This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Riot Platforms (RIOT) signed a massive 15-year, 910-MW data center lease worth $28 billion with a leading AI developer, marking a major pivot into AI infrastructure.
- US ISM Services Index for October cooled to 54.5, missing estimates as new orders slowed, though employment figures showed unexpected resilience.
- Ondas Holdings (ONDS) secured multi-million-dollar defense contracts in Europe and Asia for its autonomous drone interceptors and counter-drone systems.
- Lyft (LYFT) and Uber (UBER) shares surged 11% and 7% respectively, driven by pre-earnings optimism and a broader market relief rally following US midterm election results.
- UK electric vehicle (EV) registrations jumped 53.7% in October, with battery electric vehicles now accounting for nearly 32% of all new car sales in the region.
Riot Platforms Pivots to AI with $28 Billion Lease
Riot Platforms (RIOT) announced a transformative 15-year triple-net lease for its entire 910-MW Corsicana campus with a prominent "Frontier AI Lab," identified in reports as Anthropic. The deal is valued at approximately $28 billion in total contracted revenue, with an average annual rent of $1.8 billion. This agreement brings Riot's total contracted capacity to 1,151 MW, positioning the former Bitcoin miner as a major player in large-scale digital infrastructure for AI and high-performance computing.
US Services Sector Expansion Slows in October
The ISM Services PMI registered 54.5 in October, down from 54.9 in September and slightly below the 54.8 consensus estimate. While the sector remains in expansion for the 28th consecutive month, the New Orders Index saw a significant drop to 55.9 from 59.8, suggesting a cooling in demand. Conversely, the Employment Index rose to 51.4, indicating that hiring remains steady despite broader economic moderation.
Ondas Holdings Expands Global Defense Footprint
Ondas Holdings (ONDS) has secured new multi-million-dollar contracts with government customers in Europe and Asia for its Ranger counter-drone systems and Iron Drone autonomous interceptors. The company also confirmed it is in active discussions for a significant defense deal in the Middle East. These developments follow a period of rapid growth for the company's aerial defense portfolio as international demand for counter-UAS technology intensifies.
Ride-Hailing Stocks Rally on Earnings and Election News
Shares of Lyft (LYFT) climbed 11% to $18.47 as investors positioned themselves ahead of the company's Q3 earnings report. The sector also benefited from a "relief rally" across US equity markets following Democratic victories in the midterm elections. Uber (UBER) shares gained 7% in tandem, supported by the company's own autonomous vehicle push and strong quarterly bookings growth.
Political Shakeup: Scalise and Jordan Vie for Leadership
Following a "bloodbath" for Republicans in the midterm elections, House Speaker Mike Johnson announced he will not seek a leadership role in the next Congress. Representative Steve Scalise and Representative Jim Jordan have both officially entered the race for Minority Leader. The leadership transition comes as the GOP reckons with the loss of the House majority and prepares for a new era of divided government.
Energy and Automotive Sector Updates
In the energy sector, BP (BP) is ramping up drilling operations at the Kirkuk field in Iraq, targeting a production increase to 450,000 barrels per day. Meanwhile, the UK automotive market showed robust growth in October, with total new car sales rising 26.9% year-over-year. The surge was led by the electric vehicle segment, where 49,155 new BEVs were registered, representing a record 31.8% market share for the month.
Automated market updates written with AI from market data and news wire reports, published without human review.