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U.S. stocks closed higher on Wednesday, with technology shares strengthening, Dell surging, and oil prices stabilizing. U.S. Treasury yields approached 5%, and global stock markets may face a 5%-8% correction. Trump said the strikes on Iran would end soon and that the Strait of Hormuz would be renamed the Trump Strait. The former British prime minister warned that failure to control debt would force emergency spending cuts. The Beige Book said the U.S. economy grew moderately, with AI and data centers serving as key supports. Tron’s USDT supply surpassed Ethereum’s for the first time. Broadcom’s Q3 results exceeded expectations, and its AI revenue guidance was raised. Robinhood Chain generated $3.75 million in daily fees, exceeding the combined total of Solana, ETH, and Base.

ME News reports that on November 12 (UTC+8), BofA Global Research lowered its price target for Nvidia from $350 to $280. In addition, investment bank Evercore ISI downgraded Nvidia from “Outperform” to “In Line” and lowered its price target from $465 to $186. Earlier, Citi repeatedly lowered its price target for Nvidia, from $285 to $225. (Source: PANews)

ME News, Nov. 12 (UTC+8) — Dark Bio founder and former lead of Ethereum’s Go client, Péter Szilágyi (known as Karalabe), said that people who own internet-connected smart devices should disconnect them from the network immediately. He recommended unplugging Ethernet cables and taking devices off Wi-Fi, and said that if they cannot be disconnected, they should be discarded. Szilágyi said a storm is coming and things will be unsettling; this is the moment when decades of neglect in the Internet of Things will face a reckoning. Public information shows that he led Go Ethereum from 2015 to 2025 and is currently founding a personal health data analytics platform called Dark

ME News reports that on November 12 (UTC+8), Tron, Tether, and Chainalysis jointly established the Digital Crime Task Force to identify and disrupt illicit activity involving USDT on the Tron blockchain. The task force will gather intelligence and work with law enforcement to shorten the time between threat detection and enforcement action, aiming to freeze assets before criminals can move the funds. It will focus on threats including investment and romance scams, hacking, terrorist financing, and North Korean cyberattacks. Tether CEO Paolo Ardoino said that Tether has frozen more than $7 billion in funds linked to illicit activity and has partnered with more than 360 law enforcement agencies across 73 countries. Cha

Polymarket shows the probability of “no change” for Nvidia’s next CEO rising to 29%, with Jensen Huang still leading; Buck is in second place at 25%, followed by Kress at 23.3%. The rules define “no change” as no formal successor being announced by 2028-12-31; an interim CEO does not count.

Abstract: Polymarket shows Nvidia's "no change" option for the next CEO rising to 29%, with Jensen Huang still leading; Ian Buck 25% and Colette Kress 23.3% follow. The rule defines "no change" as no formal successor announced by Dec 31, 2028, 23:59 ET, with a temporary CEO not counted.

ME News, Nov. 12 (UTC+8) — Indian crypto trading platform Unocoin said in a security incident update that it discovered on Nov. 12 an outgoing transaction from an ETH address in its BitGo wallet used to fund ERC-20 tokens. BitGo has joined the investigation. As its corporate account remains frozen, Unocoin is currently unable to get a complete picture of all the suspicious transactions.

Unocoin said that more than 90% of users’ crypto funds are stored in cold wallets. It is currently rebuilding all of its server infrastructure from scratch, a process expected to take about 4 to 5 business days. Unocoin first detected unauthorized activity on Nov. 6 and submitted requests at 19:24 and 19:29 that day to freeze its accounts at

Norwest, backed by Wells Fargo, raised $4B for its 18th fund targeting early AI startups overlooked by others, boosting assets under management to $18B. The 65-year-old firm has previously backed Uber and Spotify.
Abstract: Norwest, backed by Wells Fargo, raised $4 billion for its 18th fund to invest in early-stage AI startups neglected by the market, expanding assets under management to about $18 billion; the firm has a 65-year history and previously backed Uber and Spotify.

ME News reported on November 12 (UTC+8), ME News reported on November 12 (UTC+8), cryptocurrency exchange Backpack signed a partnership agreement with Japan’s first digital bank, Minna Bank. The two parties will use Backpack’s on-chain infrastructure to explore crypto-related digital banking services in Japan. Minna Bank

UK-licensed Griffin closes a $20M Series B at a valuation above $100M; Octagon Partners leads with existing backers. Funds will launch card issuing and stablecoin services, expanding Griffin’s embedded banking for 80+ clients including Uber.

Griffin, a London-based licensed bank offering embedded banking services to fintechs, completed a $20 million Series B round led by Octagon Partners with participation from existing investors. The funds will be used to develop card issuing and stablecoin capabilities and to advance on-chain cross-border payments for enterprise customers. Griffin already supports more than 80 firms, including Uber UK, providing underlying banking accounts.

ME News reports that on November 12 (UTC+8), IBM announced its next-generation superconducting quantum processor, IBM Quantum Nighthawk r3, designed to accurately execute 10,000 quantum operations across 520 programmable qubits. The processor contains 2,034 physical qubits, builds on Nighthawk r2’s square-lattice connectivity and fast-operation architecture, and adds 10 chip-to-chip interconnects called l-couplers. IBM plans to connect two Nighthawk r3 processors into a single 1,040-qubit system in 2027. The Nighthawk r2, currently in operation, features 120 programmable qubits, 218 couplers, and 120 reset elements, and can execute more than

ME News, November 12 (UTC+8) — A proposed rule by the U.S. Department of Labor allowing 401(k) retirement plans to invest in alternative assets such as cryptocurrencies was submitted to the White House Office of Management and Budget (OMB) on Thursday for final review.

The proposal aims to streamline the process for retirement plans to invest in alternative assets and provide employers and plan administrators with some legal protections. The proposal, released by the Department of Labor in March, does not limit the types of digital assets that may be included or set a minimum market capitalization threshold, but requires plan administrators to assess investment risks across six areas: performance, fees, liquidity, valuation, benchmarks, and complexity.

ME News, November 12 (UTC+8) — According to Arkham monitoring, Citadel, a Bitcoin mining company linked to the UAE royal family, is still actively mining and holds approximately $532 million worth of Bitcoin. In terms of ownership, 2pointzero holds an 85% stake in Citadel, and 2pointzero is wholly owned by International Holding Company (IHC). UAE Royal Group holds approximately 61% of IHC, and the group is led by Abu Dhabi royal family member Sheikh Tahnoon bin Zayed Al Nahyan

The SFC and HKMA co-hosted a seminar on November 11, attended by over 200 financial industry participants. The seminar focused on the role of tokenization in secondary market trading, corporate treasury management, optimizing payments infrastructure, and liquidity on virtual asset trading platforms. Participants also explored the broad applications of tokenized currencies and investment products, emphasizing the transition from pilots to commercial use and the promotion of coordinated development.

Abstract: On November 11, the SFC and HKMA co-hosted a seminar that drew over 200 financial industry participants to discuss tokenization opportunities in secondary market trading and corporate treasury management, improvements in payments infrastructure and liquidity, and the role of virtual asset platforms in enabling liquidity for tokenized funds and broader adoption of tokenized currencies and investment products. Officials highlighted moving from pilots to commercial use and the need for integrated development of tokenized products, digital currencies, and financial infrastructure to foster responsible innovation.

Bitcoin perpetual futures continue to trade at a discount to spot, with the basis negative for 156 consecutive hours. The discount was 0.047% over the past 24 hours and has widened since November 6, signaling selling pressure in the futures market. Over the past week, open interest in perpetual futures rose by 22,000 BTC to 367,400 BTC, marking one of the largest weekly increases since August. Analysts say the increase in open interest alongside a weak basis puts the market at risk of forced deleveraging; a decline in open interest would mean lower leverage.

ME News, November 12 (UTC+8) — Blockchain infrastructure company tZERO has received approval from the U.S. Commodity Futures Trading Commission to operate a regulated derivatives exchange, adding designated contract market status to its existing derivatives clearing organization registration. tZERO said the approvals will enable it to offer regulated derivatives trading and clearing infrastructure in addition to its digital asset services. (Source: ODAILY)

ME News reported on November 12 (UTC+8) that, according to a November 12 report by ZDNet Korea, Samsung Electronics, SK hynix, and other memory manufacturers have decided to allocate some of the enterprise solid-state drive (eSSD) supply they had recently been discussing with Chinese customers to U.S. customers instead. Major Chinese AI companies, including Alibaba, Baidu, and Tencent, have decided to cut their eSSD orders to below expectations, and memory manufacturers are aware of the situation. The report said that after the U.S. tightened AI export controls on China, supplies of high-performance AI semiconductors such as graphics processors and high-bandwidth memory became difficult to secure, reducing demand for the storage used alongside them. eSSDs are NAND-based storage modules primarily used in data centers as auxiliary devices for storing data. A source familiar with the matter said the main reason Chinese companies are cutting orders is AI semiconductors

ME News, Nov. 12 (UTC+8) — On the 12th local time, the Iranian Islamic Revolutionary Guard Corps Navy said that two oil tankers were involved in an incident while sailing through the Strait of Hormuz the previous evening. The IRGC Navy had repeatedly warned that the “southern route” they had chosen was illegal and unsafe, but the tankers ignored the warnings and were ultimately forced to stop after an explosion. The IRGC said both vessels were supertankers carrying a total of more than 4 million barrels of crude oil. (Source: ODAILY)