Cointime

ChangXin Technology: The Supercycle in Computing Power Enters an Era of Stratification
On November 12, at the 23rd China International Semiconductor Expo (IC China 2026), Luo Xiaodong, vice president of ChangXin Technology, said that surging global demand for computing power is ushering in a new “era of stratification” for the supercycle. Luo noted that this stratification is first reflected in diverging growth across market segments. Demand from the server market now accounts for more than 50%, with priority given to high-value applications such as large AI models and intelligent computing centers. The automotive market is expected to grow at a compound annual rate of around 30% through 2030. AI features are gaining traction in consumer electronics, including smartphones and PCs, though these markets remain subject to pronounced cyclical fluctuations.

Zelensky: Starlink system experiences serious disruption in Ukraine
Ukrainian President Zelensky said Ukrainian forces had found that the U.S. Starlink system was experiencing serious operational disruptions in Ukraine, with a speed limit of 161 kilometers per hour, affecting the entire front line. This has made it more difficult for Ukrainian forces to intercept Russian drones. Ukraine is communicating with the United States to determine what happened.

U.S. memory chip stocks broadly fall premarket; SK Hynix and Micron Technology down nearly 4%
On November 12, U.S. memory chip stocks generally fell in premarket trading. SK Hynix ADR dropped 3.81%, Micron Technology fell 3.79%, SanDisk declined 4.19%, Western Digital fell 3.43%, and Seagate Technology dropped 2.78%.

U.S. chip stocks broadly fell in premarket trading, with Nvidia down 6.9% and Marvell Technology down 3.7%
According to RootData market data, U.S. chip stocks broadly fell in premarket trading: Nvidia (NVDA.O) was down 6.9%, Marvell Technology (MRVL.O) was down 3.7%, KLA (KLAC.O) was down 3.7%, Arm (ARM.O) was down 3.3%, Micron (MU.O) was down 3.2%, Intel (INTC.O) was down 3.1%, Lam Research (LRCX.O) was down 2.9%, Qualcomm (QCOM.O) was down 2.9%, Applied Materials (AMAT.O) was down 2.9%, and TSMC (TSM.N) was down 2%.

DeFi Development Corp preferred stock CHAD raises record-breaking funds
DeFi Development Corp preferred stock CHAD raised enough funds to purchase over 1,170 Solana, setting a new daily record.

The onshore yuan closed at 6.6689 against the U.S. dollar
On November 12, the onshore yuan closed at 6.6689 against the U.S. dollar, up 16 points from the previous trading day.

Japan Considers Penalties for Loss of Control of Frontier AI, Plans to Announce Reform Proposal by Year-End
IT Home reported on November 12, citing Kyodo News, that the Japanese government is considering requiring AI companies to fulfill security obligations and introducing new penalties to address the risk of frontier AI becoming uncontrollable. The government plans to announce a comprehensive proposal for institutional reforms by the end of this year. The relevant details were confirmed at a closed-door working group meeting on AI legislation. The move aims to address major threats such as AI-powered cyberattacks and loss of control, and to ensure the government can take action against malicious companies that refuse to cooperate. As the division of labor among AI companies becomes increasingly specialized, spanning areas such as foundational research, foundation model development, and user services, the Japanese government will further discuss the scope of entities subject to regulation. If large US AI model companies are brought under regulation, how to effectively protect the rights and interests of Japanese users will also need to be addressed. For companies that still refuse to cooperate after an incident, the government plans to issue enforcement orders when necessary and is considering penalties for companies that defy those orders. These measures are expected to focus mainly on incidents involving loss of control of frontier AI and attacks.

Hackers offer TSMC employee data for 3 bitcoins; TSMC confirms some employee information was leaked
November 12, Jiemian News — Hackers are selling what they claim is TSMC employee data on an underground forum. They say it contains 46,000 records in a 6.9 GB file and are asking for 3 bitcoins (about NT$7.4 million). They also say they will release everything if no one buys it within a week. TSMC confirmed that data belonging to some current and former employees was leaked. An initial investigation traced the vulnerability to a cloud service provider, and found that TSMC’s internal systems had not been breached. The leaked data does not include production or customer information. The company has notified affected employees and is working with the service provider and investigative authorities to address the incident.

Hong Kong stocks close: Hang Seng Index falls 1.26%, Zhipu falls 9.42%
Hong Kong stocks close: Hang Seng Index falls 1.26%, Hang Seng TECH Index falls 2.36%. CMOC falls 4.35%, CK Hutchison falls 4.37%, SenseTime-W falls 4.76%, Kuaishou-W falls 5.58%, Alibaba-W falls 6.91%, MINIMAX-W falls 8.16%, and Zhipu falls 9.42%.

Data: Address deposits 18.91 million ENA to Binance, worth $2.7 million
According to on-chain analyst Ai Yi, address 0xf5C…7a191 deposited 18.91 million ENA ($2.7 million) to Binance two hours ago, possibly to sell. The address received these tokens from the Ethena Proxy contract between February and November 2026, when the token was priced at $0.1772. It has since fallen to $0.1432, a drop of more than 19%. The address appears to transfer ENA to exchanges periodically, possibly in connection with unlocks for the team, institutions, or related parties.

Longstanding Indian trading platform Unocoin suspected of being attacked; balances at 81,000 tracked addresses show zero
Nov. 12 — According to monitoring by OnchainLens, longtime Indian crypto exchange Unocoin reported unauthorized access to its servers on Nov. 9 and temporarily disabled user logins. Holdings at approximately 81,000 tracked addresses all show zero, and Unocoin’s official website currently returns a 504 error.

Nvidia fell 7.4% on the Tradegate Exchange compared with yesterday’s U.S. closing price.
On November 12, Nvidia fell 7.4% on the Tradegate Exchange compared with yesterday’s U.S. closing price. (Sina Finance)

JNTC to Supply Seagate with HDD Glass Substrates
South Korean glass manufacturer JNTC will supply HDD glass substrates to hard drive maker Seagate. Production at its Vietnam plant is scheduled to begin in the first quarter of next year, with supply ramping up from the second quarter. JNTC has completed construction of a mass-production line at its third plant in Viet Tri, Vietnam. The company has invested approximately 55 billion won in the plant since the end of 2024, converting a facility that made cover glass for wearable devices and automobiles. Its current annual capacity is approximately 120 million to 170 million substrates. JNTC expects the business to begin contributing revenue in the first quarter of next year, adding several hundred billion won in sales annually. It plans to prioritize meeting Seagate’s demand through 2030, then expand to customers such as Western Digital and Toshiba. The article estimates that Japan’s Hoya and JNTC will account for approximately 60% and 40%, respectively, of Seagate’s future glass substrate purchases. JNTC also plans to increase its annual capacity to 400 million to 500 million substrates over the medium to long term.

Data: On Polymarket, the probability that Jensen Huang will step down as Nvidia CEO by the end of the year has fallen from 91% to 78%
On the prediction market platform Polymarket, markets asking whether Nvidia CEO Jensen Huang will announce his departure or be removed by a specific date showed that the probability had once risen to around 91%, but has now fallen to 78%. As of publication, the total trading volume across these markets was about $15.25 million. Prices by deadline: around 59% for November 12, 63% for November 13, 74% for November 30, 78% for December 31; around 82% for March 31, 2027, and 86% for December 31, 2027.

Agile Robots raises $500 million at an $8.5 billion valuation, with SoftBank leading the round
According to The New York Times, German industrial robotics company Agile Robots raised $500 million in a new funding round led by SoftBank, with investors including Nvidia also participating, bringing its valuation to $8.5 billion. Agile Robots founder Zhaopeng Chen said the funds will be used to expand in the United States, increase production in Germany, and enter new markets, preparing the company for a potential future IPO. The company is working with partners such as Google DeepMind and has raised a total of $2 billion to date. Founded in 2018, Agile Robots aims to combine artificial intelligence with robotics to help factories boost productivity and reduce costs. Zhaopeng Chen said physical AI is one solution for Europe to narrow the AI gap with the United States and China and revitalize its industry.

Ethereum spot ETFs saw total net outflows of $145 million yesterday, with BlackRock’s ETHA leading at $130 million
According to RootData, Ethereum spot ETFs saw total net outflows of $145 million yesterday (November 11, U.S. Eastern Time). The Ethereum spot ETF with the largest net outflows for the day was BlackRock’s ETHA, with net outflows of $130 million. As of that trading day, ETHA’s cumulative historical net inflows totaled $11.293 billion. Next was BlackRock’s ETHB, with net outflows of $5.3 million for the day. As of that trading day, ETHB’s cumulative historical net inflows totaled $714 million.

Musk responds to reports Anthropic may not renew its computing lease: “We’re happy to take it back”
On November 12, in response to reports that Anthropic may stop renting computing capacity from SpaceX after mid-2027, SpaceX CEO Elon Musk said on X that the company would be happy to take the capacity back. However, he believes the reality may be quite the opposite.

Arthur Hayes transfers $3 million in USDC to Flowdesk and Galaxy Digital, possibly preparing to buy the altcoin dip
According to on-chain analyst Ember, about 10 minutes ago Arthur Hayes transferred a total of $3 million in USDC to OTC trading platforms Flowdesk and Galaxy Digital. About two weeks ago, Hayes sold off various altcoins worth at least $49.25 million and said he planned to wait for prices to fall further before buying back in. Since then, the prices of the tokens he previously sold have fallen by another 15% to 30%. The USDC transfers have prompted speculation that he may be preparing to buy back in, but the intended use of the funds and any specific purchase plans have not been confirmed.

Huaxia STAR 50 ETF turnover reaches 10 billion yuan
On November 12, near midday, total turnover of broad-based ETFs exceeded 60 billion yuan, 1.45 times the level at the same time yesterday. Huaxia STAR 50 ETF (588000) alone recorded turnover of 10 billion yuan, surpassing its full-day turnover yesterday (9.276 billion yuan). Turnover in nine popular broad-based ETFs, including E Fund ChiNext ETF (159915), Huaxia SSE 50 ETF (510050), and Southern CSI 500 ETF (510500), also rose compared with the same time yesterday. (Jinshi)

Coinbase to List Pearl Spot and Perpetual Contracts on November 13
Coinbase Assets announced on X that Coinbase will launch spot and perpetual contract trading for Pearl (PEARL) on November 13, with trading opening no earlier than 20:00 Beijing time.