spending

The U.S. Treasury Department stated that the U.S. budget deficit and spending in October reached historical records for the month.

According to monitoring by Arkham, a certain whale address 0xdDE recently purchased approximately 10 million dollars worth of ETH after suffering a loss of over 2 million dollars in its DOGE holdings.Analysis suggests that if the price of ETH rises by 20%, the profits from this investment will be sufficient to cover all losses from its DOGE holdings. However, this whale still seems to be betting on a significant increase in DOGE in the future. If ETH does not rise as expected and the price of DOGE continues to weaken, its overall investment losses may further expand.

According to on-chain analyst Yu Jin's monitoring, the whale or institution 7 Siblings, which sold 18,500 ETH at an average price of $2,356 after a brief 20% increase in ETH in August, making a profit of about $10.49 million, has bought again after ETH recently dropped about 15%.About 9 hours ago, this whale used 22 million USDC to buy 10,792 ETH, with an average purchase price of about $2,038. The trading strategy of this whale is quite clear: buy when ETH drops more than 10% in a short period, and sell when it rises more than 10%. Previously, it bought at $1,789 after the ETH crash in June, sold at $2,356 after the rise in August, and bought again at $2,038 after the drop in November.

According to a report by The Information, Microsoft has reduced its capital expenditures for the third quarter by about $5 billion due to delays in the third-party data center it plans to lease. Sources say that the data center project by Iren located in Childress, Texas, has encountered delays, leading Microsoft to postpone some expenditures. Microsoft had previously announced plans to invest $9.7 billion over five years to lease servers equipped with NVIDIA GPUs from Iren.Power supply and grid access have also become bottlenecks for computing power delivery. Last month, Microsoft withdrew from a plan to lease a data center project in the UK from Nscale due to delays in grid access. As self-built data centers struggle to meet demand in a timely manner, Microsoft is simultaneously leasing computing power from multiple cloud service providers.Meanwhile, AI server supplier Supermicro continues to raise its performance expectations. The company's revenue for the first fiscal quarter reached $19.95 billion, exceeding analysts' expectations of $16.39 billion, and it expects revenue for the second fiscal quarter to be between $19.5 billion and $21.5 billion. The revenue forecast for fiscal year 2027 has also been raised from $65 billion to $72 billion to $72 billion to $82 billion. Bernstein pointed out that assessing AI computing power demand cannot simply rely on contract amounts or megawatt scale; it also needs to consider contract cancelability, duration, and actual deployment time; some projects may be delivered in phases, and chip procurement agreements may correspond to the same batch of computing power as data center leasing contracts.

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.

According to a report by Yicai, the "2026 Corporate AI Status Report" released by Silicon Valley venture capital firm Menlo Ventures shows that 89% of the spending by American companies on open-source models went to Chinese models, with Kimi accounting for 61%, DeepSeek for 15%, and GLM for 11%.In addition, on the global AI model aggregation platform OpenRouter, from October 26 to November 1, the number of Token calls for Chinese large models has exceeded that of American models for 27 consecutive weeks, with Chinese models occupying four of the top five models in terms of platform call volume that week.

Sequoia Capital published a long article titled "The Sequoia of Tomorrow" on X, introducing a series of adjustments made after completing the generational transition for one year.Sequoia stated that it will focus on high-confidence, highly selective venture capital, simplify the structure of the Sequoia Capital Fund, discontinue the batch accelerator Arc and Scouts projects, and streamline its operations and investment teams.Sequoia will no longer distinguish between "early-stage" and "growth-stage" teams, unifying them into one team; at the same time, it will close its London office, with some employees leaving, and will support European entrepreneurs from its headquarters in the San Francisco Bay Area in the future.In addition, Sequoia mentioned that it has flattened the partner structure, canceled the weekly partner meeting cycle, and has raised approximately $10 billion for a new fund. Currently, Sequoia is jointly held and operated by seven general partners, with a positive outlook on areas such as AI, space, biotechnology, and re-industrialization.

According to crypto journalist Eleanor Terrett, in this round of the U.S. midterm elections, the AI industry has become an important political funding spender, with related political action committee (PAC) expenditures of about $72 million, still lower than the crypto industry's three major PACs, which spent about $170 million.Both industries had some political investments that did not achieve the expected results, with AI-supported Darline Graham, Mike Rogers, and Carlos For Texas all losing in the elections.

According to Bloomberg, at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority, Wall Street executives stated that capital markets will continue to provide financing for global AI infrastructure development. Morgan Stanley CEO Ted Pick expects that cumulative spending on AI could reach $15 trillion over the next decade, with the largest tech giants potentially investing between $800 billion and $1 trillion annually over the next 7 to 12 years. Pick noted that we are currently about in the third inning of a nine-inning game.Goldman Sachs CEO David Solomon stated that as investors assess the surge in demand for AI and computing power, capital markets still have the capacity to absorb this, and the demand for financing will be strongly met. He reminded that technological supercycles rarely progress in a straight line, and the main constraint on transaction scale is the cost of capital rather than the availability of funds. Pick expects that long-term returns will be sustainable, with productivity gains potentially driving U.S. real GDP growth by 50 to 70 basis points each year. Solomon also mentioned that accountability for AI should ultimately rest with individuals rather than systems.

Solana disclosed that the stablecoin card spending on its network reached 7 times that of the same period last year.

South Korean President Lee Jae-myung stated that the South Korean government's investment expenditure in the AI field will nearly double next year, reaching 21.3 trillion won.

According to Talis Protocol monitoring, attackers exploited vulnerabilities in its Injective market and auction contracts to steal approximately 5,700 custodial NFTs, which were then sold through public series acquisition offers. The platform has suspended new orders and auctions on Injective and will return over 26,000 NFTs within the contracts to their original owners.New orders and auctions on other chains have also been suspended, and existing offers can still be canceled. The repaired contracts are undergoing pre-deployment review. The platform is developing a plan to return the affected NFTs to their original owners and compensate the bidders of completed offers.

According to CoinDesk, researchers from Cornell Tech and Yale University tested Circle's AI agent wallet and found that when allowing the AI agent access to users' email, web pages, and wallet tools, 9 out of 10 tested models were able to bypass manual approval to increase spending limits at least once by independently obtaining a one-time verification code sent to the user's email, without any external attacker intervention.In experiments simulating an attacker impersonating a user, 5 out of 10 models increased spending limits at least once and transferred funds to a wallet controlled by the attacker. The study used real USDC on the Base mainnet, with an initial wallet balance of 10 USDC and a daily spending limit set at 0.01 USD. Researchers pointed out that existing approval mechanisms may fail when the AI agent can access credentials used to verify human authorization.Circle responded that its documentation clearly requires users not to grant unrestricted access to verification emails to AI agents. The research team also developed an open-source prototype called Countersign, which confirms transactions through manual physical operations on an independent trusted device to prevent AI agents from completing authorizations on their own.

Binance responded to community users on platform X, stating that the information regarding the $150 compensation for the suspension of withdrawals posted by the user is false, and the related screenshots have been digitally altered.The user had previously posted that Binance was offering a $150 compensation for the suspension of withdrawals, along with a screenshot showing the relevant compensation details.

Digital asset trading company QCP pointed out in its latest market report that the Federal Reserve, the European Central Bank, and the Bank of Japan all kept interest rates unchanged this week, but the market is still betting that the European Central Bank and the Bank of Japan may raise rates in December. The Federal Reserve maintained the federal funds rate at 3.75% to 4.00% with a vote of 10 to 2 during the October meeting. Federal Reserve Chairman Warsh did not commit to any rate adjustments for December and beyond.In addition, the Federal Reserve announced that there will be no rate votes at one meeting in 2027 and two meetings in 2028, which will only be used to discuss monetary policy strategy. QCP believes that the reduction in decision-making nodes may allow for the accumulation of more economic data between the two meetings, making the market more sensitive to data changes and increasing interest rate volatility and term premiums. The European Central Bank kept interest rates unchanged, citing that previous inflation data had not yet produced second-round effects, but the market still expects a possible rate hike in December. The Bank of Japan also kept interest rates unchanged and stated that inflation has reached the 2% target, with the market pricing in the possibility of a rate hike in December.In terms of technology stocks, shares of Alphabet, Amazon, Meta, and Intel fell after announcing quarterly results, as the market is concerned about current corporate earnings performance and future capital expenditure plans, particularly focusing on the pace and profitability of AI infrastructure investment. In the cryptocurrency market, Binance experienced a significant security incident on Friday morning, affecting approximately $6.3 billion in assets, which initially led to a decline in trading activity in the cryptocurrency market. QCP pointed out that the market gradually stabilized afterward, with participants seemingly viewing this incident as a company-level risk rather than a systemic event affecting the entire cryptocurrency market or infrastructure, with central bank policy uncertainty, concerns over technology companies' capital allocation, and the Binance security incident collectively driving the market to reprice.

Tokyo Electron's annual performance outlook exceeds market expectations, with an estimated operating profit of 1.17 trillion yen (approximately 7.4 billion USD) for the fiscal year ending in March next year, a year-on-year increase of 64%.Operating profit for the third quarter rose to 295.4 billion yen, surpassing the market expectation of 256.1 billion yen.

Alphabet (GOOG.O) executives stated that spending by Gemini enterprise customers has increased more than three times year-on-year.