Monday 2 November 2026
Top stories today:
Binance sees $3.6B net outflows after restoring withdrawals
OpenAI seeks ~$20B in new funding, with ~$11B committed
Baseten to raise ~$2B at a valuation of up to $30B
Intel -29% on weak outlook, wiping ~$12B off value of U.S. stake
Humain sells 49% stake to Saudi Aramco for ~$2.6B
0. Data & Calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Binance sees $3.6B net outflows after restoring withdrawals following ~$6.3B hack
The outflows represented 2.1% of Binanceās $171B in assets:
DefiLlama reported $4.05B in Binance net outflows over 24 hours, vs. ~$368M in net inflows across the next 10 largest exchanges it tracks.
North Koreaās TraderTraitor group was blamed for the hack by the FBI.
A global war room of ~100 people was assembled by Binance to contain the breach.
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3. OpenAI said to seek ~$20B, -33% from earlier $30B funding target, with ~$11B committed
The ChatGPT maker is reportedly seeking a $1.25T valuation in the round:
Fri.: OpenAI set a deadline for investors to commit to the round.
A consortium of UAE investors, including MGX, is expected to be the largest participant.
An option to lease newly developed computing capacity in the UAE would also be offered to OpenAI.
Separately, OpenAI has planned post-midterms push for AI āspeed limitsā and ācompute campusā rebranding.
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5. Baseten said to raise ~$2B at a valuation of up to $30B, with Sands Capital leading
The round is reportedly split into 2 tranches, valuing the company at $26B and $30B, respectively.
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7. Intel -29% on weak outlook, worst day since 1970s, wiping ~$12B off value of U.S. stake
NVIDIAās stake also lost ~$6B in value.
Intel issued weaker-than-expected guidance amid a plant shutdown in Israel and continued weakness in the PC market.
