When US stocks have Crypto-style trading hours and instruments, how much boundary remains between TradFi and crypto finance?

As the U.S. stock market rallies, Tesla and SpaceX have bucked the trend and declined. Why is the stock performance of Musk's two companies diverging from the market trajectory? Starting from the market landscape after the U.S. midterm elections, this article analyzes factors such as the policy environment, AI infrastructure investment, capital expenditure, and future business growth expectations, and explores the reasons behind the market's reassessment of Musk's business empire.

On November 4, the Dow rose 1,569.40 points (+3.03%), the S&P 500 gained 1.58%, and the VIX fell 20.26%. Vance said the Iran war caused Republican election losses, Brent crude fell 8.46% to $94.83, and the 10-year Treasury yield retreated to 4.90%; AI data center stocks bucked the trend and plunged, with the Philadelphia Semiconductor Index down 3.13%.

Data center revenue is expected to grow another ~50% quarter-over-quarter in Q4.

未来一个月，盈利端的答案集中在科技巨头财报，资金成本端的答案则取决于 11月初的非农及CPI（消费者价格指数）数据，选举主要影响行业分化。在股债收益溢价偏薄的背景下，盈利要跑赢资金成本，需要 AI 投入回报得到指引确认，同时通胀与就业数据不再推高加息预期。

Trump's approval rating sits at just 38%, multiple deep-red states flip blue, the crypto industry's political donations can't buy warmth, and the AI sector will face further pressure.

OKXICE Left with Only 13 Stock Tokens to List as the Battle for Dominance in Equity Tokenization Is Just Beginning.

The situation of the past two years—when Republicans controlled Congress to fast-track bills and shield Trump from scrutiny—has been upended overnight. Trump will now face comprehensive checks and balances from Congress, but he still holds the veto power and executive orders. What kind of power struggle will Washington enter over the next two years?

On November 3, U.S. stocks rebounded after the AI selloff, with the Nasdaq up 0.83% and the S&P 500 up 0.37%; AMD's data center revenue nearly doubled year-over-year and rose 8% after hours, while Apple fell 1.90% on memory cost concerns. The 10-year Treasury yield rose to 4.952%, and Brent settlement fell 1.12% to $103.60. The next day, focus will be on midterm election vote counting, ADP data, and RIOT's earnings report.

Index concentration hits a record high, becoming the biggest variable this cycle.

Currently only four centralized platforms have completed applications, and the first Perp DEX is already on the way.

The real watershed moment for this AI rally lies in how far into the future investors are willing to pay for growth. When acquisition premiums can shrink within days, and earnings that comprehensively beat expectations can still send stock prices falling, the market is already reminding investors: growth still matters, but the cost of growth, the timeline for realization, and cash returns are becoming more important pricing variables.

美国中期选举投票日来临，财库公司买盘明显放缓。

苹果FY2026四季度营收1144.8亿美元，同比增12%，EPS均超预期。但预计12月季度毛利率因存储芯片涨价降至45%-46%，服务业务增速也低于预期，电话会期间股价跌约4%。

美股、比特币与黄金正面临不同变量：美股关注AI投资回报，比特币关注监管走向与资金流动，黄金则聚焦美元、利率和避险需求。