U.S. initial jobless claims for the week came in higher than expected, hitting 200,000.

Nov 12 Update: #Bitcoin ETFs: 1D NetFlow: -3,621 $BTC(-$262.8M)?? 7D NetFlow: -19,453 $BTC(-$1.41B)?? #Ethereum ETFs: 1D NetFlow: -66,020 $ETH(-$132.41M)?? 7D NetFlow: -210,673 $ETH(-$422.51M)??

The Singaporean government has confirmed it has launched an investigation into Alice Huang and Megaspeed over allegations of transshipping servers via Malaysia and making false declarations. Investigators found there was insufficient evidence to file criminal charges against Huang, but as she provided inaccurate information to police, authorities issued her a stern warning and banned her from re-entering Singapore. Singapore emphasized that Huang was not being investigated on suspicion of espionage. The probe into Megaspeed and six other related individuals remains ongoing. In addition, Singapore accused U.S. server supplier Supermicro of limited cooperation during the investigation. The probe covers transactions related to the transshipment of NVIDIA servers via Malaysia.

Bernstein’s research report notes that Apple, due to its low capital expenditure and limited reliance on AI servers, has been viewed as a "safe haven" for tech stocks amid the recent sell-off of AI-related equities. Even though its fiscal 2027 forward price-to-earnings (P/E) ratio has climbed to a record high of 37x, and its valuation multiple relative to the S&P 500 index has also reached a historical peak of 2x, Bernstein still maintains an "Outperform" rating on Apple with a $380 target price. The firm points out that Apple’s capital expenditure accounts for only around 2% of its revenue. By collaborating with Google to develop foundational models and advancing on-device AI, Apple has reduced its dependence on expensive data centers and AI servers, making it less vulnerable to a slowdown in AI infrastructure investment. The report adds that Apple is gradually moving away from the valuation framework of large tech stocks, instead being regarded by the market as a defensive asset with stable cash flow and high customer loyalty. Apple has approximately 1.4 billion active iPhone users, a brand retention rate of around 90%, its services business contributes roughly 40% of gross profit, and it has exceeded market consensus earnings per share in 40 out of the past 44 quarters. In fiscal 2026, Apple returned about $102 billion to shareholders through share buybacks and dividends. Bernstein argues that Apple’s demand visibility, pricing power, cash flow, and consistent shareholder returns are sufficient to justify its valuation premium, making a 37x P/E ratio not unreasonable.

Fed official Hamrick stated that the Federal Reserve needs to shift to a restrictive monetary policy to lower inflation. Genuine demand pressure is currently driving up prices, and the latest inflation data also shows that inflation is trending in the wrong direction. Hamrick added that the Fed has long fallen short in fulfilling its inflation-stabilization mandate over the years, but has performed well on its employment mandate.

NVIDIA (NVDA.O): CEO Jensen Huang resigns as president, chief executive officer, and board member with immediate effect.

NVIDIA announced that CEO Jensen Huang will step down from his roles as President, Chief Executive Officer, and Board of Director member effective immediately. Colette Kress has been named interim Chief Executive Officer, and will continue to serve as Executive Vice President and Chief Financial Officer. NVIDIA’s pre-market trading dropped more than 10%.