Bitget UEX Daily | Chip Rebound Fails to Ease Rate Hike Pressure; Bitcoin Falls Below $75,000 Again; AI Orders Face Validation

I. Featured Hot News

US Employment | Non-farm Payrolls Rebound, Interest Rate Pressure Returns to Focus

The US added 165,000 non-farm jobs in October, with an unemployment rate of 4.1% and average hourly earnings rising 0.4% month-on-month. Revised upward by a combined 84,000 jobs for August and September, the employment report overall exceeded prior market expectations.

Employment resilience has eased concerns about a rapid economic slowdown and weakened the rationale for monetary policy easing. For growth stocks, earnings prospects are supported, yet valuations still face the headwind of higher interest rates; tomorrow night's US CPI data will further test this contradiction.

AI Construction | Beyond Regulatory Concerns, Order Fulfillment Begins to Face Scrutiny

Market concerns over potential increased regulatory scrutiny on data center expansion have not subsided. Meanwhile, Microsoft is reportedly gradually winding down some compute leasing arrangements with Oracle, prompting investors to begin distinguishing between long-term AI demand and the commercial value of specific contracts.

Regulatory factors determine whether projects can break ground, while customer choices dictate whether equipment remains continuously rented; both ultimately point to revenue and cash returns. The subsequent focus lies on contract renewals, project deliveries, and utilization rates. Individual contract adjustments should not be directly equated with a contraction in industry-wide demand.

Energy | US-Iran Diplomacy Continues, Oil Prices Face Supply and Rate Variables Simultaneously

Over the weekend, US authorities continued to signal a search for diplomatic solutions, though significant differences remain between the parties. On Friday, WTI and Brent front-month futures settled at $90.83 and $98.32 respectively, recording modest intraday gains.

Progress in negotiations may reduce supply risk premiums, while a strong dollar and tighter monetary conditions could constrain demand expectations. At present, diplomatic engagements cannot be interpreted as finalized agreements; oil prices remain sensitive to follow-up statements.

II. Market Review

Commodities and Forex Performance

Following the release of the non-farm payroll data, the US dollar and Treasury yields rose, while gold futures pulled back. With safe-haven demand and interest rate pressure coexisting, whether gold can sustain its previous recovery hinges on whether inflation data will help ease future tightening expectations.

Cryptocurrency Performance

BTC was priced at 74,971.62 USDT, down 1.09% over 24 hours; ETH was priced at 2,131.80 USDT, down 4.61% over 24 hours, reflecting quotes around 09:22–09:23 Beijing Time. The total cryptocurrency market cap stood at approximately $2.50 trillion, a 24-hour decline of 4.72%, with 24-hour trading volume at approximately $49.019 billion; independent data update time for aggregates was 09:01.

BTC/ETH Liquidation Zone Observation: No verifiable latest liquidation zone data was available this time, so upper/lower ranges, distances, and proximity assessments are temporarily omitted.

Institutional Holding Cost | BTC: Strategy's most recently disclosed overall position as of November 2 stands at 849,327 BTC, with an average cost of $75,451; based on the contemporaneous USD price, BTC trades roughly 0.66% below this benchmark, placing it in a reference unrealized loss state. No confirmed latest figure is available for the combined cost of US Spot BTC ETFs, so this period will not carry forward old estimates.

Market Commentary in One Sentence: BTC is fluctuating near the $75,000 mark, sitting slightly below Strategy's overall cost benchmark; first observe whether it can reclaim stability in this zone, then assess if the rebound attracts sustained buying support. ETH declined more sharply, indicating that market recovery remains uneven; institutional costs serve only as positional references and do not imply new buying orders or guaranteed support levels.

Major US Stock Index Performance

Anomaly Analysis

Market Performance: Chip stocks drove a Nasdaq rebound last Friday, with AMD up 11.04% and Nvidia up 2.78%, but the Dow Jones still closed lower. US equities showed signs of repair but have not yet formed a broad-based rally.

Rationale 1: The recovery following the sharp sell-off initially appeared in heavily pressured chip stocks. Rising stock prices indicate that some pessimistic pricing has been corrected, but a single-day rebound does not prove that regulatory concerns regarding data centers have vanished.

Rationale 2: Strong employment simultaneously supports demand and raises valuation thresholds. Corporate revenue expectations are bolstered by economic resilience, while a rising dollar and higher yields suppress forward earnings valuations, leading to continued divergence between indices and individual stocks.

Rationale 3: Capital places greater emphasis on tangible operational results. Airbnb shares surged 11.67% post-earnings, contrasting with doubts sparked by cloud computing contract adjustments. Moving forward, order fulfillment, profits, and cash flows will hold more explanatory power than vague AI growth narratives.

Tech Magnificent Seven Performance

Four of the Mag Seven posted gains while three declined, with Tesla and Nvidia leading the advance, while Microsoft, Apple, and Amazon fell. The rebound did not cover all large-cap tech stocks, requiring separate assessment for platform companies versus hardware suppliers.

Sector Anomaly Observations

Semiconductors: AMD gained 11.04% and Nvidia rose 2.78%, showing clear recovery after prior sharp declines. Subsequent monitoring will focus on whether the rebound receives support from orders and earnings guidance.

Travel Platforms: Airbnb advanced 11.67%, with accelerating revenue growth and an upgraded full-year outlook providing company-level support for the stock, outperforming the broader market.

III. Key US Stock Analysis

Berkshire Hathaway | Net Profit Declines, Investments and Operations Require Separate Examination

Event Overview: Berkshire reported third-quarter net profit attributable to shareholders of $22.112 billion, a year-over-year decline of 28.20%; operating income was $12.705 billion, down 5.78% YoY. The company repurchased approximately $9.6 billion during the quarter. Routine trading reactions post-earnings await tonight's market open.

Market Interpretation: Fluctuations in investment returns amplified the net profit decline, but operating income fell as well. Underwriting and investment income faced pressure, whereas rail, energy, and manufacturing services retail segments showed growth; the group's internal performance is not uniformly weak.

Investment Insights: Key observations should focus on whether insurance profitability recovers and whether other business segments can continue to offset pressures. Executed buybacks differ from newly authorized programs, and one cannot simply judge a stock as cheap based solely on repurchase amounts.

Oracle | Compute Contract Adjustments Test Alignment of Equipment and Client Needs

Event Overview: Reports on November 6 indicated that Microsoft chose not to renew certain compute leasing contracts with Oracle and is gradually phasing out related leased resources, involving older-generation Nvidia chips. Oracle responded that AI infrastructure demand remains robust, including for earlier-generation GPUs.

Market Interpretation: The core issue here is whether the equipment aligns with clients' new requirements and whether leasing contracts can be renewed. AI industry growth does not guarantee that every generation of equipment or every contract will yield identical returns.

Investment Insights: Subsequent verification will track client renewals, equipment re-leasing, and relevant earnings guidance. At this stage, reports should be kept within their original scope, avoiding extrapolation that Microsoft is exiting all AI compute procurement.

Airbnb | Accelerated Growth and Outlook Upgrade Drive Independent Price Action

Event Overview: Airbnb reported Q3 revenue growth of 19% to $4.9 billion, with total booking value increasing 21% to $27.7 billion, alongside upgrades to full-year revenue growth and adjusted EBITDA margin outlooks. Shares rose 11.67% on November 6, closing at $189.99.

Market Interpretation: This reaction is backed by tangible operational improvements: booking growth and revenue acceleration corroborate each other. Compared to valuations reliant on distant projects, current earnings realization offers more verifiable benchmarks for judgment.

Investment Insights: Monitor whether booking growth sustains and how marketing expenditures impact margins. The newly announced authorization for up to $12 billion in share buybacks represents approval rather than executed purchases.

IV. Market and Project Updates

Interruption in Brazilian Crypto Transfer Services. Nubank and Mercado Pago separately disclosed on November 6 that issues with external service providers affected certain crypto deposits/withdrawals or external wallet transfers. Both companies stated customer funds remain secure; as of this report's verification point, full service restoration has not been confirmed.

China's Gold Reserves Continue to Rise. Official data shows end-of-October gold reserves at 78.3 million ounces, up from 77.47 million ounces at the end of September, an increase of 830,000 ounces. This reflects monthly reserve changes and should not be interpreted as real-time buying today.

CoreWeave Earnings Date Subject to Company Announcement. The company plans to host a Q3 earnings call at 17:00 Eastern Time on November 10 / 06:00 Beijing Time on November 11. Focus on order-to-revenue conversion, delivery progress, and financing costs; unannounced quarterly results cannot be cited this Monday.

V. Today's Market Calendar

Key Event Outlook: Tonight's wholesale data will provide clues on demand and inventories, while the NY Fed survey focuses on inflation expectations. Tomorrow night's CPI offers a more direct interest rate test: if price pressures remain elevated, growth stock rebounds will continue to face yield constraints.

Institutional Perspectives: Glassnode noted in its November 4 weekly report that the market still lacks sufficient new capital, with ETF flow statistics current through November 2. Historical observation suggests tracking whether price rebounds accompany new spot demand is more insightful than focusing solely on percentage gains.

This article is provided for market information purposes only and does not constitute investment advice.