Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

According to data from the BIT Stock Platform, pre-market trading in US stocks saw Neocloud, optical communications, semiconductor and storage stocks all decline across the board. Optical communications-related stocks fell: Coherent (COHR) down 4.9%, Lumentum (LITE) down 4.02%, Credo (CRDO) down 4.19%, Applied Optoelectronics (AAOI) down 4.73%, Ciena (CIEN) down 3.32%. The Neocloud sector also dropped across the board: CoreWeave (CRWV) down 6.8%, Nebius (NBIS) down 1.29%, IREN down 4.41%, Cipher Digital (CIFR) down 3.38%, Astera Labs (ALAB) down 3.81%. Storage stocks declined across the board: SanDisk (SNDK) down 3.77%, Seagate Technology (STX) down 3.36%, Western Digital (WDC) down 3.34%, Micron Technology (MU) down 3.27%. Cryptocurrency-related stocks fell: MARA Holdings (MARA) down 2.74%, Robinhood (HOOD) down 1.88%, Coinbase (COIN) down 2.69%, Strategy (MSTR) down 4.32%, Circle (CRCL) down 2.77%, Bitmine (BMNR) down 3.17%, BNB Standard (BNC) down 2.58%.

According to people familiar with the matter, Gemini Space Station (GEMI) — the holding company founded by the Winklevoss brothers that operates New York-based crypto exchange Gemini — has sold its UK and European operations to stablecoin payments firm KAST for less than $10 million. The source requested anonymity as the deal remains unannounced. A KAST job posting roughly a month ago already referenced the transaction, with the role requiring the incoming European general manager to oversee the handover of Gemini’s UK and EU-based staff and operations. Gemini declined to comment. A KAST spokesperson did not directly discuss the deal, but noted that as the firm’s revenue and operational footprint continue to expand, KAST is actively pursuing merger and acquisition opportunities. The sale follows Gemini’s decision earlier this year to scale back its international markets and restructure its business to cut costs and achieve profitability. In February this year, Gemini announced plans to gradually wind down its UK, EU, and Australian operations, cut roughly 25% of its global workforce, while retaining its U.S. and Singapore market operations.

According to Bitget market data, spot silver has fallen below $51 per ounce for the first time since November 4, with an intraday decline of 1.43%. New York silver futures dropped 2.00% on the day, currently trading at $50.96 per ounce.

According to data from the BIT Stock Platform, NVIDIA’s U.S. pre-market shares fell 6.8%. Earlier reports stated that NVIDIA’s board of directors is preparing to oust Jensen Huang and plans to hold a meeting as early as the same day. The company is considering appointing an interim chief executive officer before conducting a broad search for a permanent successor, and will collaborate with external firms to identify potential new CEO candidates.

Serenity wrote in a post that Jensen Huang is nearly irreplaceable for NVIDIA. This is comparable to the scenario where if Tesla lost Elon Musk, the company’s valuation and market confidence could collapse. Before the AI boom, Huang bet on CUDA and set out to build the Neocloud ecosystem; he locked in key supply chain capacity years in advance, and launched rack-level systems integrating components such as CPUs and network equipment. By investing in firms including Marvell (MRVL) and MediaTek, he turned the competitive threat from ASICs into new growth opportunities, competed with Broadcom (AVGO), while integrating these partners into NVIDIA’s NVLink ecosystem. These decisions demonstrate astonishing foresight. Huang almost single-handedly built the financial and industrial ecosystem surrounding the current AI investment boom. He grew NVIDIA from a startup to a giant with a market cap exceeding $5 trillion, and on this foundation, the company is still expected to achieve continuous growth, with an estimated future growth rate of 70% in fiscal 2028. It is also remarkable that it can sustain this growth expectation at such a massive scale. While we generally do not express negative views on companies, even if NVIDIA’s actual revenue or product roadmap does not undergo substantial changes in the next two years, simply replacing this representative figure of the AI investment wave and tech visionary could bring catastrophic impacts to NVIDIA’s long-term development.

Today, online rumors allege that NVIDIA's board of directors held a special meeting earlier this Wednesday local time, formally approving the resignation of the company's co-founder Jensen Huang as chief executive officer, and unanimously voted to appoint Indian-origin senior executive Jay Puri as the new CEO. The appointment will take effect after the board completes relevant handover procedures. As of press time, NVIDIA has not issued any such official statement, and Jensen Huang remains listed as CEO on the company's official website; no authoritative media has covered this incident. (Sina Technology)