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U.S. Optical Communication Stocks Drop Again Pre-Market, Mavenir Falls Over 2%

On October 13, continuing yesterday's downward trend, U.S. optical communication stocks collectively declined again in pre-market trading. Among them, Mavenir Technologies, Credo, and MaxLinear fell over 2%, while Ciena, Astera Labs, Coherent, Broadcom, and Corning dropped over 1%.

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  • Metaplanet Issues ¥52 Billion Zero-Coupon Convertible Bonds for Debt Repayment and Share Buyback

    On October 13, Metaplanet (TSE: 3350) announced that the company has decided to issue zero-coupon euro-yen convertible bonds maturing in 2031, with a total scale of ¥52 billion (issued at 102.5% of face value). The bonds will be listed on the Singapore Exchange on October 29, with Merrill International serving as the exclusive bookrunner. The net proceeds are approximately ¥51.9 billion, which will be used to repay about ¥23.6 billion of Bitcoin collateralized credit lines (current balance approximately $650 million), and for a share buyback of up to ¥28.3 billion (approximately 97.94 million shares, accounting for about 7.1% of the issued shares) to offset potential dilution and enhance per-share BTC holdings. This financing is a key component of the company's 'Project Nova' strategy. Metaplanet currently holds 44,000 BTC and is transitioning from a pure Bitcoin holder to a Bitcoin-centric native financial platform, with operations including financing, asset management, settlement, and financial product development. The company has completed the acquisition of Metaplanet Securities and Superplanet (NASDAQ: SUPA) by 2026, serving as the operational foundation for the Japan-U.S. capital markets.

  • US Government's Transfer of 17,733 BTC to Coinbase Prime is Custodial, Not a Sale

    On October 13, K33 Research analyzed that the 17,733 BTC transferred by the US government to Coinbase Prime is part of a custodial arrangement rather than a signal of sale. Some of the transferred BTC includes 12,267 coins related to the Bitfinex hacking incident, which are still under the control of the custodian, with only about 1,200 coins potentially available for sale, accounting for less than 7% of the nominal transfer amount. K33 stated that after the US Marshals Service established a 'protection and trading' partnership with Coinbase Prime in 2024, the inflow of seized assets to the platform is often misinterpreted as selling pressure. From October 7 to 8, the US government addresses continuously transferred BTC, USDT, and BNB, with 12,267 BTC related to the Bitfinex case being split into new addresses, and an additional 833.6 BTC and 750.2 WBTC entering Coinbase Prime, indicating a more centralized accumulation. Valuing the 17,733 BTC could lead to an overestimation of immediate supply. The US government still holds approximately 324,000 BTC, and future accumulations may repeatedly create misinterpretations of 'selling' pressure.

  • Hacker Issues 19 Million THEO on Base Network, Converts to Approximately $1.76 Million in ETH

    On October 13, according to monitoring by Shield, 19 million THEO were issued on the Base network. The hacker has converted them into 700.8 ETH, approximately $1.76 million, and cross-chained to Ethereum. THEO has fallen by 92% in the past 24 hours.

  • JPMorgan and Goldman Sachs Reduce Exposure to $5 Billion AI Loan for Volta, Underwriting Only $1.3 Billion

    On October 13, Bloomberg reported that JPMorgan and Goldman Sachs implemented unusual risk control measures while leading a $5 billion loan sale for AI cloud startup Volta Infrastructure Holdings: the two banks are underwriting only $1.3 billion of the term loan, leaving approximately $3.7 billion in chip-related loans ununderwritten to reduce their exposure. Sources indicate that this move aims to mitigate the risk of investors demanding higher returns on high-risk AI debt and the risk of banks being forced to hold unsold loans. The debt is priced at a yield of about 11%, which is among the higher levels seen for AI financing in the leveraged loan market, and the transaction is unrated, making it difficult for collateralized loan obligations (CLOs), the largest buyers of such debt, to participate. Banks typically underwrite the entire debt package to assure borrowers of funding, but following the losses from unsold loans due to the sharp interest rate increases in 2022, they are becoming more cautious about unproven AI financing structures. The deadline for loan subscription commitments is October 14; JPMorgan had previously begun gauging investor interest in August.

  • Hong Kong Securities and Futures Commission Takes Action Against Groups Suspected of IPO Manipulation and Suspends Trading of Cha Bai Dao Shares

    The Hong Kong Securities and Futures Commission (SFC) announced that it has taken action against two groups for their alleged involvement in a fraudulent scheme aimed at creating a false or misleading appearance of demand for shares in an initial public offering (IPO). The SFC has also instructed the Hong Kong Stock Exchange to suspend trading of Cha Bai Dao (02555.HK) shares starting from 9:00 AM today. The SFC is highly concerned that the IPO of Cha Bai Dao may have been artificially manipulated to create a misleading appearance of demand for its shares. During the ongoing investigation by the SFC, the suspension of trading in Cha Bai Dao shares is deemed necessary and appropriate to maintain an orderly and fair market for the stock and to protect the interests of investors.

  • S&P 500 Futures Erase Losses, Remain Steady

    On October 13, Dow Jones futures rose by 0.54%, S&P 500 futures increased by 0.02%, while Nasdaq 100 futures fell by 0.38%.

  • Bank of Japan Reportedly Prefers Not to Implement Consecutive Rate Hikes in October

    On October 13, sources revealed that officials at the Bank of Japan are inclined not to implement a rare consecutive rate hike this month, while still keeping the possibility of raising rates as early as December open. With no signs indicating a sudden increase in inflationary risks, Bank of Japan officials believe there is no need for consecutive rate hikes. The central bank will carefully assess economic data to evaluate whether a new round of rate hikes can be initiated at the December meeting. Sources also indicated that the final policy decision for the meeting on October 30 remains uncertain until the last moment. To manage inflationary risks, Bank of Japan Governor Kazuo Ueda's policy committee raised the interest rate to 1.25% last month. This followed pressure from U.S. Treasury Secretary Scott Pelley, who urged Japan to continue normalizing its policies to support a stronger yen.

  • Bank of America Survey: Investor Allocation to Tech Stocks Reaches Highest Level Since 2020, Semiconductor Stocks Become Most Crowded Trade

    A survey by Bank of America reveals that global investors are chasing the stock market rally driven by artificial intelligence, with allocations to tech stocks reaching the highest level since the market rebound following the COVID-19 pandemic. The survey shows that the proportion of fund managers overweight in tech stocks rose from 30% last month to 37%, the highest since August 2020. About 45% of respondents believe an AI bubble will emerge by 2027, while 42% do not. Artificial intelligence has been the hottest trading theme in the stock market, propelling the S&P 500 index to nearly a 120% increase during a four-year bull market. However, as investors question whether AI investment returns can justify massive tech spending, some enthusiasm around AI is waning. Respondents in Bank of America's October survey indicated that global semiconductor stocks are currently the most crowded trade in the market. (Bloomberg)

  • Waller: Trump's Threat to Federal Reserve Independence Has Not Succeeded So Far

    On October 13, Federal Reserve Governor Waller stated that Trump's threat to the independence of the Federal Reserve has not succeeded so far. He expressed confidence that Congress and the courts will protect the Federal Reserve's independence.

  • Morgan Stanley: Storage Stocks Often Seem Cheapest Yet Most Risky at Cycle Peaks

    On October 13, a report from Morgan Stanley indicated that the AI-driven storage chip supercycle continues, but the investment logic for storage stocks is changing: while tight supply and demand, price increases, and profit improvements still provide support, the significant rise in stock prices and concentrated upward revisions of earnings expectations have fully priced in optimistic forecasts, limiting further upside potential. The report states that the core contradiction is that the stronger the fundamentals, the more the risks at the cycle peak are likely to be underestimated—storage stocks often peak before profits reach their zenith, as the market tends to extrapolate current high profits, making valuations appear cheapest when the market is at its highest. Since the start of this cycle in September 2025, Asian storage stocks have risen approximately ninefold, with a market capitalization exceeding one trillion dollars, and the average consensus earnings per share for Asian storage companies has been revised up by 432%. Samsung and SK Hynix have forward price-to-earnings ratios of about 3 to 4 times, which may seem cheap but could be a valuation trap near profit peaks; to support implied price space, DRAM contract prices need to increase by about 70% month-on-month. Historically, in 2008 and 2012, storage stocks peaked about four months ahead of profit peaks, and in 2018 this extended to eight months. The report suggests that the turning point may come later, but caution is still needed regarding changes in supply and demand dynamics after 2027.

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