BeaconChain

OpenAI is discussing a new fundraising round at a valuation almost 50% higher than in March, CFO Sarah Friar confirms. She points to real demand for AI as the force behind the talks. BeaconChain

What led the opening gains in semiconductor stocks? The sector index climbed 5.4% at the US market open, with SanDisk up 10.4%. The Dow moved in the opposite direction, falling 1%. BeaconChain

October’s employment figures have strengthened expectations of a December rate hike. The economy added 165,000 jobs, well above the 64,000 forecast, while unemployment fell to 4.1% from the expected 4.2%. September’s job gains were also revised up by 28,000, further bolstering the case for a rate increase next month. BeaconChain

2 sides may be closer to a deal to end the war, after all. Tehran has signaled it’s ready to discuss nuclear issues that were once off-limits - a possible sign that the talks are moving forward. BeaconChain

Tesla may begin winding down Cybertruck production around mid-2027, Elon Musk says. The move could mark the start of the truck’s final chapter, though production has not yet ended. BeaconChain

Trump is offering states a chance to profit from AI. Now the question is which ones will take him up on it. BeaconChain

Could Iran have cost Republicans the election? Trump said the war was one key factor in their defeat, while insisting the operation was necessary to prevent Iran from getting nuclear weapons. He also said he would “get along” with Democrats, suggesting there may be room for a less combative chapter. BeaconChain

Energy inflation could seep into wage talks and push prices higher across the economy, ECB official Philip Lane warns. The squeeze is building because fiscal policy has been looser than expected. Next year, fiscal policy is expected to tighten. So, a little patience: the budgetary belt is not quite fastened yet. BeaconChain

Several hedge funds are reportedly under pressure this week. Losses and investor withdrawals are prompting fund closures. The firms named include: 🟢 Axebrook 🟢 Walleye Capital ($17B): down 5.9% in October, its worst month since Mar 2020. It is cutting equity long/short leaders and teams, returning capital, and shifting toward volatility and quantitative strategies. 🟢 Engineers Gate 🟢 Lone Pine 🟢 Millennium internal pods 🟢 Verition pods 🟢 Samlyn BeaconChain

Galaxy CEO Novogratz purchased $9.9 million in company shares after its stock fell 41%. The board then approved an additional $200 million for buybacks. BeaconChain

Can Texas’ AI data center expansion continue without new safeguards? Governor-elect Gina Hinojosa says it should pause until lawmakers approve protections. “We need to stop what we are doing with data centers until we have those protections,” she told CNN. Hinojosa will become Texas’ first Democratic governor since 1995. BeaconChain

2 statements from Trump on today’s stock market crash: he called it one of the market’s “worst days in history.” BeaconChain

$5 trillion has vanished from the S&P 500 since its October 6 peak, and the sell-off is picking up speed. Nasdaq 100 futures slid 7.1% in the past 12 hours, with losses continuing after hours. The market is clearly not ready to call it a night. BeaconChain

Trump said he may have to destroy what remains of Iran, despite preferring not to. “I’d rather not destroy what’s left of the country, if possible, but I may have to,” he said. BeaconChain

After its worst month since March 2020, Walleye Capital is restructuring its equities business. The $17B hedge fund is changing leaders, letting go of several portfolio managers and planning to return some capital to investors. Separately, an unidentified seller is seeking buyers for $500M in data-center loans. The sale has been linked to Walleye, though the connection is unconfirmed. If reports are accurate, pressure on the AI trade may be reaching private credit. BeaconChain

60% of Paraguay’s adults relied on Ueno Bank. Then it went offline. The central bank intervened, leaving customers unable to access their accounts, cards or the app. The outage unfolded as US stocks fell, Paraguay’s president resigned and USDT traded at a 15%-20% premium. A quiet day, then. BeaconChain

The Nasdaq is heading for its sharpest one-day decline in 19 months as chip stocks slide. The sell-off follows Democrats’ congressional election victory, which has fueled concerns that AI could face new regulation. BeaconChain

2028 rumors about Marco Rubio leaving the Trump administration to run for president were rejected by White House officials. They called the claims “completely baseless” and “fabricated.” BeaconChain

Marco Rubio is reportedly weighing his resignation as US Secretary of State after Republicans’ sweeping midterm losses, Bloomberg reports. He has not made a final decision and is discussing the possibility with White House officials. BeaconChain

Clearinghouses can now settle transactions through trust companies, not just settlement banks. The change follows the CFTC’s expanded eligibility rules. The same standards apply to both types of institutions. A second route for daily settlements. BeaconChain