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

Beating AI News Flash: As Anthropic races toward its IPO, it has unveiled a new selling point to investors: using Claude to design AI chips. The company’s in-house chip team, which numbers just 15 people, has already applied Claude to actual engineering design work. Engineers noted that some tasks took less time than their estimates for workflows from traditional chip makers like NVIDIA and AMD. Anthropic first announced its in-house chip development back in August, and is now showcasing Claude’s chip-design capabilities to IPO investors. If Claude can not only support its own chip R&D but also offer design tools to other semiconductor firms, it could tap into a market worth tens of billions of dollars. Currently, the combined annual revenue of chip design software giants Synopsys and Cadence is estimated at roughly $160 billion. This prospect has already moved the market: On November 3, Synopsys and Cadence’s stock prices fell around 4% at one point during trading. Rival OpenAI is also positioning itself in the space: it has used its own models to assist in developing the Jalape?o chip, and signed a multi-year partnership with Synopsys to develop AI models specifically for chip design.

UK fintech firm Revolut has completed a share sale round, lifting its valuation to $115 billion—roughly 53% higher than the $75 billion it held in November 2025, and about 50 times its 2025 pre-tax profit of $2.3 billion. The round was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford, with participation from both existing backers and new global investors. CEO Nik Storonsky announced in a post that Revolut now has over 80 million customers, with its next goal being to reach 100 million. Since early 2026, the company has rolled out banking services in the UK, Mexico, Australia, and New Zealand, secured banking licenses in France, Colombia, and Argentina, and is now targeting the U.S. market.

On-chain detective ZachXBT disclosed today that the EU entity hacked and suffered $130 million in losses is France’s Credit Mutuel Arkea, which has $235 billion in assets under management. Earlier on November 1, an EU entity was suspected of losing over $100 million from multiple centralized exchange accounts, with the stolen funds withdrawn by malicious actors in the form of USDC and USDT.

Binance CEO He Yi has again responded to discussions over security incidents and internal device management, noting: "The rule prohibiting personal use of work computers in the employee code is designed to prevent hackers, and there is strict monitoring of downloads. This year, we have intercepted more than 50 attacks. Offensive and defensive operations are a process of continuous iteration for both sides; this time the monitoring failed because hackers are also evolving."

Today, the U.S. midterm elections resulted in the Democratic Party regaining control of the House of Representatives. California Democratic Representative Robert Garcia will serve as Chair of the House Oversight Committee, responding to the election outcome with "Lawyer up" and stating the committee will focus on issues including the "Trump crime family" and corporate corruption. Garcia told media the committee will review the Trump family’s cryptocurrency transactions, Donald Trump Jr.’s business dealings, and cases where relatives like Jared Kushner have served on corporate boards or secured contracts. He also claimed Trump’s crypto-related businesses have generated over $1 billion in revenue for the Trump family. The Trump family’s crypto firm, World Liberty Financial, is likely to be a primary target of scrutiny. Democrats previously noted a UAE royal invested approximately $500 million in the company last year. The firm is seeking a national banking license that requires approval from relevant U.S. Treasury Department authorities. The Democrats also plan to launch inquiries and issue subpoenas to relevant companies and donors starting in February next year.

Beating AI News Flash: Anthropic has just adjusted game development restrictions for Claude Code. Last week, the company added two prompts to Opus 5.5, banning the replication of existing games, but even projects that normally borrow gameplay were blocked, sparking developer complaints. Anthropic engineer Addy Osmani acknowledged the new rules were overly broad. The issue has now been fixed in Claude Code 2.1.317: developers can directly reference existing games, specify the gameplay they want Claude to implement, and the model will develop an original game of the same type. If a request to copy the original work directly is made, Claude will suggest creating a similar work.