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Tuesday, November 3, 2026Nov 3, 2026 · morning edition

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Binance says hackers stole $6.3 billion in the biggest crypto heist on record

A suspected breach of the exchange's hot wallet triggered a bitcoin and BNB selloff and fresh questions about crypto security, even as Binance and major shareholder Changpeng Zhao insisted customer funds are safe.

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Changpeng ZhaoIPO / MarketsFinancePrivateAI read · ▼ Record crypto heist

Binance says hackers stole $6.3 billion in record crypto heist

The move

Binance disclosed a suspected security breach it estimated at about $6.3 billion, after a compromised engineer's laptop allegedly enabled unauthorized withdrawals from its hot wallet. Binance set aside more than $6.34 billion of company funds to cover the losses and said customer funds were not touched. Tether froze more than $1.567 billion in USDT and Circle froze more than $800 million in USDC tied to the hack. Former CEO Changpeng Zhao, Binance's largest shareholder, wrote on X that the loss "might be a bit higher" than first reported but that it would be covered.

Why it matters

This is one of the largest thefts in crypto history, and it lands at a moment when exchanges are racing to prove they can secure customer assets without government-backed deposit insurance.

The bear case

Binance says no customer money was touched and that its own reserves can absorb the loss, so this may end up being a balance-sheet hit rather than a crisis for users.

What to watch

Whether Tether, Circle and First Digital release the frozen assets once investigators finish tracing the funds.

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Ma HuatengIPO / MarketsMediaRDDTAI read · ▼ Growth scare

Reddit sinks 29% on its worst day as a public company

The move

Reddit's stock fell 29.2% on Oct. 30, its worst day since its 2024 IPO, after third-quarter revenue of $895 million beat estimates but fourth-quarter guidance of $1.00 billion to $1.03 billion fell short of analysts' roughly $1.05 billion estimate. CEO Steve Huffman said Google search-referral traffic fell "meaningfully" this quarter as AI answers keep readers off the site, and Reddit said it will test requiring logins to view some content. Tencent, where Ma Huateng is chairman, holds a stake in Reddit through its subsidiaries.

Why it matters

The drop shows investors are now pricing in the same AI-search threat to Reddit that has weighed on Google: fewer clicks from search engines can mean fewer ad dollars even when the underlying business is still growing fast.

The bear case

Revenue still grew 53% year over year and beat estimates, and a login requirement could grow the logged-in user base that advertisers actually pay for.

What to watch

Whether the login test slows user growth when Reddit next reports in early 2027.

Source · CNBCRead original ↗Report an error
Jensen HuangPolicyAI & techNVDAAI read · — Espionage allegations

Nvidia denies Huang was targeted in Chinese spy plot

The move

The New York Times reported that U.S. intelligence agencies surveilled Alice Huang, a woman linked to Singapore cloud firm Megaspeed, over concerns she could be a Chinese intelligence asset using her relationship with Jensen Huang to gain information or access to President Trump. Megaspeed had previously been investigated over suspected evasion of U.S. export controls on Nvidia's AI chips. Nvidia said the Megaspeed export-control allegations were "thoroughly investigated and debunked last year," and a spokesperson said the company had not been told by the U.S. government that anyone posed a threat.

Why it matters

The report lands as Washington debates how much AI chip access to allow China, and it puts a spotlight on the personal relationships Huang has built with customers across Asia while running the world's most valuable chipmaker.

The bear case

Nvidia says the underlying export-evasion claim was already cleared, and the report caused no confirmed financial or regulatory consequence for the company.

What to watch

Any follow-up from U.S. officials on whether Megaspeed or its personnel face new scrutiny.

Source · CNBCRead original ↗Report an error
Mark ZuckerbergIPO / MarketsAI & techMETAAI read · ▼ Credit warning

S&P turns negative on Meta over AI spending and cash burn

The move

S&P Global Ratings revised its outlook on Meta to negative from stable while keeping its AA- credit rating, citing uncertainty over Meta's elevated capital spending and whether its AI investments will generate enough revenue to offset rising costs. Meta's third-quarter free cash flow was negative $2.12 billion, its first negative quarter, and the company has guided full-year 2026 capital spending to $135 billion to $145 billion. Meta said it "respectfully disagrees" with S&P's view on its AI monetization. Shares fell 7% after the Q3 report and finished October down 15%, their worst month in four years.

Why it matters

A negative outlook from a major ratings agency raises the cost of Meta's borrowing just as it plans to raise $95 billion for its AI buildout, and it signals that Wall Street is losing patience with "spend now, profit later" AI strategies.

The bear case

Meta's actual rating didn't move, it still carries AA- credit, and the company argues its AI tools are already strengthening its ad business even if that isn't yet visible in free cash flow.

What to watch

Meta's plan to raise $95 billion, including $35 billion in public equity offerings, and whether it changes capex guidance at its next earnings call.

Source · CNBCRead original ↗Report an error
Tim CookLeadershipAI & techAAPLAI read · ▼ New CEO's first test

Apple beats on earnings but new CEO's margin outlook disappoints

The move

Apple reported fiscal fourth-quarter revenue of $114.48 billion, up 12% and above estimates, with EPS of $2.10 versus $1.99 expected; iPhone revenue rose more than 17% to $57.58 billion. It was CEO John Ternus's first earnings call since succeeding Tim Cook, who became executive chairman on Sept. 1. Apple guided next-quarter gross margin to 45% to 46%, below the 46.3% analysts expected, and shares fell about 3% in extended trading. Ternus said Apple "reluctantly" raised prices to offset component costs.

Why it matters

The quarter shows Apple's hardware demand is still strong, but the weaker margin guidance under its new CEO raises the question of whether rising component costs, especially memory, will keep squeezing profits into next year.

The bear case

Revenue and EPS both beat estimates, iPhone sales were strong, and Greater China revenue grew 21%, so the miss was confined to forward margin guidance, not current results.

What to watch

Whether Ternus's AI and Siri plans show up in device upgrades over the holiday quarter.

Source · CNBCRead original ↗Report an error
Peter ThielIPO / MarketsAI & techPLTRAI read · ▼ Commercial crossover

Palantir's US commercial sales top government revenue for first time

The move

Palantir reported third-quarter revenue of $2.31 billion, above the $2.18 billion analysts expected, with adjusted EPS of 44 cents versus 41 cents expected. U.S. commercial revenue rose 148% to $984 million, surpassing U.S. government revenue of $953 million for the first time in the company's history. Palantir raised its full-year 2026 revenue outlook to about $8.53 billion and projected roughly $2.65 billion in fourth-quarter revenue. Shares still dipped about 3% in after-hours trading. Peter Thiel remains Palantir's largest individual shareholder.

Why it matters

The shift toward commercial customers matters because it shows Palantir's AI software is finding buyers beyond its original base of government and defense contracts, a key test of whether its growth can keep scaling.

The bear case

The stock fell anyway, a sign that after Palantir's huge run-up this year, even a beat-and-raise quarter isn't enough to satisfy a valuation priced for near-perfect execution.

What to watch

Whether commercial revenue keeps outpacing government revenue when Palantir reports in early 2027.

Source · CNBCRead original ↗Report an error
Charles Koch & familyAcquisitionAI & techMRVL · LITEAI read · ▼ Big AI bet

Marvell agrees to buy Lumentum for $115 billion in AI optics deal

The move

Marvell agreed on Nov. 2 to acquire optical-components maker Lumentum in an all-stock deal valued at $115 billion, stepping up its challenge to larger rival Broadcom. Lumentum shareholders will receive 4.5 Marvell shares for each share they hold, giving them about 33% of the combined company and Marvell shareholders about 67%. Marvell says the deal expands its addressable market to $550 billion and expects more than $1 billion in annual cost synergies; CEO Matt Murphy stays chairman and CEO. The deal is expected to close in the first half of 2028. On the announcement, Marvell shares dropped almost 13% and Lumentum fell 18%. Koch, Inc., where Charles Koch is co-owner, held about 1 million Marvell shares, worth roughly $298 million, as of its most recent 13F filing.

Why it matters

This is Marvell's largest acquisition ever, a bet that bundling its chips with Lumentum's optical components will make it a bigger single supplier of the networking gear AI data centers need.

The bear case

Investors pushed both stocks down on the announcement, a sign the market is worried about integration risk and dilution on top of an already-jittery chip sector.

What to watch

Marvell's Q3 earnings commentary on the deal and the shareholder votes needed before it can close.

Source · CNBCRead original ↗Report an error
Larry EllisonIPO / MarketsAI & techORCLAI read · ▼ AI debt binge

Oracle files to raise $20 billion to fund its AI buildout

The move

Oracle filed on Nov. 2 to sell $10 billion in common stock and $10 billion in senior notes, saying proceeds may fund capital spending, debt repayment and future investments. Oracle said it would cap additional capital-markets funding for its fiscal 2027-2030 investment cycle at this $20 billion. Shares fell 8.8% on the news even though Oracle had previewed the plan at an investor day the prior Wednesday. Oracle stock is down 33% for 2026 and 50% over the past 12 months.

Why it matters

The raise shows how much outside capital Oracle needs to keep building AI data centers, and the stock's reaction, falling even on a filing the company had already flagged, shows how nervous investors are about its debt load.

The bear case

UBS called the raise "a major relief" given fears about Oracle's access to capital, and Oracle has now put a hard cap on this round of capital-markets funding.

What to watch

Whether Oracle returns to capital markets again before fiscal 2027 ends, which one analyst said would be a red flag after this supposedly final raise.

Source · CNBCRead original ↗Report an error

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