1. Japan’s Nikkei 225 tanks over 4% as Asia markets drop amid AI valuation concerns
Japan’s Nikkei 225 plunged below the 50,000 mark on Wednesday amid a wider decline in Asia markets as investors fled AI-related stocks. The Nikkei lost 4.65%, while the Topix was down more than 3%. Shares in Japan’s SoftBank Group plunged more than 14% Wednesday amid a broader drop in Asian AI-linked companies, tracking declines in U.S. peers. South Korea’s Kospi fell over 2%, with chip heavyweights Samsung Electronics and SK Hynix posting losses of over 7% and 8% respectively. The small-cap Kosdaq shed 5.39%. The South Korean won weakened as much as 0.6% to 1,449.50 against the greenback, the lowest since April, data from LSEG showed. Hong Kong’s Hang Seng index fell 1.36%, mainland China’s CSI 300 was down 0.9%.
2. Stocks close lower hit by AI valuation concerns; Nasdaq drops 2% after Palantir earnings
Stocks fell on Tuesday, pressured by declines in artificial intelligence-related names like Palantir, as investors grew increasingly concerned about valuations in the bull market-leading shares. The S&P 500 declined 1.17% to close at 6,771.55, while the Nasdaq Composite traded down 2.04% to finish at 23,348.64. The Dow Jones Industrial Average lost 251.44 points, or 0.53%, to 47,085.24. Palantir shares shed about 8%, even after the software company beat Wall Street’s estimates for the third quarter and gave strong guidance, fuelled by growth in its AI business. The stock, which has risen more than 150% this year, trades at more than 200 times forward earnings.
3. Gold slips more than 1% on stronger dollar as market awaits US jobs data
Gold prices hovered around $3,940 per ounce on Wednesday, holding most of last session’s losses and remaining near its lowest level since early October, pressured by waning expectations of US rate cuts. Several Fed officials recently voiced caution over further policy easing, aligning with Chair Powell’s hawkish tone last week, suggesting that the recent rate cut could be the year’s final adjustment. Markets now assign a 69% probability of another rate cut in December, down from 90% before the FOMC decision. Attention has shifted to private labour market reports, which carry greater weight as government data remain limited amid the ongoing federal shutdown. Adding to bearish pressures, trade tensions are cooling, and China ended a long-standing tax exemption for certain gold retailers, potentially slowing the gold-buying surge in the world’s largest consumer market.
4. Oil prices fall amid broader market selloff, gains in US crude stockpiles
Oil prices fell on Wednesday amid a broader selloff in global financial markets that underscored concerns about economic and fuel demand growth, with a stronger U.S. dollar and reports of rising U.S. crude stockpiles adding to the worries. Brent crude futures fell 36 cents, or 0.56%, to $64.08 a barrel by 0221 GMT. U.S. West Texas Intermediate crude was down 40 cents, or 0.66%, at $60.16. Both contracts extended their losses from Tuesday.
5. Bitcoin falls below $100,000 for the first time since late June
Bitcoin on Tuesday plunged below $100,000 for the first time in more than four months, as cryptocurrency holders backed off the risk-on asset amid growing concerns about the sustainability of stock valuations driven to stratospheric heights by the artificial intelligence trade. Bitcoin was last trading 5% lower on the day at $100,893, dipping at one point as low as $99,966. Tuesday marked the first time since June 23 that the flagship cryptocurrency traded below $100,000. Ether, the second-largest cryptocurrency by market capitalization, shed nearly 9% on Tuesday to trade at $3,275.
6. Aramco CEO says Saudi Arabia’s cheap energy will turn kingdom into a global AI data centre leader
Saudi Arabia will capitalize on its abundant supply of cheap natural gas and renewables to transform the kingdom into a global leader in artificial intelligence, Aramco CEO Amin Nasser told CNBC in an interview. Aramco, the world’s largest oil company, disclosed in late October that it plans acquire a significant minority stake in the new artificial intelligence company Humain. Saudi Arabia’s sovereign wealth fund, PIF, is the majority owner of Humain, which launched in May. Humain will become Saudi’s national AI champion and will grow into a leader in the space, Nasser told CNBC’s Sara Eisen in an interview that aired Tuesday. Humain CEO Tareq Amin has said Saudi is aiming to become the third biggest player in AI worldwide behind only the U.S. and China. “Here, if you want renewable, you will find the lowest cost renewable,” Nasser said. “If you want gas, you will find the lowest cost gas. Energy is available and land is also available to build all these things.”
7. Government shutdown set to become longest ever after latest Senate vote fails
The ongoing U.S. government shutdown is about to become the nation’s longest federal funding lapse ever. The shutdown is poised to hit that milestone on Wednesday, marking its 36th day and surpassing the previous record, which was set in early 2019. The latest attempt to break the logjam, by getting a Republican-backed stopgap measure passed by Congress, failed in the Senate for the 14th time on Tuesday. There are no further votes scheduled Tuesday on the GOP’s short-term continuing resolution, or on an alternative proposal put forward by Democrats, which includes additional spending on health care and other priorities. Both of the longest government shutdowns in U.S. history occurred while President Donald Trump was in office.
8. Safe-haven yen and dollar shine amid selloff in stocks; NZ dollar slides
The safe-haven Japanese yen and U.S. dollar garnered demand on Wednesday as an aggressive tech-led selloff on Wall Street spilled over into Asia. The risk-sensitive Australian dollar remained weak after a 0.8% slide against the greenback on Tuesday, while the New Zealand dollar fared even worse, hovering at a nearly seven-month low following a rise in the unemployment rate to the highest level since 2016. Against the Aussie, New Zealand’s currency languished at a 12-year trough. Sterling wallowed near a seven-month low after British finance minister Rachel Reeves hinted at broad tax rises in her budget later this month. The U.S. dollar index – which measures the currency against the euro and sterling, along with the yen and three other peers – was steady at 100.18, after shooting as high as 100.25 for the first time since August 1. The yen added about 0.2% to 153.42 per dollar, extending a 0.7% gain from Tuesday.
9. Nvidia joins India Deep Tech Alliance as group adds new members, $850 million pledge
Nvidia on Wednesday joined Indian and U.S. investors backing the south Asian country’s deep-tech startups as the group added new members and secured more than $850 million in capital commitments to close a big funding gap. Qualcomm Ventures, Activate AI, InfoEdge Ventures, Chirate Ventures and Kalaari Capital are among the new investors joining the India Deep Tech Alliance. It was launched in September with a $1 billion initial commitment to support companies in industries such as space, semiconductors, artificial intelligence and robotics. As a founding member and strategic advisor to the group, Nvidia will provide technical guidance, training and policy input to help Indian deep-tech startups adopt its AI and computing tools.
10. AMD forecasts fourth-quarter revenue above estimates on strong AI chip demand
Advanced Micro Devices forecast fourth-quarter revenue above market estimates on Tuesday, betting on the multibillion-dollar expansions of data center infrastructure to boost demand for its artificial intelligence chips. AMD has received significant investments in AI hardware from companies such as ChatGPT maker OpenAI and the U.S. Department of Energy, as investors expect spending on advanced processors will continue. But fears remain that the AI boom has created mounting risks as it is still unclear whether the investments will generate the cash needed to sustain expectations. The company expects revenue of about $9.6 billion for the quarter, plus or minus $300 million, compared with analysts’ average estimate of $9.15 billion, according to data compiled by LSEG. The company’s shares were down about 3% in choppy extended trading.
11. Rivian rides on EV tax-credit rush to beat revenue estimate, expects lower tariff costs
Rivian Automotive surpassed third-quarter revenue expectations on Tuesday, fuelled by strong deliveries as U.S. consumers rushed to grab a federal tax incentive on electric vehicle purchases before its expiry. Shares of the Irvine, California-based company rose more than 4% after the bell. The company said last month it delivered 13,201 vehicles in the third quarter, up 32% from the year earlier, but lowered the midpoint of its full-year forecast marginally to around 42,500 units, as it braced for lower demand from the lapse of the $7,500 federal tax credit. “October is going to be a bit of a funky month, because you had so much pull forward. But in the fullness of time, we think it (demand) looks the same way we thought it looked before,” CEO RJ Scaringe told Reuters.
12. Pinterest’s weak revenue forecast signals intense competition for ad dollars
Pinterest forecast fourth-quarter revenue slightly below Wall Street estimates on Tuesday, signaling fierce competition from larger platforms such as Meta during the holiday season, sending its shares down over 20% in extended trading. The company expects quarterly revenue between $1.31 billion and $1.34 billion, with the midpoint below analysts’ average estimate of $1.34 billion, according to LSEG-compiled data. “We did face pockets of moderating ad spend in U.S. and Canada in the third-quarter, as larger U.S. retailers navigate tariff-related margin pressure in the current environment,” CFO Julia Donnelly said. Pinterest’s results follow reports from digital ad bellwethers, including Google-parent Alphabet, Meta and Reddit, which posted upbeat third-quarter revenue on robust ad spending.
13. Match Group forecasts quarterly revenue below estimates as payers continue to slide
Match Group forecast fourth-quarter revenue below analysts’ estimates on Tuesday, underscoring ongoing challenges in its turnaround efforts as the Tinder parent struggles to convert casual swipers into loyal, paying users. Shares of the company fell about 2% in extended trading. The company, which also owns popular dating platforms OkCupid and Plenty of Fish, has invested heavily in rolling out new features and integrating advanced artificial intelligence features designed to revitalize user engagement and bolster security. However, these efforts have yet to produce substantial gains, with user growth falling short of expectations. The turnaround under the new CEO Spencer Rascoff is taking longer than expected, with slower progress on re-engaging paying users and some scaled-back initiatives.
14. Insurer AIG’s third-quarter profit rises on underwriting strength
American International Group reported a rise in third-quarter profit on Tuesday, as the insurer was helped by strong gains from underwriting that offset a drop in income from investments. Business and individuals have continued to spend on policies to protect against financial risks and natural disasters, helping insurance companies rake in the gains. The company’s quarterly general insurance underwriting income jumped 81% to $793 million from last year. General insurance net premiums written, on a comparable basis, fell about 1% year-over-year in the three months ended September 30. Peer and insurance bellwether Travelers Companies reported in October a 1% rise in net written premiums to $11.47 billion for the quarter. AIG’s general insurance combined ratio came in at 86.8% in the third quarter, compared with 92.6% a year earlier. A ratio below 100 indicates that the insurer earned more from premiums than it paid out in claims.
15. Enphase Energy CEO buys $309,317 in company stock
Enphase Energy President and CEO Badrinarayanan Kothandaraman, through a trust, recently purchased 10,000 shares of the company’s common stock at a price of $30.9317, for a total transaction value of $309,317. The purchase, which occurred on October 31, 2025, was executed in multiple transactions with prices ranging from $30.69 to $30.98 per share. Following the transaction, Kothandaraman directly and indirectly owns 1,701,452 Enphase Energy shares. In other recent news, Enphase Energy reported its third-quarter 2025 financial results, which exceeded Wall Street expectations. The company achieved an earnings per share of $0.90, surpassing the projected $0.64, and reported revenue of $410.4 million, which was 12.31% higher than the anticipated $365.43 million.
16. IBM cutting thousands of jobs in the fourth quarter
IBM said Tuesday that it will lay off a small percentage of its employees in the current quarter. “In the fourth quarter we are executing an action that will impact a low single-digit percentage of our global workforce,” a spokesperson told CNBC. “While this may impact some U.S.-based roles, we anticipate that our U.S. employment will remain flat year over year.” IBM employed 270,000 people at the end of 2024, according to its latest annual report. A 1% cut to headcount would represent the loss of 2,700 jobs. Other technology companies have been slimming down lately, with executives looking for ways to improve productivity by increasing reliance on artificial intelligence tools.
