Historical briefing based on BlockBeats’ report published November 6, 2026, at 10:29:56 UTC+8. Figures and developments below reflect that report, not current market conditions.
The AI investment narrative was facing a test beyond demand for computing power: whether data-center projects could secure tenants, electricity and financing on terms that supported their expected returns. BlockBeats’ November 6 briefing described a sharp equity selloff alongside scrutiny of speculative data-center lending—and losses spreading into crypto.
The selloff reached leveraged crypto positions
For November 5, the briefing reported declines of 4.4% for the S&P 500, 3.4% for the Dow, 5.5% for the Nasdaq and 6.4% for the Nasdaq 100, citing AP and Reuters. Reuters estimated that approximately $2.5 trillion in Nasdaq 100 market value disappeared in one session. Nvidia fell 9.3%, while AMD dropped 17.3%.
Selling concentrated on AI-chip and data-center businesses as investors weighed slower construction approvals, higher financing costs and uncertainty over returns. The post-election rally on Wednesday was quickly erased. The VIX closed at 28.18, with demand for protective hedges increasing.
Crypto was also hit. Citing Crypto.news, CoinGlass and Bankless, the briefing reported that Bitcoin fell below $76,000, while approximately $1.08 billion in crypto positions were liquidated over 24 hours. Long positions accounted for about $954 million.
Those figures document losses and the concentration of liquidations in bullish positions. They do not, by themselves, establish that every AI-linked valuation was a bubble or that a particular project had failed.
Data-center debt put the tenant question first
According to the briefing’s account of Bloomberg and Bank of England material, the central bank asked market participants on Thursday how data-center projects without signed tenants were obtaining loans. The inquiry concerned financing that allowed construction to begin before customers were secured.
Separately, Bloomberg reported that an unidentified seller had put approximately $500 million of data-center debt, covering about 12 loans, into an auction.
Two qualifications matter: the seller’s reason was not disclosed, and the report did not directly attribute the auction to the stock-market decline. The Bank of England had not opposed this type of financing, either. Its Financial Policy Committee had, however, warned the previous month that leverage, opaque information and circular arrangements in AI investment could amplify losses.
The evidence gap is between expected demand and contracted cash flow. A project started without signed tenants still has to convert anticipated interest into occupancy and revenue capable of supporting its debt.
Google’s power commitment showed another delivery constraint
The briefing also reported that Google confirmed plans to invest approximately $17 billion in its first Wyoming data center, in Laramie County, and committed to paying all electricity costs associated with the facility. Google and its energy partners also established a community council to discuss local infrastructure and growth.
The power agreement had taken effect on September 30 and was disclosed by Black Hills Energy in October. Thursday’s announcement supplied the full investment amount and community commitments; it was not the first disclosure of the power arrangement.
The broader distinction is between an investment announcement and the conditions needed to deliver it. The source described new generation and transmission infrastructure as requiring long-term commitments and grid connections, even when the company pays. Electricity costs and local support were therefore part of the project’s economics—not separate from them.
Taken together, the briefing’s relevant developments show why an AI infrastructure thesis cannot be assessed through spending commitments alone. Signed tenants, financing terms and power obligations provide more concrete evidence of delivery than headline investment totals.