UBS says the recent drop in technology stocks reflects investor repositioning rather than a slowdown in artificial intelligence spending. The bank expects AI capital expenditure to keep growing over the next few years and sees the investment cycle intact. However, UBS CEO Sergio Ermotti warned that global markets have grown overconfident, overestimating the near-term impact of AI and geopolitical developments. His comments, made on November 9, 2026, highlight growing concerns about complacency among investors.
Fireworks AI is holding onto most of its more than 10,000 customers despite a security breach first detected on October 6, 2026. The attack exposed customer account details, billing records, datasets, and incomplete model weights, linked to a group practicing LLMJacking. Customers are staying because GPU capacity remains scarce elsewhere, making it difficult to switch providers and re-benchmark workloads. The company valued at $17.5 billion in July, rotated credentials and notified law enforcement after the incident.
Google appears to be testing a model called Gemini 4 Krypton, with AI watchers sharing demos suggesting it outperforms Gemini 4 Carbon in some tasks. The results showed Krypton using more thinking tokens and producing more detailed outputs. The model remains unconfirmed and could be an internal experiment that never ships publicly.
In other AI industry developments, CoreWeave signed a multi-year deal to power Wayve's autonomous vehicle driver training. Wayve collects real-world driving data from over 70 countries, and CoreWeave's cloud infrastructure will support long training runs and safety validation. Separately, Volaren raised $1 million from Y Combinator and Afore Capital to build AI trading agents that connect to brokerage and bank accounts, founded in 2026 by former Goldman Sachs employees.
CodeRabbit, which uses OpenAI models, reported shipping 20 times more software over six months without adding engineers, serving over 20,000 organizations. The company also launched CodeRabbit Secure, using Daybreak with Codex models to identify and fix code vulnerabilities. Meanwhile, Uber allowed its main codebase to break temporarily to manage AI-generated code from over 5,000 developers, processing more than 36,000 commits weekly. The Second GEO Conference opens November 21 in Shenzhen, focusing on how generative engines like ChatGPT and DeepSeek recommend brands.
Key Takeaways
- UBS says the tech stock sell-off stems from investor repositioning, not a decline in AI investment demand
- UBS CEO Sergio Ermotti warns markets overestimate the near-term effects of AI and geopolitics
- Fireworks AI retained most of its 10,000+ customers after an October breach because GPU scarcity makes switching providers impractical
- Fireworks AI breach exposed billing records, customer data, and incomplete model weights via LLMJacking
- Google is reportedly testing Gemini 4 Krypton, which appears to outperform Gemini 4 Carbon in early demos
- CoreWeave signed a multi-year deal to power Wayve's AI driver training using data from over 70 countries
- Volaren raised $1 million from Y Combinator to build AI trading agents that connect to brokerage accounts
- CodeRabbit uses OpenAI models to ship 20x more software in six months without adding engineers across 20,000 organizations
- Uber processed over 36,000 commits weekly from 5,000+ developers using AI-generated code, allowing its codebase to break temporarily
- The Second GEO Conference in Shenzhen on November 21 focuses on optimizing how ChatGPT and DeepSeek recommend brands
UBS says tech stock drop is a repositioning move not an AI slowdown
UBS said the recent drop in technology stocks came from investors adjusting their positions. It was not a sign that AI investment is slowing down. UBS expects the stock market to rise over the next six to 12 months. The bank warned that heavy investment in tech stocks and high market expectations are risks. It advised investors to rebalance portfolios and diversify their holdings.
UBS says tech sell-off is temporary and AI investment stays strong
UBS said the recent tech stock sell-off came from investors repositioning their holdings. This was not a drop in demand for artificial intelligence. UBS expects AI capital spending to grow over the next few years. The bank said the AI investment cycle remains intact. This view goes against worries that the AI market is entering a broader downturn.
UBS CEO Sergio Ermotti says markets overrate AI and geopolitics impact
UBS chief executive Sergio Ermotti said global markets have grown too confident. He warned that markets overestimate the near-term effects of artificial intelligence and geopolitics. Ermotti has been raising these concerns for several months. His comments came on November 9, 2026. He pointed to growing complacency in global markets.
GPU scarcity keeps Fireworks AI customers after data breach
Fireworks AI suffered a security breach on October 24 that exposed billing records and incomplete model weights. Despite this, only a few of its more than 10,000 customers have left. The main reason is that GPU capacity is very hard to find elsewhere. Customers cannot easily switch providers because they would need to find matching GPUs and re-benchmark their work. Fireworks was valued at $17.5 billion in July. The company detected the intrusion, replaced credentials, and notified law enforcement.
Fireworks AI says October breach exposed customer data and model weights
Fireworks AI disclosed a security incident first detected on October 6, 2026. Attackers accessed customer account details, billing information, datasets, and incomplete model weights. The company said no payment card numbers were compromised. The breach was linked to a group involved in LLMJacking, where attackers hijack access to AI infrastructure. Fireworks serves more than 10,000 customers and rotated employee API keys after the incident. The company also notified affected customers directly.
Second GEO Conference Opens in Shenzhen to Help AI Recommend Brands
The Second GEO Conference will take place on November 21 and 22, 2026, in Bao'an District, Shenzhen, China. Over 30 speakers from media, AI platforms, and brands will cover generative engine optimization strategy. GEO helps AI systems like ChatGPT and DeepSeek cite and recommend brands accurately. The event expands from the first conference with more presentations, panels, and workshops.
CoreWeave to Power Wayve's AI Driver Training in Multi-Year Deal
CoreWeave and Wayve signed a multi-year agreement for CoreWeave Cloud to train Wayve's AI Driver models. Wayve collects real-world driving data from more than 70 countries to build its autonomous vehicle technology. CoreWeave's AI cloud will support long training runs and safety validation at scale. CoreWeave completed its public listing on Nasdaq in March 2025.
Volaren Raises $1 Million to Build AI Trading Agents
Volaren raised $1 million from Y Combinator and Afore Capital to build AI agents for investing. The agents connect to a user's brokerage and bank accounts to track portfolios and suggest trades. Users must approve each trade or set predefined limits before execution. The startup was founded in 2026 by Akshat Mittal and Martin Pestana, both former Goldman Sachs employees.
CodeRabbit Ships 20x More Software Using OpenAI Models
CodeRabbit uses OpenAI models to review and validate AI-generated code for over 20,000 organizations. Its platform helps teams understand, review, and secure code produced by AI agents. By using Codex, CodeRabbit shipped 20 times more software over six months without adding engineers. The company also launched CodeRabbit Secure, which uses Daybreak with Codex models to find and fix vulnerabilities.
Uber Lets Trunk Break to Ship AI Code Faster
Uber allowed its main codebase to break temporarily to handle AI-generated code volume from over 5,000 developers. The team processed more than 36,000 commits and 27,000 pull requests weekly across six monorepos. Conflict relaxation using Jaccard similarity scoring helped peak throughput reach almost 250 lands per hour. StowPipe validates code after landing and holds a verified main pointer until builds pass.
Google Tests Gemini 4 Krypton Upgrade Over Carbon
Google may be testing a new model called Gemini 4 Krypton. AI watchers on X shared demos showing Krypton outperforming Gemini 4 Carbon. One test showed Krypton using far more thinking tokens and producing more detailed results. The model is unconfirmed and could be an experiment that never ships.
Western Digital Gains From AI Storage Demand
Western Digital is benefiting from growing AI data storage needs. Its latest ePMR platform offers up to 40TB and is seeing strong adoption. The company expects revenue of $5.1 billion in the next quarter. Its seven largest customers have planning visibility into 2030 and 2031.
Sources
- UBS Says Tech Selloff Reflects Positioning Reset, Not Structural AI Investment Slowdown
- UBS: Tech sell-off due to repositioning, AI investment remains strong
- UBS chief executive Sergio Ermotti says markets overestimate near-term impact of artificial intelligence, geopolitics
- GPU scarcity, not security, keeps Fireworks AI customers after the hack
- Fireworks AI says October security incident exposed customer data and model weights
- Helping AI Recommend Quality Brands Accurately: Second GEO Conference Opens in Shenzhen on November 21
- CoreWeave to Power Wayve's AI Driver Training in Multi-Year Agreement
- Volaren raises $1 million from YC and Afore to build AI trading agents
- CodeRabbit scales agentic software development and ships 20x more
- Uber let trunk break to ship AI code faster
- Google Is Testing Gemini 4 Krypton Which Appears To Be An Upgrade On Gemini 4 Carbon, Say X Users
- Is Western Digital Emerging as a Big Winner in the AI Storage Boom?
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