Live News Blog

NYT: US and Israel Develop New Plans for Potential Strikes on Iran

• Military planning: The US and Israeli militaries have reportedly developed detailed plans for another strike against Iran, potentially after the US midterm elections, according to The New York Times, citing officials and people briefed on the discussions.
• Intensified preparations: The two militaries have reportedly stepped up exercises, including fighter-jet manoeuvres over Iraqi airspace, as they prepare for a possible short but high-intensity operation.
• High-level discussions: US Defense Secretary Pete Hegseth reportedly met Israeli Prime Minister Benjamin Netanyahu this week to discuss a potential new round of strikes.
• Potential targets: Targets under consideration reportedly include Iranian energy infrastructure, nuclear facilities, and missile and drone arsenals.
• Economic pressure: Some officials believe a major attack could push Iran’s economy closer to collapse and pressure Tehran to make concessions in diplomatic negotiations following months of conflict.

US Imposes New Sanctions on Shipping Networks Linked to Iranian Commodity Exports

• New sanctions: The US Treasury Department announced on November 21 that it had added multiple individuals and entities to its Specially Designated Nationals (SDN) List over their alleged involvement in concealing and transporting Iranian commodities.
• Law firm targeted: Washington sanctioned a law firm operating in Panama and Greece, accusing it of establishing shell companies to facilitate transactions involving sanctioned Iranian goods.
• Shipping companies and vessels: Three shipping or shipping agency companies based in Panama, Singapore and the UAE were targeted, along with nine vessels flying Panamanian and UAE flags.
• Individuals sanctioned: Five people associated with the law firm were also added to the sanctions list.
• Wind-down period: The Treasury Department’s Office of Foreign Assets Control (OFAC) issued two general licences allowing certain transactions to be wound down, subject to a November 20 deadline in Eastern Time.

Tesla Profit Falls 44% as SpaceX Merger Talks Target First Half of 2027

• Profit declines: Tesla reported Q3 net profit of $787 million, down approximately 44% from $1.4 billion a year earlier, marking its second consecutive quarter of year-on-year profit decline.
• Revenue and cash flow: Revenue remained broadly flat at $28 billion, slightly above expectations of $27.88 billion. Free cash flow reached $1.53 billion, significantly exceeding market expectations of negative $4.921 billion.
• Heavy AI investment: Tesla continues to invest heavily in autonomous driving, humanoid robots and other emerging technologies, although revenue from these businesses remains limited.
• Potential merger: Tesla and SpaceX are reportedly targeting a merger announcement in the first half of 2027, with the aim of completing the deal during the current Trump administration.
• Combined valuation: The proposed merger could create a combined company valued at approximately $3.7 trillion, according to people familiar with the discussions. The timing and completion of the deal remain uncertain amid political and market risks.

IMF Urges India to Let Rupee Absorb Oil Shock as Forex Reserves Fall $51 Billion

• IMF’s advice: IMF Asia-Pacific chief Krishna Srinivasan said India should allow the rupee’s exchange rate to act as the “first line of defence” against the oil shock.
• RBI intervention: The Reserve Bank of India raised interest rates, sold US dollars and opened a dollar liquidity window for oil companies to manage currency pressures.
• Forex reserves decline: India’s foreign exchange reserves fell by $51 billion over four weeks amid efforts to support the rupee.
• Rupee rebounds: The currency recorded its strongest weekly performance in seven months following the measures.
• IMF’s assessment: Srinivasan said currency pressure does not necessarily indicate economic weakness, while IMF officials cautioned that foreign-exchange intervention has limited benefits over time.

Kremlin: Putin Open to Resuming Trilateral Ukraine Peace Talks in Mid-November

• Peace talks: Russian President Vladimir Putin said Russia is prepared in principle to resume trilateral peace talks in mid-November, according to the Kremlin.
• US envoy meeting: US special envoy Steve Witkoff briefed Putin on his talks in Oslo and presented what the Kremlin described as “new ideas,” but Moscow said they offered nothing genuinely useful for a peaceful settlement.
• Iran diplomacy: Putin told the US envoy that diplomatic options remain available to resolve the Iranian crisis and that an agreement with Tehran is necessary. Russia reiterated its willingness to help.
• EU proposal rejected: The Kremlin described the European Union’s latest proposal on Ukraine as having little value.
• Economic discussions: Putin and Witkoff also discussed major joint economic projects, including implementation of a Russia-US diesel agreement.
• Russian presidential aide Yuri Ushakov said the Ukrainian conflict is moving toward an end. He admitted he does not know how close the end is, but stated that things are moving in that direction.

JPMorgan More Than Doubles SpaceX Price Target to $500, Implies $6.8 Trillion Valuation

• Price target raised: JPMorgan Chase raised its SpaceX price target from $240 to $500 on October 21, more than doubling its estimate, while maintaining an Overweight rating.
• Implied valuation: The revised target corresponds to a potential market capitalisation of approximately $6.8 trillion.
• Revenue outlook: JPMorgan projects SpaceX revenue could reach $254 billion next year.
• AI computing expansion: SpaceX’s AI computing capacity is expected to increase from 1.7 gigawatts at the end of September to 10 gigawatts by the end of next year.
• Potential Tesla merger: JPMorgan considers a possible merger between SpaceX and Tesla strategically significant, but the bank said it remains uncertain whether a deal will materialise.

Middle East Oil Flows Exceed Prewar Levels Despite Strait of Hormuz Disruptions

• Oil flows rise: Middle East oil shipments averaged more than 24 million barrels per day (bpd) in the week through October 18, exceeding the prewar average of 23.3 million bpd, according to Kpler data cited by The Wall Street Journal.
• Hormuz shipping route: Tankers are continuing to transport oil through the Strait of Hormuz, with some reportedly switching off their automatic identification systems (AIS) and transferring cargo to other vessels near Oman.
• Alternative routes: The route through Hormuz moved approximately 14 million bpd, around 82% of prewar levels. Pipelines across Saudi Arabia, the UAE and other alternative routes account for the remaining regional flows.
• More oil bypasses Hormuz: Kpler estimates that around 40% of non-Iranian Gulf crude bypassed the strait in September, compared with 17% before the war.
• Security and price risks: The Journal counted approximately 30 attacks on ships this month, while Brent crude traded around $108 per barrel on Tuesday.

Zelensky Signals Openness to Peace Deal That Freezes Ukraine’s Front Lines

• Peace proposal: Ukrainian President Volodymyr Zelenskyy said on October 21 that he would be willing to consider a peace agreement if Ukraine retained control of at least 75% of its territory.
• Front-line freeze: Zelenskyy endorsed freezing the current front lines, describing it as a practical way to end the war.
• Territorial position: The proposal would leave the current territorial situation largely frozen rather than require an immediate resolution of all territorial disputes.
• Negotiation outlook: His remarks indicate openness to a ceasefire-based settlement, although the terms of any agreement and Russia’s position remain key uncertainties.

OpenAI and Google Cloud Strike Deal to Expand AI Model Access

• Cloud expansion: OpenAI will make its AI models and Codex programming tools available through Google Cloud, the companies announced Wednesday.
• Enterprise access: Google Cloud customers will be able to purchase OpenAI’s advanced models through Model Garden and Marketplace, using existing cloud spending commitments.
• Developer integration: OpenAI models will be integrated into Google’s Antigravity development environment and Gemini Agent, with features expected to roll out over the coming weeks.
• Wider distribution: The agreement gives OpenAI access to more enterprise customers while expanding Google Cloud’s offerings beyond its own Gemini models.
• Competitive impact: The deal strengthens OpenAI’s reach across the three major US cloud providers and could help Google Cloud attract additional business from customers seeking third-party AI models.

Iran Demands US Accountability Over Maritime Blockade, Citing Alleged War Crimes

• Accountability demand: Seyyedi, secretary of Iran’s parliamentary National Security and Foreign Policy Committee, said the US must be held responsible for imposing a maritime blockade on Iran, Mehr News Agency reported.
• Alleged attacks: Seyyedi accused Washington of attacking Iranian targets, assassinating Iran’s late supreme leader and using unconventional weapons during the conflict.
• Civilian infrastructure: He alleged that US strikes targeted civilian sites, including homes, stadiums, nurseries, schools and other infrastructure.
• International law: Seyyedi said the alleged actions violated international law and amounted to war crimes, calling for Iran to pursue accountability through international legal mechanisms.
• Pressure on civilians: He claimed the maritime blockade was intended to pressure the Iranian population.

Saudi Arabia’s Crude Oil Production Falls Sharply in August, JODI Reports

• Crude oil production: Saudi Arabia’s crude output fell by 1.897 million barrels per day (bpd) month-on-month to 6.238 million bpd in August.
• Oil exports: Crude oil exports increased by 326,000 bpd to 4.451 million bpd.
• Refinery processing: Domestic refinery crude processing declined by 181,000 bpd to approximately 2.297 million bpd.
• Crude inventories: Saudi Arabia’s crude oil stocks dropped by 32.435 million barrels to 143.197 million barrels in August.

NVIDIA Expands Global AI Infrastructure as Supply Chain Partners Boost Capacity

• European AI infrastructure: NVIDIA and European cloud providers are expanding AI computing infrastructure to support AI model training, inference and the deployment of autonomous AI agents.
• Vera Rubin expansion: Nscale plans to deploy NVIDIA Vera Rubin infrastructure across five European markets, while Crusoe is developing a liquid-cooled modular AI factory for the platform.
• AI agent security: Aleria, CoreWeave, Lambda, Nebius and Nscale are supporting NVIDIA’s OpenShell reference architecture, which provides access controls and security mechanisms for AI agents.
• Supply chain expansion: NVIDIA plans to increase substrate production capacity to 2.5 times current levels over the next three years. KYEC is set to receive an $1.1 billion upfront payment from NVIDIA to build new US facilities.
• Advanced packaging and testing: Amkor plans to expand advanced packaging capacity by more than 300% by the end of 2028. NVIDIA also plans to double semiconductor testing capacity between 2026 and 2027, with large-scale test production in Singapore targeted for February 2027.

Iran Offers US Seven-Day Plan to Reopen Strait of Hormuz and Resume Peace Talks

• Seven-day proposal: Iranian Foreign Minister Abbas Araqchi said Iran submitted a seven-day plan to the US through mediators during the recent UN General Assembly, outlining steps to end the war and reopen the Strait of Hormuz.
• Proposed timeline: Under the plan, the Strait of Hormuz would reopen on the sixth day, with negotiations on a final agreement resuming on the seventh day.
• Diplomatic opening: Araqchi said Iran is willing to pursue diplomacy again if Washington demonstrates a genuine commitment to a just and lasting resolution.
• Hormuz control: Araqchi said Iran intends to maintain its role in overseeing maritime traffic through the strategically important Strait of Hormuz, a critical route for global energy supplies.
• Warning to Washington: He warned that further military escalation could endanger civilians, destabilise the region and damage the global economy, arguing that renewed military action would lead to greater strategic failure for the US.

France’s 10-Year Bond Yield Hits 5%, Highest in 24 Years

• Record borrowing costs: France’s 10-year government bond yield reached 5% on Wednesday, its highest level in 24 years.
• Widening spread: The yield gap between French and German 10-year government bonds reached around 157 basis points, close to its widest level since 2011.
• Fiscal concerns: Investors are increasingly worried about France’s fragile public finances and its ability to control the budget deficit.
• Political uncertainty: A weakened government faces challenges passing a deficit-cutting budget amid large-scale protests and a closely contested election expected next year.
• Global pressure: Rising energy prices and tighter monetary conditions have pushed global bond yields higher, but France’s borrowing costs have risen faster than those of most peers.

Anthropic IPO: $16.3 Billion Revenue, $80.7 Billion Loss and $600 Billion Infrastructure Commitments

• Revenue surge: Anthropic reported first-half 2026 revenue of $16.3 billion, up from $1.1 billion a year earlier. Third-quarter revenue reportedly rose 45% quarter-on-quarter to $16.8 billion.
• Huge net loss: The company recorded a first-half net loss of $80.7 billion, including approximately $72 billion attributed to fair-value changes in convertible notes and other financing instruments.
• Massive AI spending: First-half computing and infrastructure spending reached nearly $9 billion. Infrastructure commitments exceed $600 billion, including around $450 billion in cloud contracts and more than $160 billion in payments to Google for leased chips.
• Growth concerns: Some investors reportedly expressed disappointment after growth slowed following more than a doubling of revenue in the second quarter. Around 20% of first-half revenue came from just two customers.
• IPO outlook: Anthropic is reportedly targeting a November listing, with some investors considering a valuation of around $1.5 trillion. The IPO could serve as a key test of investor appetite for AI companies ahead of OpenAI’s potential listing next year.

AI-Led Price Cuts Threaten Indian IT Revenue as TCS Reports Flat Growth

• Revenue pressure: Experts expect AI-driven price reductions to cut legacy revenue at Indian IT companies by 2–3% annually over the next one to two years, according to The Economic Times.
• TCS performance: TCS reported Q2 FY27 revenue of $7.642 billion, up just 0.2% sequentially, despite AI revenue crossing 10% of total revenue.
• CEO's outlook: TCS CEO K. Krithivasan said roughly half of the expected pricing deflation is still ahead over the next 18 months, but expects AI-related work to offset the impact.
• AI business growth: TCS, LTM and Tech Mahindra reported growth in AI-related revenue during the September quarter.
• Industry concern: Nearly flat dollar revenue suggests AI-related growth has not yet fully compensated for pressure on traditional IT services.

SK Hynix Completes Record 40 Trillion Won Share Buyback Ahead of Schedule

• Buyback completed: SK Hynix completed its two-month share buyback worth approximately 40 trillion won on October 21, according to Yonhap News Agency.
• Shares repurchased: The company had planned to spend 40.0434 trillion won to repurchase 24.07 million shares.
• Full cancellation: SK Hynix plans to cancel all repurchased shares, reducing its outstanding share count.
• Scale: The buyback represents approximately 3.3% of the company’s total issued shares and is described as the largest share-cancellation operation by a South Korean listed company.
• Ahead of schedule: The buyback was originally scheduled to run from August 20 to November 19 but was completed roughly one month early.

US Stocks: SpaceX, AMD and Supermicro Rally on Strong Results and AI Optimism

• SpaceX: Shares surged 9% in pre-market trading after Q3 profits beat expectations and its AI business grew 830%.
• Tesla: Shares rose around 2% after Elon Musk announced a special committee between Tesla and SpaceX to formally discuss a potential merger.
• AMD: Shares jumped over 13% after preliminary Q1 FY2027 results showed revenue exceeding expectations by 27%.
• AI hardware stocks: Lumentum and SK Hynix gained nearly 5%, while SanDisk, Micron and Intel rose over 3%. Supermicro surged 16% after projecting first-quarter revenue above expectations.
• Netflix: Shares fell 6.1% after the company lowered its fourth-quarter profit forecast and full-year advertising revenue outlook.

SpaceX Revenue Surges 161% to $14.58 Billion; Musk Explores Tesla Merger bigbreakingwire.in

US-Iran Tensions Escalate as Rubio Says Peace Deal Remains Difficult

• Marco Rubio’s warning: The US Secretary of State told Network18 that reaching a peace deal with Iran would be extremely difficult, blaming the influence of Iran’s “radical Shia clerics.”
• Tanker incident: Iran’s Revolutionary Guards claimed naval mines had halted three tankers on routes Tehran considers illegal. Reports also cited a supertanker explosion south of the Strait of Hormuz.
• Trump’s claim: Donald Trump alleged that Iran wants the war to continue beyond the US midterm elections, while Iranian officials told Reuters that Tehran is deliberately prolonging negotiations.
• US pressure: Rubio accused Tehran of using “Nazi U-boat tactics” and said economic pressure would continue until attacks on commercial shipping in the Strait of Hormuz stop.

BlackRock CEO Larry Fink Warns Delayed Data Centre Construction Could Fuel Inflation

• BlackRock CEO Larry Fink warned that delays in data centre construction could increase computing costs and threaten economic growth as AI demand accelerates.
• Fink argued that expanding data centre capacity could lower computing costs by increasing the supply of processing power.
• He cautioned that delaying AI infrastructure development could jeopardise broader economic growth.
• Fink has previously dismissed concerns about an AI bubble, arguing that demand for computing power is growing faster than supply.
• He warned that insufficient investment in data centres and related infrastructure could restrict wider adoption of AI technology.

India’s Retail Sugar Inflation Jumps to 29.80% Ahead of Diwali

• National retail sugar inflation surged to 29.80% in September, up from 24.27% in August and 4.92% in July.
• Sugar inflation crossed 30% in 21 states and Union Territories, with Odisha recording the highest rate at 37.48%.
• Rising festive demand ahead of Diwali is adding pressure on retail sugar prices.
• The Centre released 1.4 million tonnes of sugar for late October and tightened stock limits for traders.
• Despite these measures, sugar prices rose more than 10% in six days, according to reports.

Oman Crude Premium Falls to Near Three-Month Low as Middle East Oil Exports Hold Up

• The premium of Oman crude over Dubai crude fell to around $4 per barrel, its lowest level since late July.
• The spread had surged above $60 per barrel during the initial stages of the conflict, when the Strait of Hormuz was virtually closed.
• Resilient Middle Eastern oil exports have eased pressure on the physical crude market despite escalating Iranian attacks on shipping.
• Major regional exporters have continued moving tankers through the Strait of Hormuz or rerouting supplies through pipelines.
• The narrowing premium signals improved regional crude availability, although geopolitical risks to global energy supplies remain.

SBI Launches Probe After Suspected Cyberattack Exposes Customer Records on Dark Web

• State Bank of India (SBI) has launched an investigation after a suspected cyberattack exposed customer records on the dark web.
• A preliminary assessment identified nearly 4,000 records containing customer information, following an initial analysis of around 3.75 lakh records.
• The potentially exposed data includes names, mobile numbers, dates of birth, email addresses, residential addresses, customer identifiers and loan records.
• SBI has engaged an independent cybersecurity agency to assess the incident and determine the nature and extent of the data leak.
• The bank said the incident is not expected to have a material impact on its core operations, financial performance or business continuity.

SBI Data Breach: Hackers Allegedly Expose 3.75 Lakh Records bigbreakingwire.in

Trump: New Large Data Centres Must Generate Their Own Electricity

• US President Donald Trump said newly built large and mega data centres should generate their own electricity.
• He proposed requiring data centres to feed excess power back into the grid or sell it to local communities.
• Trump said the move could prevent electricity prices from rising and potentially lower power costs.
• He urged companies to pay local communities or residents financial “bonuses” or “dividends” to improve public acceptance of data centre projects.
• Trump said agreements offering economic compensation have helped turn previously unpopular data centre projects into more widely accepted developments.

Indian Rupee Recovers to 94.48 Against US Dollar, Extends Seven-Day Winning Streak

• The Indian rupee is expected to strengthen, supported by dollar inflows linked to the Jio Platforms IPO and RBI intervention.
• Foreign investors are using sell/buy dollar-rupee swaps to manage IPO-related flows, selling dollars for rupees in the spot market and agreeing to repurchase dollars at a later date.
• After IPO share allotments, investors may unwind these swap positions and sell dollars outright to fund their investments, adding to dollar supply.
• The RBI is reportedly selling dollars around the 95-per-dollar level to support the rupee.
• Elevated crude oil prices remain a key risk that could renew pressure on the currency.

Netanyahu Pushes for Renewed Strikes on Iran; US Says Action Is Not Urgent

• Israeli Prime Minister Benjamin Netanyahu is reportedly pressing to resume large-scale strikes on Iran and has ordered the military to prepare new multi-day attack plans, according to the Financial Times.
• A previously prepared strike plan targeting power plants, nuclear sites and regime-linked facilities was reportedly shelved after US President Donald Trump opposed renewed hostilities before the November 3 midterm elections.
• Israel has reportedly submitted an updated target list to Washington, including civilian infrastructure identified through new intelligence.
• White House deputy press secretary Anna Kelly said Iran is facing severe economic and military pressure and that US measures targeting Iranian ports and rerouting Gulf oil supplies are working.
• The White House has indicated that the US does not plan to strike Iran before the midterms, although renewed Israeli military action in the coming weeks has not been ruled out.

Iran Says Strait of Hormuz Will Remain Closed Until US Accepts Seven-Day Deal

• Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz would remain closed until Washington accepts Tehran’s proposed seven-day initiative.
• Iran’s Foreign Ministry indicated that the strait could reopen if the US fulfils its earlier commitments.
• US Secretary of State Marco Rubio described reaching a deal with Iran as “extremely difficult.”
• Rubio compared Iran’s attacks on commercial shipping to Nazi submarine warfare, according to CNBC.
• The standoff raises concerns over shipping disruptions and global energy supply through the strategically important waterway.

Morgan Stanley Warns Global Refined-Fuel Supply Could Remain Tight Until Mid-2027

• Morgan Stanley expects global refined-fuel markets to remain tight through mid-2027, even if current war-related supply disruptions ease.
• Planned refinery maintenance through the second quarter of 2027 could remove around 3.4 million barrels per day of capacity, approximately 2.5 times the normal level.
• Prolonged conflict in the Middle East and attacks on energy infrastructure between Russia and Ukraine have further constrained supplies.
• Diesel exports have dropped sharply, pushing diesel prices above crude oil prices amid tightening availability.
• Morgan Stanley said refineries that postponed maintenance to benefit from higher margins must now undertake the work, limiting the scope for a significant recovery in refinery output by Q2 2027.

Bessent Says France’s Bond Selloff Unlikely to Spread as Yields Near 24-Year High

• US Treasury Secretary Scott Bessent said he does not expect France’s bond selloff to spread to other markets and praised President Emmanuel Macron’s economic team.
• French 10-year government bond yields remained near their highest levels since 2002 amid political and fiscal uncertainty.
• Protest groups are planning fresh demonstrations for Saturday following weekend riots.
• Moody’s is scheduled to review France’s sovereign credit rating on Friday.
• Prime Minister Sébastien Lecornu’s minority government is attempting to pass a deficit-cutting budget ahead of the 2027 presidential election.

Bernstein Cuts Year-End Nifty Target to 25,000 Amid Earnings and Trade Concerns

• Bernstein cut its year-end Nifty target to 25,000 from 26,000, citing US trade uncertainty, elevated crude oil prices and weak earnings growth.
• The revised target follows an earlier reduction from 28,100 set at the beginning of the year.
• The brokerage expects a potential market recovery driven by mean reversion but sees limited scope for sustained gains amid deteriorating macroeconomic conditions.
• The Nifty’s forward 12-month price-to-earnings ratio has fallen to 16.6, its lowest level in six years, according to Bernstein.
• Despite the valuation correction, Bernstein cautioned that Indian equities remain expensive relative to several Asian markets, with earnings growth and persistent domestic fund flows complicating the outlook.

Amazon Secures Nvidia GB300 Racks Ahead of Power Availability Amid $220 Billion Spending Plan

• Amazon Web Services (AWS) has introduced an “Early Rack Receipt” process to take ownership of Nvidia GB300 server racks before some data-centre sites have power, according to Business Insider.
• Internal emails reportedly show AWS expected around $5 billion in GB300 racks upfront, followed by approximately $3 billion in monthly purchases.
• Completed racks are being held in intermediary warehouses as power shortages delay their deployment.
• The spending forms part of Amazon’s $220 billion capital investment plan, while the company’s free cash flow has turned negative.
• An AWS executive reportedly expects negative free cash flow to persist for years as the company expands its AI infrastructure.

Google and Amazon Open-Source AI Tools to Challenge Nvidia’s Software Dominance

• Google released TorchTPU as open source on October 20, allowing PyTorch applications to run on its TPU chips without major code rewrites.
• Amazon launched the public beta of TorchNeuron, enabling PyTorch code to run on its Trainium AI chips with a one-line change.
• Both tools aim to make developers less dependent on Nvidia’s GPU ecosystem for AI workloads.
• Nvidia’s software platform remains a competitive advantage, as many AI development tools and workflows are built around its GPUs.
• The launches highlight growing competition among cloud giants to expand adoption of their in-house AI chips.

South Korean AI Firm Elice Hits Daily Limit After 32% IPO-Day Plunge

• Elice Inc. shares surged 30% to 79,900 won on Wednesday, hitting the daily trading limit on their second day on the KOSDAQ.
• The rebound followed a 32% plunge on the company’s first trading day.
• Shares remained below the IPO price of 90,500 won despite the sharp recovery.
• South Korea’s KOSPI rose as much as 3.8%, while the KOSDAQ gained 2.8%, supported by positive US technology earnings.
• The sharp swings highlight volatile investor sentiment toward AI computing and next-generation cloud service companies.

SpaceX Revenue Surges 161% to $14.58 Billion; Musk Explores Tesla Merger

• SpaceX reported third-quarter revenue of $14.58 billion, beating analysts’ expectations of $12.72 billion, while net profit reached $4.4 billion.
• AI-related revenue hit $7.56 billion, driven largely by data-centre capacity rentals to developers, including Anthropic and Google.
• Capital expenditure reached $19.59 billion, exceeding quarterly revenue and raising questions about returns on AI infrastructure investments.
• Elon Musk said SpaceX’s annual recurring revenue could reach $500 billion to $1 trillion by the end of 2027.
• Musk confirmed that Tesla and SpaceX have formed special committees of independent directors to explore a potential merger, though no terms have been agreed and a deal may never materialise.

South Korea’s Exports Surge 105.4% as AI Boom Fuels Chip Shipments

• South Korea’s exports rose 105.4% year-on-year in the first 20 days of October to $61.6 billion.
• After adjusting for working-day differences, exports increased 65.9%, down from 89.8% growth in the same period in September.
• Semiconductor shipments remained the key driver amid strong global demand for AI-related technology.
• Imports climbed 42.8% year-on-year, while South Korea recorded a trade surplus of $14.5 billion.

Japan’s Exports Rise 16.7% in September, Below Expectations

• Japan’s exports increased 16.7% year-on-year in September, missing economists’ expectations of 21.3% and marking the 13th consecutive month of growth.
• Imports rose 18.9%, below the forecast of 20.4%, amid higher energy costs.
• Japan recorded a trade deficit of ¥536 billion, narrowing from ¥1.1 trillion in August.
• Exports to the US surged 22.9% year-on-year, while shipments to the European Union rose 10.5%.
• Crude oil imports jumped 51% year-on-year as elevated international oil prices increased import costs.

SpaceX, Tesla and AI Stocks Rally; AMD Jumps Over 15%

• SpaceX shares surged nearly 8% and Tesla gained around 2% in overnight trading after Elon Musk announced a special committee to discuss a potential merger.
• AMD shares jumped over 15% after preliminary Q1 FY2027 revenue rose 27%, exceeding expectations.
• Lumentum shares climbed more than 5%, while Intel and SK Hynix advanced over 3%.
• Marvell Technology and SanDisk gained nearly 3% each.
• Micron Technology shares rose more than 2%, extending gains across AI and semiconductor stocks.

US Seeks Reliance Industries’ Help to Refine More Venezuelan Crude

• US Secretary of State Marco Rubio said Washington is discussing plans with Reliance Industries to expand the refining of Venezuelan crude oil.
• Rubio said India is a “refining superpower” and acknowledged its need to diversify oil imports.
• Reliance has previously refined Venezuelan crude and has the capability to process heavy oil, Rubio said.
• The discussions come as Washington seeks additional oil supplies amid market disruptions linked to the Iran conflict.
• Rubio is scheduled to visit Reliance’s Jamnagar refinery and meet Chairman Mukesh Ambani as discussions continue

South Korea’s KOSPI Surges Over 4%; Exchange Activates Sidecar Mechanism

• South Korea’s KOSPI index rose more than 4% intraday, triggering the exchange’s sidecar mechanism to suspend programmatic buy orders.
• Samsung Electronics shares jumped 6.8%, while SK Hynix gained more than 7%.
• SK Hynix shares had also risen more than 5% in overnight US trading.
• In Hong Kong, leveraged long positions linked to SK Hynix and Samsung Electronics surged nearly 17% and 15%, respectively.

Rubio: India-US Trade Deal Could Be Finalised Within Weeks

• US Secretary of State Marco Rubio said India and the US are close to finalising a trade agreement, with negotiations down to technical details.
• Rubio expects the deal to be concluded “in a matter of weeks, not months.”
• The pact aims to secure more favourable tariff rates for India, with both sides working to finalise mutually agreed terms.
• Rubio said the agreement must serve the economic interests of both countries to ensure long-term sustainability.
• Rubio also urged India to increase purchases of US energy, technology and systems, and discussed Middle East developments with External Affairs Minister S. Jaishankar.

US Housing Starts Fall to Four-Month Low as Demand Cools

• US housing starts fell 5.2% year-on-year in September to an annualised 1.22 million units, below economists’ expectations.
• Single-family housing starts dropped 4.6% to a one-year low, while multifamily starts declined nearly 7%.
• Single-family building permits fell to their lowest level since early 2023, signalling further weakness in construction activity.
• High mortgage rates and affordability pressures continue to weigh on housing demand.
• Homebuilder confidence has fallen to a 14-year low, raising concerns that developers may delay new projects.

Reuters Poll: All 100 Economists Expect Fed Rate Hike in December

• A Reuters poll found that 94 of 100 economists expect the Federal Reserve to hold interest rates at 3.75%–4.00% at its October meeting.
• All 100 economists surveyed expect the Fed to raise rates in December, compared with fewer than half in last month’s survey.
• Persistent inflation and a resilient US economy are strengthening expectations of further monetary tightening.
• Mizuho senior US economist Alex Pelle called the Fed’s decision to skip an October hike a policy mistake.
• Pelle expects a December rate hike, likely 25 basis points, but said a 50-basis-point increase is also possible.

Micron to Invest in Indium Corp to Expand Critical-Minerals Processing in New York

• Micron Technology will invest in critical-minerals processing and high-purity materials manufacturing to support Indium Corporation’s expansion in central New York.
• The initiative aims to restart domestic processing of minerals essential for advanced semiconductor manufacturing.
• The investment is part of Micron’s plan, announced in July, to invest up to $3 billion in strengthening the US semiconductor supply chain.
• The expansion aims to strengthen domestic sourcing and processing capabilities for materials used in advanced chip fabrication.

Google Cloud Outage in London Disrupts Banking Apps and Online Services

• A power outage at a Google Cloud data centre in London caused significant network disruptions on Tuesday.
• Google confirmed the outage was caused by a “power event” and said it was working to partially restore services.
• British banking apps, including Revolut and Lloyds, reportedly experienced widespread disruptions.
• The incident affected multiple online services reliant on Google Cloud infrastructure.
• Google had not yet announced a full restoration of services in the reported update.
• Update: Google’s security products unit said services have been fully restored after a power outage, with engineering teams completing the necessary fixes and mitigating the disruption.

SBI Data Breach: Hackers Allegedly Expose 3.75 Lakh Records

• An unidentified hacker group called “Siriusim” has allegedly claimed access to confidential data linked to State Bank of India (SBI) customers.
• The alleged dataset reportedly contains 3.75 lakh CSV records and 2,722 PDF documents, according to cybersecurity account CyberPulse56.
• The claimed data reportedly includes personal information, home addresses, loan applications and account-opening documents.
• CyberPulse56 said the authenticity, source and scope of the alleged data exposure remain unverified.
• There is no independent confirmation of a breach of SBI’s systems or evidence establishing how many customers, if any, were affected.

Rubio: US-Ukraine Relations Are “Very Tense” Amid Trump’s Frustration

• US Secretary of State Marco Rubio said relations between Washington and Kyiv are “very tense” during his visit to India.
• Rubio said President Donald Trump is frustrated by allegations that he deliberately acted against Ukraine’s interests.
• Trump is also unhappy with claims that he ordered the US to stop sharing intelligence with Ukraine, Rubio said.
• Ukrainian President Volodymyr Zelenskyy urged Washington not to interfere in Ukraine’s elections.
• Zelenskyy said martial law and ongoing Russian drone and missile attacks make free and democratic elections impossible under current conditions.

Amazon Plans €16 Billion Investment in Germany by 2027

• Amazon plans to invest around €16 billion ($21 billion) in Germany by 2027, focusing on jobs, technology and infrastructure.
• About €4.8 billion ($6.4 billion) is earmarked for expanding AWS cloud computing and AI infrastructure.
• The investment package also covers data centres, Amazon Leo satellite internet, logistics expansion and Prime Video production.
• AWS currently employs around 3,000 people in Frankfurt.
• Amazon said it has invested more than €100 billion ($133 billion) in Germany since 2010.

• ByteDance, Alibaba and Tencent have reportedly ordered more than 3 million Nvidia RTX PRO 5500 graphics cards, worth over $35 billion, according to a Reuters report dated October 20.
• At approximately $11,400 per card, the orders highlight strong Chinese demand for AI computing hardware that complies with US export controls.
• Nvidia has reportedly warned customers that it cannot guarantee full delivery, with sources estimating it may meet only 5%–10% of demand.
• Chinese customer orders have reportedly exceeded 6 million units, while global RTX PRO 5500 production is projected to reach no more than 3 million units by 2027.
• The workstation graphics card is less powerful than data-centre chips such as Nvidia’s H200 and B300, but Chinese technology companies reportedly plan to use it primarily for AI inference.
• Nvidia is expected to provide early samples in December, with commercial deliveries potentially beginning in Q1 2027. A shift in TSMC capacity towards Nvidia’s next-generation Rubin platform could further constrain supply.