The three major U.S. stock indexes opened lower, with star tech stocks declining across the board.

Circle Internet Group shareholder Joel Greenberg has sued former U.S. President Donald Trump’s family crypto project World Liberty Financial in a U.S. federal court, alleging Trump violated the U.S. Constitution’s Foreign Emoluments Clause via two United Arab Emirates (UAE)-related transactions. The clause prohibits public officials from accepting benefits from foreign governments without congressional approval. The lawsuit states that ahead of Trump’s second term, World Liberty Financial sold a 49% stake for $500 million, with funds allegedly sourced from the UAE; another transaction involved a UAE government-established investment fund purchasing $2 billion worth of Trump family digital currency. Greenberg claims these deals earned Trump millions of dollars and expanded the circulation of his stablecoin. Greenberg holds approximately 10,000 Circle shares and filed a shareholder derivative suit on behalf of the company, seeking to recover funds Trump obtained from the transactions, demand disclosure of other foreign crypto payments, and secure unspecified damages. The White House and World Liberty Financial have not yet responded to requests for comment, and the allegations have not been adjudicated by a court.

Justin Sun recently discussed his personal communication and life strategy role models in a conversation with Jin Ming, noting he does not simply imitate a single figure, but is a "hybrid mix" of Elon Musk, Donald Trump, and Warren Buffett. Justin Sun pointed out an interesting coincidence: all three are alumni of his alma mater, the University of Pennsylvania. As he integrates the three’s strategies, the public has started jokingly dubbing him the emerging "fourth big player" — Justin Sun himself. On specific strategy breakdown, he stated his investment and risk control fully adopt the fundamental-focused value investing approach of Buffett and Charlie Munger, bringing the old playbook into the crypto space, which has instead created a dimensionality advantage. For business growth and outreach, Justin Sun noted Musk makes up for Buffett’s gaps in tech storytelling and expectation-driven development, forming a two-wheel drive of fundamentals and high-tech high growth. In terms of personal branding and communication, he mainly draws on Trump, even admitting he initially learned spoken English by following Trump’s show *The Apprentice*. Justin Sun also shared a fun anecdote, saying the three have a "mutual disdain rule". For instance, during a meal with Buffett, he once suggested Buffett acquire Tesla when it was at a low ebb, but Buffett rejected the idea, explaining that a company too disruptive and full of "surprises" does not align with his investment style.

According to market data from BIT (bit.com), US tech stocks continued their decline, with the S&P 500 index down 1.17%, the Nasdaq Composite index down 2.00%, and the Dow Jones Industrial Average only falling 0.4%. All major US tech giants posted losses: Nvidia dropped 2.95%, Apple fell 0.05%, Alphabet (Google-A) declined 2.21%, Microsoft dropped 1.81%, Amazon fell 3.91%, TSMC declined 3.53%, SpaceX fell 5.1%, Meta dropped 6.51%, Broadcom fell 3.1%, and Tesla declined 0.16%.

According to BIT (bit.com) market data, Berkshire Hathaway’s Class A shares (BRK.A) rose 0.8%, while Class B shares (BRK.B) gained 1.1% to $544.73. Class B shares hit a new all-time high, surpassing their previous peak set on May 2, 2025. On May 3, 2025, Warren Buffett announced he would step down as CEO after nearly 60 years leading the company; following the announcement, the stock price declined for several consecutive months. Greg Abel, who has served as the successor for less than a year, has already resumed share repurchases and completed two multi-billion-dollar deals: acquiring Taylor Morrison Home’s related assets to expand its residential construction business, and taking a stake in Google parent Alphabet to bet on artificial intelligence. Meyer Shields, an analyst at Keefe, Bruyette & Woods, noted that the company still holds around $360 billion in cash, and higher short-term interest rates in the U.S. will help it earn more returns from this. Meanwhile, Apple and Coca-Cola shares have successively hit record highs. After a sharp rally, Coca-Cola even overtook Google to become Berkshire’s third-largest holding, while its sixth-largest holding Chevron also benefited from rising oil prices. Berkshire is scheduled to release its third-quarter financial report on November 7.

Jeremie Ontiveros, head of data center and energy research at semiconductor research firm SemiAnalysis, said the market is already seeing a degree of chip oversupply, and securing GPUs is easier than securing data center power. He noted that forecasting for data centers is relatively straightforward, as it can be tracked in advance via infrastructure signals, while chip supply chains are far more volatile. Looking ahead to 2026 and 2027, the market is demonstrating strong energy responsiveness. Ontiveros warned that by 2028, supply chain risks could reverse, creating a potential risk of oversupply in data centers. Currently, the industry is more concerned about oversupply of data services than chip oversupply, and the expansion pace of the chip supply chain will be a core metric to monitor closely going forward. This expansion is a strong positive signal for capital expenditure, including investments in new semiconductor fabs and the purchase of new equipment.

Oct 22 Update: #Bitcoin ETFs: 1D NetFlow: +5,766 $BTC(+$470.15M)?? 7D NetFlow: +11,503 $BTC(+$937.97M)?? #Ethereum ETFs: 1D NetFlow: -4,422 $ETH(-$10.63M)?? 7D NetFlow: -120,629 $ETH(-$290.03M)??