Crypto News: What Warsh didn’t say

Good morning. Kevin Warsh’s missing words boost bets the Fed will hold rates this month. Russian bots come for the midterms. And Trinity Rodman rewrites the salary rules of women’s soccer. Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
S&P 500 Futures	7,801.75	+0.1%
Nasdaq 100 Futures	30,114.75	-0.1%
Bloomberg Dollar Spot Index	1,220.76	-0.3%
Market data as of 07:22 AM ET. Data is subject to provider delays.	Your watchlist

It wasn’t what Kevin Warsh said that moved markets on Friday, but what he didn’t say. Stock futures edged up and Treasuries climbed again after the Fed chair made no reference to monetary policy or the US economic outlook during a fireside chat in Bangkok, despite Thursday’s inflation readings. That reinforced expectations the central bank will stand pat this month. Warsh was more forthcoming on AI, calling it a huge benefit but warning that it may drive demand in the near term. Watch the full conversation.

Taiwan joined a Trump administration clampdown on the smuggling of cutting-edge semiconductors to China. The island is preparing to tighten export controls on AI chips to further align with US restrictions. Taiwan also plans to raise billions of dollars to develop industrial parks in the US that would build a base for a comprehensive supply chain for Nvidia and others. Meanwhile, as doctors and lawyers flock to AI’s $400-an-hour gig economy, Anthropic cuts a lonely figure on the IPO front.

Donald Trump lashed out at Senator John Cornyn of Texas and longtime GOP strategist Karl Rove, accusing them of undermining Ken Paxton’s election campaign. His rage underscores the frustration in GOP circles over Paxton’s prospects. He trails narrowly in polls against James Talarico, who’s looking to become the first Democratic US senator elected in Texas since 1988. In Alaska, Dan Sullivan — a Republican with strong White House ties — distanced himself from Trump on issues including Ukraine and healthcare as he debated Democratic challenger Mary Peltola.

Canada’s Mark Carney didn’t mention the US president by name as he urged Albertans to reject separatism in a referendum next week. The province will vote on whether to remain in Canada or start a process that could lead to secession. Public opinion surveys suggest the “remain” side is well ahead: a poll taken by Leger in early October found that 70% wish to stay in Canada. But the prime minister urged voters not to be complacent and to turn out. “Vote like Canada depends on it, because it does,” he said.

Meet the “dividend nomads,” a nascent community that funds a life of travel through a combination of investments in exchange-traded funds and cheap living abroad. It’s a new twist on Financial Independence, Retire Early, or FIRE, a movement that encourages people to exit the workforce early.

Michael Palin on Traveling in His 80s: I Mustn’t Grumble

The Monty Python star reinvented himself as a travel filmmaker and has now visited 101 countries. Back from the Philippines, he acknowledges the journeys are getting harder.

Is it a bird? Is it a plane? Tesla went big at the unveiling of its long-delayed new Roadster in Texas, using SpaceX-developed air thrusters to make it jump and perform controlled flips. Production is slated for 2028 but the flying version is invite only. Investors applauded, sending the shares up (but not quite rocketing) pre-market.

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Deep Dive: Russia’s Disinformation War

Russian operators are deploying an army of bots to inflate view counts of fictitious posts about celebrities and Democratic candidates ahead of the US midterm elections, a Bloomberg review shows.

State-backed Matryoshka’s campaign inflates view counts of fabricated stories, creating the illusion of popularity. Fabricated stories form the most potent weapon in Moscow’s disinformation war.
Even as X moves to close down accounts, new ones emerge. Earlier this year, the platform agreed to change its verification mechanisms in the European Union, which argued that making this a for-pay feature led users to falsely believe verified accounts were trustworthy.
With just weeks to go before the midterms, fake videos of celebrities like Taylor Swift and Julia Roberts attacking Democratic candidates have become the disinformation equivalent of drone warfare .

The Big Take

A floating hotel heads to Nscale’s Glomfjord data-center site. — A floating hotel heads to Nscale’s Glomfjord data-center site in Norway.

We’ve all followed the CoreWeave saga. Now British neocloud Nscale, a cryptocurrency mining spinout, is trying to persuade investors it has a more promising business model. It’s eyeing a $35 billion IPO, but its flagship AI data center is six months late after fire, leaks and delays.

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Opinion

Oregon’s gubernatorial race offers a warning for Democrats, writes Erika D. Smith. It’s a harbinger of what the party will face in 2028, when winning elections will have less to do with the machinations of a lame-duck president than addressing voters’ growing frustrations over basic governance.

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Before You Go

Trinity Rodman was too valuable for Washington Spirit and the NWSL to lose. A compromise kept her in the US — and rewrote the salary rules of women’s soccer.

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