, $85,000, and $80,000 has surged significantly, with the scale of put options expiring at the end of November exceeding $740 million. The cryptocurrency market is filled with investors who have suffered deep losses and are unable to continue buying, yet are unwilling to cut their losses.

Bitcoin Sell-off Triggers Market Panic, Is the Market in a "Self-Reinforcing" Downward Spiral? The Bitcoin sell-off has impacted global risk appetite, leading to sell-offs in risk assets like the stock market; on the other hand, it may trigger leveraged investors to be forced to sell other holdings to meet margin calls, creating a negative cycle of "decline-sell-off-further decline."

As the Crypto Market Sinks into a Bear Market, the "Altcoin" ETF Listing Wave Arrives, Solana ETF Has Launched, Next Up is DOGE Coin. VanEck launched a no-management-fee Solana ETF this week to join the competition, while Grayscale and Bitwise's spot Dogecoin ETF is expected to launch next week. This wave of issuance is benefiting from the SEC's easing of listing standards in September, reshaping the crypto asset investment landscape through fee wars and staking yields.

U.S. Treasury Report: In September, the scale of U.S. Treasury holdings by overseas investors approached a record high, Japan's U.S. Treasury holdings reached a three-year high, while the U.K. holdings saw their first decline in nine months. As of August, the total value of U.S. Treasuries held by countries and regions outside the U.S. was $9.26 trillion, setting a record for three consecutive months, slightly dropping to $9.25 trillion in September; among the top ten overseas "creditors" of the U.S., Japan's holdings increased by $8.9 billion month-on-month in September, marking nine consecutive months of growth Canada's holdings increased by $32.1 billion, with the largest increase in September; the UK, in second place for holdings, reduced its debt by $39.3 billion after increasing for eight consecutive months; China's holdings slightly decreased by $500 million in September.

Xiaomi's Q3 adjusted net profit surged 80.9% year-on-year to a record high, electric vehicles and AI and other innovative businesses achieved operating profit for the first time in a single quarter; Conference call: Xiaomi's automotive division will complete its annual delivery target ahead of schedule this week, and gross margins are expected to decline next year, while the mobile phone business may respond to rising storage costs by increasing prices

• The financial report shows that Xiaomi's automotive business revenue in Q3 was 28.3 billion yuan, a year-on-year increase of 197.9%, with a delivery volume of 108,800 vehicles, up 33.8% from Q2, setting a new historical high. More importantly, Xiaomi's smart electric vehicles and other innovative business segments achieved an operating profit of 700 million yuan, marking a shift from loss to profit for Xiaomi's automotive business. Additionally, the gross margin for the automotive business increased to 25.5%.
• Lu Weibing stated that the automotive industry is expected to face significant challenges in 2026, with purchase tax subsidies halved and competition in the automotive industry further intensifying. Overall, Xiaomi's automotive gross margin may decline next year. However, in the short term, it is expected to remain at a "good level" in the fourth quarter of this year. Lin Shiwei stated that the company's primary goal in the short term remains delivery.

Pinduoduo's Q3 revenue growth slowed to 9%, net profit increased by 17% year-on-year, management warns that financial volatility will continue; Conference call: Reiterated "long-term value," warned that this quarter's profit is not indicative, future performance may fluctuate

• Pinduoduo's Q3 revenue was 108.28 billion yuan, a year-on-year increase of 9%, marking the first time in recent years that the company's revenue growth has fallen to single digits. Net profit attributable to shareholders was 29.33 billion yuan, a year-on-year increase of 17%, while Non-GAAP net profit was 31.38 billion yuan, a year-on-year increase of 14%. CFO Liu Jun warned, "As we increase support for merchants and ecological investments, financial results may continue to fluctuate quarter by quarter." Pinduoduo's stock fell over 7%.
• With the slowdown in revenue growth, Pinduoduo stated that it will sacrifice short-term profits to invest in the platform ecosystem, aiming to strengthen "long-term value." This quarter's profit cannot serve as a guide for future performance, and results may fluctuate in the coming quarters.

Baidu's Q3 revenue was 31.17 billion yuan, AI business revenue growth exceeded 50%, and the global service volume of Luobo Kuaipao increased by 212% year-on-year. Baidu's Q3 2025 financial report shows total revenue of 31.2 billion yuan, with core revenue of 24.7 billion yuan. Highlights include the first disclosure of AI business revenue of approximately 10 billion yuan, a year-on-year increase of over 50%, with AI-native marketing services increasing by 262%, and the global service volume of Luobo Kuaipao increasing by 212% year-on-year Cumulative autonomous driving orders exceed 17 million.

Google's most powerful AI model is here! Gemini 3 launched and went live on search, apps, and developer platforms on the first day. Gemini 3 topped the global AI model LMArena leaderboard with a historic high score of 1501, hailed by Google as the best vibe coding and agent coding model, with "huge leaps" in reasoning capabilities, and is described as "the world's best multimodal understanding model" and Google's safest model. In addition to the preview version of Gemini 3 Pro, Google also released the enhanced reasoning mode Deep Think. Google simultaneously launched the agent-first development platform Google Antigravity, which utilizes Gemini 3's advanced reasoning, tool usage, and agent coding capabilities, and integrates the Gemini 2.5 Computer Use model and the image editing model Nano Banana.

Microsoft, NVIDIA, and Anthropic establish a strategic partnership, Microsoft invests $5 billion, NVIDIA $10 billion. Microsoft announced a new strategic partnership with NVIDIA and AI startup Anthropic. Anthropic has committed to purchasing $30 billion worth of Azure computing power. Microsoft will invest $5 billion in Anthropic, while NVIDIA will invest $10 billion in the startup. Anthropic's valuation has reached $350 billion following the latest investment commitments from Microsoft and NVIDIA.

This Thursday, NVIDIA's performance exceeded expectations, and the market is most concerned about the ramp-up speed of Blackwell's production capacity. JP Morgan expects NVIDIA's third-quarter revenue to be around $55 billion, in line with market expectations, with fourth-quarter guidance reaching $63-64 billion. The current constraint on growth is not demand but supply chain capacity, with Blackwell rack shipments expected to increase by 50% quarter-on-quarter to about 10,000 units in the third quarter. It is believed that supply chain capacity will remain a key factor limiting NVIDIA's revenue growth, a situation that will persist until 2026.

Google CEO warns: When the AI bubble bursts, no company will be spared. Google's CEO warned that the current AI boom contains "irrational" elements, and once the bubble bursts, no company will be completely immune. Although AI is seen as the most profound technology with the potential to bring long-term value, the current soaring valuations and massive investments evoke memories of the internet bubble. Google has the resilience to withstand challenges due to its "full-stack" technology, but still faces challenges such as soaring energy demand, delayed climate goals, and employment impacts Domestic Macro

UBS is optimistic about the continued rise of the Chinese stock market next year, focusing on "going overseas" and "anti-involution," with "global AI stock corrections" as the main risk. UBS predicts that the Chinese stock market will continue to rise until 2026, with a target of 100 points for the MSCI China Index, representing about a 14% upside potential, but the driving force will shift from valuation to earnings growth. The focus will be on "going overseas" companies that demonstrate strong resilience and on profit recovery opportunities brought by "anti-involution" policies. At the same time, the bank warns that a correction in global AI stocks could pose a major risk to the market, although the relatively low valuation of Chinese tech stocks may provide some safety cushion.

Bank of America Asia Fund Manager Survey: Investors are returning to China! The latest survey from Bank of America shows a significant rebound in investor sentiment in the Asia-Pacific region. The Chinese market has regained attention, with about half of investors increasing their allocation or seeking entry opportunities. AI/semiconductors have become the most favored sector with 64% of respondents, while the anti-involution concept ranks second with 24% attention.

Domestic Companies

After Jensen Huang's visit to Taiwan, Morgan Stanley raises TSMC's CoWoS capacity expectations: an expansion of over 20% by 2026 is needed to keep up with 3nm capacity growth. Morgan Stanley has raised its expectations for TSMC's CoWoS capacity, predicting that by the end of 2026, monthly capacity will reach 120,000 to 130,000 wafers, an increase of over 20% from previous estimates. This move aims to match the new 3nm front-end wafer capacity to meet the huge demand for AI chips (such as NVIDIA's Rubin platform). The capacity expansion will benefit CoWoS equipment and design service providers.

TSMC profits significantly from the AI infrastructure boom! UBS: Each GW brings in $1–2 billion in revenue! Amid the global AI server investment wave, TSMC, as a core foundry, has significantly benefited. UBS's research report points out that each 1GW of server construction can bring TSMC $1–2 billion in revenue, equivalent to 1.0–1.5% of its annual sales. There are significant differences in demand across different AI platforms: NVIDIA's GPU solutions generate about $1.1–1.9 billion per GW, Broadcom's ASIC solutions rise to $1.895 billion due to efficiency advantages, while AMD has the lowest demand due to chiplet design needs. The 26GW collaboration announced by OpenAI is expected to contribute $34.4 billion in potential revenue and about $14.6 billion in operating profit to TSMC.

Storage chip acquisitions resurface, Puran Co., Ltd. acquires 31% equity in Noah Changtian, indirectly controlling SHM. Puran Co., Ltd. has acquired 31% equity in Noah Changtian for 144 million yuan, achieving indirect control over the memory company SHM Purang Co., Ltd. will integrate SHM's core technology in the 2D NAND storage chip field through this acquisition to expand into the industrial control and smart terminal markets, strengthening its domestic layout in the storage chip sector.

Prices soar, with some products increasing by 102% in a month; multiple smartphone manufacturers have suspended procurement, and some inventories are less than three weeks! Analysts say "low-end devices may suffer more losses," and the price increase is surprisingly due to AI? Global storage chip prices have surged significantly since the second half of 2025, causing a noticeable impact on the consumer electronics industry represented by smartphones. Several smartphone manufacturers have already suspended their storage chip procurement for this quarter. Companies like Xiaomi, OPPO, and vivo generally have inventories below two months, with some manufacturers' DRAM inventories falling below three weeks.

iPhone 17 sells well, with Apple's sales in China soaring 37% in October, reaching a new market share high since 2022. The new generation iPhone 17 series has driven Apple's sales in China to increase by 37% year-on-year in October, with market share climbing to 25%, reaching a new high since 2022, strongly supporting the company's senior management's expectations for a recovery in the Chinese market. The new models account for over 80% of total sales and are expected to amplify revenue growth through high average selling prices. Although Apple has driven a general market recovery, it still faces fierce competition from Huawei's upcoming flagship model.

Ant Group enters the AI super entrance: the all-modal general AI assistant "Lingguang" officially launched, capable of generating applications in 30 seconds. "Lingguang" has launched three major functions: Lingguang Dialogue, Lingguang Flash Applications, and Lingguang Open Eyes, supporting all-modal information output such as 3D, audio and video, charts, animations, and maps. The "Flash Applications" feature upgrades the AI assistant from a simple dialogue tool to an application generation platform. Analysts believe that the combination of the "Flash Applications" concept with the Alipay ecosystem is a key strategy for Ant Group's layout in the AI entrance.

After a 36% drop, Pop Mart still receives strong support from Wall Street: Labubu 4.0 version to be launched next year, value yet to be fully released. After a 36% correction in stock price, Pop Mart still received a "Buy" rating reaffirmed by Citigroup, with a target price indicating a 91.8% upside potential. The bank pointed out that the core IP Labubu's value has not yet been fully released—its 4.0 version is confirmed to be launched in 2026, and Sony Pictures has obtained the film adaptation rights for this IP. Additionally, the diverse IP matrix such as SKULLPANDA and progress in overseas expansion together constitute growth momentum.

BOSS Zhipin's Q3 revenue increased by 13.2% year-on-year, and net profit grew by 67.2%. Overseas Macro

J.P. Morgan Trader: "Liquidity Pressure" is the Main Reason for the Sharp Decline in U.S. Stocks in November. J.P. Morgan believes that despite the noise surrounding the artificial intelligence narrative, liquidity tightening is the core factor driving the stock market decline, with leveraged funds facing increased pressure to liquidate positions due to limited cash acquisition capabilities. The market has reached a level where further declines could trigger "mechanical" selling, pushing the market down another notch. In the current environment, closely monitoring technical support levels and trigger points will be very important.

First Occurrence of "Overinvestment" in 20 Years! Bank of America Fund Manager Survey: AI Bubble has Become the Largest "Tail Investment" in the Market. Market sentiment oscillates between optimism and caution. The Bank of America survey shows that fund managers are optimistic about a soft landing for the economy, boosting stock allocations, but cash levels have dropped to 3.7%, triggering a "sell signal." The AI bubble and "longing the seven giants" are seen as major risks, with a net 20% of respondents believing that companies are overinvested, marking the first occurrence in 20 years. Current market valuations are too high, lacking new catalysts, and risk assets face correction pressure.

Concerns Over Fiscal Stimulus Intensify, Japan's "Stock, Bond, and Currency" Triple Kill, Long-term Bond Yields Hit New Highs. Japan's bond market has faced a sell-off due to concerns that Prime Minister Fumio Kishida's government will implement a large-scale fiscal expansion plan, with 40-year yields soaring to their highest level since 2007, and 20-year and 30-year yields rising by at least 4 basis points each. The yen has fallen below the key psychological level of 155, and the Nikkei 225 index closed down 3.2%. The market expects the scale of stimulus to exceed expectations, with pressure within the ruling party even calling for a supplementary budget of 25 trillion yen.

Ueda Kazuo Informs Fumio Kishida: The Bank of Japan Will Continue to Raise Interest Rates Cautiously. Ueda Kazuo has clearly signaled interest rate hikes, stating that the mechanism of rising prices and wages is being restored, and "the degree of monetary easing is being gradually adjusted." Japan's financial market is experiencing severe volatility, with the yen hitting new lows, and investors are closely watching how the government and the central bank respond to exchange rates and economic stimulus plans.

India's Gold Imports Surge by 200% in October. Driven by festive demand, India's gold imports in October surged to $4.92 billion, nearly doubling from the same period last year, reaching a record high, and expected to push the country's merchandise trade deficit to a record $41.7 billion. Rating agency ICRA Research warns that India's current account deficit as a percentage of GDP may widen to 2.4%-2.5% in the third quarter of this fiscal year Overseas Companies

"Overnight, everyone is selling Nvidia." Billionaire Peter Thiel's fund, Bridgewater, and SoftBank have all reduced their positions in Nvidia. The continuous rise in U.S. public debt, geopolitical tensions, and central bank interventions have collectively heightened systemic risks, prompting top investors to adopt a more cautious stance on overvalued tech stocks. Nevertheless, the market remains optimistic about Nvidia's upcoming earnings report on Wednesday.

During a sensitive period that hit the market hard, Amazon issued $15 billion in bonds, the "Big Four" tech companies issued over $80 billion in bonds in two months, and Bank of America stated that "the best trade next year is to short cloud giants' bonds". Amazon launched its first dollar bond issuance in three years on Monday, raising $15 billion, which is $3 billion higher than initially estimated. In just the past two months, the total bond issuance by the four major tech giants has exceeded $80 billion. Bank of America has warned that the loose financial environment supporting this AI boom is reaching a turning point, and as global central banks slow down interest rate cuts, cracks in the credit market have begun to show, making shorting these cloud service giants' bonds potentially the "best trade" of 2026.

Solving the "mountain of crap" that is Siri is the top task for Apple's new leader. Tim Cook may step down as CEO as early as 2026, and his successor will face Apple's lagging position in the AI race. The new version of Siri, which was originally planned to launch in 2025 with added AI features, has been delayed to 2026 or even later due to "crap code." According to media reports citing internal Apple sources, some developers in Apple's AI department believe that it is necessary to "rebuild these features from scratch."

Meta wins a key antitrust case, with the judge ruling that there is no social media monopoly. Judge Boasberg emphasized in the ruling that the U.S. Federal Trade Commission must prove that Meta currently holds monopoly power, rather than just having held such power in the past. Following the ruling, Meta's stock price rose, narrowing its previous losses. A Meta spokesperson stated that this outcome "recognizes the intense competition Meta faces."

"I'm panicking, what happened?", Cloudflare outage causes global internet chaos. Cloudflare experienced a global network outage on Tuesday, causing numerous websites, including X, ChatGPT, DoorDash, and IKEA, to become inaccessible, with over 2.1 million users reporting issues. The company stated that the problem stemmed from an abnormal surge in threat traffic profile, which was resolved in less than four hours Analysis indicates that the event once again highlights the global internet's high dependence on a few infrastructure vendors.

"After 'redemption restrictions', 'popular PE' Blue Owl's stock price plummets, returning to 2023 levels. Alternative asset management giant Blue Owl Capital's stock price fell 6% to a new low for the year after it suspended redemptions for its $1.8 billion over-the-counter fund. The company plans to merge the OTC fund with its listed entity, but investors will face a 20% paper loss. So far this year, due to concerns about asset quality, manager selection, and declining profit potential after interest rate cuts, the stock price of Blue Owl's listed fund OBDC has dropped about 22%.

Today's News Preview

Eurozone and UK October CPI.

The Federal Reserve will release the minutes of its monetary policy meeting.

New York Fed President Williams, Richmond Fed President Barkin, and Dallas Fed President Logan will speak.

Japan's Ministry of Finance will auction 800 billion yen of 20-year government bonds.

NVIDIA will announce its earnings report.

U.S. EIA crude oil inventory changes last week