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• CoreWeave is preparing a multi-billion-dollar chip-backed loan to finance purchases of Nvidia chips and other computing equipment for a contract with an unnamed investment-grade client, according to the Financial Times.
• The company expects borrowing costs of around 7%–7.5%, significantly below yields of up to 15% on its unsecured high-yield debt.
• CEO Michael Intrator told analysts that chip-backed financing could cover 70%–100% of equipment costs, depending on the customer.
• The financing will test investor appetite for loans backed by AI infrastructure and semiconductor equipment.
• CoreWeave expects to receive approximately $9 billion in customer upfront payments and deposits over the next three months and plans to pursue additional funding through similar arrangements.

• European equities advanced towards record highs, supported by lower oil prices, a weaker US dollar and renewed investor interest in artificial intelligence stocks.
• Mining stocks led gains, benefiting from cheaper oil and dollar weakness, while technology stocks also moved higher.
• AI computing provider CoreWeave's optimistic earnings outlook and growing expectations around an Anthropic IPO boosted sentiment towards the AI sector.
• Siemens Energy surged 6.5% after projecting profit margins of up to 22% by 2030, supported by strong demand for gas turbines and grid equipment. The company said this demand helped more than double its profits last year.
• Since the US midterm elections last Wednesday, the pan-European STOXX 600 has gained approximately 2%, while the S&P 500 has declined 0.6%.
• Roger Lee, head of equity strategy at Cavendish, said post-election scepticism around AI had triggered some reversal in fund flows, benefiting markets outside the US.

• India has immediately banned the export of lithium-ion battery black mass, a recycled material containing critical metals such as lithium, cobalt, nickel and manganese.
• The government has changed its export status from "free" to "prohibited", according to notifications issued by the Ministry of Commerce and Industry.
• The ban also covers unsorted battery waste that does not contain lead, cadmium or mercury.
• The move aims to encourage domestic processing of critical battery materials, strengthen India's battery recycling industry and support its electric vehicle supply chain.
• India is targeting electric vehicles to account for 30% of new car sales and 80% of new two-wheeler and three-wheeler sales by 2030.

• Bajaj Finance is preparing to raise up to ₹11,700 crore ($1.2 billion) from institutional investors through a qualified institutional placement (QIP), potentially launching as early as this week, according to people familiar with the matter.
• The company has completed investor roadshows and could launch the offering within the next one or two days. However, the size and timing remain subject to change.
• The proposed QIP would be India's first major equity offering since Jio Platforms' $3.1 billion IPO last month.
• On October 1, Bajaj Finance's board approved a fundraising plan of up to ₹17,500 crore, comprising a ₹11,700 crore QIP and ₹5,800 crore through warrants.
• On November 10, the company raised approximately ₹5,800 crore by allotting 57.43 million warrants to promoter and holding company Bajaj Finserv at ₹1,010 apiece.
• India has raised approximately $50.25 billion through equity offerings so far this year, compared with $58.78 billion during the whole of last year.
• Major transactions this year include Jio Platforms' $3.1 billion IPO, NSE India's $2.4 billion listing and LIC's $3.3 billion share sale.

• Monthly mutual fund SIP inflows declined to ₹32,160 crore in October, compared with ₹32,490 crore in September and ₹32,297 crore in August, according to AMFI data.
• Overall mutual funds recorded net inflows of ₹1.73 lakh crore in October, reversing net outflows of ₹1.33 lakh crore in September.
• Equity mutual fund inflows fell to ₹32,994 crore from ₹38,307 crore.
• Large-cap fund inflows increased to ₹1,032 crore from ₹859 crore, while mid-cap inflows declined to ₹4,893 crore from ₹7,835 crore.
• Small-cap inflows dropped to ₹6,408 crore from ₹9,039 crore, while flexi-cap inflows fell to ₹4,980 crore from ₹6,702 crore. Large and mid-cap funds saw inflows rise to ₹8,484 crore from ₹4,271 crore.
• Fixed-income mutual funds attracted net inflows of ₹1.13 lakh crore, compared with net outflows of ₹1.83 lakh crore in September.
• Gold ETF inflows declined 22% month-on-month to ₹3,474 crore from ₹4,451 crore. Fund houses reportedly paused large subscriptions ahead of the festive season.
• Total ETF inflows increased to ₹20,304 crore from ₹15,501 crore.
• Mutual fund industry's net assets under management rose to ₹83.38 lakh crore from ₹82.64 lakh crore in September.

• SEBI is considering a common framework requiring all stock exchanges to verify margin before displaying pre-open orders in the order book, while retaining the original order receipt timestamp, according to Moneycontrol.
• NSE and Metropolitan Stock Exchange (MSE) already check margins before displaying orders. BSE currently displays orders first and checks margin afterwards, cancelling those that fail the requirement.
• SEBI believes these differences can give investors placing orders across multiple exchanges different queue positions, creating inconsistencies in execution priority.
• Under the proposed system, an order received at 9:00 am would retain its original timestamp even if the margin verification takes another two seconds.
• Pre-open orders contribute to the indicative equilibrium price, which determines a stock's opening price. Orders without sufficient margin could temporarily create misleading demand signals.
• The proposed change aims to reduce spoofing, where traders place orders without intending to execute them, potentially distorting opening prices.
• Stakeholders are broadly supportive, but SEBI has not finalised the framework or announced an implementation timeline. The approach could eventually be extended to closing auctions.

• UBS tracking of approximately 800 actively managed foreign funds shows foreign institutional investors’ overall exposure to Chinese equities remained broadly unchanged in Q3, according to China equity strategist Wang Zonghao.
• Foreign investors increased holdings most in healthcare, internet and technology stocks, partly driven by IPOs and placements.
• Investors reduced exposure to insurance, basic materials and automobile stocks.
• UBS remains optimistic about Chinese AI technology hardware, citing an attractive risk-reward profile. However, the recent global technology sell-off could trigger further spillovers into domestic stocks.
• With AI market sentiment still fragile and mutual funds holding elevated positions in AI hardware stocks, Wang recommends a barbell strategy combining technology hardware and banking stocks.

• Qualcomm has begun laying off employees in India as part of a global workforce restructuring, with around 1,000 jobs potentially at risk. However, the actual number of affected employees remains unclear and could be significantly lower.
• The first round of job cuts reportedly began at its Bengaluru facility on November 9. The exercise is expected to take place in phases across Indian operations.
• Qualcomm has not officially confirmed the number of layoffs. India is one of its largest engineering and R&D bases outside the US, employing approximately 20,000 people across Bengaluru, Hyderabad, Delhi NCR and Chennai.
• CEO Cristiano Amon described the exercise as a “performance-focused reduction” in an internal communication in October.
• The restructuring comes amid pressure on Qualcomm’s smartphone chip business due to weakening consumer electronics demand and rising memory prices.
• Qualcomm reported Q4 FY2026 non-GAAP revenue of $10.44 billion, down 7% year-on-year. Handset revenue declined 26% to $5.14 billion in the September quarter, according to Reuters.
• The company is diversifying into automotive technology, IoT and AI data centres, while maintaining its target of generating $5 billion in data-centre revenue in FY2027.

Japanese Bond Yields Surge as US Treasury Sell-Off and Inflation Concerns Trigger Global Bond Rout

• Japanese government bond yields climbed sharply on Wednesday, tracking an overnight sell-off in US Treasuries after stronger-than-expected US inflation revived expectations of more aggressive Federal Reserve rate hikes.
• The five-year Japanese government bond yield rose 9.5 basis points to 2.195%, while the 10-year yield gained 10.5 basis points to 2.795%.
• The two-year yield, which is more sensitive to monetary policy expectations, increased 8.5 basis points to 1.86%.
• In the US, the two-year Treasury yield surged 18 basis points to 4.74%, marking its biggest single-day increase since April 2025.
• The Japanese bond sell-off reverses the recent trend, when falling US equities had boosted safe-haven demand and reduced expectations of further Bank of Japan rate hikes.
• Barclays' Japan interest rate strategist Shinichiro Kadota said the previous decline in Japanese bond yields had gone too far and expected further room for yields to rise.
• US Treasury markets are closed on Wednesday, November 11, for Veterans Day, although US stocks and CME Treasury futures continue trading.

Moonshot AI Reportedly Signed Contract for 32 Nvidia B300 Servers in China, Raising Export Control Concerns

• Chinese AI startup Moonshot AI signed a contract in August to rent 32 servers equipped with Nvidia's B300 GPUs inside China, according to Bloomberg.
• Financing documents valued the servers at 432 million yuan, or approximately 13.5 million yuan per server, raising questions over whether the equipment was supplied in violation of US export controls.
• US regulations restrict exports of advanced AI chips such as the Nvidia B300 to China without a licence. Bloomberg said it could not independently confirm whether the required export authorisation was obtained.
• The documents included financing agreements signed on August 4 by Lingmeixin (Beijing) Technology and Beijing Zhongguancun Bank. The bank provided a 200 million yuan loan, with the servers pledged as collateral.
• The financing also included 345.6 million yuan in expected revenue from a computing services contract with Moonshot's main entity, Beijing Dark Side of the Moon Technology.
• The documents stated that Moonshot had the right to use computing services but did not own the equipment. The servers are reportedly located in Qingyang, a national computing hub in western China.
• Moonshot disputed the documents, saying it had no business relationship with Lingmeixin and neither authorised nor participated in the financing arrangements.
• Nvidia said the entities involved were not its customers, while Super Micro said it did not conduct business with them and remained committed to complying with US export controls.

Iran Unveils Underground Missile Facility, Warns Retaliation Could Extend Beyond the Middle East

• Iran's Islamic Revolutionary Guard Corps (IRGC) unveiled footage of an underground facility stocked with ballistic and cruise missiles on Tuesday, as senior military officials warned of retaliation extending beyond the region.
• The footage showed Armed Forces Chief of Staff Maj. Gen. Ali Abdollahi and IRGC Aerospace Force Commander Brig. Gen. Majid Mousavi touring underground tunnels containing Fattah and long-range Khorramshahr missiles.
• Iranian media said the facility also houses other missile systems, some of which were blurred in the released footage. Officials did not disclose its location or when the visit took place.
• Abdollahi warned that any fresh attack on Iran would trigger a response “beyond the region”. Mousavi said Iran could target enemy capabilities across the region and beyond.
• IRGC spokesman Brig. Gen. Hossein Mohebbi said missile and drone production lines had been moved from surface facilities into deeply buried underground complexes to maintain manufacturing capabilities even under heavy bombardment.
• The Jerusalem Post said the facility could not be independently verified and questioned whether it was newly established.
• The unveiling comes as US President Donald Trump describes renewed American strikes as “highly unlikely” but says US forces remain “locked and loaded”. Qatar is continuing mediation between Washington and Tehran.

Promoter Holdings in NSE-Listed Companies Hit 3-Year High of 41.93% as Insiders Buy the Dip

• Private promoter shareholding in NSE-listed companies rose to a three-year high of 41.93% in the September quarter of 2026, according to PRIME Database Group.
• Promoters have reversed their earlier trend of reducing stakes, with purchases exceeding $4 billion in 2026 as market corrections created more attractive valuations.
• This follows approximately $56 billion in promoter stake sales during 2024 and 2025, when stock valuations were near record highs.
• Rising promoter ownership is being viewed as a signal of confidence in their businesses and expectations that current valuations offer long-term value. However, it does not necessarily confirm that the broader market has bottomed out.
• Promoters are also increasing stakes to consolidate control ahead of business expansion. Jio Financial Services is among the companies where promoter ownership reportedly increased from 47% to above 49%.
• Stake increases have been carried out through open-market purchases, preferential warrants and participation in rights issues.
• Domestic mutual fund ownership also reached a record 11.82%, supported by sustained household investments through SIPs, while foreign institutional investor ownership declined to 15.57%, its lowest level in 14 years.

Moody’s Expects Global Growth to Stabilise at 2.6% in 2027, Oil Prices to Decline From Mid-Year

• Moody’s expects global economic growth to slow from 2.8% in 2025 to 2.6% in 2026, before stabilising around that level through 2027 and 2028.
• Developed economies are forecast to grow by approximately 1.7% next year, while emerging market growth is expected to slow from 4.5% in 2025 to around 4% by 2027.
• Moody’s expects oil prices to remain near the upper end of the $90 to $110 per barrel range before beginning to decline around mid-2027.
• Easing oil prices are expected to help moderate headline inflation, while central banks are likely to favour limited interest rate increases rather than a prolonged monetary tightening cycle.
• Capital expenditure by hyperscale cloud providers is expected to remain around $1 trillion next year. However, spending growth could slow sharply from approximately 100% this year to 25% in 2027, reducing its contribution to economic growth.
• Separately, Goldman Sachs now expects the Federal Reserve to raise interest rates by 25 basis points in December 2026 and another 25 basis points in March 2027. Previously, it had forecast only a December hike.

Nvidia Faces Potential $470 Billion Market Cap Wipeout in Two Sessions as Shares Slide; Microsoft Reclaims Second Spot

• Nvidia is facing a potential $470 billion loss in market capitalisation over two trading sessions as shares extend their decline amid growing scrutiny of CEO Jensen Huang's reported links to Singapore-based businesswoman Alice Huang, who US officials suspect of having ties to Chinese intelligence.
• Nvidia shares closed at $168.80 on November 10, down 5.5% from the previous close of $178.68. The stock has also fallen from $186.65 on November 6.
• The latest decline puts Nvidia's market capitalisation at approximately $4.07 trillion.
• The controversy centres on allegations surrounding Huang's reported relationship with Alice Huang and questions over the movement of Nvidia chips to Chinese companies.
• Nvidia's board has launched an independent investigation, while US lawmakers have sought a closed-door briefing with Huang.
• The company has said it has no reason to believe that its trade secrets or US national security have been compromised.
• The sell-off has pushed Nvidia below Microsoft in market capitalisation rankings, allowing the software giant to reclaim the position of the world's second-most valuable company.
• Investors are also reassessing the sustainability of massive AI infrastructure spending and the potential returns from the sector.
• Nvidia is scheduled to announce its next quarterly results on November 17, which will provide fresh insight into AI chip demand and its business outlook.

South Korea’s Exports Surge 112% in First 10 Days of November as Semiconductor Shipments Jump 331%

• South Korea’s exports reached $33.5 billion in the first 10 days of November, up 111.9% year-on-year, according to preliminary data from the Korea Customs Service.
• The figure marks a record for the first 10 days of November and the second-highest export value recorded in any 10-day period, behind early September’s $35.1 billion.
• After adjusting for working days, daily exports increased 97.7% to $4.46 billion. The latest period had 7.5 working days compared with seven a year earlier.
• Semiconductor exports surged 331.2% to $16.6 billion, recording the strongest growth among major export categories.
• South Korea’s year-to-date exports reached $963.7 billion. At the current daily pace, the country could cross the $1 trillion mark around November 20.
• Separately, third-quarter goods exports increased 72.3% year-on-year to $318.6 billion, the highest quarterly level since records began in 2015.
• The top 10 exporters accounted for more than 60% of total exports in Q3, the highest share since records began in 2010. Exports from large companies rose 103.5%, while small and medium-sized firms recorded growth of 12.8% and 10.7%, respectively.
• Semiconductor exports jumped 219% to $148 billion in Q3, accounting for 46.5% of total exports, compared with 25.1% a year earlier.

US Commerce Secretary Received Classified Memo on Nvidia CEO Jensen Huang’s Reported Ties to Suspected Chinese Spy

• US Commerce Secretary Howard Lutnick received a highly classified intelligence memo concerning Nvidia CEO Jensen Huang’s reported relationship with Alice Huang, whom US officials suspect of being linked to China's Ministry of State Security, according to Axios.
• The memo was drafted under Secretary of State Marco Rubio this spring and reportedly cited intelligence suggesting Alice Huang was recruited to gather information on Jensen Huang and potentially encourage Nvidia to seek access to its most advanced chips for China.
• The two individuals are not related. The memo reportedly drew on surveillance of Alice Huang and a chip-smuggling investigation involving her company, Singapore-based Megaspeed.
• According to Axios, the memo was circulated before President Donald Trump's China visit on May 13–15.
• On May 14, the Commerce Department cleared around 10 Chinese companies to purchase Nvidia's H200 chips, Reuters reported. Some approvals reportedly came before the intelligence warning, and it remains unclear how many resulted in actual shipments.
• The Information reported that the relationship helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies, according to Reuters.
• Nvidia shares declined for a second consecutive session on Tuesday as lawmakers from both parties called for investigations. Huang is expected to face a closed-door congressional briefing next week.

Oil Prices Fall for Second Straight Day, Hit Lowest Close Since August 31 as Trump Signals No Immediate Strikes on Iran

• Brent and WTI crude futures fell for a second consecutive session on Tuesday, closing at their lowest levels since August 31 after US President Donald Trump signalled that further military strikes against Iran were unlikely for now.
• Brent briefly dropped below $90 per barrel for the first time since August before recovering some losses after Iranian security official Mohsen Rezaei said Tehran was not currently negotiating with Washington.
• Trump said Iran was “militarily effectively over” and suggested the conflict could end “fairly soon”. However, he confirmed that the US naval blockade in the Strait of Hormuz would remain in place and that American forces were still “locked and loaded”.
• US Secretary of State Marco Rubio told G7 allies that economic sanctions and the naval blockade were proving effective, reducing the need for major military operations.
• Brent has fallen around 22% from its six-month high of $118 per barrel reached on October 30. It had already declined 5.85% on Monday, following a 16% weekly drop the previous week.
• Eurasia Group analyst Gregory Brew said oil prices may struggle to remain below $90 without more durable signs of de-escalation and a US-Iran agreement.
• ING strategists estimated that Gulf crude exports have recovered to around 80% to 85% of pre-war levels, while refined fuel shipments have recovered to only 35% to 40%.

India’s Short-Term Bond Yields May Rise as RBI Withdraws Liquidity and Rate Hike Expectations Build

• India's short-term bond yields are expected to face upward pressure as the Reserve Bank of India (RBI) withdraws excess liquidity and markets anticipate further interest rate hikes.
• After raising the repo rate by 25 basis points on October 7, the RBI could deliver up to 75 basis points of additional hikes, amid inflation forecasts of 5.93%, close to its 6% upper tolerance limit.
• Banking system liquidity surplus has declined sharply from ₹11 trillion in early September to ₹2.3 trillion as of November 5.
• The decline follows liquidity withdrawal through currency swaps and ₹1.25 trillion in bond sales by the RBI.
• Short-term government bonds and Treasury bills are expected to underperform as tighter liquidity conditions and rate hike expectations weigh on demand.
• The spread between five-year and 10-year government bond yields has narrowed to 32 basis points from 37 basis points, signalling scope for further yield curve flattening.

US Chooses Sustained Economic Pressure Over Renewed War With Iran, Rubio Says

• US Secretary of State Marco Rubio said President Donald Trump considered two options regarding Iran: returning to military conflict or reaching an agreement, but ultimately chose a third approach based on sustained economic pressure.
• Speaking at the G7 foreign ministers' meeting in Paris, Rubio said Washington is imposing significant economic costs on Tehran to restrict its ability to finance terrorist groups and rebuild military capabilities.
• He said the pressure campaign has no fixed end date and will continue as the US pursues its objectives.
• Rubio reiterated that Washington remains focused on weakening Iran's financial and military capabilities through economic measures.

Hegseth Avoids Impeachment as US House Votes 211-204 to Refer Resolution Back to Committee

• US Defense Secretary Pete Hegseth avoided impeachment on Tuesday after the House of Representatives voted 211-204 to refer the impeachment measure back to committee, blocking the immediate effort to hold him accountable.
• Representative Thomas Massie, who sponsored the measure, was the only Republican to oppose the motion. Democrats supported referring the resolution back to committee.
• Hegseth defended his record ahead of the vote, describing Massie as a “disgruntled and disappointed member of Congress” and arguing that the impeachment articles largely reflected policy disagreements.
• President Donald Trump welcomed the outcome, praised Hegseth and said all Republicans except Massie had supported him.
• Trump cited US military operations in Venezuela and Iran, record military enlistment and higher troop morale as evidence of Hegseth's performance.
• Democrats are expected to revive the impeachment effort after taking control of the House in January.

Trump Claims Major Victory Against ‘Fake News’ After Judge Rules Against BBC

• US President Donald Trump claimed a major victory in his fight against what he calls “fake news” after Judge Jeffrey T. Kuntz ruled against the BBC.
• According to Trump's account, the judge found that the broadcaster had fabricated a report and acknowledged editing video footage to make it appear that Trump had said words he never actually spoke.

Asian Markets Mixed as Nikkei Rises on CoreWeave Results, SoftBank Slumps After Quarterly Loss

• Japan’s Nikkei 225 rose on Wednesday, supported by strong results from AI cloud provider CoreWeave, while SoftBank shares declined after the company reported a quarterly loss.
• CoreWeave reported third-quarter revenue of $3.66 billion, up more than $1 billion from the previous quarter and above analyst estimates of $3.55 billion.
• The company raised its 2026 revenue guidance to $13 billion to $13.3 billion. Its revenue backlog increased to approximately $132.5 billion from $104.2 billion at the end of June.
• Despite strong revenue growth, CoreWeave reported a net loss of $709 million, while quarterly interest expenses stood at $846 million. CEO Michael Intrator described the quarter as a “breakout quarter”.
• CoreWeave shares gained in after-hours trading, easing investor concerns about the debt-heavy company's growth outlook.
• Meanwhile, stronger-than-expected US October inflation, with headline CPI rising 0.4% month-on-month, pushed Treasury yields higher and strengthened expectations of a December Federal Reserve rate hike.
• Rising rate expectations also put pressure on regional bond markets.

US Household Debt Rises to $19.1 Trillion as Mortgage Delinquencies Hit Highest Level Since 2018

• US household debt increased 1.8% quarter-on-quarter to $19.1 trillion in the third quarter, according to the New York Federal Reserve's Household Debt and Credit Report.
• The share of household loans at least 30 days overdue rose to 5%, compared with 4.7% in the previous quarter.
• Mortgage balances more than 90 days overdue increased to 1.13%, the highest level since the first quarter of 2018.
• Home equity line of credit balances increased by $23 billion, marking the largest quarterly rise since 2005.
• New auto loan delinquencies also increased, while the pace of student loan delinquencies slowed and credit card delinquencies improved.
• The US 10-year Treasury yield climbed back to 5%, reaching the level for the first time since November.
• Despite rising mortgage delinquencies, the New York Fed said overall household credit quality remains sound.

Iran Says No Ongoing Negotiations With US, Rejects Reports of Planned Meeting With Vice President Vance

• Iran’s Supreme National Security Council Secretary Rezaei said Tehran is not currently engaged in negotiations with the United States, according to Iran’s Fars News Agency.
• Rezaei said Iran had asked Washington for a clear response to its conditions but had received no satisfactory answer.
• He described the US response as deceptive and dismissed claims that negotiations would continue or that a meeting would take place in Qatar as false.
• Rezaei also rejected reports that he was planning to meet US Vice President JD Vance, calling them false and unfounded.

Netanyahu Calls for Regime Change in Iran, Warns of Growing International Pressure to Accept Nuclear-Armed Tehran

• Israeli Prime Minister Benjamin Netanyahu said Iran has not abandoned its objective of destroying Israel and is seeking to rebuild its capabilities after Israel repelled the immediate threat.
• Netanyahu argued that the only way to permanently stop Iran's alleged plans is to overthrow the current Iranian regime.
• He warned that Israel could soon face international pressure to accept a nuclear-armed Iran and called for the formation of a national unity government.
• Addressing domestic political developments, Netanyahu criticised proposals to form a minority government that could rely on support from parties or lawmakers he accused of defending Hamas.
• He said he could not rely on a government made up of people who hate Israel, clarifying that he was not referring to Arabs but to those who oppose Israel.

Rubio Says US Sees No Need for Large-Scale Military Operation Against Iran, Cites Effectiveness of Sanctions and Naval Blockade

• US Secretary of State Marco Rubio said Washington sees no need for a large-scale military operation against Iran, citing the effectiveness of US economic sanctions and maritime blockade measures.
• Speaking in Paris on November 10 after the G7 foreign ministers' meeting, Rubio said the impact of sanctions on Iran is expected to become increasingly significant.
• He said the US remains open to reaching a “real agreement” with Tehran but described Iran's proposed conditions as “absurd”.
• Rubio reiterated that President Donald Trump has ruled out Iran's demand for war reparations.
• On the latest US, Ukraine and Russia trilateral talks in Abu Dhabi, Rubio described the discussions as “very productive”.
• He also suggested expanding future negotiations to include European representatives.

US Senators Raise National Security Concerns Over Nvidia CEO Jensen Huang’s Reported Ties to Suspected Chinese Spy

• US Senators Elizabeth Warren and Jim Banks said on November 9 that Nvidia CEO Jensen Huang’s reported connection to a suspected Chinese intelligence operative makes national security concerns “even more urgent”.
• CNBC reported that Huang admitted to an affair with Alice Huang, a former executive at Singapore-based Nvidia customer Megaspeed, whom US officials reportedly believe is linked to China’s Ministry of State Security.
• Megaspeed has been accused of helping restricted Chinese companies obtain Nvidia chips.
• Nvidia’s board has launched an independent investigation. The company reportedly said it has no reason to believe trade secrets or US national security were compromised.
• Warren and Banks urged lawmakers to include the proposed AI Overwatch Act in the National Defense Authorization Act. The legislation would prohibit exports to China of AI chips more advanced than Nvidia’s H200.
• Three Republican House committee chairs have also requested a closed-door briefing with Huang on November 18.
• Chinese academics criticised the allegations as politically motivated, while China’s Foreign Ministry dismissed them as “groundless speculation”.

Three Contract Workers Die After Suspected Toxic Gas Leak at Tata Electronics’ iPhone Components Plant Near Hosur

• Three contract workers died on Monday evening after inhaling suspected toxic gas while servicing a nano-filtration tank at Tata Electronics’ Marigold facility in Krishnagiri district, near Hosur, Tamil Nadu.
• The incident occurred around 5:10 pm. Police said one worker, Akmal Babu Bhai, opened the tank’s lid and collapsed after being overcome by gas. Sarathi Kumar fell into the tank while attempting to rescue him, while Kaveri was also overcome by gas as she raised the alarm and tried to help.
• The facility’s safety team pulled all three workers out, but doctors at a private hospital in Hosur declared them dead on arrival.
• Police suspect a chemical powder used to control odour inside the tank may have triggered the release of toxic gas.
• Reuters reported that the effluent treatment plant was operated by Nalco Water, an Ecolab unit.
• Krishnagiri Collector C. Dinesh Kumar said proper safety measures were missing. The district administration, Tata Electronics and Apple have ordered investigations.
• Production was not affected as the facility was shut for Deepavali. The Hosur facility has previously faced fire and contamination-related setbacks.

SoftBank Reports ¥1.12 Trillion Quarterly Loss as AI Data Centre Investments and Intel Stake Hit Results

• SoftBank Group reported a net loss of ¥1.12 trillion ($7 billion) for its fiscal second quarter, reversing a ¥2.5 trillion profit a year earlier and missing analyst expectations for a profit.
• The loss was driven partly by advance payments for power generation equipment for US AI data centre projects, including a planned campus in Pike County, Ohio.
• SoftBank said it made the payments early to secure equipment amid fears of shortages and long delivery timelines. These advance payments reached $9.48 billion by the end of September.
• Falling share prices of Intel, Arm and Coupang also weighed on results. SoftBank recorded a ¥270.1 billion loss on its Intel investment, according to the Financial Times.
• The company also faced losses on derivative contracts backed by Intel shares. These contracts helped raise $7.4 billion in August.
• Financing costs increased to ¥461.9 billion during the quarter.
• The Vision Fund division reported an ¥81.58 billion loss, compared with a ¥2.38 trillion profit a year earlier. Declines in portfolio companies, including Grab, weighed on Vision Fund 1.

Strong US Inflation Data Fuels Bets on December Fed Rate Hike as AI Investment Adds to Price Pressures

• US monthly inflation remained firm in October, with core CPI rising 0.3% for the month. Gasoline prices increased 1%, slowing sharply from September's 9.1% rise, while food prices recorded their biggest monthly increase since April.
• Annex Wealth Management chief economist Brian Jacobsen said headline inflation remains elevated and warned that recent oil price movements have also fed into underlying price pressures.
• Chicago Fed President Austan Goolsbee flagged AI-driven demand as a potential source of inflation. Officials are increasingly concerned that heavy AI investment could raise input costs and competition for skilled workers, including plumbers and electricians.
• Fed Governor Christopher Waller indicated he could support a larger rate increase if inflation accelerates, saying he would lean towards a 50-basis-point hike under such circumstances.
• Regan Capital CIO Skyler Weinand said stronger-than-expected inflation, robust October payroll growth and upward revisions to previous employment figures provide a basis for a December rate increase.
• Treasury prices fell and yields climbed following the inflation release. Yields on two-year to five-year Treasury notes rose by more than 10 basis points.
• Markets increased bets on further Fed tightening, pricing in at least two rate increases by mid-2027 and a small probability of a 50-basis-point move in December. A 25-basis-point December hike is fully priced in by markets.