Bonk Guy compares USELESS to PEPE from the last crypto cycle, hinting it could later stage a super rally to reach a multi-billion dollar market cap.

U.S. President Trump posted: "The stock market has experienced one of the worst trading days in history due to the election results. It’s really upsetting to watch! We put in so much effort to reach unprecedented levels, and this is what happened as a result. So, your 401(k) retirement accounts have shrunk. Remember, this isn’t the fault of Republicans—it’s the 'Dumocrats' (a deliberate misspelling of Democrats) who did it. But don’t be afraid; we will soon become stronger than ever before in some way. Make America Great Again!"

South Korea's Finance Minister: Will take necessary measures to prevent the stock market from overreacting and deviating from fundamentals.

According to people familiar with the matter, following a sharp stock market sell-off triggered by the liquidation of AI-related investments, major investors are growing skeptical about whether Anthropic’s initial public offering (IPO) can hit its targeted $1.5 trillion valuation. Anthropic had originally planned to debut its IPO during the week of November 16, with the offering expected to raise up to $100 billion, putting the company’s valuation at around $1.5 trillion. However, three large investors planning to participate in the IPO said the valuation may need to be adjusted downward, with one noting it could be closer to $1 trillion. Another investor said that even if the market rebounds, convincing institutional investors that recently suffered losses in the sell-off to take on significant risks in the AI sector again could be a challenge. This investor expressed doubt that Anthropic will delay the offering, adding that another option is the company may raise less capital than expected. People familiar with the matter said Anthropic’s executives and their advisors are expected to hold meetings in the coming days to discuss IPO plans. Some added that they have avoided committing to specific plans throughout the process to retain flexibility.

According to data from the BIT Stock Platform, the S&P 500 index’s decline widened to 4%, the Nasdaq 100 index fell more than 6%, the Dow Jones index dropped over 3%, the Nasdaq index fell more than 5%, and the semiconductor index declined by more than 10%.

Against the backdrop of today's sharp pullback in U.S. stocks, reports have emerged that some hedge funds are shutting down or streamlining their internal stock long-short teams and proactively reducing their assets under management (AUM). These moves are being interpreted by the market as signals of institutional deleveraging and risk reduction amid heightened volatility. According to a client confirmation letter disclosed by Bloomberg, multi-strategy hedge fund Walleye Capital, which manages $17 billion in assets, sent a letter to investors on Thursday stating it will streamline its internal stock long-short business and plans to return part of the capital. Walleye Capital said it has evaluated the fund's optimal size and decided to proactively return some funds. The news was made public during U.S. stock trading hours. Another market rumor claims that Engineers Gate, a New York-based quantitative multi-strategy hedge fund founded by Glenn Dubin, is also shutting down its stock-related teams, with AUM reaching $23 billion.

Before Thursday’s U.S. stock market plunge, Dan Bin, chairman of Oriental Harbor Fund, disclosed on social media that his firm’s Oriental Harbor Overseas Fund reduced its storage sector holdings by 10% and Intel positions by 3%, while adding to Meta Platforms (META) stakes. The remaining nearly 10% Intel holding will stay unchanged. Meanwhile, proceeds from its "double high sell" strategy will not be reinvested in hardware, but instead allocated to application-oriented areas, with additional positions in SpaceX (SPCX) and Amazon. The overseas fund will also maintain its SK Hynix holdings. Additionally, about 10% of the fund’s total assets are contractually restricted to investing only in A-shares and Hong Kong-listed equities, and have seen significant drawdowns after heavy positioning in the AI industrial chain. Dan Bin said he remains optimistic about the overall AI sector, including related companies in A-shares and Hong Kong, but admitted he did not anticipate such sharp declines, hoping the current level marks a low point and the AI sector will return to a major bull market. He also noted that with the Democratic Party controlling both U.S. congressional chambers, environmental reviews, water use approvals, and grid connection permits for data centers may tighten, slowing growth in new computing power supply. This will benefit cloud giants like Google, Amazon, and Microsoft that have already secured land, power, server racks, and GPU resources. While high short-term capital expenditure may pressure free cash flow, if the entire industry is forced to curb spending, improved pricing power is expected to restore cash flow.