Nebius falls over 9% in pre-market US stock trading, with its 2027 capital expenditure guidance reaching $45 billion.

According to Onchain Lens data, Hyperliquid repurchased and burned approximately 21,200 HYPE tokens in the past 24 hours, at an average repurchase price of $72.31, with the burned tokens valued at around $1.53 million. As of now, Hyperliquid has cumulatively burned roughly 50.47 million HYPE tokens, which at current prices is valued at about $3.55 billion, accounting for 5.05% of the token’s total supply. The platform’s cumulative revenue stands at $1.41 billion, with revenue of approximately $68.82 million over the past 30 days.

Julien Lafargue, chief market strategist at Barclays Private Bank, said that while the turmoil surrounding NVIDIA CEO Jensen Huang’s tenure, uncertainty over AI investment returns, and rising financing costs are testing market confidence, investors should still stay engaged in the AI rally. Lafargue argued that AI is not a bubble, but a technological revolution that will impact all industries, though its commercialization and infrastructure development cannot be achieved overnight. Lafargue noted that NVIDIA is dubbed the "central bank of AI trading," but even if the company changes its CEO, it does not mean all transactions in the broader AI ecosystem need to be re-evaluated or renegotiated. He compared the potential leadership transition at NVIDIA to past management handovers at Microsoft, Alphabet, and Amazon, noting that a successor taking over does not necessarily erode a company’s value. However, Barclays cited interest rates and financing conditions as key risks that could upend the market. As AI infrastructure investment scales up, the market’s focus has shifted from whether computing power demand is genuine to whether massive capital expenditures can generate sufficient returns. Data center construction also faces bottlenecks such as power access, equipment installation, and commercial operation cycles, while expectations of tighter Federal Reserve policy could raise corporate financing costs and depress long-term cash flow valuations. Lafargue emphasized that trillions of dollars in AI investment pledges cannot be quickly converted into actual computing power delivery, and returns on investment will vary significantly across companies. Tighter financing conditions may alter the industry’s investment pace and competitive landscape, but they do not mean the long-term demand for AI infrastructure will disappear. Barclays remains inclined to maintain exposure to AI investments until clear signs of a significant slowdown in industry growth emerge.

According to Saxo, despite NVIDIA CEO Jensen Huang being mired in controversy, investors are actively buying the dip. Between Monday and Wednesday, nearly 90% of NVIDIA trades on the Saxo platform were buy orders, with trading activity 12 times higher than any other stock on the platform. However, NVIDIA's stock price dropped an additional 8.4% in pre-market trading on Thursday. Meanwhile, the company's board of directors is evaluating Jensen Huang's future. Saxo warns that investors may be underestimating the succession risks facing NVIDIA, as no obvious candidate currently exists to replace Huang.

Bitcoin treasury firm Strive will raise the dividend rate of its SATA preferred shares to 13.25% effective December 1, while the dividend rate for ESATS preferred shares will remain at 15%. Strive currently holds approximately 43,153 BTC.

Coinbase’s EU Policy Lead Roeland Van der Stappen stated that if the EU further expands suitability test requirements for DeFi services, the move could backfire, pushing users to platforms with weaker investor protections. The European Banking Authority (EBA) previously recommended that the EU draft new rules for crypto lending and borrowing, listing suitability tests as an optional regulatory measure. Van der Stappen argued that extending such tests to other DeFi services would subject simple stablecoin swaps and high-leverage lending to similar regulations, ignoring risk differences between different business lines. He pointed out that services like lending, liquidity provision, and on-chain swaps could be significantly impacted, with regulated platforms potentially scaling back services or even completely shutting down DeFi access points. This could also lead to DeFi liquidity fragmentation, worse trading prices, and push users to less strictly regulated platforms outside the EU. He called for regulatory measures tailored to each business’s specific risks, balancing necessary safeguards while allowing Crypto Asset Service Providers (CASPs) to continue offering DeFi services to users.

JPMorgan cuts Nvidia (NVDA.O) price target from $320 to $215.