US Stocks AI Daily on Nov 2, 2026: Don't Be Fooled by the Gigawatts--The AI Supply Chain's Actual Deal Value Today Is $0

The AI supply chain produced only five items across October 30 and the weekend, they land in just four layers, and not one of them carries a closing price. Exelon (Ticker: EXC) lists high-probability data center load at about 11 GW, with roughly 45% of it behind FERC-approved transmission security agreements backed by about $1.2 billion in customer collateral. Among the other four, Kioxia booked more revenue in one quarter than in its whole prior fiscal year, while OpenAI cut about $10 billion from its current funding round.

 

 

Funding ｜ Media report, unconfirmed ｜ Financial Times (via CoinDesk and TechCrunch) 2026/10/30

The Financial Times reports that OpenAI cut about $10 billion from the round as tech equities pulled back, with the implied valuation sliding from $1.4 trillion to roughly $1.25 trillion, and OpenAI has not confirmed it publicly.

 

Contract ｜ Media report, unconfirmed ｜ CGTN and Xinhua 2026/10/31

Apple (Ticker: AAPL) and Alibaba (Ticker: BABA) are reported to be putting Qwen inside Apple Intelligence in China, with a developer preview on November 4 and the public rollout bundled into iOS 27.3 in December, though neither company issued a release and no terms were disclosed.

 

Launch ｜ Completed ｜ Kioxia Holdings results (TSE 285A) 2026/10/30

Kioxia Holdings grew revenue 453.2% year on year at an 80.2% adjusted operating margin and declared its first dividend since listing at about 48 billion yen, yet guided third-quarter revenue up only about 1% sequentially, and it is listed in Tokyo with no US ticker.

 

 

Launch ｜ In progress ｜ TechCrunch interview 2026/10/30

Runware is turning AI data halls into a product built on a Romanian factory line, targeting 30 MW of capacity a day by 2028 with $1 billion of committed interest in its Sonic pods covering over 20 MW, but that is interest rather than signed contracts and the company is private.

 

Launch ｜ Completed ｜ Exelon press release and earnings deck (SEC 8-K) 2026/10/30

Exelon (Ticker: EXC) reported third-quarter adjusted operating earnings of $0.87 per share, and of the roughly 11 GW of high-probability data center load about 45% sits behind FERC-approved transmission security agreements with about $1.2 billion in collateral, alongside a four-year capital plan of about $41.70 billion and a further 23 GW still inside cluster studies concluding in 2026 and 2027.

 

Countable deal value this period is $0, with a further $41.70B excluded alongside Kioxia's $0.53B of quarterly equipment spending, for $42.23B excluded in total, and neither sum has a counterparty. In character, the largest money today is not one party buying another; it is a regulated utility writing data center demand into its own rate base, then handing the risk back to customers through transmission security agreements covering about 45% of it. On timing, the roughly 23 GW of future pipeline will not resolve until the cluster studies conclude in 2026 and 2027, so that share will not move in the near term. On the same day OpenAI cut about $10 billion from its current round, outside capital is getting more expensive while in-house capital spending has not slowed.

 

How to use this next time: when you see a very large gigawatt number, ask first whether it has a counterparty. Of Exelon's (Ticker: EXC) 11 GW, only about 45% is held up by agreements and collateral, and the rest waits on cluster studies. Keeping three buckets apart, signed, collateralised and still under study, shows that many impressive-looking pipelines have well under half that counts today.

 

 

Disclaimer: This article was prepared by the MEXC US equities spot team (MEXC RealStocks) for market information and educational reference only. It is not investment advice and contains no buy or sell opinion. All stocks and companies mentioned are publicly discussed names and do not represent a recommendation or view of MEXC. Investing involves risk, so please exercise your own judgement.