Crypto Pulse

1. Today's Market: The Nasdaq Fell 2.86%, Its Largest One-Day Drop Since JuneUnit: single-day change on October 30; all three readings are negative, so the zero line sits at the right edge and every bar runs left on one shared scale. The Nasdaq reads −2.86%, the S&P 500 −1.82% and the Dow −1.09%. All three indexes fell together for a second straight day, the Nasdaq closing at 25,437, the S&P 500 at 7,580 and the Dow at 51,770; the Nasdaq's drop was its largest single-day decline since June and l

The AI supply chain produced only five items across October 30 and the weekend, they land in just four layers, and not one of them carries a closing price. Exelon (Ticker: EXC) lists high-probability data center load at about 11 GW, with roughly 45% of it behind FERC-approved transmission security agreements backed by about $1.2 billion in customer collateral. Among the other four, Kioxia booked more revenue in one quarter than in its whole prior fiscal year, while OpenAI cut about $10 billion f

Overview The growth coming from automotive and AI is not yet enough to offset the contraction in handsets. At the third-quarter run rate, non-handset revenue inside Qualcomm's chip segment annualises to roughly $13.6 billion, against a company target of $40 billion in non-handset revenue by fiscal 2029, which requires nearly tripling in three years at an implied compound rate of about 43%. In the quarter now being reported, consensus has revenue falling 10.0% and earnings per share falling 27.7%

Overview AI capital expenditure does not become networking revenue in the same quarter. The sequence of data centre construction sits in between, and the measurable bridge is deferred revenue and purchase commitments rather than the capex line in a cloud provider's accounts. Arista Networks closed the second quarter with deferred revenue of $6.9 billion, equal to 2.09 times its third-quarter revenue guidance, and purchase commitments of $9.7 billion, up 9% from $8.9 billion and equal to 2.94 tim

Overview The open question is not whether GMV and revenue kept growing but whether that growth converts into a higher margin within the guided range. Working through the third-quarter guidance Shopify issued alongside its second-quarter results, the implied operating income spans $440 million to $534 million, equal to an operating margin of 11.5% to 14.0% against 12.1% in the third quarter of 2025. The low end of guidance therefore implies margin compression and the high end implies clear expans

Overview The figure most likely to move rate expectations in this report is average hourly earnings, not the payroll count. Continuum Economics, in a forecast published at 14:30 UTC on October 25, puts October wage growth at 2.8% year over year, down from 3.0% in September and the slowest since May 2021. With the Federal Reserve having just held by 10 to 2, two dissenters arguing for a further increase, and December priced at an 85% probability of a hike, decelerating wages are one of the few re

Overview The Bureau of Labor Statistics publishes the September Job Openings and Labor Turnover Survey at 15:00 UTC on November 3, which is 10:00 in New York and 23:00 in Singapore. The October employment report follows three days later on November 6, and because the two cover different months, neither can forecast the other. What makes this release more useful than most is that September's employment outcome is already known: nonfarm payrolls rose by 29,000, unemployment stood at 4.2%, and 7.1

Overview The Institute for Supply Management releases its October manufacturing PMI at 15:00 UTC on November 2, which is 10:00 in New York and 23:00 in Singapore. That is an hour later in UTC terms than recent months, because US daylight saving time ended on November 1 and the 10:00 Eastern release now falls at 15:00 UTC rather than 14:00. The same shift applies to US data releases through the winter. No consensus forecast has been published for this release, with the forecast field on the major

Overview The US federal election falls on Tuesday, November 3, 2026, with counts arriving through the day of November 4 in Singapore. All 435 House seats are contested, alongside 33 regularly scheduled Senate seats plus special elections in Florida and Ohio, for 35 Senate races in total. For crypto regulation, the seat count changes procedure rather than statute. The federal framework for payment stablecoins became law on July 18, 2025 with the GENIUS Act, and an election cannot undo an enacted

Overview The Federal Bureau of Investigation issued a notice on October 31, 2026 attributing the theft from Binance on October 29 to the North Korean group TraderTraitor, publishing 628 associated addresses alongside the Secret Service and IRS Criminal Investigation. The list covers 608 Ethereum addresses, 19 Bitcoin addresses and one Solana address, and the notice asks crypto businesses and infrastructure operators to block transactions involving them, including funds derived from them. This ma