China’s central bank added to its gold reserves in October, extending its buying streak to two years, as the metal fell almost 7% and ended the month below the $4,000-an-ounce support threshold, according to Bloomberg.

California voters were projected to reject Proposition 40, the first U.S. proposal to tax billionaires, bringing a costly and deeply divisive political battle in the state to a close. According to Sina Finance, citing DDHQ’s post on X, 46% of voters supported the measure and 54% opposed it, with about 71% of ballots counted. The measure would have imposed a one-time 5% wealth tax on assets held by billionaires living in California at the beginning of 2026, with most of the revenue used to shore up healthcare funding. Its defeat is a major setback for nationwide efforts to tax large fortunes; supporters had hoped California would provide a model for similar campaigns elsewhere in the United States. Opponents included tech billionaires, Democratic Gov. Gavin Newsom and California Planned Parenthood affiliates. They raised more than $300 million, with the leading group, Build Better California, funded by Google co-founder Sergey Brin and other ultra-high-net-worth individuals. A healthcare union first proposed the tax more than a year ago to offset federal budget cuts that could force multiple hospitals to close and leave millions of Californians without health insurance. Supporters included Vermont Sen. Bernie Sanders and Rep. Ro Khanna, whose district includes Silicon Valley. At a news conference as voting ended, Khanna said, “Billionaires must be taxed. We will achieve this goal, we will succeed, and we can defeat capital.” The proposal divided Democrats and labor groups.

Reports that Situational Awareness, the investment fund founded by Leopold Aschenbrenner, has suffered another blowup have not been confirmed. According to Odaily, Leopold Stock Tracker said there is no confirmed source for the rumor, while the fund’s disclosed second-quarter holdings have since declined significantly. SanDisk fell about 63% from a reference price near $836; Micron dropped about 41%, Core Scientific 56%, Nebius 54%, CoreWeave 55% and Bloom Energy 43% under the cited tracking methodology. The fund’s third-quarter 13F report is expected to be released on November 16, disclosing its U.S. stock holdings as of September 30 and covering changes from July 1 through September 30.

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 3235, providing you with the latest and fastest news on the digital currency and blockchain industry.

A recent report by Menlo Ventures shows that Chinese models account for 89% of open-source model spending by US companies, with Kimi leading the pack at 61%.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on AI, DeFi, DAO, NFT, and the metaverse.

Why did Hyperliquid surge and then fall back after Wall Street extended an olive branch? This article analyzes the four pressures behind HYPE's drop from a new high of $97.9 to a decline of over 19%.

Duan Yongping said that 85% of the general public is not suited for investing, but I think at least half of them are not investing, but gambling.

The People's Bank of China has named and shamed public blockchain brands for violations in their promotional activities. Lawyer Mankiw interprets the activities and compliance risks of domestic teams.

Nobel laureate Argeon deconstructs the growth effect of AI using the Schumpeterian growth paradigm and proposes four new functions for governments in industrial policy, education, taxation, and international cooperation.

The US stock market lost $3 trillion overnight, the AI ​​industry chain suffered violent deleveraging, and behind the panic was the resonance of data center approval and policy risks.

The percentage of coins listed on South Korean exchanges that are "only launched domestically" has decreased from 85% in 2019 to 9% in 2024, but low trading volume on the first day is becoming a new challenge for exchanges.

Nvidia is using residual value guarantees, capacity buy-outs, and equity investments to finance its AI factories, but the $300 billion off-balance-sheet commitments are concentrating tail risks upstream.