Bitget UEX Daily Report | Chip rebound struggles to relieve interest rate pressure; Bitcoin loses another $75,000; AI orders welcome verification

I. Selected Hot News

U.S. Employment | Non-Farm Payrolls Rebound, Interest Rate Pressure Back in Focus

In October, the U.S. added 165,000 non-farm jobs, with an unemployment rate of 4.1% and an average hourly wage increase of 0.4% month-on-month. The job additions for August and September were revised up by a total of 84,000, making the employment report overall stronger than previous market expectations.

The resilience in employment has reduced concerns about a rapid economic downturn and weakened the case for monetary policy easing. For growth stocks, earnings demand is supported, but valuations still face higher interest rates; tomorrow night’s U.S. CPI will further test this contradiction.

AI Development | Beyond Regulatory Concerns, Order Fulfillment Begins to Be Tested

Market worries about potential regulatory scrutiny on data center expansions have not dissipated. Meanwhile, reports indicate that Microsoft is gradually ending some Oracle computing power leasing arrangements, prompting investors to begin distinguishing between long-term AI demand and the commercial value of specific contracts.

Regulatory impacts affect whether projects can commence, and client choices influence whether equipment can continue to be leased, both ultimately pointing to revenue and cash returns. The focus going forward will be on contract renewals, project deliveries, and utilization rates; individual contract adjustments cannot be directly equated with a contraction in overall industry demand.

Energy | U.S.-Iran Diplomacy Continues, Oil Prices Face Supply and Interest Rate Variables

Over the weekend, the U.S. continued to signal a desire for a diplomatic solution, but significant differences remain between the two sides. Last Friday, WTI and Brent near-month futures settled at $90.83 and $98.32, respectively, with slight intraday increases.

Negotiation progress may reduce supply risk premiums, while a strong dollar and tighter monetary conditions could limit demand expectations. Currently, diplomatic engagements cannot be written off as agreements reached; oil prices remain sensitive to subsequent statements.

II. Market Review

Commodity and Forex Performance

Commodity | Reference Price | Data Source

Gold | $4,074.90/ounce | December 2026 futures, settled on November 6

Silver | $51.95/ounce | Spot, closing reference on November 6

WTI Crude Oil | $90.83/barrel | December 2026 futures, settled on November 6

Brent Crude Oil | $98.32/barrel | January 2027 futures, settled on November 6

U.S. Dollar Index | 102.31 | Closing reference on November 6

After the non-farm payrolls were released, the dollar and U.S. Treasury yields rose, while gold futures fell. Both safe-haven demand and interest rate pressures are present; whether gold can continue its previous recovery will depend on whether inflation data can ease subsequent tightening expectations.

Cryptocurrency Performance

BTC is reported at 74,971.62 USDT, down 1.09% in 24 hours; ETH is reported at 2,131.80 USDT, down 4.61%, quoted around 09:22---09:23 Beijing time. The total market capitalization of the cryptocurrency market is approximately $2.50 trillion, down 4.72% in 24 hours, with a 24-hour trading volume of about $49.019 billion; the total data update time is 09:01.

BTC/ETH liquidation zone observation: No verifiable latest liquidation zone has been obtained, and thus no judgments on upper and lower ranges, distances, or which side is closer are made.

Institutional Holding Cost | BTC: The latest overall holding disclosed by Strategy on November 2 is 849,327 BTC, with an average cost of $75,451; based on the dollar price at the same time, BTC is approximately 0.66% lower than that cost, in a reference floating loss state. The comprehensive cost of the U.S. spot BTC ETF has not obtained a verifiable latest value, and this period does not use old estimates.

In a nutshell: BTC fluctuates around $75,000, slightly below the overall cost reference from Strategy; first observe whether it can stabilize in this area again, then see if the rebound can gain sustained support. ETH has a larger decline, and market recovery remains uneven; institutional costs are only for positional reference and do not represent new buying or guarantee support.

Major U.S. Stock Index Performance

Index | Closing Level | Change

Dow Jones Industrial Average | 51,285.73 | -0.46%

S&P 500 Index | 7,376.86 | +0.31%

NASDAQ Composite Index | 24,579.42 | +1.09%

Anomaly Interpretation

Market Performance: Last Friday, chip stocks led a rebound in the NASDAQ, with AMD up 11.04% and NVIDIA up 2.78%, but the Dow still closed down. The U.S. stock market showed signs of recovery but has not formed a comprehensive uptrend.

Logic One: The recovery after a sharp decline first appeared in heavily pressured chip stocks. The rebound in stock prices indicates that some pessimistic pricing has been corrected, but a single-day rebound cannot prove that regulatory concerns over data centers have disappeared.

Logic Two: Strong employment supports demand and raises valuation thresholds. Corporate earnings expectations are supported by economic resilience, while a rising dollar and yields suppress forward earnings valuations, leading to continued divergence between indices and individual stocks.

Logic Three: Funds are placing more emphasis on realizable operational results. Airbnb's stock rose 11.67% after its earnings report, contrasting with concerns raised by adjustments in cloud computing contracts. Going forward, order deliveries, profits, and cash flows will be more explanatory than general narratives of AI growth.

Performance of the Seven Tech Giants

Company | Closing Price (USD) | Change

NVIDIA NVDA | 186.64 | +2.78%

Apple AAPL | 342.37 | -0.52%

Microsoft MSFT | 530.61 | -0.99%

Alphabet GOOGL | 284.78 | +0.78%

Amazon AMZN | 259.30 | -0.35%

Meta META | 610.15 | +0.84%

Tesla TSLA | 358.22 | +4.23%

Four of the seven giants rose while three fell, with Tesla and NVIDIA leading the gains, while Microsoft, Apple, and Amazon declined. The rebound has not covered all large tech stocks, and platform companies and hardware suppliers still need to be judged separately.

Sector Movement Observation

Semiconductors: AMD rose 11.04%, and NVIDIA rose 2.78%, showing clear recovery after previous sharp declines. Future attention will focus on whether the rebound can gain support from orders and performance guidance.

Travel Platforms: Airbnb rose 11.67%, with accelerated revenue growth and an upgraded full-year outlook providing company-level support for its stock price, outperforming the market.

III. Key Individual Stock Analysis in U.S. Markets

Berkshire | Net Profit Decline, Needs to Be Viewed Separately for Investment and Operations

Event Overview: On November 7, Berkshire reported a third-quarter net profit attributable to shareholders of $22.112 billion, a year-on-year decline of 28.20%; operating profit was $12.705 billion, a year-on-year decline of 5.78%. The company repurchased approximately $9.6 billion in stock during the quarter, and the regular trading reaction after the earnings release awaits tonight's market opening.

Market Interpretation: The volatility in investment income amplified the decline in net profit, but operating profit also fell. Insurance underwriting and investment income are under pressure, while retail businesses in railroads, energy, and manufacturing services have grown, indicating that the group is not uniformly weakening.

Investment Insight: Focus on whether insurance profitability can recover and whether other businesses can continue to offset pressures. Executed repurchases differ from newly authorized ones, and one cannot judge stock price cheapness solely based on repurchase amounts.

Oracle | Computing Power Contract Adjustments Test Equipment and Client Demand Matching

Event Overview: On November 6, it was reported that Microsoft did not renew some Oracle computing power leasing contracts and is gradually shutting down related leased resources, involving older generations of NVIDIA chips. Oracle responded that demand for AI infrastructure, including earlier generation GPUs, remains strong.

Market Interpretation: The core issue here is whether the equipment meets the new demands of clients and whether the leasing contracts can be renewed. Growth in the AI industry does not guarantee that every generation of equipment and every contract will maintain the same returns.

Investment Insight: Follow up on client renewals, equipment re-leasing, and related profit guidance. At this stage, the reporting nature should be retained, avoiding expanding it into a narrative of Microsoft exiting all AI computing power procurement.

Airbnb | Accelerated Growth and Upgraded Outlook Bring Independent Market Trends

Event Overview: Airbnb's third-quarter revenue grew 19% to $4.9 billion, total booking value grew 21% to $27.7 billion, and it upgraded its full-year revenue growth and adjusted EBITDA margin outlook. On November 6, the stock price rose 11.67%, closing at $189.99.

Market Interpretation: This round of response is supported by actual operational improvements: booking growth and accelerated revenue mutually confirm each other. Compared to valuations relying on forward projects, current performance realization is easier to form verifiable judgment criteria.

Investment Insight: Focus on whether booking growth can continue and the impact of marketing investments on profit margins. The newly authorized repurchase of up to $12 billion should not be equated with executed buybacks.

IV. Market and Project Dynamics

Brazil's cryptocurrency transfer service experienced interruptions. Nubank and Mercado Pago disclosed on November 6 that issues with external service providers affected some cryptocurrency deposits or transfers to external wallets. Both companies stated that customer funds are secure; as of the time of this report's verification, it has not been confirmed that all services have been restored.

China's gold reserves continue to increase. Official data shows that at the end of October, gold reserves were 78.3 million ounces, up from 77.47 million ounces at the end of September, an increase of 830,000 ounces. This is a monthly change in reserves and cannot be interpreted as immediate buying today.

CoreWeave's earnings report timing is subject to the company's announcement. The company plans to hold a third-quarter earnings conference call at 5:00 PM EST on November 10, 6:00 AM Beijing time on November 11. Focus on order-to-revenue conversion, delivery progress, and financing costs; the unreleased earnings cannot be referenced as of this past Monday.

V. Today's Market Calendar

Beijing Time | Country/Region | Event | Market Attention Level

November 9, 09:30 | China | October CPI, PPI, as per calendar | ★★★★

November 9, 23:00 | U.S. | September Wholesale Sales and Inventory | ★★★

November 10, 00:00 | U.S. | New York Fed Consumer Expectations Survey | ★★★★

November 10, 21:30 | U.S. | October CPI, advance attention | ★★★★★

Key Event Outlook: Tonight's wholesale data will supplement clues on demand and inventory, while the New York Fed survey will focus on inflation expectations. Tomorrow night’s CPI is a more direct test of interest rates: if price pressures remain strong, growth stocks will continue to face yield constraints.

Institutional View: Glassnode pointed out in its weekly report on November 4 that the market still lacks sufficient new funds, with ETF flow statistics up to November 2. This historical observation suggests that whether price rebounds are accompanied by new spot demand is more worth tracking than just looking at the increase.

This article is for market information reference only and does not constitute investment advice.