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Chicago Federal Reserve President Goolsbee stated that the construction of AI data centers shows characteristics of overheating traditional demand, with rising energy prices being transmitted to the service industry, and inflationary pressures spreading. He pointed out that the central bank needs to actively respond to economic overheating, as the U.S. job market and overall economic growth remain stable, while inflation continues to be the primary issue.

Marble Imaging, a remote sensing company based in Bremen, Germany, has secured 6 million euros in extended seed funding led by Cherry Ventures, bringing the total to 11.3 million euros, which will accelerate the construction of Germany's first commercial very high-resolution satellite constellation.

This week, the AI sector faced a sell-off. Retail investors at Serenity compiled statements from executives of several tech giants and infrastructure suppliers, pointing out a significant disconnect between market sentiment and actual fundamentals. The CEO of Lumentum stated that there is a huge misalignment between demand orders and market performance; the CEO of AMD emphasized that the industry is in the very early stages of an adoption cycle, with demand far exceeding supply.The CEO of Arm warned that if the U.S. hesitates on data center construction, other countries are ready to take over at any time, and China has not slowed down. The CEO of Qualcomm pointed out that the current bottleneck is not demand, but rather limited supply, with shortages in wafers, substrates, assembly, and more. These statements indicate an extremely optimistic outlook for accelerator, networking, and semiconductor companies.Regarding political risks and construction obstacles, Serenity noted that politicians who previously threatened to restrict data centers showed a cooperative attitude after winning the election. Executives at Meta revealed that local politicians are actively seeking dialogue to preserve investment and jobs, but building new data centers is becoming more challenging. Data center developers reported strong pricing and demand, while also paying attention to financing costs and execution risks. Serenity concluded that there is a distinction between demand disappearing and demand delays caused by insufficient construction speed, and currently, there is no evidence that AI demand has been significantly damaged.

According to Bloomberg, protests against the expansion of data centers continued in multiple locations across Europe on November 7. RTE reported that around 2,000 people participated in a march in Dublin; YLE stated that about 1,300 people gathered in Helsinki, with protests also occurring in several small towns in Finland. Demonstrators in Helsinki marched to Google's office and the location of the parliament. The Stop Dirty Data Centres alliance, composed of local democracy and climate action groups, stated that the action aims to prevent the unchecked expansion of AI data centers.Groups from Scotland, Spain, France, and Denmark participated in the action, calling for a halt to construction until the public can determine through democratic processes how related projects should serve society and the environment. Previously on Friday, hundreds of protesters clashed with police at a Microsoft data center in Amsterdam, resulting in one arrest. As technology companies invest hundreds of billions of dollars in building AI infrastructure, community residents' concerns about land and electricity demands, rising energy costs, and whether the local area can gain economic benefits have intensified. Ireland has become one of Europe's major data center hubs, with official statistics showing that data centers will account for 23% of the country's total electricity consumption by 2025.Finland is also facing large-scale construction. Google announced in September an investment of 13 billion euros, approximately 14.5 billion dollars, to expand existing data centers and build two new facilities, marking its largest investment in Europe to date. According to the Finnish Industrial Federation, data center projects in various stages of planning and construction in Finland are valued at around 80 billion euros. Reports indicate that representatives from Google cleared forest land, stripped topsoil, and built roads before the environmental impact assessment for one project was completed, causing dissatisfaction among local residents. The company responsible for the construction of the project is facing a criminal investigation, and the Finnish government is also advancing legislation to constrain AI expansion. The opposition in Europe echoes recent situations in the United States, where the expansion of data centers has become a significant issue in this week's midterm elections, with some state voters electing local officials who promised to stop or pause related construction.

Despite the panic in the market caused by stricter regulations on data centers after the Democratic Party gained control of Congress, Goldman Sachs has raised its forecast for U.S. data center construction spending, increasing the 2026 expectation from $67 billion to $80 billion, and from $87 billion in 2027 to $100 billion, while also predicting for the first time that it will reach $125 billion in 2028.Goldman Sachs pointed out that there are currently about 86 GW of data center projects under construction in the U.S., with approximately $900 billion in high-confidence projects awaiting construction, indicating that the overall construction cycle remains resilient. The demand and backlog orders from hyperscale cloud service providers such as Microsoft, Amazon, and Google have not shown significant cooling, with H100 computing power rental prices rising 26% year-on-year and GB200 rental prices increasing by 50% since the beginning of the year.In response to the data center moratorium proposed by Texas Governor-elect Gina Hinojosa, Goldman Sachs believes that its impact is more about delaying project delivery rather than directly canceling construction plans, but it may lead to increased financing costs, reduced tax incentives, and some clients canceling contracts. Goldman Sachs also warned that the overall growth prospects of the industry need to be distinguished from the survival capabilities of individual developers, as highly leveraged data center developers may face severe financial pressure due to project delays and rising financing costs, with some companies potentially unable to last until their projects go into production.

Texas Governor-elect Gina Hinojosa stated that all currently approved data centers in Texas will be allowed to complete construction. This essentially covers all projects through 2027 and is likely to continue into 2028.Hinojosa will ensure through legislation that all newly approved data centers must pay taxes, commit not to raise electricity prices for consumers, not affect the availability of water resources for the public, use union labor for construction, and provide "a seat for Texans."

Texas Governor-elect Gina Inohosa stated, "Don't hate data centers, hate how they take advantage of Texans. We can establish a strong partnership with Musk and his companies on our terms. We must halt the current construction of data centers until we find measures to protect the safety of Texans."

In the U.S. midterm elections, 40 out of 41 ballot measures restricting data center construction are expected to pass. Despite significant investments in data centers by Microsoft and Amazon, their stocks fell approximately 2.5% and 1.5%, with declines lower than other related companies.The market believes that the slowdown in construction will help reduce capital expenditure pressure and improve free cash flow. Attention should be paid to the regulatory agenda and local policy implementation after the Democrats take control of Congress.

Riot Platforms, a Bitcoin mining and data center developer, announced its third-quarter financial report for 2026, with total revenue of $181 million, a year-on-year increase of 1%; net profit of $4.03 million, compared to $104 million in the same period last year; and adjusted EBITDA of $191 million, down from $197 million in the same period last year.By business segment, Bitcoin mining revenue was $116 million, down from $161 million in the same period last year; data center revenue was $18.4 million, including base rental income of $7.7 million; and engineering business revenue was $47 million, a year-on-year increase of approximately 146%. In the third quarter, Riot mined a total of 1,637 BTC, a year-on-year increase of 16%, with the cost of mining a single Bitcoin dropping to $39,265.As of September 30, Riot held 2,418 BTC, valued at approximately $202 million, with total cash and restricted cash of $748 million. In the first three quarters of this year, the company sold a total of 20,264 BTC, cashing out approximately $1.5 billion, mainly for data center construction. Additionally, Riot has fully repaid and terminated a $200 million credit line with Coinbase and released all pledged BTC.

According to a report by Reuters, South Korean chip manufacturer SK Hynix plans to raise funds for a new memory chip factory in New York by expanding production in China, but the necessary U.S. export licenses for equipment have not yet been approved, hindering its investment plans in the U.S. The company is applying for U.S. export licenses to acquire equipment for its Dalian factory, believing that increasing the factory's output and developing more advanced NAND chip manufacturing technology will help maintain competitiveness, generate revenue, and support the U.S. factory plan.Two informed sources said that SK Hynix's subsidiary Solidigm plans to invest about $45 billion to build two NAND flash memory factories in Marcy, New York, with a potential long-term investment of around $100 billion. Negotiations are ongoing, and whether the Dalian factory expansion plan can be approved is key to the New York factory plan. Since the end of August, Solidigm executives have met with U.S. Department of Commerce officials nearly 10 times, including meetings with Secretary of Commerce Gina Raimondo and Deputy Secretary Don Graves.Graves insisted last week that the U.S. does not wish to allow more American chip manufacturing equipment to be sent to China for technology upgrades or capacity expansion. The Department of Commerce has not yet formally rejected the license application for exporting equipment to the existing idle cleanroom at the Dalian factory. Solidigm stated that it is exploring options for building NAND flash wafer fabs at potential global locations and has not yet made decisions on any specific action plans. On October 23, SK Hynix stated that Solidigm had previously considered an IPO to assist in funding the construction of U.S. production facilities, but has paused the evaluation of listing options due to recent market conditions and stock price trends.

Goldman Sachs trader Bobby Molavi pointed out that although the S&P 500 index is only about 3% away from its all-time high, approximately 60% of its constituent stocks have fallen into bear market territory. Molavi stated that the capital expenditures of tech giants driving up artificial intelligence-related stocks have simultaneously caused the stocks of companies accepting these investments to decline, creating a "hidden bear market."Investors have pulled out of related stocks due to concerns about the sustainability of artificial intelligence spending, leading to a large-scale rotation in the market, with tech stocks suffering heavy losses in recent weeks.

Blockstream CEO and co-founder Adam Back stated in an interview with Bitcoin Magazine that the "first wave" of Bitcoin adoption came from individual investors, the "second wave" comes from spot ETFs, while the "third wave" of large-scale capital inflows from pensions, managed funds, and model portfolios has yet to arrive. He pointed out that Swiss banks are preparing for this phase.According to the chapter arrangement of the interview, the discussion also covered the demand for quantum-secure Bitcoin custody by Swiss banks, comparisons between tokenized money market funds and stablecoins, tokenized stocks based on the Liquid network and Blockstream AMP, as well as the obstacles that institutions still face when entering the market.In addition, Adam Back discussed whether institutions should build their own custody capabilities or rely on third-party custodians, how regulation shapes the Bitcoin custody landscape, and the impact of Basel rules on the costs of institutions holding Bitcoin. Blockstream recently established an office in Lugano, Switzerland, and began offering consulting services.

On October 29, the cryptocurrency research institution Delphi Digital released a report titled "The AI Boom Has a Power Problem," authored by Accelxr. The report states that deployable AI computing power depends on chip supply, as well as sites that are powered, cooled, and connected to the grid. Electricity is harder to supplement in the short term than chips, as chip production capacity can expand quarterly, while new power generation and transmission take years.The report cites data indicating that the PJM capacity auction has cleared at the price cap for three consecutive times, with the last two still falling short of reliability targets by 6.6 to 6.8 GW, marking the first time such a gap has occurred in the history of this auction. The scale of large load queues in Texas ERCOT increased from 63 GW at the end of 2024 to 474 GW in June, with about 90% being data centers; the governor requested an audit of the data centers in the queue in August, and ERCOT subsequently suspended power approval for data centers and cryptocurrency miners of 75 MW and above, including 17 projects that had passed stability studies.The report also states that U.S. data centers are expected to account for about 4.7% of the nation's electricity consumption in 2024, with LBNL predicting an increase to 9.5% to 15.3% by 2030, and EPRI estimating a maximum of 17%. In a 1 GW facility, chip depreciation is about $2.8 billion to $3.3 billion per year, equivalent to about $8 million per day. SemiAnalysis predicts that by 2028, the U.S. will have over 40 GW of data center capacity utilizing behind-the-meter power sources; the delivery cycle for large gas turbines is about five years, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries forming an oligopoly. Wood Mackenzie expects gas turbine prices to reach $600 per kilowatt by the end of 2027, nearly three times the level of 2019.

Intel's Chief Financial Officer expects industry supply constraints to last until 2027 and extend into 2028.

Huobi HTX announced that the UK Financial Conduct Authority (FCA) had previously initiated legal proceedings against the exchange in the UK. After a period of constructive communication between both parties, the matter has now been properly resolved.Huobi HTX has always sincerely cooperated with the FCA, actively collaborating and responding to its concerns regarding the UK market. During this period, Huobi HTX, based on its commitment to continuously adhere to compliance standards, has gradually strengthened restrictions related to the UK market and exit arrangements, and implemented supporting operational measures.These measures were already in place before this settlement was reached. The settlement further consolidates the aforementioned measures and does not constitute an admission of any legal liability, misconduct, or violations by Huobi HTX.The settlement eliminates relevant legal uncertainties and is consistent with the exchange's commitment to continuously enhance compliance levels. This is beneficial for Huobi HTX to focus on the most important matter, which is to provide high-value services to users and achieve long-term sustainable growth.Huobi HTX thanks all parties for their professional cooperation in properly concluding this matter and will continue to focus on responsibly serving users. Looking ahead, Huobi HTX is willing to constructively cooperate with all parties in the industry, including working hand in hand with regulators where appropriate, to jointly safeguard user interests and promote the healthy development of the digital asset ecosystem.

Samsung Electronics stated that the investment plan for the chip division will be used to build new fabs and other infrastructure to meet strong demand for AI and HPC, while ensuring readiness in the medium to long term.