Despite elevated inflation and mounting interest rate hike expectations, U.S. stocks and cryptocurrencies rebound; Jensen Huang steps in to stem losses, while the chip index notches its seventh consecutive decline.

Beating AI News: U.S. fintech firm Ramp announced it has closed a $1.85 billion funding round, pushing its valuation to $60 billion. The round was led by Dragoneer, with co-lead participation from Thrive Capital and Founders Fund. Just four months ago, Ramp raised $750 million at a $44 billion valuation, meaning its worth has surged by $16 billion in that short period. Founded in 2019, Ramp initially offered corporate credit cards and expense management, but has since expanded its services to include payments, procurement, and financial reconciliation. The company now serves over 85,000 businesses, an increase of 15,000 from June this year. Its platform processes more than $275 billion in annualized payments, a 175% year-over-year jump; annualized revenue exceeds $20 billion, and it has turned cash flow positive. At its latest valuation, this equates to roughly 30 times its annualized revenue. Ramp is extending its corporate financial management to cover AI-related spending. Co-CEO Eric Glyman previously disclosed that in May this year, the company’s token expenses for a single week reached as high as $1.5 million. Ramp then rolled out its internal cost management tools to the market, launching AI Token Spend Management, which helps businesses track expenses by employee, AI model, and API key. Its accompanying Router tool selects cheaper, performance-matched models for different tasks, with the company claiming customers save an average of around 40% on inference costs. On October 13, Ramp also opened early access to its AI workspace platform Glass, allowing teams to share prompts, skills, and automation workflows while tracking token consumption for each task. Early investor Keith Rabois told TechCrunch that Ramp’s goal is not to compete with enterprise management software firm Rippling, but to become a primary hub for businesses to manage AI token spending and its return on investment, ultimately competing with Anthropic.

According to PeckShield’s monitoring, the phishing attacker that stole $2 million worth of DAI from addresses linked to Bofur Capital has converted the stolen funds into 825.5 ETH. Earlier this August, an address labeled as Bofur Capital fell victim to an address poisoning attack after withdrawing funds from Compound, incurring losses of approximately $2 million.

A U.S. federal judge has rejected a joint motion by the U.S. Commodity Futures Trading Commission (CFTC) and cryptocurrency exchange Gemini Trust Co. to vacate a settlement agreement. The deal, reached in January 2025 during the Biden administration, required Gemini to pay a $5 million civil penalty. The two parties filed the joint request in May, claiming the enforcement settlement "violated fundamental principles of fair law enforcement." An internal CFTC review revealed improper tactics were used in the prior litigation, and the agency noted it would not pursue such charges under the current Trump administration’s regulatory framework. The judge ultimately decided to uphold the original settlement, denying the motion to vacate it.

Bitcoin treasury company Hut 8 (@Hut8Corp), which holds 10,278 $BTC ($845.6M), appears to be selling $BTC. A wallet linked to Hut 8 deposited 1,589 $BTC ($130M) into multiple exchanges over the past 2 days.

According to Lookonchain's monitoring, the whale Hamr4x has once again offloaded 145,010 SOL tokens worth $15.25 million after a two-month hiatus.

South Korea's Ministry of Finance responded to the recent sharp stock market plunge, stating that relevant authorities will take strict measures against market-disrupting activities. Earlier reports said South Korea's financial regulators convened an emergency meeting on the stock market plunge yesterday afternoon, after which the market's decline narrowed.