Machi Liquidated 2,100+ Times on PaperTrade, Lost $2.22M

According to multiple media reports including Reuters, Malaysia’s Ministry of Trade announced today that it is collaborating with customs authorities to verify whether chips imported into Malaysia by SpeedMatrix, the local subsidiary of Singaporean cloud computing firm Megaspeed, have been re-exported to other countries, and whether such re-exports comply with relevant laws. Separately, Singapore yesterday indicted the fifth suspect in the case: 34-year-old Shi Bingzhe, who faces 41 charges. He is suspected of concealing end-user information when purchasing servers from Dell, Supermicro, and ASUS, and diverting the equipment to Malaysia. Additionally, U.S. Commerce Secretary Lutnick has formally agreed to testify before the Senate on December 10 on issues including chip flows, export controls, and national security. Market analysts point out that Semiconductor Manufacturing International Corporation (SMIC) may be a direct beneficiary of the related incident. On the 12th, SMIC’s third-quarter 2026 financial report showed that its revenue from China rose to 90.8% (from around 90.2% in the previous quarter and 86.2% in the same period last year), while its U.S. segment revenue fell to 7.8%.

Beating AI Flash News: The Wall Street Journal reports that Moonshot AI, the parent company of Kimi, has reached an equity restructuring agreement with overseas investors, with relevant work nearing completion, clearing a key hurdle for its Hong Kong stock listing. Moonshot AI previously raised US dollar investments via a Cayman Islands holding company. As early as May this year, the firm was revealed to be planning to dismantle this red-chip structure to prepare for a Hong Kong IPO. Under the latest deal, Moonshot AI will first repurchase shares held by overseas investors, after which the investors will reinvest the capital into the domestic entity. Moonshot AI has secretly submitted a Hong Kong listing application, with its latest round financing valued at around $50 billion. It plans to go public as early as early 2027, targeting a maximum fundraising of $5 billion.

Yesterday, Jensen Huang announced he is stepping down from NVIDIA, the AI chip giant he founded. Following a netizen’s suggestion that Elon Musk hire Huang for SpaceX, Musk responded seriously: “That would be an honor.” Public records show Musk and Huang have known each other for at least a decade. In 2016, Huang personally delivered the world’s first DGX-1 AI supercomputer to OpenAI, where Musk was deeply involved at the time. Musk has repeatedly referred to Huang as an “old friend, closest confidant.” Huang, in turn, has expressed fondness for collaborating with Musk, once comparing him to an “ultimate GPU.” On the business front, Huang is a leading expert and industry leader in the global AI chip and GPU space. Musk’s ecosystem relies heavily on massive computing power and chip capabilities (for FSD, Optimus, xAI, space data centers, and in-house accelerators), creating clear complementary needs between the two. However, market analysts note the likelihood of Musk directly hiring Huang to join SpaceX is extremely low. Key reasons include Huang’s status as a founder-level figure with a substantial personal net worth, and his continued role as a major shareholder of NVIDIA. Analysts predict it is far more probable that, building on their existing friendship, the pair will deepen cooperation, with Huang taking on a role as a senior advisor or project partner for Musk. As of press time, prediction platforms rate the chance of Huang joining SpaceX this year at just 7%.

Dongcha Beating AI Flash News, November 12: Super Fusion passed the review of the Listing Committee of the Shenzhen Stock Exchange's ChiNext board, planning to raise 8 billion yuan, setting a new high in the proposed fundraising scale for ChiNext companies this year. Super Fusion's predecessor was Huawei's x86 server business, spun off from Huawei in 2021, and is currently controlled by Henan Provincial State-owned Assets Supervision and Administration Commission. According to IDC data, in 2025, Super Fusion ranked second in China's server market by shipment volume, with a 14.2% market share. The AI boom has boosted its performance: in 2025, the company's revenue hit 58.246 billion yuan; in the first half of 2026, revenue stood at 37.286 billion yuan, of which AI servers contributed around 19.852 billion yuan, accounting for 53.29% of main business revenue. In H1 2026, Super Fusion's net profit reached 2.108 billion yuan, more than double the full-year figure of last year. However, over the same period, net cash flow from operating activities recorded a net outflow of 15.685 billion yuan, and short-term borrowings surged from 1.563 billion yuan at the end of last year to 18.026 billion yuan. The company explained that surging demand for AI servers required advance procurement of large quantities of chips and components, but suppliers demanded fast payments while customer receivables were relatively slow, tying up large amounts of funds in inventory and accounts receivable. As of the end of June, the company's inventory balance reached 35.662 billion yuan. During the review, the Shenzhen Stock Exchange specifically questioned whether the company's performance growth is sustainable, as well as risks related to cash flow, customer concentration, and supplier concentration. The IPO has only passed the Listing Committee review so far, with registration and issuance still pending.

According to Bitget's market data, Hong Kong stocks closed, with the Hang Seng Index down 1.55%, the Hang Seng Tech Index down 3.02%, Zhipu falling around 10%, and MINIMAX dropping approximately 8%.

CryptoQuant analyst Darkfost noted that Bitcoin has accelerated its pullback in recent days, dropping 17.5% from its recent peak of $87,400 — a correction relatively common in a bull market phase. However, bearish sentiment in the derivatives space is intensifying. Binance’s order book buy-sell ratio has fallen to a 1+ year low of 0.85, with sell orders dominating the platform’s trading volume. Meanwhile, the monthly average of this metric has plummeted to 0.97, hitting a new low since February this year when Bitcoin plunged below $60,000 and accelerated its pullback. The analyst explained that this data reflects derivatives traders are trapped in extreme bearish sentiment. Still, such extreme pessimism often occurs in the later stage of a pullback; in the short term, this indicator typically acts as a bullish "contrarian signal". When market panic is fully priced in, it often signals an upcoming rebound opportunity.