04:04KeyThis week's macro highlights review: Rising risk of U.S.-Iran conflict escalation, AI financing concerns trigger U.S. stock market selloff, gold falls below $4,000.BlockBeats news, October 24 — This week, global markets revolved around three main themes: the US-Iran conflict, AI capital expenditure and financing risks, and the US midterm elections. Trump threatened to launch another small-scale "Epic Fury" operation against Iran, raising the risk to Middle East energy supplies, with Brent crude briefly rising to around a five-month high. Meanwhile, massive capital expenditure and financing pressure from AI companies triggered market repricing, technology stocks faced concentrated selling, US Treasury yields fell, and capital shifted toward highly liquid bonds as a safe haven. The US dollar index fell for a second consecutive week, closing at 101.77 on Friday; spot gold fell below $4,000/oz, closing at $3,997.82 on Friday, while silver closed at $53.91, with both gold and silver declining for a second consecutive week. Brent crude, however, was on track for a fourth consecutive weekly gain. In US equities, the Dow rose 0.41% this week, the S&P 500 fell 0.47%, and the Nasdaq fell 0.71%. The top ten events worth watching this week are as follows: 1. Trump threatens another strike on Iran, raising the risk of escalation in the Middle East Trump said he would not rule out launching another small-scale "Epic Fury" operation, while also saying the war could end soon and claiming the US could seize all of Iran's oil. A US intelligence memo was said to warn that Iran's assassination plot against US officials overseas has entered an advanced stage. Iran, for its part, warned that if the US and Israel resume attacks, retaliation could expand to US military bases in the Gulf region, energy facilities, and undersea communications cables. Significant differences remain between the US and Iran over lifting the blockade, the nuclear issue, and arrangements for the Strait of Hormuz, making the Middle East situation an important risk variable for the crude oil market. 2. AI financing concerns trigger a US stock selloff; Meta posts negative quarterly free cash flow for the first time in more than a decade Meta's third-quarter revenue rose 26% year-on-year to $64.6 billion, but free cash flow turned negative at $2.12 billion, marking its first quarterly cash burn in more than a decade. The company narrowed its 2026 capital expenditure guidance to $135 billion to $145 billion, while establishing a new class of non-voting stock to provide more channels for financing, employee compensation, and M&A. After the earnings release, Meta shares fell as much as 8%, and AI-related stocks such as Nvidia and CoreWeave came under pressure in tandem, as the market began to scrutinize more strictly the return cycle and financing costs of AI infrastructure investment. 3. SpaceX third-quarter revenue surges 161%, expectations of a merger with Tesla rise SpaceX's third-quarter revenue reached $14.6 billion, up 161% year-on-year, with net profit of $4.4 billion. Revenue from its AI infrastructure business was about $7.56 billion, making it the company's largest business segment. The company expects first-quarter 2027 revenue to reach $33 billion to $37 billion. Meanwhile, SpaceX and Tesla are said to have established a special committee to study a merger plan, with the potential transaction size at about $3.5 trillion. Musk publicly said the merger has multiple advantages, but related-party transactions, shareholder review, and governance structure remain major obstacles. 4. French Political and Fiscal Risks Hit Bond Market, 10-Year Government Bond Yield Breaks Above 5% France's 10-year government bond yield briefly broke above 5%, rising to its highest level since 2002, while the France-Germany spread also approached 160 basis points. Social protests, fiscal consolidation pressure and uncertainty surrounding the 2027 presidential election have intensified market concerns. France's public debt is approaching 120% of GDP, and the government must both control the deficit and face public discontent over living costs and public services. The market is reassessing France's fiscal sustainability, but it cannot yet be directly equated with a new round of the European debt crisis. 5. US Midterm Elections Approach, Trump Increases Funding but Economic Approval Under Pressure The Trump camp continues to court voter support through policies such as agricultural aid and healthcare refunds, and is increasing funding for Republican candidates. According to reports, MAGA Inc. has invested nearly $277 million in Republican candidates since September. Meanwhile, a CNBC survey shows that approval for Trump's economic policies has fallen to 34%, with 65% of respondents expressing disapproval, and living costs remain voters' main concern. Republican candidates face the dilemma of both mobilizing Trump supporters and distancing themselves from some controversial policies. 6. South Korean Stock Market Experiences Sharp Swings, AI Trade Enters Valuation Repricing Phase The KOSPI this week experienced a sharp decline and rapid rebound, with semiconductor heavyweights such as Samsung Electronics and SK Hynix at the center of the volatility. AI cloud infrastructure company Elice plunged 32% on its first day of listing, but rose nearly 30% the next day and hit the daily limit, highlighting rapid shifts in market sentiment. AI demand still provides fundamental support for the chip industry, but high valuations, financing costs and potential supply competition are prompting investors to reassess related assets. 7. PHP Exposes Severe Security Vulnerabilities, Global Websites Rush to Patch PHP has exposed two high-risk vulnerabilities that could lead to sensitive data leaks, command execution and even server takeover. Because PHP is widely used by a large number of websites and content management systems, the vulnerabilities have a broad impact. Security agencies are requiring affected systems to install patches as soon as possible, and some government and corporate websites have proactively gone offline for repairs. Researchers have also observed early signs of attacks, reminding enterprises to investigate anomalous access, backdoors and third-party component risks. 8. Nvidia's Jensen Huang Says AI Computing Demand Remains Strong, Capital Supply Becomes Main Bottleneck At the GTC conference in Berlin, Jensen Huang said Europe needs to expand AI computing infrastructure and announced that Nvidia is advancing cooperation with multiple European companies on data centers, robotics and industrial AI. He also said demand from "neocloud" companies that specifically provide AI computing power remains strong, with the main constraint currently coming from capital supply. Regarding market concerns about future oversupply of memory chips, Huang said no clear signs of significant oversupply around 2029 have yet been seen, and emphasized that memory products such as HBM will still be used in large quantities in the future. 9. Anthropic races toward IPO with rapid revenue growth but compute commitments reaching hundreds of billions of dollars According to a draft IPO prospectus seen by The Wall Street Journal, Anthropic generated approximately $16.3 billion in revenue in the first half of this year, far above the $1.1 billion in the same period last year, but compute and infrastructure spending during the same period approached $9 billion. The company has already committed to approximately $450 billion in cloud computing contracts with terms of seven to ten years, with total future infrastructure commitments exceeding $600 billion, and potentially reaching approximately $750 billion if all projects under negotiation materialize. The coexistence of rapid growth and massive compute investment makes its IPO an important case for the market to test AI business models and returns on capital. 10. AI bubble debate intensifies as hedge funds accelerate tech stock selloff Citadel Securities founder Ken Griffin warned that the current AI market may be in a bubble; Goldman Sachs noted that hedge funds are cutting tech stock holdings at the fastest pace in at least a decade. Meanwhile, Morgan Stanley believes the U.S. stock market pullback may be nearing its end, and JPMorgan said that if bond yields stabilize, it could provide support for equities. Long-term AI demand remains favored, but investors are shifting from purely chasing growth to focusing on cash flow, debt costs and returns on capital. The core shift in the market this week: geopolitical risks are driving energy prices higher, while AI capital expenditure and financing pressures are weighing on risk appetite for tech stocks. Before the U.S.-Iran situation, U.S. midterm elections and AI company financing progress become clearer, crude oil, bond yields and earnings reports from large tech companies will remain important variables affecting global markets.Full flash
03:36KeyA Chinese national has been extradited to the United States on suspicion of involvement in a crypto scam targeting Americans, with over $36.9 million in involved funds.BlockBeats news, October 24 — According to an official statement from the U.S. Department of Justice, the U.S. Attorney's Office for the Central District of California said on October 23 that 44-year-old Chinese national Zheng Zhao was extradited from the Netherlands to the United States for allegedly participating in a transnational crypto investment fraud scheme targeting U.S. citizens, and made his initial court appearance the same day. Zhao has been ordered detained and is scheduled to appear in court again on November 30. If convicted, he faces a maximum sentence of 20 years in federal prison. According to court documents, the fraud network was based at scam centers in Cambodia and contacted U.S. victims through social media, phone calls, text messages, and dating platforms, using websites impersonating legitimate cryptocurrency trading platforms to induce victims to invest and falsely claiming that the investments were continuously increasing in value. The funds involved were subsequently laundered through U.S. shell companies, international bank accounts, and digital asset wallets. The investigation showed that more than $36.9 million in victim funds were transferred from U.S. bank accounts controlled by the network to a single account at Deltec Bank in the Bahamas. Zhao and other co-conspirators arranged for the funds to be converted into USDT and then transferred to digital asset wallets controlled in Cambodia, ultimately distributed to heads of scam centers in Cambodia and surrounding regions. The scheme involved at least 174 identified U.S. victims. Currently, 8 co-conspirators have pleaded guilty. The U.S. Department of Justice emphasized that criminal charges do not imply the defendant is guilty, and Zhao is presumed innocent until a guilty verdict is rendered by the court.Full flash
03:31A trader liquidated 20.06 million AI tokens for a profit of $2.14 million, causing the token price to plummet 15% instantly after the sale.BlockBeats news, October 24 - According to EmberCN monitoring, trader "Salem1299534" liquidated 20.06 million AI tokens about 2 hours ago, converting them to 461 ETH, valued at approximately $1.09 million. This sell-off caused the AI price to instantly drop by 15%. The trader previously invested about $980,000 to buy AI, and ultimately sold for about $3.12 million, with a cumulative profit of approximately $2.14 million.Full flash
03:26KeyBitcoin's consolidation range persists as the market focuses on the Federal Reserve's decision, Strategy's earnings report, and the U.S. midterm elections.BlockBeats news, October 24 — Bitcoin has recently continued to trade in a range, with investors watching the Federal Reserve's interest rate decision on October 28, Strategy's earnings report on October 29, and the U.S. midterm elections on November 3 to gauge the subsequent trend. Analysts noted that factors such as U.S. inflation, tariffs, and the U.S.-Iran conflict continue to weigh on risk assets, and that spot Bitcoin ETF fund flows also remain divergent. In Binance's perpetual futures market, bulls and bears are still locked in a fierce battle. The liquidation heatmap shows about $8 billion in short positions above the spot price and about $7.6 billion in long positions below it. Bitcoin's earlier rebound near $84,890 consumed some short-side liquidity, but profit-taking near $85,000 capped the rally; the $80,000 level below is seen as key support, with about $3.57 billion in long positions near that price and another roughly $3.6 billion near $79,000. Analysts believe that until Bitcoin effectively breaks out of its current trading range, short-term trading is likely to remain dominated by repeated fluctuations.Full flash
03:06KeySK Hynix Abandons Solidigm US IPO, Micron and SanDisk Poised to Benefit from Eased NAND Supply PressureBlockBeats news, October 24 — According to a report by LYNX Equity Strategies analysts, SK Hynix has abandoned the U.S. IPO plan for its subsidiary Solidigm, meaning its original path to raise funds through a listing to expand U.S. NAND flash production capacity has been blocked. The analysts believe that if the related capacity expansion plan had materialized, it could have increased global supply and suppressed industry pricing after three years or more; now that this potential risk has faded, it constitutes a substantial positive for Micron and SanDisk. The analysts also noted that this change mainly affects medium- to long-term supply expectations and does not immediately alter the current market supply-demand landscape, and that the stock performance of the relevant companies is still affected by the overall market environment. Intel, meanwhile, faces a slight negative impact, as its Ohio campus may lose a potential manufacturing project. On Friday, Micron closed up 2.46%, while SanDisk closed down 1.82%.Full flash
03:02KeyTrump threatens further military action against Iran; Iran plans to expand countermeasures to undersea cablesBlockBeats news, October 24: U.S. President Trump stated that the United States may launch another small-scale "Epic Fury" operation against Iran, but also said the U.S. could end the war quickly, with the key being whether to choose to thoroughly end the conflict or let the fighting gradually subside. Previously, The New York Times reported that U.S. and Israeli militaries had drawn up plans to strike Iran again after the U.S. midterm elections, but it remains uncertain whether Trump will approve them. Meanwhile, the naval force of Iran's Islamic Revolutionary Guard Corps said that two supertankers attempting to cross the southern part of the Strait of Hormuz struck mines on Friday, carrying a combined total of more than 4.5 million barrels of crude oil, and the crew abandoned ship and escaped; the claim has yet to be independently verified. According to Reuters, two senior Iranian security officials revealed that if the United States and Israel attack Iran again, Iran has drawn up plans to strike undersea communications cables in the Gulf region and may expand its retaliation targets to covert military bases. There is currently no information that any such strikes have been carried out. The U.S.-Iran military standoff continues to intensify, and risks to shipping through the Strait of Hormuz and to energy and communications infrastructure in the Gulf region are rising further.Full flash
02:59KeyOpinion: AI storage demand shows no signs of slowing, and a cooldown would instead help bridge the supply gap.BlockBeats news, October 24: Western Digital CFO Kris Sennesael stated that the momentum of hyperscale cloud service provider customers expanding capital expenditures remains unwavering, and the company has already discussed storage supply demand for 2030 to 2031 with them. He noted that even if AI development momentum slows, it could help the company close the current supply-demand gap. Western Digital's latest quarterly results exceeded expectations, and the company raised its earnings guidance, forecasting adjusted earnings per share of up to $6 in the second fiscal quarter, above the analyst average estimate of $4.80, while also raising its quarterly dividend by 17%. However, the company's capital expenditures more than tripled year-over-year, putting pressure on free cash flow margins and sparking market concerns about the sustainability of AI data center investment. Western Digital's stock closed down about 3% on Friday.Full flash
02:49An institution that invested in Aave and Worldcoin has transferred a cumulative $33.18 million worth of ETH, WLD, and AAVE to multiple CEXs.BlockBeats news, October 24, according to EmberCN monitoring, an institution that invests in both Aave and Worldcoin transferred tokens worth approximately $33.18 million to multiple centralized trading platforms about 1 hour ago, including 6,000 ETH (about $14.4 million), 19 million WLD (about $9.67 million), and 62,000 AAVE (about $9.11 million).Full flash
02:46US media: US intelligence warns of escalating Iranian assassination plot, demands risk notifications to more US personnel.BlockBeats news, October 24 - According to Axios, a memorandum submitted to U.S. Secretary of State Rubio on October 23 local time shows that U.S. intelligence agencies have found that Iran's operations against U.S. diplomats and officials in the Middle East and other regions have increased significantly, and some lethal attack plots have entered an "advanced stage." U.S. officials said that this intelligence is one of the reasons why the U.S. State Department has reduced personnel at multiple U.S. embassies in the Middle East. According to the one-page, unclassified memorandum obtained by Axios, U.S. Director of National Intelligence Jay Clayton reminded Rubio that intelligence regarding Iran's planned assassination operations needs to be conveyed to more U.S. government personnel who currently are not authorized to receive such information. The memorandum did not identify specific attack targets, the countries involved outside the Middle East, or disclose the specific nature of the relevant plots, but stated that the underlying intelligence has been shared with senior U.S. State Department officials. Clayton proposed lowering the classification level of the relevant sensitive intelligence as much as possible so that Rubio can convey the information to more people who may be at risk.Full flash
02:45U.S. stocks closed lower on Friday with all three major indexes down; SK Hynix rose 4.05% and Micron gained 2.46%.BlockBeats news, October 24 - US stocks closed lower on Friday, with the Dow Jones Industrial Average initially down 1.24%, the S&P 500 Index down 0.52%, and the Nasdaq down 0.21%. Western Digital (WDC.O) fell 2.97%, Google (GOOG.O) fell 1.24%, SanDisk (SNDK.O) fell 1.82%, Meta Platforms (META.O) fell 0.96%, and Apple (AAPL.O) fell 0.14%; SK Hynix (SKHY.O) rose 4.05%, and Micron Technology (MU.O) rose 2.46%. In cryptocurrency-related stocks, MSTR rose 0.14%; COIN fell 2.74%, CRCL fell 0.82%; SBET fell 0.44%; BMNR fell 2.93%; HOOD fell 1.56%, and HYPE treasury company PURR rose 1.15%.Full flash
