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On November 3, the National Development and Reform Commission held a series of press conferences on advancing the "14th Five-Year Plan," introducing information on cultivating and strengthening new driving forces. Wang Ruomeng, Deputy Director of the Department of Innovation and High Technology Development of the National Development and Reform Commission, stated that there is a broad consensus in society on the coexistence of opportunities and risks in artificial intelligence. During the "14th Five-Year Plan" period, development and security will be coordinated, with security integrated throughout the research, application, and governance of artificial intelligence.Wang Ruomeng emphasized four key areas of work. First, improve the governance rule system, accelerate the promotion of foundational and comprehensive legislation for artificial intelligence, enhance legislation to protect common elements such as data, computing power, and algorithms, as well as to regulate key application scenarios, establish safety standards and ethical guidelines covering the entire lifecycle, and conduct periodic assessments of the implementation of these systems. Second, optimize the regulatory environment, reasonably set a transition period for regulatory policies, provide compliance guidance for applications across different industries, support the establishment of regulatory sandboxes for artificial intelligence in various fields, and improve the management mechanisms for application, testing, use, and exit.Third, clarify the collaborative governance responsibilities of government departments, industry organizations, enterprises, and the public, promote developers and operators to strengthen risk management awareness, timely disclose safety risks, and proactively report safety incidents and vulnerability information. Fourth, address the impact of artificial intelligence on society, pay attention to changes in employment structure, promote the inclusion of new professions such as model trainers and data annotators into the national occupational classification system, and strengthen monitoring and early warning of employment replacement risks; enhance traceability capabilities for issues such as algorithmic discrimination, deep forgery, and privacy breaches, while also strengthening guidance and intervention to prevent addiction and emotional dependence.

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.

According to a report by Reuters, South Korean President Lee Jae-myung mentioned the recent theft of billions of dollars in cryptocurrency assets from Binance during a State Council meeting on November 3, calling for the establishment of a strong intergovernmental cybersecurity coordination agency to oversee security measures in both the public and private sectors.Lee Jae-myung stated that as AI drives increasingly complex hacking techniques, the existing security system, which primarily focuses on post-incident checks and responses, has shown significant limitations, and a proactive prevention mechanism must be established. The National Intelligence Service of South Korea has currently launched emergency security checks on over 2,100 central and local government departments and public institutions. Previously, the FBI in the United States attributed the Binance theft incident to North Korean hackers, but North Korea has denied involvement.

The Information investigated the smuggling chain of high-end storage chips in South Korea and interviewed a dealer in Shenzhen in his 20s. He originally worked at a chip company and transitioned to the chip black market business by leveraging his network. Having been in the industry for only three years, he is now dressed in luxury brands and busy connecting buyers and sellers every day. The United States will begin to restrict exports of advanced high-bandwidth memory (HBM) to China starting at the end of 2024, but the rules have loopholes: HBM exports are restricted when sold separately, but if packaged together with processors, it may be judged based on the processing power of the processor to determine if it crosses the regulatory line.A smuggler in his 40s controls a chip design company that specializes in designing cheap and lower-performance server processors. These chips are rarely purchased but are used as a pretext for procuring high-end HBM from South Korea. Packaging factories place HBM from Samsung and SK Hynix on the same substrate as these processors and declare exports under the category of low-performance processors. After the goods enter mainland China via Hong Kong, workshops reheat and remove the HBM, while the cheap processors are discarded, and any mishandling during disassembly could damage the memory.A stack of HBM3E in the Chinese black market was priced at only a few hundred dollars a year ago, but it has now risen to about 4,000 dollars. An AI chip typically requires 6 to 8 stacks, costing between 24,000 to 32,000 dollars just for the memory. Some of the memory ultimately flows to Huawei customers. Huawei's next-generation Ascend 960DT is scheduled to launch in the first quarter of 2027, but there is a shortage of domestic HBM supply, and Huawei has asked some customers to procure memory on their own. With the increase in imitators, the aforementioned smuggler responsible for procuring chips from South Korea plans to sell his controlling stake in the company next year, fearing that the spread of the route will attract strict scrutiny from regulatory authorities in South Korea and the United States.

According to Gelonghui, Xiao Yuanqi, Deputy Director of the China Financial Regulatory Bureau, stated at the Fifth International Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority that a large influx of capital into the technology sector and leading enterprises has raised the leverage levels in these areas, which may lead to excessive expansion.Xiao Yuanqi mentioned that the excessive concentration of capital has an crowding-out effect on traditional industries, raising the borrowing costs for these enterprises, increasing their financial burdens, weakening their ability to reinvest and expand production, and also increasing credit risks. He believes that policymakers should develop corresponding policy frameworks in advance for the AI-driven economic transformation to strengthen macroeconomic management and prevent economic and financial risks.

The Deputy Inspector General of the Cyber Crime Investigation Bureau of Thailand, Siriwat Deepho, stated that the police have received fund flow data related to Shuffle.com from three digital asset exchanges and have formed 80 task forces. They plan to first file cases against players within Thailand and then investigate the overseas operators.During a congressional hearing, lawmakers mentioned that Gulf Binance, which operates Binance TH, discovered two wallets associated with 44 individuals, with related funds moving in and out of Shuffle through over 400 transactions, totaling approximately $113,000. Former Democrat lawmaker Sirichok Sopha indicated that four out of nine Thai digital asset operators have on-chain connections to Shuffle, but this does not imply any wrongdoing by the exchanges.The Special Cases Investigation Bureau of Thailand is assessing whether to classify Shuffle as a special case and plans to invite the Securities and Exchange Commission of Thailand to participate in the investigation. The Ministry of Digital Economy and Society of Thailand stated that Shuffle.com has been blocked nationwide.

The cryptocurrency trading platform Crypto.com has confirmed that it will cease consumer app services in Hong Kong starting February 1, 2027, while continuing to apply for regulatory licenses for its institutional trading platform. The company informed Bloomberg that affected users have been notified and will receive guidance on closing their accounts and withdrawing funds.According to Hong Kong media HK01, Crypto.com mentioned changes in the regulatory environment in an email sent to Hong Kong users. The consumer app is operated by Foris DAX MT Limited, while another entity, Foris DAX HK Limited, is applying for a Virtual Asset Trading Platform (VATP) license in Hong Kong. According to the public register of the Hong Kong Securities and Futures Commission, this Hong Kong entity submitted its VATP license application on February 9, 2024, and is still in a "deemed licensed" transitional status, having not yet obtained full regulatory approval.Crypto.com told Bloomberg that it will continue to advance the licensing application for the institutional-level Crypto.com Exchange platform. This adjustment means that its retail and institutional businesses in Hong Kong will proceed in phases, with consumer services exiting first.

According to reports from People's Financial News, Bao Chengchao, the chief strategist of the research department at CITIC Securities, pointed out in his latest insights that, compared to the global market, the valuation of domestic large-cap blue-chip stocks is at a relatively low level. The A-shares market is the only one among the U.S., Japan, South Korea, and A-shares where the AI relative to non-AI valuation premium is still higher than the historical mean. As of October 22, 2026, the PE ratio of A-shares for AI/non-AI is 4.4 times, which is at the 82nd percentile since 2016, while the same indicator for the U.S., Japan, and South Korea has fallen to the 1%, 17%, and 24% percentiles, respectively.The AI premium in overseas markets has largely been absorbed by the rise in non-AI valuations. The PE ratios for non-AI non-financial leaders in the U.S. and Japan are 33.5 times and 23.0 times, respectively, which are at the 98% and 95% percentiles in history. The overall PE ratio for A-shares related to domestic demand and manufacturing non-AI blue-chip stocks is only 15.6 times, which is at the 21% percentile in history. Bao Chengchao believes that this misalignment indicates that the large-cap blue-chip stocks related to domestic demand and manufacturing in A-shares have relatively ample room for valuation recovery.Bao Chengchao also stated that the realization of this space requires coordination with macro conditions. On the overseas front, if the AI spending cycle gradually approaches a downward turning point, long-term U.S. Treasury rates may also decline, leading to marginal improvements in the demand and valuation environment for global non-AI sectors. Domestically, the clear alignment of fiscal and monetary policies places a focus on expanding domestic demand, with increasing signals of marginal improvement in core indicators of domestic demand. If the decline in overseas interest rates and the recovery of the domestic economy create a phase resonance, the profit expectations and valuation constraints of large-cap blue-chip stocks in A-shares are expected to recover simultaneously.

According to the market information platform Liquid247.xyz, the current price of ETH is $2,251.04. The thickest order book is on Binance perpetual: buy orders at $56.2832 million, sell orders at $54.7723 million, with buy orders exceeding sell orders by $1.5109 million.Coinbase's spot buy orders are also thicker than sell orders, but the scale is smaller than that of Binance perpetual. If a large buy or sell order suddenly appears, exchanges with thinner order books will be affected first, and price fluctuations will be more pronounced.

JPMorgan conducted a scenario analysis on four potential congressional power combinations following the U.S. midterm elections. Among them, the probability of the Democratic Party winning control of both the House and Senate is the highest at 66%; the Republican Party's chance of retaining both chambers is only 7%, but this corresponds to the largest expected increase in the S&P 500 index among the four scenarios. In the scenario where the Democratic Party controls both chambers, the S&P 500 index could drop by 0.25% or rise by 0.5%. Concerns about stricter AI regulations and restrictions on data center construction may trigger a sell-off in AI concept stocks.JPMorgan believes that even if legislation restricting the development of the AI industry is passed by Congress, it would be difficult to gather enough votes to override Trump's presidential veto. Therefore, it suggests that traders consider buying during pullbacks in tech stocks. Fiscal deficit spending may decrease, and long-term U.S. Treasury yields could face downward pressure. Some corporate executives associated with Trump's political donations may face greater risks of congressional investigations. The probability of the Democratic Party controlling the House and the Republican Party controlling the Senate is 26%, with the S&P 500 index expected to rise by 0.5% to 1%. The market may welcome the legislative stalemate brought about by the distribution of power, leading to a potential decline in long-term U.S. Treasury yields, although some companies and their leaders may still face congressional inquiries.In the scenario where the Republican Party retains both chambers, the S&P 500 index is expected to rise by 1% to 1.25%. The market would not have to immediately face new congressional regulatory risks, and the additional policy pressures on tech companies would also be relatively limited; however, fiscal deficit spending may further increase, pushing long-term U.S. Treasury yields higher, and Trump may continue military actions against Iran. The probability of the Republican Party controlling the House and the Democratic Party controlling the Senate is 1%, with the S&P 500 index expected to rise by 0.25% to 0.75%. A split Congress could lead to more intense budget battles, potentially resulting in a federal government shutdown, and the Democratic Party could still conduct congressional investigations after gaining control of the Senate.

On-chain analyst Ai Yi stated that a certain whale redeemed assets from Compound during a drop this morning, and then sold 1,470 ETH (worth 3.31 million USD), 63.46 WBTC, and cbBTC (worth 4.868 million USD) on-chain. This address had not operated for 22 days prior.

According to BBX data, the global capital markets have recently announced the latest developments in digital asset treasury increases and mining operations, with the core information as follows:Strategy (NASDAQ: $MSTR) increased its holdings by 811 BTC, bringing total holdings close to 850,000: According to SEC filings, Strategy purchased 811 bitcoins at an average price of approximately $80,846 from October 26 to November 1, totaling about $65.5 million (funds sourced from the MSTR stock ATM program). During the same period, the company net raised $164 million through the ATM program and repurchased 2,092,035 shares of STRC preferred stock for $208.2 million. As of November 1, Strategy has accumulated a total of 849,327 bitcoins (total holding cost approximately $64.08 billion, average price about $75,451). The company used $43.4 million to pay preferred stock dividends, with a current dollar reserve balance of $4.79 billion and a dollar cash balance of $132.7 million.Strive (NASDAQ: $ASST) purchased 124 BTC, cash reserves reached $490 million: From October 24 to 30, Strive bought 124 bitcoins at an average price of approximately $80,526 (including fees). As of October 30, Strive's total bitcoin holdings increased to 43,124. Its cash and cash equivalents amount to $490 million (a decrease of $14 million from last week), and it also holds approximately $50.06 million in fair value of 505,000 shares of Strategy STRC preferred stock. In terms of equity, its SATS preferred stock and Class A common stock outstanding slightly increased to 7,003,418 shares and over 118.1 million shares, respectively.Super League Enterprise (NASDAQ: $SLE) tests digital treasury, purchased 8 BTC: Nasdaq-listed Super League Enterprise disclosed that it bought 8 bitcoins at an average price of approximately $78,532.14 from October 28 to November 1. SLE officially stated that this move is part of the company's exploration of using bitcoin alongside cash and cash equivalents as part of its treasury asset reserves.Cipher Digital (NASDAQ: $CIFR) released Q3 financial report, net profit reached $31.6 million: Bitcoin mining company and data center developer Cipher Digital announced its Q3 2026 financial report. Total revenue for the quarter was $26.7 million, a year-on-year decrease of 62.8% (mainly due to a sharp decline in bitcoin mining revenue). However, thanks to a non-cash gain from the fair value change of $127 million in warrant liabilities, the company achieved a net profit of $31.6 million (compared to a net loss of $3.28 million in the same period last year). Adjusted EBITDA for the quarter was negative $9.96 million. As of September 30, the company had cash and cash equivalents reserves of $656 million.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to 7.522 billion USD, with long positions totaling 3.482 billion USD, accounting for 46.29% of the holdings, and short positions totaling 4.04 billion USD, accounting for 53.71% of the holdings. The profit and loss for long positions is 6.3709 million USD, while the profit and loss for short positions is 30.7526 million USD.Among them, the whale address 0x5b5d..60 has shorted ETH with a 5x leverage at a price of 2322.72 USD, currently showing an unrealized profit and loss of 5.9844 million USD.

Arthur Hayes posted on the X platform that dollar liquidity is being replenished. Before the Federal Reserve and/or banks begin to expand their balance sheets, BTC is expected to weaken.

The cross-chain interoperability protocol Hyperlane's personnel Jon (X account @nosleepjon) announced that after working at Hyperlane for 4 years and publishing thousands of tweets, he will be leaving the project. He expressed that he will miss his teammates and feels proud of the work they accomplished together.Jon: He will join Open Standard to be responsible for marketing, promoting its stablecoin to more users. Open Standard issues the US dollar stablecoin Open USD (OUSD), with founding partners including Coinbase, Mastercard, Shopify, Stripe, and Visa, and the CEO is Zach Abrams. Jon stated that he has long believed that stablecoins are the most useful products to emerge in the crypto industry, but he is disappointed with the current situation where a few issuers retain all economic arrangements.Jon also mentioned that last year, Hyperliquid's issuance process around the native stablecoin USDH indicated that there is a demand in the market for a new stablecoin that can share profits and upside rights with partners driving actual use cases, and can fulfill crypto commitments globally. He stated that companies building or considering using stablecoins can contact Open Standard, which is currently also hiring.