Meta pre-market trading rises 0.64% as the company secures a record 53 billion euros in subscription demand.

SpaceX and Qualcomm have struck a multi-year partnership agreement, under which SpaceX will use Qualcomm’s Dragonwing cellular network infrastructure hardware and software to build ground base stations for its Starlink Mobile wireless service, with deployment targeted to kick off in 2027. Qualcomm noted this is its largest 5G project to date, and the pair also aim to lay the groundwork for future AI-native 6G networks. Financial terms of the deal remain undisclosed. SpaceX plans to build tens of thousands of new base stations to supplement its Starlink satellite network’s coverage, further challenging U.S. traditional mobile operators including Verizon, AT&T, and T-Mobile. Earlier, SpaceX announced the acquisition of nationwide 800 MHz spectrum assets, and was reported to be in acquisition talks with EchoStar for Boost Mobile. Starlink currently accounts for roughly 36% of SpaceX’s third-quarter revenue and 85% of its operating profit. The Qualcomm partnership signals SpaceX’s expansion beyond its satellite-direct-to-mobile service into terrestrial mobile networks.

Despite the Democrats winning control of both chambers of Congress in the U.S. midterm elections, Bitcoin dipped briefly before rebounding around 1.6% to hit $78,458. Multiple analysts noted that the market had largely priced in the Democrats’ sweep of Congress, so the election result did not represent a new major negative catalyst. André Dragosch, Head of Research at Bitwise Europe, stated that the market had already fully factored in expectations of a Democratic victory, coupled with weak market sentiment and fading selling pressure, which led to Bitcoin’s V-shaped rebound. James Butterfill, Head of Research at CoinShares, also argued that the market saw a relief rally as election uncertainty receded. However, Democratic control of Congress may raise regulatory uncertainty for the crypto industry. Analysts believe that progress on the CLARITY Act will face further headwinds, and related legislation could remain stalled until 2027; the Trump family’s crypto businesses may also face additional congressional investigations. Existing regulatory guidelines from the SEC and CFTC, as well as the GENIUS Act, will not automatically lapse as a result, analysts added. They further pointed out that compared to the election outcome, Federal Reserve policy, real interest rates, U.S. dollar liquidity, and crypto ETP fund flows remain the key factors driving Bitcoin’s price trends.

According to a WSJ report, after the Republican Party's midterm election losses, Donald Trump canceled all public appearances.

US 'small non-farm' ADP employment came in higher than expected: October's ADP employment figure stood at 86,000, against a forecast of 69,000, and the prior reading was 90,000.

According to data from the BIT Stock Platform, the U.S. pre-market computing cloud sector saw sharp declines, with Oracle down 4.83%, CoreWeave falling 9.53%, Nebius dropping 6.77%, IREN decreasing 7.69%, and Applied Digital declining 7.24%. On the news front, the Democratic Party secured a major victory in the U.S. midterm elections, as multiple candidates who explicitly oppose data center expansion won gubernatorial races, sparking market concerns over a slowdown in U.S. AI infrastructure investment. Asian chip stocks came under pressure on Wednesday, with firms including Samsung Electronics and SK Hynix facing potential risks to demand for server DRAM and high-bandwidth memory (HBM). Opposition to data centers mainly focuses on issues like noise, water consumption, energy use, and surging residential electricity costs. Markets worry that local governments may tighten project approvals citing power supply, environmental protection, and AI safety, leading to delays in new data center projects. However, analysts argue that regulation may not directly cause a contraction in investment scale, and tech companies may instead shift to self-built power and supporting infrastructure.

According to data from the BIT Stock Platform, AMD (AMD.O) shares fell 1.2% in pre-market trading, erasing a previous gain of up to 8.1%.