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- Crypto Biz: Wall Street closes at 4. Tokenized stocks keep trading
Tokenized stock trading is drawing activity outside regular US market hours: according to Blockworks data cited by The Kobeissi Letter, over 70% of tokenized stock volume on BNB Chain occurs outside those hours, compared with 63% on Solana and nearly 60% on Base. The value of tokenized stocks rose 15% over 30 days to nearly $3.3 billion, according to RWA.xyz, while the SEC's innovation exemption allows qualifying platforms to trade tokenized US-listed stocks on public blockchains, though xStocks and Ondo Global Markets remain largely unavailable to US investors. The newsletter also covers Strive, which bought 3,311 BTC in the week ending Oct. 9 and now holds 32,773 BTC after investors exercised $208 million in warrants, and Bitcoin miners, which face steep financing costs for AI expansion.
- Alphabet, Microsoft add objections to OKX-ICE proposed tokenized stock platform
OKXICE, the joint venture of crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, received 16 notices of issuer objection from companies including Microsoft, Alphabet and Goldman Sachs. The notices gave no specific reasons, though one expert said they could reflect uncertainty over what would happen to the companies' share prices on the platform. Co-chair Andrew Cuomo said these were not objections but companies waiting to see how the model works, and he expects more to follow. About 25% of the 62 companies proposed for the platform have objected, and the platform would run 24/7 on permissioned Uniswap v4 liquidity pools on XLayer. Each tokenized stock would be paired with one of three stablecoins: USDT, USDC or USDG.
- Goldman, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat
- Microsoft Pays Cash For AI. CoreWeave Borrows.
Microsoft closed on Oct. 19 just 1.8% below its 52-week high set on Oct. 13, while CoreWeave sits 56.3% below its high set on Oct. 29, 2025. Microsoft funds its AI build-out from operations: it generated $182.9 billion of cash in the fiscal year to June 30, 2026, spent $115.9 billion on capital projects, and holds $19.8 billion more cash and short-term investments than debt. CoreWeave borrows to build: its debt rose from $6.3 billion to $51.6 billion in 21 months, its operating income covered none of its $1.9 billion interest bill, and its net debt of $46.1 billion exceeds its $33.7 billion market value. The article frames the gap as a difference in funding model rather than sales, and stresses that it is general education, not investment advice.
- Microsoft Pulls Out Of UK Data Center Deal With Nscale
According to The Telegraph, Microsoft has pulled out of a data center deal at the Loughton, Essex site with UK cloud provider Nscale, even though it is one of Nscale's two largest customers. Microsoft has not given a reason and declined to comment; the paper said the project faced repeated delays and National Grid did not expect power for the site until the 2030s. Nscale said its relationship with Microsoft "remains strong and long-term," blamed a London-wide grid issue, and said other contracts are unaffected. The article views this as a minor event tied to power at one site rather than weak demand, pointing to Microsoft's latest quarterly revenue, up 18% to $90 billion, and Azure growth of 43%.
- Bitcoin mining offshoot Nscale loses Microsoft AI deal as power delay stretches into 2030s
Microsoft has dropped a planned Nscale AI data center in Loughton, Essex, after UK Power Networks said enough grid power might not be available until the early-to-mid 2030s. The site was meant to house 23,040 Nvidia chips and deliver 50 megawatts to Microsoft's Azure cloud by early 2027, and Nscale says its other Microsoft contracts remain in place. The article says bitcoin miners moving into AI face heavy costs and slow payoffs: an AI-ready facility can cost $8 million to $15 million per megawatt versus roughly $700,000 to $1 million for mining, and of more than 4 gigawatts of AI capacity under contract, only about 550 megawatts is billing customers. Meanwhile, data center grid connection requests in Britain total about 73 gigawatts, and regulator Ofgem is weighing tougher rules.
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Latest news
- Housing is flashing warning signs just as the Fed weighs more interest rate hikes
The U.S. housing market weakened further in September even as price pressures persisted, complicating the Federal Reserve's decisions on whether to raise interest rates. The 30-year mortgage rate was above 7% for most of September and ended the month around 7.6%, and could rise further if the Fed hikes short-term rates as expected. The National Association of Realtors' pending sales index fell 7.3% for the month and was 11.3% lower than a year earlier, an all-time low in records dating to 2001. Privately owned housing starts dropped 5.2% on a seasonally adjusted annualized basis, far worse than the expected 0.4% decline, while Goldman Sachs expects affordability pressures to dominate the housing market in 2027.
- Better Nuclear Energy Stock to Buy After the Sell-Off: Oklo vs. X-Energy
This article compares next-generation nuclear developers Oklo (OKLO) and X-Energy (XE) after their recent sell-offs. Oklo develops Aurora microreactors rated at 15 MWe to 75 MWe and expects to start deploying its first commercial reactors in 2027, with revenue projected to rise from less than $3 million in 2026 to $51 million in 2028. X-Energy sells Xe-100 small modular reactors, plans its first deployments in the early 2030s, and is projected to grow revenue from $212 million to $1.2 billion over 2026–2028. The author notes Oklo's $5.1 billion market cap equals 100 times its 2028 sales, versus 2.5 times for X-Energy's $3.0 billion market cap, and suggests X-Energy appears undervalued relative to its growth potential.
- Trump's FTC Subpoenas OpenAI and Anthropic. Inside the $500 Billion Threat Faced by Microsoft, Amazon, and Google
The U.S. Federal Trade Commission sent civil subpoenas to OpenAI and Anthropic on Oct. 15 as part of a consumer-protection probe, according to Axios. The demands seek documents on security incidents, safeguarding practices, marketing materials and privacy policies, and the FTC reportedly plans to have top AI executives testify. The combined stakes held by Microsoft, Amazon and Alphabet in the two labs total about $554 billion at recent valuations. The article argues the bigger financial risk lies in how the investigation could affect the price the labs fetch when they go public.
- Bitcoin's Next Move: Here's What to Watch
Bitcoin trades just below $83,000, above its 50-day EMA ($80,702.8) and 200-day EMA ($76,123.1), after total crypto market capitalization rose nearly 2% to $2.8 trillion on Tuesday. The RSI at 53.34 indicates neutral momentum with a slightly positive tilt. The nearest resistance is $87,371, which Bitcoin would need to close above on the daily chart to confirm a new upward move, while support sits at $80,433 and $76,140. The backdrop remains tense, with Brent crude near $110 a barrel amid attacks on tankers in the Strait of Hormuz and the Federal Reserve set to meet on Oct. 27–28.
- Strive closes $630M SATS IPO, leaves Bitcoin allocation unspecified
Strive, a Bitcoin treasury company led by chairman and CEO Matt Cole, closed its upsized IPO of SATS preferred stock on Oct. 20, raising $630 million gross by selling 7 million shares at $90 each. The company has not specified how much of the estimated $608.15 million in net proceeds will go to Bitcoin, though its SEC filing lists Bitcoin purchases among several possible uses. At an illustrative price of $82,500, full allocation would buy about 7,372 BTC, lifting holdings from 36,818 BTC to roughly 44,190 BTC, which would exceed Metaplanet's reported 44,000 BTC. SATS carry a 15% annual cumulative dividend on a $100 stated amount, payable when declared, with the first payments scheduled from Nov. 9.
- When Interest Rates Move, These 7 Income Stocks React Very Differently
The 10-year Treasury yield is now over 5%, near its highest level in a quarter century, up from about 4% before the war with Iran began. Mortgage REITs AGNC (yield near 17%) and Annaly (over 16%) are among the most rate-sensitive because they borrow short-term to fund long-term investments, and both shares have fallen sharply. Coca-Cola (about 2.3%) is far less sensitive, with mostly long-term fixed-rate debt and pricing power, and its shares have risen more than 30% this year. Energy Transfer (about 6.7%) and Enterprise Products Partners (about 6.1%) have mixed sensitivity, partly offset by higher oil and gas prices. Realty Income (5.9%) and VICI Properties (about 7.9%) are less rate-sensitive than mortgage REITs, and Realty Income mitigates its impact through private capital partnerships.
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