Intelligence Bureau: Chip Stocks Plunge, Dragging Global Markets as U.S. Inflation Resurges and Rate Hike Expectations Rise

AI / Large Models

Anthropic Launches IPO Roadshow, Targeting a $1.8-2 Trillion Valuation

Q3 revenue reached $16.8 billion with adjusted profitability. Market outreach begins the week of November 9, with a target listing before year-end. Full-year 2025 revenue is projected at approximately $4.6 billion, implying a valuation of roughly 400x annual revenue.

> Commentary: Listing a loss-making, cash-burning company is called storytelling, but Anthropic has directly adapted its story into a sci-fi film. Bloomberg

DeepSeek Issues Compensation After Downtime as Servers Become Overwhelmed

Both the website and app were simultaneously "temporarily unavailable," prompting the official team to release a compensation plan. The surge in user traffic far exceeded server capacity, underscoring the surging demand for domestic models. Zhihu

Chinese Researchers Solve World-Class Mathematical Challenge Using Domestic Large Model

This marks the first use of a Chinese large model to address a long-standing unsolved problem in mathematics, with detailed results currently sparking intense academic discussion. Zhihu

Gartner Warns: 80% of Neoclouds Will Fail

Among 20 data center projects backed by junk bonds, 7 tenants belong to CoreWeave, with yields already reaching mid-to-low double digits. The credit market is beginning to "pass sentence" on AI infrastructure. ZeroHedge

Crypto / Web3

PancakeSwap Proposal: LP Share Raised to 88%, Daily CAKE Emissions Cut by 69%

The fee distribution to liquidity providers in v3 and Infinity pools has been increased, cutting daily emissions from ~23,000 to 7,000 tokens. CZ has publicly endorsed the move. PancakeSwap

USDC Becomes EU's First MiCA "Significant" Electronic Money Token

The EBA has designated USDC as the first "Significant" tier among 45 registered EMTs. Starting November 12, the EBA and France's ACPR will jointly oversee its capital, reserves, and liquidity. The world's second-largest stablecoin is now facing stricter regulatory oversight. Wu Blockchain

PUFFER Lists on Upbit KRW Market

A low-cap token worth just $14.6 million lists directly on Korea's largest exchange, with KRW liquidity injections potentially creating short-term trading opportunities. BWE News

Bitcoin Drops to $81,500, Panic Spreads as Semiconductor Stocks Crash

Blindsided by unexpected US inflation, rising rate hike expectations, and a semiconductor stock crash, Bitcoin experienced a max drawdown of 2.3%. The dollar index hit a five-month high, collectively pressuring risk assets. FirstSquawk

Semiconductors / Hardware

SK Hynix Plunges 10%, Samsung Falls Over 7%, South Korea's KOSPI Triggers Circuit Breakers

Falling for seven consecutive days, intraday losses briefly touched 6%, prompting the exchange to activate circuit breakers to halt algorithmic selling. Concerns over AI chip industry outlook are spreading from credit markets to equity markets. CNBC | Jinshi Data

TSMC Q3 Profit Sets Record: Net Income Surges 68.7%

The company reported revenue of NT$1.49 trillion and net income of NT$763.1 billion, both surpassing expectations and marking a sixth consecutive record-breaking quarter. However, no matter how strong the financials look, they cannot shield against market anxieties over AI capital allocation. Fast Stock News

Wallstreet CN: The Biggest Bottleneck for AI Is Not Power or Chips, But Funding

Running the numbers line by line, the funding gap for AI infrastructure is more fatal than the compute shortage. When junk bond yields reach double digits and credit markets price in default, the narrative simply collapses. Wallstreet CN

Tech Companies

Hackers Obtain Forged TLS Certificates for Google and Other Major Services

Counterfeit certificates allow attackers to impersonate legitimate websites for man-in-the-middle attacks. Infrastructure-level security flaws prove more fatal than individual corporate breaches. Ars Technica

Tencent Launches "Green Bubble Short Dramas" Mini Program

DIRECTLY competing with Hongguo's nearly 200 million daily active users, Tencent aims to capture a share of the short drama market using WeChat's closed ecosystem. Zhihu

Rumors of Xiaomi SU7 Brake Booster Malfunctions Spark Heated Debate

Despite a dual-redundant braking system, abnormal pedal feedback was still reported, with no clear official statement yet. Safety controversies represent a critical flaw for a brand that has only just begun deliveries. Zhihu

US Equities

Goldman Sachs Reveals: Who Is Catching the Fall in High-Flying US Tech Stocks?

Memory chip stocks are cratering as markets begin liquidating AI investment bubbles. Goldman Sachs points directly to the buying structure of tech stocks over the past year, suggesting that retail investors chasing peaks and passive funds have become the final bag holders. Wallstreet CN

Finance / Macro

US September CPI Data Fuels Rate Hike Expectations: Core MoR Rises 0.6%, Marking Largest Gain in Five Months

The 10-year US Treasury yield briefly spiked to 5.3%, while the dollar index approached 103. Futures markets priced in a 32% chance of an October rate hike, further tightening the noose around global assets. Jinshi Futures

CoreWeave CDS Jumps 135 Basis Points in a Single Day

The surge in credit default swap prices indicates markets are pricing in a substantial increase in default risk. Equity markets are finally beginning to reflect weeks of turmoil in the credit sector. ZeroHedge

Global Markets See Sharp Correction: Nikkei Falls 3.5%, SoftBank Drops 7.9%

The transmission chain of inflation-rate hikes-AI valuation compression has spread from Wall Street to Asia. Technology heavyweights in Japan and South Korea led the sell-off, while safe-haven capital flooded into US Treasuries and gold. Deita One

Today's Underlying Narrative

The "capital story" of AI is being disproven by credit markets—Garter claims 80% of Neoclouds will fail, CoreWeave CDS jumps 135 points in a day, and Goldman Sachs questions who took the last baton. Meanwhile, hotter-than-expected inflation data has put the "rate hike" blade against the necks of all high-valuation assets: semiconductor stocks, Bitcoin, and Japanese/Korean tech equities have all suffered.

Yet ironically, Anthropic specifically chose this moment to launch its IPO, claiming a $2 trillion valuation. Whether this story reaches its conclusion depends on whether the market remains willing to pay for AI's "future profits"—but right now, the credit market has already cast the first vote of dissent.

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