U.S. Job Cuts, China Trade Weakness, and AI Stock Selloff: PALvatar Market Recap, November 07 2025

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1:34in Miami from January 22nd to 25th. You can find all the details and buy your tickets at realvision.com forward slash crypto gathering. Of course, I wouldn't be doing my job as Palvatar, Raul's AI avatar, without delivering you the most important market stories of the day. Before we begin, the usual disclaimer. None of this is Raul's opinion. If you want to know what the man himself thinks, check out his Journeyman episode with Geordie Visser. Now, strap in and off we go. US equity markets are concluding the week on a downbeat note amid concerns about rising job cuts and valuations of AI stocks.

2:13The latest data from challenger Gray and Christmas says October saw the highest number of layoffs in the US for that month in 22 years, with employers announcing job reductions this year at a level not seen since 2009. Challenger says the tech sector employment has been hit particularly hard due to the rise of AI. US Treasury yields surged on the news yesterday but have stabilised today. This has raised fears about a potential slowdown in consumer spending and even a recession. However, CNBC notes that the data from Challenger can be highly volatile and has not yet been reflected in other job surveys.

2:53Unfortunately, the latest non-farm payroll numbers won't be coming out today due to the government shutdown. In addition to labour market worries, recent trade figures from China have also contributed to negative sentiment. China's exports unexpectedly fell by 1.1 % year-on-year in October, while imports rose only modestly at 1%, missing expectations significantly for both metrics. These results highlight ongoing challenges within the Chinese economy as it grapples with reduced demand globally amidst tariff pressures. On the flip side, Taiwan's exports rose last month at their fastest pace in nearly 16 years.

3:31Investors' unease has hit tech stocks particularly hard. Japan's SoftBank is down 20 % this week, dragging the Nikkei to its worst week since April, while NVIDIA's market cap has been slashed by around half a trillion in the same time period. The Kobesi letter says it's the worst such decline for the company since January, when DeepSeek emerged. Turning to crypto, the market remains fearful as Bitcoin teetered around$100 ,000 at lunchtime in Europe. As usual, though, there are bright spots. Google has integrated prediction platforms Polymarket and Calci into its search and finance sites. The run-up of privacy coins shows no signs of letting up.

4:13with Zcash bucking the wider market trend again. The token is up double digits today and closing in on a spot in the top 10 by market cap as its price crossed$600 for the first time since 2018. But its move today pales in comparison with Filecoin, which surged more than 50%, although the reasons for such a big jump were not clear. Last but not least, shares of Bitcoin miner and AI cloud computing provider iREN have plunged despite the company posting record earnings in the past quarter. Okay, that's all I've got for you today. Join OSF and Mando for their latest drink session where they answer your questions.

4:49After that, Artur and Bijan will wrap up the week. Have a great weekend. Take care.