US Treasury Secretary Scott Bessent stated that Nvidia is an outstanding company capable of sustaining its growth without relying on its founder.

US Treasury Secretary Scott Bessent stated that core inflation remains manageable. Iran has triggered an energy shock, but the United States will weather the challenge. The administration will not hesitate to sanction Iranian banks and will continue to apply pressure on Iran.

Texas’ incoming Attorney General Nathan Johnson has vowed to rigorously review any potential merger between Elon Musk’s SpaceX (SPCX.O) and Tesla (TSLA.O). The remarks come as two of Texas’ most valuable companies are weighing a potential merger, with Johnson warning against the risks of excessive corporate concentration. “Any merger of companies of this magnitude warrants extremely rigorous scrutiny,” Johnson said in an interview Thursday local time. The world’s richest man has anchored a large portion of his business empire in Texas to secure more favorable regulatory frameworks under Republican rule. During the midterm elections, Musk spent hundreds of millions of dollars supporting Republican candidates in Texas and across the U.S. Texas Democrats, including incoming Attorney General Johnson, incoming Governor Inhofsa, and incoming Senator Talarico, have vowed to curb his power. “I believe he has received significant preferential treatment due to his alliance with the Republican Party and his massive financial investments,” Johnson said. “I have no hesitation in scrutinizing his ties to our state.”

According to Bloomberg, Payward, the parent company of crypto exchange Kraken, posted adjusted third-quarter EBITDA of $60 million, down 67% year-over-year but up 163% quarter-over-quarter. Total revenue hit $487 million, down 12% YoY and up 12% QoQ, while total trading volume fell 30% YoY to $353 billion. Amid the volume decline, Payward’s number of funded accounts—defined as accounts with a positive balance—rose 37% YoY to 7.1 million. Bitcoin rallied roughly 40% from mid-August to early October before pulling back amid concerns over inflation and the impact of U.S. midterm elections on the sector. Trading fees are a key revenue source for most crypto exchanges, and falling prices tend to dampen trading activity. To diversify its revenue streams, Payward is expanding its stock tokenization business and plans to offer on-chain perpetual contracts to U.S. clients once it secures regulatory approval. The firm reached an agreement in October to acquire Saldo Bank; Kraken also plans to enter the UAE market after securing full approval from Dubai’s regulators. The shareholder letter also revealed Payward’s plans to enter prediction markets and launch its own token, though no timeline was provided. Earlier this year, Payward laid off roughly 150 employees, citing AI-driven efficiency improvements as the reason. Bloomberg previously reported that its IPO may not take place until 2027. Performance among other crypto exchanges was mixed: Gemini’s third-quarter revenue fell 19% YoY but narrowed its losses, while Coinbase’s revenue dropped 35% YoY but returned to profitability.

According to a shareholder letter submitted by Bitcoin treasury company Twenty One Capital (XXI) to the U.S. Securities and Exchange Commission (SEC), the company recorded a net profit of $1.087 billion in the third quarter of 2026, compared to a net loss of $656,000 in the same period last year. The quarterly profit mainly stemmed from a $1.093 billion unrealized gain on the fair value of its held Bitcoin, rather than operating cash flow. As of September 30, the company held 43,514 BTC, with an ending fair value of approximately $3.643 billion, plus about $103 million in cash and cash equivalents. The company also has about $487 million in outstanding convertible notes principal, collateralized by roughly 16,116 BTC. The pledged Bitcoin cannot be used for general corporate purposes or to meet liquidity needs. CEO Rapha Zagury stated that the company is evaluating opportunities in Bitcoin mining, lending, treasury, and energy sectors, aiming to build businesses that can generate cash flow even if Bitcoin prices stay flat. In the future, the company may use operating cash flow to acquire more Bitcoin or invest in other businesses. He also noted that if the company’s share price falls below its per-share asset value, it may consider share repurchases, though this is subject to liquidity, regulatory approval, and applicable restrictions.

Strategists at Bank of America Corp. said global equity funds are attracting record inflows this year, with few investors willing to take short positions. The team led by Michael Hartnett wrote in a report that equity exposure has surged sharply, with an annualized $1.4 trillion flowing into global funds. Of that total, U.S. equity funds drew $656 billion, tech stocks drew $222 billion, and South Korean equities drew $78 billion. They noted: "These inflows provide impressive support for the stock market, but also show that while many investors are sentimentally bearish, few are actually putting their money into short positions or underweighting assets." Hartnett added that risk assets have struggled over the past six months "because bullish positions collided with policy tightening." Still, the strategists maintain a "risk-off stance until interest rate hikes end and financial conditions ease." They believe this shift will only occur when U.S. crude oil prices fall below $70 per barrel, the U.S. dollar reverses its recent rally, and the 10-year U.S. Treasury yield drops below 4.5%.

Telegram founder Pavel Durov commented on Jensen Huang's departure, noting the "rookie mistake" Huang made was establishing a board of directors. Durov recalled he was ousted by his board in 2014 after refusing demands from intelligence officials. Amid the intelligence allegations surrounding Huang, Durov quipped that whether a founder says "yes" or "no" to authorities, a board could still oust them. He ended with advice for entrepreneurs: "Don't set up a board of directors—be your own board."