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According to a report by the Financial Associated Press, International Monetary Fund (IMF) President Kristalina Georgieva stated that central banks need to consider the potential slowdown in AI-driven growth when evaluating measures to combat inflation.Georgieva mentioned at the IMF headquarters in Washington, D.C. that concerns about the economy's excessive reliance on the AI investment boom and overvalued assets are impacting global markets. Market conditions are volatile, and this situation is likely to persist. Against the backdrop of increasing risks to price stability, market fluctuations will complicate the work of central banks.

According to a report by The Information, Microsoft has reduced its capital expenditures for the third quarter by about $5 billion due to delays in the third-party data center it plans to lease. Sources say that the data center project by Iren located in Childress, Texas, has encountered delays, leading Microsoft to postpone some expenditures. Microsoft had previously announced plans to invest $9.7 billion over five years to lease servers equipped with NVIDIA GPUs from Iren.Power supply and grid access have also become bottlenecks for computing power delivery. Last month, Microsoft withdrew from a plan to lease a data center project in the UK from Nscale due to delays in grid access. As self-built data centers struggle to meet demand in a timely manner, Microsoft is simultaneously leasing computing power from multiple cloud service providers.Meanwhile, AI server supplier Supermicro continues to raise its performance expectations. The company's revenue for the first fiscal quarter reached $19.95 billion, exceeding analysts' expectations of $16.39 billion, and it expects revenue for the second fiscal quarter to be between $19.5 billion and $21.5 billion. The revenue forecast for fiscal year 2027 has also been raised from $65 billion to $72 billion to $72 billion to $82 billion. Bernstein pointed out that assessing AI computing power demand cannot simply rely on contract amounts or megawatt scale; it also needs to consider contract cancelability, duration, and actual deployment time; some projects may be delivered in phases, and chip procurement agreements may correspond to the same batch of computing power as data center leasing contracts.

TikTok's parent company ByteDance is considering expanding its data center project located at the Pecém Industrial Port in Ceará, northeastern Brazil, and is looking for developers to be responsible for the second phase of the project. According to informed sources, the scale of the second phase may exceed the current project being constructed in Ceará; the latter has an investment scale of $10 billion and a capacity of 300 megawatts.ByteDance is also in preliminary talks with developers about constructing a data center of similar scale outside Pecém Port, which will serve local customers in Brazil, while the data center inside Pecém Port must export data to enjoy tax incentives. ByteDance previously announced plans to invest 200 billion reais (approximately $36 billion) in phases to build a data center complex in Pecém, with the first phase scheduled to start construction in early 2026.

Despite the panic in the market caused by stricter regulations on data centers after the Democratic Party gained control of Congress, Goldman Sachs has raised its forecast for U.S. data center construction spending, increasing the 2026 expectation from $67 billion to $80 billion, and from $87 billion in 2027 to $100 billion, while also predicting for the first time that it will reach $125 billion in 2028.Goldman Sachs pointed out that there are currently about 86 GW of data center projects under construction in the U.S., with approximately $900 billion in high-confidence projects awaiting construction, indicating that the overall construction cycle remains resilient. The demand and backlog orders from hyperscale cloud service providers such as Microsoft, Amazon, and Google have not shown significant cooling, with H100 computing power rental prices rising 26% year-on-year and GB200 rental prices increasing by 50% since the beginning of the year.In response to the data center moratorium proposed by Texas Governor-elect Gina Hinojosa, Goldman Sachs believes that its impact is more about delaying project delivery rather than directly canceling construction plans, but it may lead to increased financing costs, reduced tax incentives, and some clients canceling contracts. Goldman Sachs also warned that the overall growth prospects of the industry need to be distinguished from the survival capabilities of individual developers, as highly leveraged data center developers may face severe financial pressure due to project delays and rising financing costs, with some companies potentially unable to last until their projects go into production.

Market news indicates that Google (GOOG.O) has acquired Crusoe's data center site located in Wyoming.

OpenAI Chief Financial Officer Sarah Friar stated in an interview with CNBC on Friday that the company will not change its AI infrastructure investment plans due to the results of the U.S. midterm elections. It will continue to collaborate with major hyperscale cloud service providers and meet AI customer demands through financing. She believes that the election results will not significantly change the company's business, but with increased attention on data centers, OpenAI will continue to strengthen communication and build trust with local communities.In this midterm election, out of 41 local data center-related votes in 10 states, only one did not support measures to limit construction or oppose support for development. Voters are mainly concerned that data centers will drive up electricity costs, harm the environment, and impact employment. Friar stated that OpenAI secretly submitted its listing application to the U.S. Securities and Exchange Commission in June and is considering going public in 2027, while negotiating a new round of financing with a pre-investment valuation of $1.25 trillion. She emphasized that the demand for AI is real and continues to grow.

The highest banking regulatory authority in the Eurozone, the European Central Bank, is considering a special review of loans related to data centers to assess the potential risks posed by fluctuations in market sentiment and valuations in the artificial intelligence sector. Sources revealed to Bloomberg that senior officials at the European Central Bank have proposed this review idea in discussions both internally and with the banks under its supervision.As market concerns about rising interest rates and increasing opposition to data center construction grow, there may be pressure on the rapidly expanding data center loan sector, prompting global regulators to strengthen their scrutiny of banks' risks related to artificial intelligence. One source indicated that this review may take the form of on-site inspections, focusing on how banks assess future cash flows and collateral values, as well as how they provision for potential defaults.Another source emphasized that the scope of this investigation will not be as extensive as the review conducted by the European Central Bank several years ago regarding leveraged financing, which had previously caused tensions between regulators and banks. Currently, the European Central Bank has not yet determined the specific review approach for data centers and the broader risks associated with artificial intelligence.

The National Bank of Ukraine (NBU) stated that it cannot support the current version of the virtual asset regulatory bill draft, citing that it may jeopardize Ukraine's monetary sovereignty, financial stability, and market competition. The NBU supports regulating the cryptocurrency market under the framework of the EU's Markets in Crypto-Assets Regulation (MiCA), but has raised objections to the content of the draft submitted for a second reading.The NBU noted that the final text was only delivered on the evening of November 4, and several compromises previously reached by the working group with lawmakers and the National Securities and Stock Market Commission of Ukraine (NSSMC) had been removed. NBU Deputy Governor Oleksiy Shaban expressed concerns at the committee meeting the next day, but the format of the meeting did not support a comprehensive discussion. The NBU warned that the draft could allow foreign tokens to enter the Ukrainian market without adequate regulation and leave loopholes for issuers to bypass requirements applicable to domestic issuers. The draft also leaves the number of platforms allowed to operate over the next five years to be determined by the NSSMC, without specifying safeguards to prevent anti-competitive behavior; the NBU called for transparent authorization rules to be written into the law and requested that lawmakers further revise the draft after consulting with relevant parties.

Coinbase CEO Brian Armstrong posted on the X platform that stablecoins allow everyone in the world to hold US dollars (as well as many other major fiat currencies) and send them instantly to anywhere in the world for less than 1 cent.

According to the Russian news agency TASS, the Central Bank of Russia has identified a list of cryptocurrencies that can be opened to non-qualified investors, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

According to the Financial Times, a responsible official from the People's Bank of China responded to the suspension of Solana's advertising and offline communication activities in Shanghai, stating that the People's Bank has collaborated with relevant local financial management, public security, market supervision, and other departments to halt the activities, and will work with relevant departments to investigate the involved entities and individuals.The official stated that Solana has been advertising and promoting its brand through relevant domestic entities, engaging in virtual currency marketing. Its issuance of Solana coins and the provision of technical services for the issuance and trading of major virtual currencies such as USDT are considered illegal financial activities, and the promotion of Solana has violated relevant regulations.Moving forward, the People's Bank will focus on domestic virtual currency traders and domestic affiliates of overseas virtual currency issuance and trading platforms, continuing to crack down on domestic virtual currency-related business activities.

As Bitcoin mining companies accelerate their shift to AI data center businesses, construction cost overruns and risk allocation have become the focus of market attention. In the latest earnings season, Cipher disclosed that, according to the revised leasing arrangements, the company will bear the first cost overrun of $359.3 million beyond the original budget for the Barber Lake project.Riot expects that about 70% of its Rockdale project budget will be included in a Guaranteed Maximum Price (GMP) contract to control cost risks. Core Scientific stated that tariffs have increased the costs of some equipment and materials. In addition, Riot pointed out that lenders are more strictly reviewing tenant credit status, power supply facility energization, and project delivery records.

Global technology stocks continue to decline, pushing the hedge fund industry into a new round of adjustments. As artificial intelligence-related trades have significantly reversed, the global tech stock sell-off has severely impacted hedge funds, with some strategies seeing nearly zero returns this year. Several large funds have begun to reduce leverage and cut investment teams, raising market concerns that concentrated liquidations will further amplify volatility.Goldman Sachs data shows that stock long-short strategy funds primarily investing in tech stocks lost more than 4% in a single day on Thursday, bringing the year-to-date return of such strategies close to zero. In June of this year, the cumulative return of these funds once reached as high as 24%.This loss is not limited to tech investment strategies. Goldman Sachs data indicates that global fundamental stock long-short strategy funds averaged a decline of 1.3% on Thursday, while multi-strategy funds fell by 1.4%, reflecting that the selling pressure is spreading to broader investment portfolios.

According to the "Regulations for the Operations of Non-Security Virtual Assets in Nigeria" published by the Central Bank of Nigeria (CBN) on November 5, 2026, the CBN will regulate non-security virtual assets and stablecoins used for payment, settlement, and exchange purposes, while securities will still fall under the jurisdiction of the Securities and Exchange Commission (SEC).Foreign currency-pegged stablecoins (Class 2) must be issued by locally licensed entities in Nigeria, with a minimum paid-up capital of 15 billion Naira (approximately 11.16 million USD); the minimum for Naira-pegged Class 1 issuers is 10 billion Naira; entities providing other non-security virtual asset services must have at least 1 billion Naira in capital, and those already holding an SEC license cannot double count towards CBN capital requirements.P2P business facilitated by platforms must obtain special approval from the CBN, and before releasing or crediting regulated tokens, the names on the Naira payment accounts must be verified to match the Bank Verification Number (BVN). Categories such as algorithmic stablecoins are prohibited, and the boundaries of responsibilities between CBN and SEC are defined.

The Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated at the Legislative Council's Financial Affairs Committee meeting that Hong Kong will further optimize the preferential tax system for funds, single family offices, and associated rights, including expanding the scope of the tax exemption system to cover large-scale single investor funds and include more eligible investments, such as loans and private debt investments, digital assets, precious metals, and more.Once the relevant amendment bill is passed, the measures can be implemented starting from the 2025/26 tax year. Chen Haolian also mentioned that Hong Kong's central clearing and settlement system for gold will officially be launched in the first quarter of next year, providing efficient and reliable clearing services for internationally standardized over-the-counter gold trading.

European Central Bank (ECB) Executive Board member Piero Cipollone stated that the digital euro pilot program will launch in the second half of 2027 and will last for 12 months, with 36 service providers participating. The pilot will test the technology and coordinate collaboration among service providers, merchants, central banks, infrastructure operators, and users.Legislative negotiations related to the digital euro are ongoing between the European Parliament, the Council of the European Union, and the European Commission, and are expected to conclude within the year. If negotiations proceed smoothly, the European Central Bank aims to issue the digital euro by 2029.

Indosuez Wealth Management believes that the market's current pricing of the Federal Reserve and European Central Bank's interest rate paths is still significantly more hawkish than the institution's baseline scenario. The institution's strategists Lucas Merrick and portfolio manager Alexander Bell expect that economic growth will remain stable, and inflation will gradually normalize, which will limit the central banks' room for further tightening of monetary policy.The two stated, "However, it may take some time to accumulate enough moderate core inflation and economic growth data to make this scenario a reality. In the meantime, the bond market will remain volatile." The money market currently expects that the Federal Reserve will raise interest rates by about 1.5 times in the next 12 months, while the European Central Bank will raise rates twice.

According to foreign media reports, ING Group is planning to sell a data center loan portfolio worth approximately $500 million in a single transaction. Insiders say that the loan portfolio includes a $25 million loan associated with a large data center in New Mexico, which is part of the artificial intelligence infrastructure project Stargate supported by OpenAI, SoftBank Group, and Oracle.ING is seeking buyers for 12 loans in this batch through a competitive bidding process. The loan portfolio also includes debt related to data center operators Vantage Data Centers and CyrusOne. This sale comes at a time when chip manufacturers and so-called "new cloud" companies are facing a broader sell-off.

According to on-chain analyst Yu Jin's monitoring, the circular loan giant whale 0xc79b panic sold 288.1 cbBTC (worth $22.35 million) for $77,592 after being stolen on Binance, and then BTC rebounded to $81,200.During last night's decline, it repurchased 203.6 cbBTC (worth $15.85 million) for $77,804, with the purchase price still slightly higher than the previous panic selling price.