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Charles Schwab’s crypto accounts can now buy and sell $AVAX directly with U.S. dollars, and SOL and LINK have been added too. On the same day, Avalanche was selected to provide the ledger for the clearinghouse behind a tokenized securities platform affiliated with the NYSE, though the platform is still awaiting regulatory approval.

Schwab clients can already buy crypto, but how much demand providing the ledger could generate for AVAX depends on how the platform charges fees. Avalanche’s independent chains can choose which token to use for transaction fees, while validators have to pay validation fees in AVAX. Even if stocks are eventually settled on this ledger, we won’t know whether each transaction will use AVAX until the fee rules are announced.

Between 8 and 9 last night, AVAX trading volume on Binance spot surged as its price rose about 5%; SOL and LINK, which were also added to Schwab, each gained less than 1%. AVAX briefly climbed above 9 USDT early this morning, then fell back to around 8.4 in the evening. The three coins performed so differently that it’s too early to attribute the entire rally to buying by Schwab clients. Over the next day or two, I’m more inclined to expect AVAX to consolidate these gains—unless spot volume picks up and the price gets back above 9 USDT and holds there.

Rocket Lab’s Neutron rocket hasn’t made its maiden flight yet, but five satellite operators signed contracts for eight launches in the third quarter. Some of them have a base price of $70 million, up from the company’s original $55 million. Customers are willing to book launch slots at the new price before the rocket has even flown.

But a manufacturing problem with an end cap for the rocket’s first-stage propellant tank has pushed the maiden flight target to 2027. The new end cap still needs to be made and installed, and the tank must pass cryogenic and hydraulic tests. The company plans to provide a more specific maiden flight date only after these steps are complete.

ICEYE signed up for three launches, scheduled to begin in late 2028. When valuing Rocket Lab, these contracts make me more comfortable factoring in future launch revenue. But how much the company can earn in a year will still depend on whether, after the maiden flight, it can build and launch rockets one after another on its customers’ timelines.

Today in the square, I saw someone say that $JCT would be distributing an airdrop on Alpha, and that Allora was also scheduled for tomorrow. Binance did indeed schedule these two projects, with dates in 2025. JCT opened on Alpha at 6 p.m. on November 10 last year, and that airdrop was only available for one day. I checked today's official announcements and couldn't find any news about claims reopening.

JCT is a token issued by Janction, a computing power leasing project. Looking this afternoon, the JCT/USDT trading pair on Binance Alpha had a 24-hour trading volume of over 10 million USDT, and its price was down about 13%. Explaining today's drop with last year's airdrop treats last year's claim history as if it were today's selling pressure.

The Thanksgiving airdrop announced by Binance Wallet last Friday is a different one. It's based on a points snapshot taken at 7:59:59 a.m. Beijing time on November 7. Anyone with at least 200 points at that time will automatically receive a reward—there's no need to rush to claim it, and no points will be deducted. It's too late to earn more points for this round. Binance Wallet hasn't announced which token will be distributed or when.

Bitcoin has fallen for five straight weeks. Yesterday, $BTC briefly dropped to around 73,500 USDT on Binance spot, then rebounded above 75,500 overnight. But this morning, it was back around 75,000. Before tonight’s CPI release, I expect it to move sideways around this range; for now, the rebound probably won’t go much further.

From 3 a.m. to 9 a.m. today, open interest in Binance BTC perpetuals rose by about 1.2%, but spot still hasn’t surpassed last night’s rebound high. The rise in open interest doesn’t show which side is more aggressive. If spot can hold above 75,600 USDT before the data release, then this rebound will be stronger than last night’s.

U.S. October CPI is due at 9:30 p.m. Beijing time tonight. Gasoline prices rose sharply in September, pushing headline CPI up 0.6% from the previous month, while core CPI rose 0.3%. If this time gasoline prices simply rise more slowly, while the two-year Treasury yield doesn’t fall much, then even if BTC rebounds initially, I don’t think this report will be enough to reclaim the levels it failed to hold last night.

U.S. spot Ethereum ETFs saw net outflows of about $365 million last week. Breaking it down, BlackRock's ETHA and staked ETHB together saw nearly $394 million in outflows, while the other funds collectively still had net inflows of about $28.6 million. To see whether the latter group of funds can recover, I'll first watch whether redemptions from these two funds ease.

U.S. ETFs were still closed in the early hours today, while Binance $ETH spot had already fallen from above 2,220 to 2,060 USDT. Some leveraged long positions were liquidated during that period, possibly accelerating the decline. Two rebounds this morning toward the 2,160–2,170 USDT range both faded. Until tomorrow evening's CPI release, I think any further rebound is more likely to run into selling pressure around here. If the price can reclaim 2,170 and hold above it, that would indicate stronger buying than during those two earlier rebounds.

Berkshire spent about $9.6 billion buying back its own shares in the third quarter, including about $5.4 billion in September alone. The average repurchase price for its Class B shares that month was $506.64. The shares closed at $570.89 last Friday, nearly 13% above that average.

Berkshire only buys back shares when management believes the purchase price is below the company’s intrinsic value. With the stock near $570, I’d give less weight to the support from continued buybacks. The earnings report disclosed how much Berkshire bought back over the past few months, but not the amount it plans to repurchase next quarter.

Operating earnings were about 6% lower than a year earlier in the third quarter, with both insurance underwriting profits and investment income down. Buybacks reduce the number of shares outstanding, which can help earnings per share. But to value the business more highly, I’m more focused on whether the insurance business can make up for what it has earned less.

A batch of PP points airdrop for $PREDICT was scheduled for last Friday. Under the rules Binance has since added, once the token is listed, this batch of undelivered tokens will arrive together with the earlier undelivered allocation.

Anyone who has already completed the questionnaire does not need to do so again. Eligible users who have not yet submitted it and want to be included in the originally scheduled November 13 batch have until 5 p.m. Beijing time this Thursday to opt for early claiming. If the listing is delayed beyond Friday, this batch will also be rolled into the first post-listing distribution.

I’ll count the combined allocation toward the initial supply. The two groups who would originally have received tokens a week apart may now receive them at the same time, concentrating more tokens available for sale when the first distribution arrives than if they were distributed weekly. The actual selling pressure will depend on how many tokens are ultimately distributed and the buying demand at the time.

Intel’s most pressing need right now is to supply more Xeons, the CEO says, as demand for server CPUs is strong. I agree that this part of the business has recovered, but valuing Intel based only on server growth would overlook weakness in PCs and supply constraints.

Third-quarter data center and AI revenue rose 78% year over year, while PC-related business fell 5%. The CFO expects the PC slowdown to last at least through the first half of 2027. There is demand for servers, but chips still need to be made and delivered for revenue to keep growing.

The company’s fourth-quarter revenue guidance is $15 billion to $16 billion, below this quarter’s roughly $16.5 billion; adjusted gross margin guidance also falls from this quarter’s 44.1% to 38%.

Strategy disclosed that it has already sold about $432 million worth of $BTC this year to pay some preferred stock dividends and buy back STRC. When it needs cash, it also draws on its Bitcoin reserves to support these financing instruments.

As of October 25, its holdings were still up 26% from the start of the year, so the broader trend of increasing its holdings remains intact. However, the board has also authorized selling coins to replenish its dollar reserves, pay dividends and interest, and repurchase related securities. These cash outlays will also constrain its budget for future Bitcoin purchases.

The $20.9 billion in digital asset gains disclosed by the company this time will be affected by fair value changes in coin prices and should not be treated directly as the cash budget for its next round of Bitcoin purchases.

Binance has postponed the spot launch originally scheduled for 18:00 today for $PREDICT . The new time has yet to be announced. For those who participated in the Prime Sale and have already received a Key, plans to cash out tonight as originally intended will also need to be reconsidered.

The wallet’s previous rules stated that the actual tokens would be sent to Alpha accounts at TGE, and receiving a Key does not mean you already have tokens you can sell. Binance’s existing PREDICT pre-market perpetuals are still trading, but I wouldn’t simply multiply the contract price by the allocation amount and treat that as money recoverable from this event. The timing for selling through Binance Spot is still unknown, so proceeds can no longer be estimated using the original timeline.

Americans spent 0.5% more in September, but after adjusting for higher prices, consumption barely grew. What worried me about last night's data was that consumption has already slowed while prices are still rising. $BTC It won't be easy to reverse this weakness by relying on expectations of rate cuts.

Binance spot prices initially rose to nearly $82,000 after the data was released, then turned lower early this morning and had fallen to around $77,000 by midmorning. I think any rebound over the next day or two is still likely to be pushed back down by selling. If prices can climb back above the roughly $80,000 level from before the data release and hold there, that would weaken this short-term view. Prices rose first and then fell, but the timing alone isn't enough to attribute the entire decline to PCE.

The PCE price index rose 3.6% year over year. Excluding food and energy, it was still up 0.3% month over month, the same as in August, so it's not accurate to say inflation is accelerating across the board. But consumption didn't increase significantly, and real disposable income also fell 0.3% that month, meaning consumers' purchasing power is weakening too.

OpenAI investments added $207 million to Microsoft's net income this quarter, whereas they dragged it down by about $3.1 billion in the same period last year. Without last year's drag, this year's year-over-year net income growth looks stronger.

Under accounting standards, Microsoft's net income grew 32% in the quarter ended September 30; excluding the impact of OpenAI investments in both periods, it grew 18%. When estimating Microsoft's future earnings, I would put more weight on the latter growth rate, to avoid carrying forward the low comparison base created by last year's investment losses.

Azure revenue grew 48% year over year this quarter, and the group's operating profit grew 21%. The business itself is also making more money.

Bitcoin Core disclosed three vulnerabilities this time, and I’m more concerned about the one that can easily knock nodes offline. A malicious node may be able to exhaust the memory of a Windows, macOS, or BSD node running an affected version simply by connecting to it, causing it to crash. Linux is not affected by this particular vulnerability.

The vulnerability was officially rated medium severity, and fixes have been released in versions 29.5, 30.4, 31.2, and 32.1. How much price pressure this news will put on $BTC depends, in my view, more on the actual scope of the disruption and the progress of patching. The number of vulnerabilities disclosed, by itself, does not show how much the network was affected.

The rollback data file issue disclosed at the same time can also cause nodes to go offline, but the official assessment is that practical exploitation on 64-bit systems is unrealistic, so it was rated low severity. There’s another point to watch: 32-bit systems and nodes that store block files on FAT32 are still affected. Those setups cannot assume the problem is solved simply by upgrading.

In the third quarter, Google raised about $12.4 billion by issuing common stock, while share repurchases totaled zero. Cloud revenue doubled and operating income topped three times the year-earlier figure, but shareholder returns cannot be expected to grow at the same pace.

This quarter, Google generated about $42.3 billion in cash from operating activities and spent $51.4 billion on property and equipment. By the company’s measure, free cash flow was negative $9.1 billion. This was the second consecutive quarter of negative free cash flow, with expansion spending still exceeding cash generated by operations during the quarter.

In addition to issuing shares, the company also issued a batch of senior unsecured bonds this quarter, raising about $28.7 billion net. At quarter-end, it still had $265.1 billion in cash and marketable securities on its balance sheet, so its cash reserves remain substantial.

The 36 million newly issued shares represented about 0.3% of the total common shares outstanding at quarter-end, so the dilution was modest. What matters more for the valuation is that free cash flow continues to decline even as cloud profits grow.

For this $PREDICT PP points airdrop, getting your tokens early means permanently giving up 65% of your entitled allocation and receiving only the remaining 35%. To work out how much you can cash out by claiming early, you first need to deduct that 65%—you can’t calculate it based on the full allocation and pre-market contract prices. Alternatively, you can wait until the project’s one-year staking period is complete and receive 100%, but the token price a year from now is still unknown.

Predict.fun operates a prediction market on BNB Chain. This distribution covers allocations corresponding to existing PP points, with eligibility and amounts still subject to verification by the project. If you want to receive 35% on the day PREDICT launches, you must submit the claim-method form by 5 p.m. Beijing time today. Late submissions will be included in a later weekly batch.

The final deadline to submit the form is November 26 at 5 p.m. If you don’t choose an option by then, you’ll automatically be assigned the full-allocation option after one year of staking. Each person may submit the form only once, and submissions cannot be changed.

Datavault AI says it requested in June to transfer $BTC from its Biconomy account to an external account, but the transfer was still incomplete when it filed documents on October 26. A publicly traded company had previously treated these coins as a source of operating funds, yet its withdrawal has been stuck for months. I think that matters more than simply looking at how many BTC it disclosed.

These BTC came from last year’s transaction in which Scilex subscribed for shares in the company. The other party credited 1,309.04 BTC to it through an internal transfer on the platform. Datavault later sold some of the BTC back to Scilex, receiving about $40.5 million in cash; it remains uncertain whether the rest of the amount can be recovered.

The company now believes the transaction should not have been recognized as its own digital assets. It plans to reclassify the amount as a subscription receivable and offset it against shareholders’ equity, and to restate the financial statements for several periods. I wouldn’t count this kind of internal book transfer as additional spot BTC buying. For this treasury asset, I’d first look at how much of the amount can be recovered, and only then consider how much funding it can provide to the company.

Robinhood generated $173 million in revenue from prediction markets in the third quarter, surpassing the $120 million from crypto trading. Crypto trading revenue fell 55% year over year, but the company’s total revenue hit a record, and HOOD now has more sources of income.

Revenue from options and stock trading also grew 31% and 41%, respectively. What stands out to me is that even as crypto revenue slumped, the rest of the business combined to push total revenue up 12%. HOOD should be valued with these revenue streams considered separately; looking only at crypto prices is no longer enough.

However, record revenue hasn’t yet translated into higher earnings per share. Third-quarter adjusted EPS fell 3% year over year, while EPS under accounting standards declined 16%. The quarter included an unrealized loss, mainly related to the valuation of the company’s venture capital funds, so the entire decline under accounting standards shouldn’t be attributed to weaker day-to-day operations.

As its credit card loans grow, the company also has to set aside more for credit losses. In the third quarter, this provision rose from $26 million to $71 million. The company lowered the upper end of its full-year budgets for adjusted expenses and stock-based compensation, but those budgets exclude the credit loss provision.

The OSMO community is discussing taking 55.5 million $OSMO out of the community pool and transferring them to a burn address, bringing the cumulative amount burned to more than 100 million. The 100 million here is a cumulative target; the amount proposed for this round is 55.5 million.

These coins were originally not in circulation, but they could still be allocated through future governance proposals. I support permanently removing part of them, so holders will be less affected by one potential future release. Any benefit to the token price comes from reducing the number of coins that could be released in the future; it does not involve buying back OSMO from the market, nor would it remove 55.5 million coins from the current circulating supply on the day it is executed.

The proposal author says the target is to submit it on-chain on October 30, but what we see now is still a forum proposal and cannot be treated as already burned. If implemented as proposed, the community pool would still retain about 63.8 million OSMO and other assets; in the future, when funds need to be spent, the amount of OSMO reserves the community can draw on would also be reduced.

UPS completed planned reductions with its largest customer in the second quarter, and in the third quarter both revenue and adjusted operating profit in its U.S. domestic business increased. After handling fewer packages, has the business improved? Tonight’s earnings report provides new evidence.

Average daily package volume in the U.S. domestic segment fell by about 3.3% year over year, yet revenue rose 4.5%, and adjusted operating profit margin increased from 6.4% to 7%. I think this round of adjustments is starting to pay off. The decline in volume has not prevented this segment from generating more profit, and the support it provides for UPS’s stock price is more convincing than simply increasing package volume.

However, the group’s adjusted operating profit was still lower than the same period last year. In the supply chain solutions business, last year included a gain from a sale-leaseback transaction, which boosted the comparison base.

Restructuring still comes at a cost. The company expects related adjustment expenses of $1.4 billion to $1.6 billion this year, and the efficiency transformation is expected to continue through the fourth quarter of 2027. When assessing how much profit this round of adjustments can leave for shareholders, these expenses excluded from adjusted metrics also need to be taken into account.

Bitmine bought another 10,452 ETH last week and also repurchased 2.04 million of its own shares. It is still adding buying pressure to ETH, but the company is also willing to spend money on its own stock.

According to its October 26 announcement, as of the 25th it held about 6.05 million ETH, or 4.95% of the total supply, putting it within reach of its 5% target. Continued accumulation is good for ETH, but that target doesn’t tell us how much more it will buy once it gets there, and the announcement doesn’t say it will stop buying at 5%.

Management says it will consider repurchases when it believes the company’s stock is relatively undervalued. I think we need to keep judging this crypto treasury company’s support for ETH by how many coins it actually buys, rather than focusing only on its holdings nearing 5%. Buybacks don’t add buying pressure to ETH, but we also can’t conclude from this repurchase alone that it means the company bought that much less ETH. The company is spending money on both ETH and buybacks, and the announcement doesn’t say how much it plans to spend on ETH going forward.