The yield on Japan's 30-year government bonds rose 2.5 basis points to 3.865% after the auction.

A study published in *Nature Energy* by Cornell University on November 9th shows that by 2025, the cost of grid infrastructure related to data center expansion in the four major U.S. grid regions will reach $8.25 billion. However, data centers will only bear $3.12 billion, or 38%, of the cost; the remaining $5.13 billion, or approximately 62%, will be borne primarily by residential users. The study also found that data center expansion has driven up wholesale electricity prices in some areas, with the most affected grid regions seeing increases exceeding 10% in 2025. Virginia saw an increase of approximately 15%, and the southern San Francisco Bay Area saw an increase of approximately 20%. Meanwhile, U.S. transmission infrastructure investment is projected to increase from $2 billion in 2020 to $34 billion in 2025. The study argues that the current grid cost-sharing mechanism often relies on historical electricity consumption rather than the actual source of new demand, resulting in residents bearing a portion of the infrastructure costs brought about by data center expansion, with rural areas and low-income households being particularly affected.

The bid-to-cover ratio for the Japanese 30-year government bond auction was 3.36, compared to 3.88 in the previous auction.

Following the US midterm elections, some states may tighten data center approval requirements, potentially delaying approximately 5GW of US data center projects from 2028 to 2029, representing 20% ​​of US projects and 10% of global projects. The bank believes that 2027 construction plans will not be significantly affected, but new US data center capacity may decline by 4% year-on-year in 2028, rebounding by 38% in 2029. Despite project delays, Morgan Stanley maintains its capital expenditure forecast for hyperscale cloud vendors, projecting totals of approximately $1.6 trillion and $1.8 trillion in 2027 and 2028, respectively. The bank believes this change is more about postponing construction than the end of the AI ​​infrastructure investment cycle, potentially leading to a temporary supply-demand mismatch in the data center supply chain in 2028 and increasing the value of existing, operational data center assets.

Sources say the deaths of three workers at a Tata Group Apple iPhone parts factory occurred during water tank maintenance work and the cause of death was asphyxiation.

The Office of the United States Trade Representative announced that the United States will extend its trade investigation into Vietnam's intellectual property protection for three months until the end of February next year.