Bitget UEX Daily | Bitcoin Falls Below $77K; Chip Rebound Lifts Nasdaq; AMD Outlook Highlights AI Demand (November 4, 2026)

I. Hot News Highlights

US Economy | Job openings hold near 7.5 million ahead of employment and services data

September JOLTS job openings were approximately 7.5 million, with 5.4 million hires and 5.3 million separations, all little changed from the previous month. Quits increased, while the report did not show a sudden contraction in labor demand.

This combination alone does not establish weakening employment or fading inflation pressure. Today’s ADP and ISM services reports will provide further evidence on hiring, prices and orders, with Treasury yields a key response to watch.

Energy | Oil settles lower, then recovers in Asian trading

On November 3, January 2027 Brent settled at $103.60 a barrel and December WTI at $96.09. This morning’s references rose to $104.38 and $96.67, respectively.

Diplomatic developments and supply risks remain competing influences. Lower prices could ease transportation and manufacturing costs, but one declining session does not establish a sustained reduction in energy inflation.

Market Structure | US single-stock perpetual futures gain a regulated trading path

On November 3, the CFTC announced that individual-equity perpetual futures can begin trading on eligible designated contract markets with the required SEC registration. The development applies to qualifying venues and product conditions.

The move further connects traditional securities with perpetual derivatives. Actual listings, liquidity, margin requirements and funding arrangements will determine adoption; regulatory progress alone does not establish realized trading growth.

II. Market Review

Commodities and Foreign Exchange

Oil traded above its previous settlement, indicating a resilient supply-risk premium. For precious metals, the interaction between the dollar and Treasury yields remains important: firm economic data could sustain the opportunity cost of holding gold, while simultaneous weakness in growth and employment could strengthen safe-haven demand.

Cryptocurrency Performance

BTC/USDT trades at 76,844.00, down 0.45% over 24 hours; ETH/USDT trades at 2,261.19, up 0.03%. Total crypto market capitalization is approximately $2.61 trillion, down 2.36% over 24 hours, with its independent update at 09:01 Beijing time.

BTC liquidation zones: Today’s main potential liquidation zones above and below price have not been verified in real time. Specific levels and distances are therefore omitted.

ETH liquidation zones: Verifiable current data for both sides is also unavailable, so no assessment is made of which liquidation zone is closer. This shared data gap does not support carrying forward yesterday’s zones or inferring direction from them.

BTC institutional costs: Strategy’s latest November 2 disclosure corresponds to an aggregate average cost of $75,451 and holdings of 849,327 BTC. The current price is approximately 1.74% above that basis, indicating a reference unrealized gain. Glassnode’s October 28 estimate of the aggregate US spot BTC ETF cost basis was approximately $81,500; the current price is approximately 5.81% below that reference, indicating a reference unrealized loss. The estimate retains its original disclosure date and is not a live cost measure for today.

Trading takeaway: BTC remains between Strategy’s aggregate cost basis and the estimated ETF basis, while ETH is broadly unchanged over 24 hours. Watch whether BTC can regain $77,000 alongside the response to today’s macro releases; the missing liquidation map does not support a short-squeeze or long-liquidation call.

Major US Indices

Technology stocks helped the Nasdaq and S&P 500 recover while the Dow declined. The session showed a growth-stock rebound, which alone does not establish that broader market risks have cleared.

Magnificent Seven

Five gained and two declined, led by Microsoft, with Apple and Tesla lower. Chips, cloud and platforms recovered together, while consumer hardware and autos lagged. Earnings delivery and cost control remain important differentiators.

Sector Moves

Semiconductors and AI infrastructure: Nvidia gained 2.29%, Micron 2.58% and AMD 3.65%. AMD’s subsequent earnings supplied additional evidence of data-center demand, but these regular-session gains occurred before the release; the earnings response must be assessed separately.

Crypto-related equities: Coinbase rose 5.53%, Strategy 3.72% and Robinhood 2.19%. Their recovery coincided with BTC remaining below $77,000. Watch whether improving crypto spot demand confirms the equity rebound.

III. In-Depth US Equity Analysis

AMD | Data-center revenue nearly doubles as Q4 growth outlook accelerates

Event Overview: After the November 3 close, AMD reported Q3 revenue of $13.377 billion, up 45%, including approximately $8.5 billion in data-center revenue, up 97%. Q4 revenue guidance is approximately $17 billion, plus or minus 3%. Shares had closed at $483.90, up 3.65%.

Market Interpretation: Data-center growth supports AI demand, but Q4 non-GAAP gross-margin guidance of approximately 55% is below Q3’s 56%. Revenue expansion does not guarantee parallel margin improvement.

Investment Implications: Track Helios and Venice ramp-ups, product mix and deliveries to assess sustainable profit conversion.

Supermicro SMCI | Sales surge, with margins and cash flow under scrutiny

Event Overview: After the November 3 close, Supermicro reported fiscal Q1 2027 sales of $19.9 billion versus $11.1 billion in the preceding quarter. Gross margin was 12.7%, down from 17.5% sequentially, and operating cash outflow was $434 million. Shares had closed at $31.39, up 3.12%.

Market Interpretation: Strong revenue expansion contrasts with sequential margin compression and cash outflow, making delivery and cash collection separate issues to evaluate.

Investment Implications: Next-quarter sales guidance is $19.5–$21.5 billion. Monitor margins, working-capital requirements and cash conversion.

Shopify SHOP | Revenue grows 32%, but shares decline sharply

Event Overview: On November 3, Shopify reported Q3 revenue of $3.742 billion, up 32%, and free cash flow of $816 million, a 22% margin. Shares closed at $142.57, down 8.74%.

Market Interpretation: Growth and cash generation remained strong, but operating results and market pricing can diverge. Without a consistent consensus benchmark, the decline cannot simply be labeled an earnings miss.

Investment Implications: Q4 guidance calls for revenue growth in the low-thirties percentage range and gross-profit growth in the high twenties. Watch holiday sales, payments mix and expense control.

IV. Market & Project Updates

Canton Coin receives a case-specific regulatory response. On November 3, the SEC’s Division of Corporation Finance viewed Canton Coin as a digital commodity under the relevant interpretation and offered no-action relief for specified programmatic minting arrangements. The response relies on the stated facts, represents the division’s enforcement position and does not constitute a general legal conclusion covering every transaction.

tZERO signs a merger agreement to go public. On November 2, the company announced a definitive combination agreement with FG Imperii at a $350 million pre-money equity valuation, including up to $25 million tied to milestones. Closing is expected in early 2027, subject to shareholder, regulatory and other conditions. The listing and financing are not completed.

Circle faces today’s earnings test. The company plans to release Q3 results on November 4 and hold a video earnings webcast at 21:00 Beijing time. Watch USDC circulation, reserve income, distribution costs and payments’ contribution to revenue. This quarter’s unreleased results cannot be treated as established figures at the report cutoff.

V. Today’s Market Calendar

Key Event Preview: Employment and services data will jointly shape rate expectations. Resilient services demand and prices could constrain the growth-stock rebound through yields. Simultaneous weakness in employment and orders would require weighing lower-rate support against earnings pressure. Election results have no single release time, and congressional control remains unconfirmed at this report’s cutoff.

Institutional View: In November 3 market commentary, Infrastructure Capital Management CEO Jay Hatfield characterized the session as rotation from relatively defensive names such as Apple toward chip stocks. That interpretation helps explain the divergence; earnings and subsequent price action will determine whether it persists.

For market information only; not investment advice.