Viewpoint: AI Stock Plunge Stems from Market Confusing Technological Prospects with Investment Returns

Odaily reports: The Korea Composite Stock Price Index (KOSPI) has retreated from its record closing high of 9,114.55 points set on June 22, at one point falling below 5,000 points. The market capitalization of South Korea's two semiconductor giants, Samsung Electronics and SK Hynix, has shrunk significantly, with a combined evaporation of approximately 2,261 trillion Korean won.Data from the Korea Exchange shows that as of 10:04 a.m. on November 6, Samsung Electronics' common stock market capitalization stood at approximately 1,071 trillion Korean won, while SK Hynix's was approximately 815 trillion Korean won. Compared with June 22, the two companies' market caps decreased by 996 trillion won and 1,265 trillion won respectively, representing declines of 48.18% and 60.81%. Their combined market capitalization fell from 4,147 trillion won to 1,886 trillion won, a contraction of approximately 54.52%. Their share of the KOSPI's total market capitalization on the main board also dropped from 55.7% to 46.5% over the same period. (EToday)

Odaily reports that Goldman Sachs analysts Lina Thomas and Daan Struyven, in their November 5 report "Precious Metals Analyst Report: Long-Term Bullish on Gold, but Not Now," lowered their end-2026 gold price forecast from $4,650 per ounce to $4,150, and their end-2027 target from $5,400 to $4,800.For a bank that has long supported a structural bull market in gold, this is a significant adjustment. But Goldman Sachs still expects central banks to continue buying gold heavily, concerns over the safety of foreign exchange reserves to persist, and ultimately lower U.S. interest rates to provide support for gold prices.Stephen Innes, a macro market strategist in the international financial community and an expert in foreign exchange and commodities, interpreted the report as saying that what has really changed is the driver structure behind gold's rally: central banks are still increasing their gold holdings, but the Fed's maintenance of restrictive monetary policy is weakening private investors' willingness to buy, especially speculative funds that rely on leverage and options trading.What is happening in the gold market is this: central banks may still be buying, but leveraged funds are no longer willing to follow them at any cost.

Odaily Report: Although the US Democratic Party swept Congress, the crypto industry did not suffer a complete defeat in the midterm elections. Stand With Crypto, an advocacy group backed in part by Coinbase, said the pro-crypto camp has won 228 seats in the House and 19 seats in the Senate. Fairshake, the crypto industry's largest super PAC, also said it will continue to support pro-crypto candidates in the 2028 elections. Notably, although Ripple remains one of Fairshake's major donors, Ripple co-founder Chris Larsen this time also donated $4 million to the campaign of former Senator Sherrod Brown, who has repeatedly criticized the crypto industry.Separately, according to data from the US consumer advocacy group Public Citizen, as of the first quarter of 2026, the crypto industry had invested about $189 million in political action committees during this midterm election cycle, up from $119 million in the 2024 election cycle. In addition, a super PAC focused on the AI industry also invested $72.3 million. (Bloomberg)

Odaily reports: Hong Kong Exchanges and Clearing Limited (HKEX) has released its quarterly results report for the nine months ended September 30, 2026, disclosing that its range of exchange-traded products continued to expand, with 25 new products listed during the quarter, a record high for any quarter, including the launch of the first multi-asset actively managed ETF investing in both gold futures and physical Bitcoin. However, HKEX's overall results unexpectedly declined, ending a streak of multiple consecutive quarters of record-high results driven by a wave of technology and AI company listings, with net profit falling 1% year-on-year to HK$4.9 billion, below the average analyst estimate of HK$5.03 billion; core business revenue was essentially flat at HK$7.47 billion.HKEX Chief Executive Officer Chan Yiting said that amid rising macroeconomic uncertainty and continued market volatility, the exchange will remain firmly committed to building a deeper and more diversified multi-asset ecosystem.

1. Viewpoint: AI stock plunge stems from market confusion between technological prospects and investment returns;2. US Democrats plan to pressure Trump on five fronts: covering crypto, AI regulation, Iran policy, and more;3. Trump: Will soon decide whether to take military action against Iran again; Russia-Ukraine peace deal may be imminent;4. Early ICO whale buys 2,221 ETH, on-chain holdings exceed 122,000;5. Quant giant Hudson River Trading enters Kalshi for trading, Wall Street capital accelerates positioning in prediction markets;6. Brave New World? US Democratic congressman calls for pause on advanced AI development, Musk appears to respond with sarcasm, tensions between the two sides may escalate;7. Tom Lee slams AI panic narrative: The actual situation is far less dire than imagined, pessimistic expectations are overstated.

Odaily reports: Galaxy CEO Mike Novogratz posted on X that the "blue wave" in the U.S. midterm elections has put pressure on the company, but political factors should not be conflated with long-term fundamentals.Novogratz believes that financial activity is gradually migrating on-chain, and AI demand is also growing rapidly—trends that will span different government terms and market cycles. Galaxy will continue to work with the new administration, focusing on reliable power supply, water resource conservation, and community development.Additionally, Novogratz stated that there is currently a significant disconnect between GLXY's stock price and the company's actual value, and therefore has decided to increase holdings of Galaxy stock effective immediately.