The main things for the morning: SoftBank collapse, Microsoft and Amazon against Nvidia, bitcoin below $97k.

SoftBank shares continue to get cheaper after the Japanese holding company announced it is selling its entire stake in Nvidia. Amazon and Microsoft supported a bill that would strengthen export restrictions on Nvidia. On these and other topics - in our review of key events by the morning of November 14.

SoftBank shares fell almost 9% on Friday, November 14, before recovering some of the losses. This is the third consecutive day of sharp collapse - after the Japanese company reported the sale of its entire stake in Nvidia for $5.8 billion. The group's capitalization has already fallen by $50 billion over the past week - the worst since March 2020, CNBC recalls.

Analysts surveyed by the wirehouse said the sell-off is not only due to the SoftBank news, but also to a general deterioration in sentiment around the technology and semiconductor sector.

Amazon has joined Microsoft in supporting the Gain AI Act bill, which aims to further restrict Nvidia chip exports to China, The Wall Street Journal reported, citing sources. The initiative is also backed by startup Anthropic.

The bill would require chip makers to first meet demand in the U.S. before shipping products to China and other countries subject to arms embargoes, the WSJ explains. Big Tech's support could accelerate the initiative's progress in Congress, where there is a growing demand for control over the supply of high-performance AI processors, the publication notes.

The price of bitcoin has slipped below $97,000, intensifying a decline that has wiped out more than $450 billion in cryptocurrency market capitalization since early October. Amid a sell-off in tech stocks and rising risk aversion, key sources of support - large funds, ETF investors and corporate treasuries - have pulled back, adding to the market's vulnerability, Bloombergexplains.

According to 10x Research, the crypto market has entered a confirmed "bearish" phase: ETF flows are weakening, long-term holders are selling, and retail investors have little activity. The fall comes amid general market volatility and weakening expectations of an imminent Fed rate cut, the agency writes.

Bitcoin is still worth 5% more relative to the beginning of the year, but is more than 20% off its peak.

Shares of Indian fintech company Pine Labs jumped nearly 29% after its IPO, bringing its capitalization to 320.3 billion rupees ($3.64 billion), Yahoo Finance reports.

The growth has dispelled fears of inflated valuations, the publication notes. The Indian IPO market is now overheated, with more than 300 companies having already raised $16.55 billion by early November, and listings could surpass the 2024 record of $20.5 billion, Yahoo Finance specifies. Analysts point to Pine Labs' strong prospects thanks to growth in digital payments and its customer base, although the key challenge remains in long-term profitability and justifying multiples.

The IPO raised $440 million at a valuation of $2.9 billion - below the last private round ($5 billion in 2022) and below rival Paytm's market capitalization ($9.5 billion).

- Japan's broad Topix index was down 0.8 percent, while the Nikkei 225 was down 1.8 percent.

- Hong Kong's Hang Seng Index collapsed 1.3 percent, while mainland China's CSI 300 Index lost 0.8 percent.

- In South Korea, the Kospi index fell 3.5 percent and the Kosdaq fell 2.2 percent.

- Australia's S&P/ASX 200 was down 1.4 percent.

- Futures on the S&P 500 and Dow Jones Industrial Average lost about 0.1 percent, while Nasdaq Composite exchange-traded contracts were down 0.3 percent.

This article was AI-translated and verified by a human editor