$80 Billion Hedge Fund Warns: Bear Market Risks Rising, AI Boom Could Trigger Chain Sell-Off

Beating AI Express: ByteDance plans to broadly restrict access to internal data by external AI tools including Claude and Codex starting in November. According to a circulating internal notice, external AI access will be blocked to all company L4-level code repositories and Feishu documents, with exceptions for some Seed scenarios. Employees’ personally purchased AI accounts will also no longer be allowed to access these restricted contents. The new rule has sparked internal discussions. ByteDance’s Vice President of Technology Hong Dingkun responded, "Once L3 and above content is leaked, the consequences are very serious." However, he also emphasized that promoting the company’s own products does not require forcing employees to use them by banning other options, "as this approach is very ineffective." This is not ByteDance’s first tightening of external AI tool policies. In May 2025, the company restricted third-party tools including Cursor and Windsurf after employees used personal accounts, resulting in business data being stored in personal accounts.

According to Farside's monitoring, U.S. spot Bitcoin ETFs posted a net outflow of $398.6 million yesterday, marking two consecutive days of large net outflows. Meanwhile, U.S. spot Ethereum ETFs recorded a net outflow of $139.7 million over the same period, extending their net outflow streak to six consecutive trading days.

According to Yonhap News Agency, South Korea's Unification Ministry said today that regarding US investigative authorities' allegation that North Korea is behind the Binance hack, the top priority is to accurately grasp the situation. Unification Ministry officials noted that the relevant information comes from the US Federal Bureau of Investigation (FBI), and South Korean government agencies have not yet shared the information among themselves. When asked whether South Korea will join the international community in imposing additional sanctions on North Korea, the official stated that after clarifying the situation, the government will study response plans with relevant departments, and there is no need to discuss additional sanctions at present. Earlier, Kim Yo Jong, a minister of the Central Committee of the Workers' Party of Korea, released a statement calling the allegation that North Korea is behind the Binance hack a "serious political provocation", and warned that North Korea will re-examine its hostile attitude towards the US. Yonhap pointed out that this is Kim Yo Jong's first response to the international community's accusations against North Korea's illegal cyber activities.

Intel's stock has suffered a historic plunge, falling 45% in October to mark its worst monthly performance in company history. On the last trading day of October, the stock plummeted 29% in a single session — its largest one-day drop since the 1970s — and fell another 8% on the first trading day of November. The slump was primarily driven by a profit warning. Intel projects its revenue for the current quarter will be $1 billion to $2 billion lower than analysts' estimates, citing weak PC market demand and high costs for memory and other components. The PC business still contributes around half of the company's total revenue. Meanwhile, while Intel's data center business remains growing, insufficient production capacity has forced the firm to shift some capacity at its Oregon factories from the advanced 18A process to the Intel 3 process to boost server CPU supply. This adjustment has sparked external concerns over its advanced process capacity and foundry delivery capabilities. Harvard Business School professor David Yoffie warned that if Intel fails to provide sufficient capacity beyond its own needs, it will struggle to become a trusted foundry supplier. Intel CEO Chen Liwu said the company plans to announce several foundry clients over the next two quarters, with progress in customer expansion being key to its foundry business transformation. D.A. Davidson cut Intel's rating from Buy to Neutral, noting that while the PC sector faces industry-wide pressure, the severity of its business weakness has made current valuations unsustainable. Raymond James Chief Market Strategist Matt Orton argued that the current period is not a "liquidation moment" for the AI sector, with fundamentals remaining strong, though investors need to re-examine the still-crowded positions in the space.

According to Bitget market data, Asian stock markets are generally lower. Specifically: South Korea’s KOSPI index extended its decline to 4%, standing at 5,624.02 points; Taiwan Stock Exchange Weighted Index fell 3% to 43,570.41 points; Indonesia’s benchmark index widened its intraday drop to 2%; the Nikkei 225 index is down 0.33%; and the Shanghai Composite Index is down 0.71%.

Latest data from prediction market platform Predict.fun shows the probability of the U.S. midterm elections resulting in the Democratic Party winning both the Senate and the House of Representatives is 77%. Mainstream polls also favor the Democrats: the average of Silver Bulletin’s national congressional vote polls as of November 2 shows the Democrats leading the Republicans by 8.9 percentage points; the Seldon forecast model gives the Democrats a 79% chance of winning the Senate and a 99% chance of winning the House. The probability of "the Republicans keeping the Senate while the Democrats take the House" is 19%, the second most likely outcome in the market. The Polling Forecast model notes that polls have overestimated the Democrats in 5 of the past 6 elections; if polls overestimate the Democrats by 3.5 percentage points this time, the Senate will still be controlled by the Republicans. The probability of "the Republicans keeping both the Senate and the House" is 5%; the probability of "the Democrats taking the Senate while the Republicans keep the House" is 1%. Current mainstream analysis projects the Democrats are most likely to gain a net 12 to 22 seats in the House, far exceeding the 3-seat threshold needed to retake the majority. Additionally, in the market related to "the Democrats retaking the House", Predict.fun puts the probability at 96%.