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ZEC $932.15 -5.34%
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AMZN $268.55 +0.91%
GOOGL $300.79 +2.00%
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TSLA $398.66 +3.00%
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Analysis: The process of deleveraging has accelerated, and Binance's Bitcoin open interest has decreased by 17% in one month

CryptoQuant analyst Darkfost stated that within less than a month, the open interest of BTC on the Binance platform has decreased from 10.6 billion dollars to 8.8 billion dollars, a drop of 17%. Meanwhile, its 180-day moving average has risen from 8.4 billion dollars to 8.6 billion dollars. As the open interest falls below the moving average, new signals of deleveraging are emerging in the market. In a bull market phase, this signal typically appears when market corrections are nearing their end, reflecting that traders are reducing their leveraged exposure, which includes both voluntary liquidations and forced liquidations due to insufficient margin.Aside from the fact that this process may last for months in a bear market, a similar signal last appeared in June of this year when the BTC price was below 60,000 dollars, subsequently rebounding to above 87,000 dollars, with an increase of over 45%. Currently, as the open interest declines, the market is also experiencing large-scale liquidations. Low volatility seems to encourage some traders to take on higher risks to compensate for the insufficient returns brought about by the narrowing price fluctuations, making them more susceptible to market reversal shocks. Over the past three months, the monthly liquidation scale on Binance has reached new highs since 2021: over 1.4 billion dollars in August, 1.1 billion dollars in September, and 1.3 billion dollars in October. This trend appears to continue into November, with the liquidation scale exceeding 520 million dollars before the end of the first half of this month.These data highlight the potential losses that leveraged trading can bring to investors. In a market environment with low volatility and shrinking trading volume, blindly increasing risk exposure due to a lack of patience can quickly lead to heavy costs. However, the deleveraging phase also helps improve the market environment. Reducing leveraged positions can lower the risk of cascading liquidations, allowing spot demand to play a greater role in market pricing, thereby helping Bitcoin establish a more robust market structure.

first_img Ming-Chi Kuo: Jensen Huang may find it difficult to withdraw unscathed, NVIDIA should prepare for succession

Tianfeng International Securities analyst Ming-Chi Kuo stated that Jensen Huang's importance to NVIDIA lies in his ability to transform technologies deemed feasible by engineers into products that the company must invest resources in, take risks on, and deliver. He believes this provides the supply chain with strong order visibility and a willingness to cooperate with aggressive specification upgrades; this move will also force competitors to follow suit, thereby driving technological upgrades and supply chain investments across the entire AI industry.Kuo mentioned that compared to providing order visibility to the supply chain, deciding on and implementing aggressive specification upgrades is more challenging. Jensen Huang does not need to be the person within NVIDIA who understands new technologies such as HVDC, CPO/NPO, or CCL/PTFE the best; his value lies in weighing strategy, organization, technology, and supply chain simultaneously, and making decisions and allocating resources quickly. He indicated that based on the information currently available, it is difficult for Jensen Huang to step back completely; if so, the actual approach may be to gradually reduce NVIDIA's reliance on Huang's personal decisions while preparing a succession plan. Two things worth observing in this process are whether NVIDIA can continue to develop new products and technologies as efficiently as before, and how competitors will respond. He stated that supply chain research will be an important basis for judging the direction of AI technology and investment.

first_img AMD reveals its 2-nanometer server processor layout, aiming for mass production in 2027

AMD disclosed server processor and die interconnect layout at the In Depth technology forum. Venice uses TSMC's N2 process and CoWoS-L advanced packaging, and introduces elevated fan-out bridge (EFB). The subsequent Verano will adopt the N2P process. AMD's server architecture head Mahesh Subramony stated that as the number of computing cores increases, more data needs to be transmitted between dies, and EFB reduces power consumption and latency through short-distance interconnects. AMD expects the data center CPU market size to grow from approximately $26 billion in 2025 to about $220 billion in 2030, with a compound annual growth rate of over 50%.In terms of packaging collaboration, ASE and SPIL are involved in the development and validation of wafer-level 2.5D bridge interconnects, and AMD has completed panel-level EFB interconnect validation with Powertech. AMD announced in May 2026 that it will invest over $10 billion in the Taiwanese industrial ecosystem to expand strategic cooperation and advanced packaging capabilities. Regarding product progress, the Venice SP7 platform has been shipped, with the SP8 aimed at the enterprise market expected to be supplied in the first half of 2027, and Verano and Venice-X scheduled for release in the second half of the same year, with related server processor products targeted for mass production in 2027.

NVIDIA's board of directors is filled with veterans, and it is difficult to find a successor for Jensen Huang

According to a survey by the technology media outlet The Information on NVIDIA's board of directors, the fate of founder and CEO Jensen Huang currently depends on the board. This company, which has the highest market value globally, does not have a clear successor for the CEO position, and there are several long-time partners who have worked with Huang for decades on the board. The board needs to investigate whether Huang's personal relationships have led to the leakage of company secrets and whether he has violated internal regulations; if issues are found, they must also decide how to handle this founder and CEO.NVIDIA has a total of 11 directors, including Jensen Huang himself, with 5 of the remaining 10 having served for over ten years. Venture capitalists Tench Coxe and Mark Stevens joined the board when the company was founded in 1993, coming from early investors Sutter Hill Ventures and Sequoia Capital, respectively. The person most likely to lead the investigation is Chief Independent Director Stephen Neal, a nearly 80-year-old lawyer who joined the board in 2019 and serves as the chair of the corporate governance committee; his firm, Cooley LLP, has provided legal services to NVIDIA since 1993. NVIDIA has not yet announced the members of the investigation committee, and it is still uncertain whether Neal will personally lead it.Neal previously defended Theranos founder Elizabeth Holmes and represented key figures in the U.S. savings and loan crisis, such as Charles Keating; FTX founder Sam Bankman-Fried also proposed him as chairman when the company was on the brink of bankruptcy. He is also responsible for overseeing Meta's independent content review board, and a person familiar with him described his approach as pragmatic, preferring to resolve issues with minimal disruption. Jensen Huang has long directly managed dozens of executives, with core business leaders reporting directly to him, and there is no recognized second-in-command; none of the board members have held CEO positions at large companies. Harvard University corporate governance expert Jesse Fried expects the investigation could last for months, and the board is likely to ultimately choose to retain Jensen Huang.

first_img Robinhood has launched IPO Access in the UK, allowing retail investors to subscribe to new US stocks at the offering price

Robinhood announced the launch of its IPO Access service in the UK, allowing retail investors to submit purchase requests at the official offering price before new stocks officially trade on the US market. Users can submit applications through their regular investment accounts, with the app providing the prospectus and SEC documents for each available new stock for investors to review before deciding whether to subscribe. Robinhood stated that it is collaborating with a UK public offering platform provider to offer access to eligible initial public offerings.This service was first launched in the US in 2021, and Robinhood claims to have participated in over 50 IPOs since then, opening it up to millions of US customers. Jordan Sinclair, President of Robinhood UK, stated that bringing IPO Access to the UK aims to provide the same opportunities for UK retail investors to participate in investments in the next generation of innovative public companies.This launch is a continuation of Robinhood's expansion in the UK. Last year, the company acquired the exchange Bitstamp for $200 million and opened cryptocurrency trading to eligible UK customers through Bitstamp in August of this year, supporting the buying and selling of over 50 cryptocurrencies in its main UK investment app, alongside stocks, ISAs, options, and futures. In July of this year, Robinhood launched the Robinhood Chain mainnet and provided eligible users with 24/7 trading of tokenized stock products. Robinhood stated that there are no commissions for IPO subscriptions but cautioned that participating in IPO investments carries significant risks, with stock price volatility potentially being high, especially in the early stages of listing.
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