October 29, 2026: Binance: Security Incident Impact $6.3B, Intel Plunges, More

0:01 News when you want it with Bloomberg News Now. I'm Doug Krisner. The world's largest crypto exchange, Binance, has suspended all deposits and withdrawals as the company investigates a security breach. The exchange says it may have been hacked, but it expects all user funds will be fully covered. Billions of dollars in assets are being frozen. Binance is estimating the impact at around $ 6. 3 billion, although the final loss has not yet been established. Binance says it's been engaged with law enforcement to trace and recover these funds. There were key earnings reported after the bell. Intel gave a revenue forecast below analyst estimates. This reflects plunging demand for PC processors, as well as supply chain problems with Intel's lucrative data

0:48 center components. And at the same time, Intel said soaring memory chip prices are a major challenge, and this could become an even bigger problem next year. We got reaction from Jay Goldberg, senior analyst at Seaport Research Partners.

1:03 I think the larger issue is their own ability to supply product. This is something that they warned about three quarters ago. This is going to be a bumpy year that they missed two quarters ago because of supply constraints. They did OK last quarter. We were kind of hoping they were through the worst of it, but I guess not.

1:19 They're still supply constrained. And I think that's going to remain a big swing factor for them because there's a lot of demand for their server CPUs. They just can't seem to supply enough of them.

1:29 That is Jay Goldberg from Seaport Research Partners. Shares in Intel are down 19% in late U.S.

1:36 Trading.

1:37 Amazon spent more than $ 77 billion on property and equipment in the third quarter. That is far more than analysts had estimated. This capital spending is tied to Amazon building data centers to meet demand for AI services. Here is Brent Thill, tech sector lead at Jefferies.

1:54 Right now, I think we're in the early signs of a build-out, and investors are going to have to be patient for that return. But again, I think across the board, the numbers that they posted are not hitting the bar that investors wanted. And so, not bad, but the bar was higher.

2:12 Brent Thilt from Jefferies. Now, to be fair, net revenue for Amazon Web Services in the last quarter did beat estimates. But in terms of earnings... Amazon's numbers for the latest quarter were disappointing, and the outlook for the current quarter also missed forecast. Shares on Amazon down 6% in late trading.

2:31 There are just a few days until the U.S. midterm elections, and the Senate race in Alaska is under scrutiny. This comes after the New York Times reported, people tied to the campaign of Democrat candidate Mary Patola worked to recruit additional candidates into the race, and that included a candidate named with nearly the same name as incumbent Republican Senator Dan Sullivan. Alaska Governor Mike Dunleavy has ordered an investigation, and multiple news outlets are reporting the Department of Justice has issued subpoenas. Here is Vice President J.D.

3:04 Vance.

3:05 She is trying to steal a Senate seat from the voters of Alaska, and it's disgraceful. So whether it's criminal or not, she certainly has committed, I think, a great moral failing, and hopefully the voters of Alaska punish her.

3:16 Now, Patola's campaign and the campaign arm of Senate Democrats deny involvement in the candidate recruitment effort. The Department of Justice is escalating its scrutiny of the way California is handling its midterm elections. We are told the DOJ has directed federal prosecutors to pursue criminal subpoenas of state and local officials over their roles in administering allegedly illegal voting.

3:42 An initial round of those subpoenas went out on Thursday. Now, this move comes one day after a federal judge rejected the effort by the Trump administration to force California to set aside ballots from up to 20,000 voters the government alleges may be non-citizens. President Trump returned to South Carolina for his second rally in the Palmetto State in a month.

4:05 More from Bloomberg's Amy Morrison in Washington.

4:08 A New York Times-Siena University poll shows Republican Senator Darlene Graham and her Democratic challenger Annie Andrews Each have about 48 percent support. President Trump warned voters in South Carolina what would happen if they don't support Graham. Our economy is roaring, but if the Democrats win the midterms, they will burn it all down. It'll all end, all those jobs.

4:30 The race is still rated as lean Republican by the Cook Political Report, but Fox News has moved South Carolina to the toss-up column. adding some new urgency for the GOP. In Washington, Amy Morris, Bloomberg Radio.

4:42 One day after the Fed left its policy rate steady, data showed the American economy expanded in the third quarter at the fastest pace in a year. GDP was up at an annual rate of 3.4%. And at the same time, the core personal consumption expenditures price index, this is the Fed's preferred measure of inflation, rose at an annual rate of 3.1%. Kevin Gordon is head of macro research and investing at Schwab.

5:09 Most people still feel sort of this gripping anxiety around the economy. So it's really opened up this gap. And I've called it, you know, sort of this vibration where people sort of persistently feel bad, driven by inflation, driven by fears about AI in the labor market. It's a fascinating sort of divergence. And it was just really has only been confirmed this week, especially with this morning's GDP data, but also with inflation staying stickier. Now we know September PCE, you know, was hot.

5:32 Kevin Gordon from Schwab. Acting legend Patrick Stewart has died. Stewart was a Shakespearean actor who made a career pivot in middle age that would bring him his greatest fame, the role of Captain Jean-Luc Picard in Star Trek The Next Generation. So, five-card stud, nothing wild, and the sky's the limit. Stewart's career spanned more than six decades and included the role of Professor Charles Xavier in the X-Men films.

6:03 According to his spokesperson, Stewart died Wednesday in Los Angeles following a battle with Alzheimer's disease and Lewy body dementia. Patrick Stewart was 86. And that is news when you want it. With Bloomberg News Now, I'm Doug Krizner and this is Bloomberg.