Chen Xiuling, former director of a company affiliated with Prince Group, arrested by Singapore police.

According to TradingBeats monitoring, the largest on-chain short position holder that profited from Google’s plunge a week ago has been shorting US tech stocks over the past week. It reaped massive gains from yesterday’s US stock market sell-off, with daily earnings peaking at $9.04 million. The holder has now started closing out short positions and turning bullish, having closed CHIP short positions and added to SK Hynix long positions in the past hour, bringing its total cumulative profits for the full cycle to $18.64 million.

Injective’s official announcement states that the first U.S. ETF tracking INJ, designated “INJC”, has officially listed on Nasdaq, becoming the first U.S. ETF to offer INJ investment exposure. The product holds spot INJ in custody by BitGo, with plans to allocate up to 90% of its holdings for staking and automatically reinvest net staking earnings. Investors can gain exposure to INJ tokens via traditional securities brokerage accounts, with no requirement to create crypto wallets or exchange accounts. INJ has thus joined a small group of crypto assets including BTC, ETH, and SOL that have their own dedicated U.S. ETFs.

Affected by project delivery delays, regulatory hurdles, and rising costs, Microsoft is exiting some projects it deems high-risk. Bloomberg cited people familiar with the matter as reporting that Microsoft is stepping up reviews of certain data center projects from Nebius, IREN, and Nscale, and re-evaluating whether to sign new cooperation agreements. Following the news, coupled with the broader market pullback, IREN fell 16.95% in overnight U.S. stock trading, Nebius dropped 14.94%, and CoreWeave also fell around 10%. IREN subsequently released its Q1 FY2027 financial results: quarterly revenue rose 66% quarter-over-quarter to $228 million, with AI cloud revenue surging 182% quarter-over-quarter to $200 million, and the AI cloud business posted a gross margin of approximately 86%. The company also disclosed its revenue backlog increased to $20.3 billion, up 22% quarter-over-quarter, with delivery timelines still subject to adjustments. IREN has delivered its first Horizon 1 data center to Microsoft, which obtained NVIDIA Exemplar certification; over $4 billion in annual recurring revenue (ARR) targets have been signed and funded, but due to client-requested design adjustments and changes in vendor delivery schedules, the original target of hitting this by the end of 2024 has been pushed to January 2027, with a possible extension to late February at the latest. As of press time, the IREN contract on Hyperliquid traded at $20.43, a rebound of around 13.3% from its regular U.S. stock session close of $18.03; the NBIS contract rose around 3.2% over the same period. Trading activity also expanded significantly: the IREN contract’s 24-hour trading volume was approximately $20.81 million, up around 219% from the previous 24 hours’ $6.51 million; NBIS’s trading volume rose from roughly $43.22 million to $90.53 million, an increase of about 109%.

Plato Head of Investment Management Long-Short Strategy David Allen said the root cause of Thursday’s market sell-off is investors conflating the transformative potential of artificial intelligence (AI) with whether related investments will deliver returns. The Nasdaq 100 index plummeted as investors dumped US tech stocks amid speculation that congressional Democrats will tighten regulation of the AI industry. Allen noted, “A survival-of-the-fittest competition has been underway among large hyperscale cloud providers. The midterm election results essentially provided the trigger for the sharp market drop.” Antipodes Partners Portfolio Manager Vihari Ross stated that this sell-off reflects less structural problems in AI companies than the market beginning to reassess the realities of the next phase of related investments. “To achieve their goals, massive debt is required—meaning funding costs and interest rates are critical. Additionally, it depends on access to sufficient power supply and whether market demand holds at current levels,” she said. “It would be unwise to assume all companies will achieve perfect results.”

According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $430.2 million yesterday, while U.S. Ethereum ETFs recorded a net outflow of $99.9 million.

Bank of America Securities noted in a research report that if crude oil and refined product prices rise further in the next three to six months, it could lead to a "significant rise in interest rates". The U.S. two-year nominal interest rate swap, which reflects market expectations for interest rates over the next two years, has risen 113 basis points so far this year. However, Bank of America pointed out that on trading days when oil prices rose, this rate increased by a cumulative 196 basis points; on other trading days, it fell by a cumulative 83 basis points. The volatility of interest rates in the UK and Germany is even more pronounced. Bank of America believes that if energy inflation rises, the Federal Reserve may face fewer constraints when considering interest rate hikes, as U.S. economic growth and consumer performance are resilient, and the labor market remains relatively tight.