Global Markets Plunge as Binance Hack and Tech Earnings Hit

Global equity markets suffered a significant sell-off on October 30, 2026, triggered by disappointing earnings forecasts from Intel and Amazon. The results sparked widespread doubts regarding the sustainability of the AI trade, leading to substantial outflows from the Hang Seng index and pushing CSI 300 futures below the 4,000 level.

In China, Binance suspended all deposits and withdrawals after a reported hack involving approximately $2.5 billion in frozen assets, causing the cryptocurrency market to plummet. Simultaneously, electric vehicle manufacturer BYD reported third-quarter profits that missed analyst estimates despite strong overseas sales, while optics maker Lens Technology reported slowing growth.

Despite the volatility, some sectors continued expansion. Envision Group delivered the first phase of its green-powered AI data center in Inner Mongolia, providing 120 megawatts of IT loads to its off-taker. Bank of America projected that China will spend $0.4 trillion on AI capital expenditures over the next five years, while Foxconn CEO Michael Chang stated that AI functions will boost the consumer electronics upgrade cycle.