SINGAPORE (Reuters) – Bitcoin‘s march toward $100,000 made further ground on Thursday as investors bet a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class.

Bitcoin prices topped $95,000 for the first time in Asia trade, touching a high just above $95,040.

The cryptocurrency’s price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.

“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” said IG Markets analyst Tony Sycamore.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock (NYSE:BLK)’s ETF, with call options – bets on the price going up – more popular than puts.

Crypto-related stocks have been soaring along with the bitcoin price and shares in bitcoin miner MARA Holdings were up nearly 14% overnight, while MicroStrategy, a loss-making software company that has been buying bitcoin, rose 10% to take its market capitalisation beyond $100 billion.

“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” said Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer.

“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today.”

By Stephen Nellis and Aditya Soni

SAN FRANCISCO/BENGALURU (Reuters) – Nvidia (NASDAQ:NVDA)’s revenue forecast on Wednesday disappointed Wall Street, raising questions over whether the artificial intelligence boom is waning. But the answer, according to Nvidia executives, analysts and investors, is a resounding no.

There is no shortage of companies eager to create new AI systems using Nvidia’s superior chips, and the world’s largest publicly listed company is selling them as fast as its chipmaking contractor Taiwan Semiconductor Manufacturing Co can make them.

Nvidia forecast its slowest revenue growth in seven quarters on Wednesday, pushing its stock down 2.5% after hours, and said supply chain constraints would lead to demand for its chips exceeding supply for several quarters in fiscal 2026.

Making these chips is hard, and a flaw that was found in one of its chips over the summer is not helping.

Nvidia’s new flagship chip, named Blackwell, is actually made up of multiple chips that have to be glued together in a complex process the chip industry calls advanced packaging. While TSMC is racing to expand capacity, packaging remains a bottleneck for Nvidia and other chip companies.

“Blackwell adds more advanced packaging from TSMC than prior chips, which adds a wrinkle,” said Ben Bajarin, CEO and principal analyst at research firm Creative Strategies. He expects Nvidia will have more demand than it can supply for all of 2025.

Missteps by Nvidia have exacerbated the issues.

The design flaw in Blackwell forced Nvidia to undertake what it calls a “mask change.” CEO Jensen Huang said the flaw, which has since been fixed, lowered Blackwell chip yields, which are the proportion of chips that come off the manufacturing line fully functional.

While Nvidia never elaborated on the flaw, complex chips like Blackwell can take months to produce because they require hundreds of manufacturing steps. Many of these steps involve shining ultraviolet light through a series of complex masks to project the image of a chip’s circuits on a disc of silicon – a process akin to printing the chip.

The mask change appears to have set back Nvidia’s production timelines and cost it money, analysts said.

“There’s the risk that the bottlenecks worsen rather than improve, and that could damage revenue projections,” said Michael Schulman, chief investment officer at Running Point Capital.

During a conference call with investors, Nvidia executives said the company has shipped about 13,000 samples of its new chip and expects to beat its initial estimates that it would sell several billion dollars’ worth this quarter.

“We’re at the beginning of our production ramp, which always comes with opportunities for yield improvement,” Huang told Reuters on Wednesday. “We are ramping Blackwell from zero to something extremely large. By definition, the laws of physics would say that there’s a limit to how fast you can ramp.”

In the short term, the production ramp-up is expected to pressure gross margins.

Nvidia executives warned investors the company’s margins would sink several percentage points to the low-70% range until production kinks are ironed out.

Hendi Susanto, a portfolio manager at Gabelli Funds, which holds Nvidia shares, said there was no doubt that demand for the company’s chips remained “absolutely and exceptionally strong” for the foreseeable future.

“The key focus is supply – how much supply Nvidia can produce,” he said.

(This story has been refiled to add Bengaluru to the dateline)

Investing.com– Most Asian stocks fell on Thursday as earnings from market major Nvidia provided middling cues, while Indian markets were squarely in focus after the U.S. accused conglomerate Adani of corruption. 

Regional markets took few cues from a muted overnight session on Wall Street, as caution over NVIDIA Corporation (NASDAQ:NVDA) kept investors to the sidelines. But U.S. stock index futures sank in Asian trade, tracking an over 1% aftermarket drop in Nvidia.

Heightened tensions over Russia and Ukraine also kept overall risk appetite limited. 

Asia tech skittish as Nvidia offers mixed signals 

Technology-heavy Asian bourses mostly fell on Thursday, although stocks with direct exposure to Nvidia were a mixed bag as its results offered differing cues. The TOPIX index shed 0.3%.

The world’s most valuable listed company clocked stronger than expected earnings in the September quarter. But its guidance for the current quarter just barely scraped past expectations, pointing to slowing revenue growth and sparking some fears that artificial intelligence demand had potentially peaked. 

Japan’s Nikkei 225 index shed 0.7%, with chip stocks Advantest Corp. (TYO:6857) and Tokyo Electron Ltd. (TYO:8035)n both losing ground.

South Korea’s KOSPI rose 0.2%, buoyed by small gains in Nvidia supplier SK Hynix Inc (KS:000660), which said it had begun production of advanced flash memory chips. Peer Samsung Electronics Co Ltd (KS:005930) rose 0.5%.

Taiwan shares of TSMC (TW:2330) (NYSE:TSM)- the world’s biggest contract chipmaker and a major Nvidia supplier- fell 1%, while those of Hon Hai Precision Industry Co Ltd (TW:2317), also known as Foxconn (SS:601138), lost nearly 2%. 

Nvidia is considered as a bellwether for AI demand, with its underwhelming guidance sparking some concerns that tech valuations had overestimated just how much of an earnings driver the industry will remain. 

Weakness in Asian tech spilled over into other sectors. Hong Kong’s Hang Seng index shed 0.2%, with shares of Semiconductor Manufacturing International Corp (HK:0981), China’s biggest chipmaker, trading sideways.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell around 0.3% each, while Australia’s ASX 200 fell 0.1%. 

Indian stocks head for weak open on Adani charges 

Futures for India’s Nifty 50 index pointed to a weak open on Thursday, with shares of firms under Adani expected to tumble after a U.S. court accused Chairman Gautam Adani of an over $250 million bribery scheme. 

Shares of listed companies under the conglomerate- most notably Adani Enterprises Ltd (NS:ADEL) and Adani Ports and Special Economic Zone Ltd (NS:APSE)- are set to tumble when markets open on Thursday, given the U.S. allegations echo those leveled by short seller Hindenburg Research in early-2023. Adani shares had lost more than $100 billion in a matter of days after the Hindenburg report, although they have since recouped these losses.

 Multiple media reports said Adani Green Energy Ltd (NS:ADNA) had also scrapped a planned bond issuance in the wake of the allegations. 

Weakness in Adani is expected to drive down broader Indian stocks, which were already nursing steep losses over the past month as foreign investors withdrew from the country. The Nifty was in correction territory after sinking more than 10% from its September record highs, and hit a five-month low on Wednesday. 

By Miho Uranaka and Sam Nussey

TOKYO (Reuters) – Bain-backed Kioxia will have a market value of about 750 billion yen ($4.84 billion) based on the indicative price for its initial public offering, with the chipmaker to receive listing approval from the Tokyo bourse on Friday, two sources said.

The market value, which Reuters is reporting for the first time, could change depending on the final price in the IPO.

Kioxia, Bain and the Tokyo Stock Exchange declined to comment. The sources declined to be named as the information is not public.

Bain Capital scrapped plans for an IPO of Kioxia in October after investors pushed the buyout firm to almost halve the 1.5 trillion yen valuation it was seeking, Reuters has reported.

Kioxia is the first to choose to operate under new rules in Japan that allow companies to file a registration statement and communicate with investors before receiving listing approval.

Kioxia, formerly Toshiba (OTC:TOSYY) Memory, is targeting a December IPO, Reuters has reported. Bain postponed a previous IPO plan for Kioxia four years ago.

Going public would offer Kioxia fundraising options in a capital intensive industry but increase scrutiny on the company’s financials.

A Bain-led consortium acquired the chipmaker from scandal-hit conglomerate Toshiba for 2 trillion yen in 2018.

Shareholders including Bain will sell shares in the IPO, the sources said.

Morgan Stanley (NYSE:MS), Nomura and BofA Securities are joint global coordinators for the IPO.

($1 = 155.0400 yen)

Investing.com– Gautam Adani, Chair of the eponymous Indian conglomerate, was indicted with seven other men by a New York court on Wednesday on charges of a massive bribery scheme and for allegedly misleading investors. 

Adani, who is among the world’s richest men, was accused of having paid Indian government officials over $250 million in bribes to obtain solar energy supply contracts that were expected to generate over $2 billion in profits. 

The bribes were paid between 2020 and 2024- a period that was also marked by a sharp increase in Adani’s wealth.

Shares of firms under the Adani Group- which include Adani Ports and Special Economic Zone Ltd (NS:APSE) and Adani Enterprises Ltd (NS:ADEL)- had also risen sharply in valuation over the past four years. Adani Enterprises is the flagship company of the conglomerate.

The allegations come more than a year after short seller Hindenburg Research leveled allegations of fraud and market manipulation against the conglomerate. The Hindenburg report had sparked investigations by Indian and U.S. authorities, although Adani faced little scrutiny in India. 

Hindenburg alleged that India’s securities regulator also had ties to Adani. 

Wednesday’s indictment was announced by the U.S. Attorney’s Office of the Eastern District of New York. 

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” U.S. Attorney Breon Peace said in a statement. 

The investigation into Adani involved the Department of Justice and the Federal Bureau of Investigation. The indictment also alleged that the defendants had attempted to hide the fraud by obstructing the government’s investigation into the case. 

Bloomberg reported that Adani’s units had scrapped a $600 million bond sale after the U.S. charges.

Adani could not be immediately reached for a comment.

SINGAPORE (Reuters) -Dollar bond prices for Adani companies fell sharply in early Asia trade on Thursday after the Indian conglomerate’s billionaire chairman was indicted in New York over allegations of bribery and fraud.

Prices for Adani Port and Special Economic Zone debt maturing in August 2027 fell more than five cents on the dollar, according to LSEG data.

Adani Electricity Mumbai debt maturing in February 2030 fell nearly eight cents and dollar bonds issued by Adani Transmission also notched falls larger than five cents to trade just above 80 cents.

The price falls were the biggest since February 2023 when short-seller Hindenburg Research published a negative report, questioning the group’s debt levels and use of tax havens.

U.S. authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.

Adani Group did not immediately respond to requests for comment outside business hours in India.

Shares in India-listed Adani companies begin trade at 0345 GMT.

By David Shepardson

(Reuters) – Federal Communications Commission Chair Jessica Rosenworcel said on Wednesday she will step down from the agency that oversees U.S. telecommunications companies on Jan. 20 when Donald Trump assumes the presidency.

Rosenworcel, who joined the FCC (BME:FCC) in 2012 and is the first female permanent chair, oversaw a dramatic expansion of commission work on space policy including the establishment of a Space Bureau.

She was also behind efforts to help more students get internet access, oversaw a government subsidy program to help 23 million households get broadband access and led an agency crackdown on the proliferation of Chinese telecoms equipment and other national security issues.

Rosenworcel said the job had been the honor of a lifetime, guiding “the FCC during a time when communications technology is a part of every aspect of civic and commercial life.”

She led efforts to restore landmark net neutrality rules that were reversed by the FCC under then President Donald Trump and have since been put on hold by a court.

Net neutrality rules require internet service providers to treat internet data and users equally rather than restricting access, slowing speeds or blocking content for certain users. A federal appeals court in August blocked the FCC from enforcing the rules while an industry legal challenge plays out.

Rosenworcel is following long-standing commission precedent by stepping down when a new president takes office, which will leave the commission divided 2-2 between Democratic and Republican appointees.

This week, Trump named FCC Commissioner Brendan Carr, a critic of the Biden administration’s telecom policies and Big Tech, as new chair effective Jan. 20. Trump will need to nominate a replacement for Rosenworcel and win Senate confirmation before Republicans can take full control of the agency.

Rosenworcel was hampered by the fact that the U.S. Senate did not confirm a third Democratic FCC commissioner until September 2023, which prevented the commission from moving ahead on many fronts.

She clashed with SpaceX CEO Elon Musk when the FCC in 2022 rescinded $885.5 million in rural broadband subsidies for SpaceX’s internet satellite constellation Starlink. In September, Rosenworcel said the United States needs more competition for space-based internet.

Investing.com– Coinbase Global Inc (NASDAQ:COIN) fell from a three-year high on Wednesday as filings showed CEO Brian Armstrong sold nearly $300 million worth of shares this week, his second major share sale in November.

Armstrong sold just over 1 million shares on Monday for about $285.6 million, after selling about 300,000 shares last week. The sales were made through the Brian Armstrong Living Trust, SEC filings showed. 

Armstrong’s sales come amid a strong rally in crypto stocks over the past two weeks, as the industry cheered the prospect of friendlier regulations under Donald Trump.

Coinbase surged to a three-year intraday high of $341.75, before settling lower at $320.01 on Wednesday. The stock has nearly doubled in value since Trump’s election win in early-November, and rose marginally in aftermarket trade.

Gains in Coinbase tracked a sharp increase in cryptocurrency prices, with Bitcoin hitting record highs around $95,000 as the prospect of friendlier regulations under Trump sparked heavy buying. 

Increased crypto trade is expected to benefit Coinbase, although the exchange still missed expectations with its earnings for the September quarter. 

Coinbase’s shares are trading up about 103% so far in 2024, with a bulk of gains coming over the past three weeks.

By Abhirup Roy

SAN FRANCISCO (Reuters) – Hyundai Motor (OTC:HYMTF) unveiled its first three-row electric SUV on Wednesday, pushing into a market for big family cars that global automakers hope will one day be a profit powerhouse.

Hyundai’s IONIQ 9 will roll out in the United States and Korea early next year with a range of more than 300 miles, the Korean automaker said in a statement. Launches in Europe and other markets will follow, it said.

Three-row SUVs have replaced minivans and station wagons to become the big car of choice for many soccer moms and dads carrying kids and friends around town as well as road trips with lots of passengers and gear.

Most EVs are money-losing. But profits from the gasoline-powered versions promise automakers big payoffs as battery costs decline, and early launches give the brands a headstart in the emerging market segment.

Lucid (NASDAQ:LCID), General Motors (NYSE:GM)’ Cadillac, Volvo (OTC:VLVLY) and Vinfast all are launching three-row EVs, while Hyundai corporate cousin Kia already has its own version.

“It’s a very important segment on the gas side,” said Sam Fiorani, vice president at research firm AutoForecast Solutions. “The problem with it is that they are large vehicles and finding a way to design a battery pack around all the storage and the utility of a three-row takes a concerted effort.”

Moreover, big batteries are not enough to avoid charging during long road trips.

Still, automakers need to get into the three-row SUV market to give loyal customers options, Fiorani said. “If you aren’t in that field where they expect you to be, they’re going to move to somebody else, and it’s much easier to keep a customer happy than to win a customer away from another brand.”

With current incentives, Fiorani forecast that the new models will help to more than double sales of three-row EVs to around 150,000 next year, from an estimated 68,000 this year.

The handful of models in the market with three-row versions includes Rivian (NASDAQ:RIVN)’s R1S, starting at $76,000 and Tesla (NASDAQ:TSLA)’s Model X, which starts at $80,000. There is also a Model Y three-row variant.

Lucid started taking orders for its $95,000 Gravity SUV this month and Vietnamese EV maker VinFast (NASDAQ:VFS) on Tuesday started delivering the VF (NYSE:VFC) 9 SUV with a $70,000 starting price.

Hyundai did not disclose a price for the IONIQ 9, but the Kia EV9 starts at $55,000, and models from the related companies are often similarly priced.

Hyundai aims to have a full lineup of 23 EV models by 2030. The IONIQ 9, built in Georgia, will be able to charge from 10% to 80% in 24 minutes at high-capacity charging stations, and it is compatible with Tesla’s Supercharger network.

TEMPERED ESTIMATES

Most automakers are pressing ahead with their plans even as U.S. President-elect Donald Trump has promised to pull back government incentives for EVs.

However, Ford (NYSE:F) in August shelved plans to produce an electric three-row SUV, choosing instead to build hybrid SUVs to woo customers with longer-range vehicles for road trips. Rivals are also responding to rising consumer demand for cars with gas-powered engines and a small battery pack as a less expensive way to go electric.

“The whole EV market right now is difficult and (building three-row EVs) is especially difficult because of the higher prices and costs associated with it,” said Jessica Caldwell, head of insights at auto research firm Edmunds. 

The vehicles are part of automakers’ long term strategy to expand EV offerings, but “expectations definitely need to be tempered in terms of volume in this segment,” she said.

The high price and limited range, especially for family road trips, restrict the appeal of such vehicles to early EV adopters, she added.

The target audience of wealthy buyers for three-row SUVs should not be discouraged by Trump’s plans to cut a $7,500 federal tax credit for EV buyers, analysts said, noting that most do not qualify for such subsidies anyway.

Still, it does not help, Caldwell said. “I think it just makes the package seem a lot less attractive.”

By Daniel Trotta

(Reuters) – U.S. law enforcement on Wednesday arrested a homeless Florida man and charged him with plotting to bomb the New York Stock Exchange after an undercover employee recorded him saying, “I feel like Bin Laden,” federal officials allege.

The suspect, Harun Abdul-Malik Yener, took steps to set off a bomb outside the stock exchange on Wall Street in lower Manhattan, according to an FBI affidavit. The affidavit was filed in support of a criminal complaint charging Yener with attempting to damage or destroy a building used in interstate commerce by means of an explosive.

Yener has been assigned a federal public defender in the Southern District of Florida whose office did not immediately respond to a Reuters request for a statement regarding his defense.

Yener’s motives remained unclear. The FBI said that besides making the comment about Osama bin Laden, the former al Qaeda leader and mastermind of the 2001 attacks on the United States, Yener also described an attempt to join right-wing militias and expressed general anti-government sentiment, saying: “This country is due for a revolution.”

The FBI had been investigating the suspect, described as unhoused and living in Coral Gables, Florida, since February after receiving a tip he was storing bomb-making schematics in a storage unit, the FBI said.

FBI agents found bomb-making sketches, timers, circuit boards and other electronics.

In conversations with at least three undercover employees, Yener said setting off an improvised explosive device would lead to a “reboot” or “reset” of the U.S. government.

“The Stock Exchange, we want to hit that, because it will wake people up,” he added, according to the FBI affidavit.

Yener wanted a device powerful enough to blow off the doors so that “anything existing in there will be killed,” Yener told two undercover employees who had told him they had access to commercial-grade explosives, the FBI said.