At 8 o'clock, here are the latest news: NVIDIA's net profit in Q1 reached $58.3 billion; Google CEO: Gemini has 900 million monthly active users; Sushiro responds to the issue of "all 10 plates sampled tested dirty".
Today's Hotspot Guide
Russia will extend the visa - free system for Chinese citizens.
Zhang Xue talks about the reason for signing with Debis for the first time.
WeChat has reopened the 520 large - amount red envelopes for a limited time of 1 day.
Luoxin Pharmaceutical responds to the substandard azithromycin incident.
Duan Yongping's latest holdings are announced.
Top 3 Big News
NVIDIA: Net profit in the first fiscal quarter was $58.3 billion, a year-on-year increase of 211%
36Kr learned that NVIDIA released its financial report for the first quarter of fiscal year 2027. The report shows that NVIDIA's revenue in the first fiscal quarter was $81.62 billion, a year-on-year increase of 85%; the net profit was $58.32 billion, a year-on-year increase of 211%.
Google CEO: Gemini Has 900 Million Monthly Active Users
Google CEO Sundar Pichai said at the 2026 I/O Developers Conference that the monthly active users of the Gemini AI application more than doubled in the past year, reaching 900 million, and the daily request volume increased by more than seven times. He added that the company currently processes more than 3.2 gigabytes of AI tokens per month, about a seven - fold increase from 4,800 trillion a year ago and far higher than the level of 970 billion in May 2024. Pichai said that the rapid growth of Gemini has driven Alphabet's stock price up by 25% this year and further consolidated the company's leading position in the global artificial intelligence research field. (Caixin)
Sushiro Responds to "All 10 Sampled Plates Found Dirty"
In response to the incident of "10 out of 10 sampled plates found dirty at a Hangzhou store", on May 20th, a relevant person in charge of Sushiro told reporters from Nandu Bay Financial and Social News that the company attaches great importance to this matter and has completed the rectification as required by the government regulatory authorities.
According to previous reports, a Sushiro store in Hangzhou was subject to an administrative penalty of more than 60,000 yuan for selling cold - processed pastries without a license, multiple violations in the management of the special room, and inadequate cleaning and disinfection of tableware. As recorded in the administrative penalty decision, on January 5, 2026, when law - enforcement officers inspected the store, they found a large amount of water stains and food residues on the aluminum plates used to hold finished sashimi in the sashimi area. The law - enforcement officers randomly sampled 10 aluminum plates on the spot, and all 10 plates had the above - mentioned problems. One month later, due to a consumer complaint, law - enforcement officers returned for a re - inspection on February 5. Among the 10 pieces of tableware to be used that were randomly sampled on the spot, 6 still had rice grain residues on the surface and were not cleaned properly. (Southern Metropolis Daily, Yicai)
Big Companies/Big Events
Ministry of Commerce: According to its own needs for the development of air transportation, Air China will introduce 200 Boeing aircraft in accordance with commercial principles.
36Kr learned that the person in charge of the Department of American and Oceanian Affairs of the Ministry of Commerce interpreted the initial results of the China-US economic and trade consultations. In accordance with the important consensus reached by the Chinese and US heads of state, according to its own needs for the development of air transportation, Air China will introduce 200 Boeing aircraft in accordance with commercial principles. At the same time, the US side will provide sufficient engine and spare - part supply guarantees for the Chinese side.
Samsung Electronics Union Delays Strike
According to CCTV News, late on the 20th local time, the labor - management negotiation of Samsung Electronics, which restarted in the afternoon of the same day, ended, and both sides signed a tentative labor - management agreement. The Samsung Electronics Union stated that the major strike originally scheduled to start on the 21st has been postponed. The union will conduct a vote within its organization on the tentative labor - management negotiation agreement, and subsequent actions will be determined based on the voting results.
According to another report, the tentative salary agreement of Samsung Electronics will raise salaries by 6.2%. Employees in the DX (Device Experience) department will each receive stocks worth 6 million won. The Samsung Electronics Union will hold a vote on the tentative salary agreement from May 23rd to 28th. The South Korean labor minister said that the Samsung Electronics Union and Samsung have reached a consensus on profit distribution. The labor and management of Samsung Electronics had conducted multiple rounds of negotiations on the salary issue for 2026 before, but the two sides have never been able to completely resolve their differences. (Yicai Global, CCTV News)
Doubao Customer Service Responds to "Customer Using Doubao to Book a Restaurant": Unable to Help Users Make Reservations
On May 19th, a negative review of a fish restaurant in Zhenjiang, Jiangsu on the platform was screenshot and spread by netizens. The user who wrote the negative review said that they made a reservation for a 2-person meal at the restaurant at 18:30 on May 3rd through "formal channels", and the reservation information was clear, with the channel feedback indicating that the reservation was successful. The user said that they called the restaurant multiple times before arriving but couldn't get through. After arriving at the restaurant according to the reservation information, they were told by the clerk, "If you made the reservation through Doubao, then go to Doubao." In response, Doubao's official customer service said that the platform currently does not support actual restaurant reservations through this application, and because the conversation is user privacy, they cannot convey information to third parties on behalf of users. Some users, due to difficulties in making phone reservations or social anxiety, turn to AI to complete the entire service process, mistakenly regarding the simulated information as a valid voucher. (Xiaoxiang Morning Post)
Russia to Extend Visa - Free System for Chinese Citizens
According to CCTV International News, TASS reported that Dmitry Peskov, the press secretary of the Russian President, said in an interview in Beijing today (May 20) that Russia will extend the visa - free system for Chinese citizens. Previous report: On May 20, Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A CCTV reporter asked what new achievements China and Russia had made in the field of facilitating people - to - people exchanges during President Putin's visit to China. Guo Jiakun said that in order to continuously facilitate people - to - people exchanges between China and Russia, China has decided to extend the visa - free policy for Russia until December 31, 2027. Russian citizens holding ordinary passports coming to China for business, tourism, visiting relatives and friends, or exchange visits, with a transit period of no more than 30 days, can enter China without a visa. (CCTV International News)
Luoxin Pharmaceutical Responds to the Substandard Azithromycin Incident
Early on the morning of May 20th, Luoxin Pharmaceutical issued an announcement explaining the incident where the azithromycin for injection produced and sold by its holding subsidiary was determined as "substandard drugs" by the Shandong Provincial Drug Administration, and a fine and confiscation of illegal gains were imposed.
Luoxin Pharmaceutical stated that after a self - inspection by the company, both the production and sample - retention processes met the standards. It is speculated that the problem might be caused by the impact of extreme high temperatures during the circulation, storage, and transportation. Regarding the rectification and internal handling measures, Luoxin Pharmaceutical pointed out that starting from now, the production and commercialization of this product will be stopped, and all the produced inventory will be discarded. The relevant management personnel will be severely held accountable. The quality responsible person has been dismissed, and the general manager of Shandong Luoxin has been demoted by two levels, with corresponding salary adjustments. In addition, the quality of storage and transportation will be strictly controlled, and a long - term effective mechanism will be improved.
According to previous reports, on May 18th, the administrative penalty information released by the Shandong Provincial Drug Administration showed that Luoxin Pharmaceutical was fined for producing and selling azithromycin for injection that did not meet the national drug standards. It was ordered to confiscate 609 vials of drugs, 68,000 yuan in illegal gains, and was fined 1.8 million yuan, with a total fine and confiscation of 1.8684 million yuan. (Daily Economic News)
SmarterSoft Releases Enterprise-level Agent BI Baize
On May 20th, SmarterSoft officially launched SmartBI Baize V5, which features self-evolution, security, and trustworthiness, directly addressing the pain points of enterprises in AI applications, such as reluctance to use, limited effectiveness, and difficulty in implementation. This industry's first Agent BI product adopts a dual-wheel drive architecture of indicator system + multi-agent, and has the ability of full-link intelligent data analysis. It can create a complete closed-loop from intelligent data query to decision-making delivery, with an accuracy rate of 99.9% in core scenarios. It has now been deployed on a large scale in large enterprises in the financial, manufacturing, central and state-owned enterprises, etc., and has realized business value.
Aier Eye Hospital: Has Paid Back Taxes of 348 Million Yuan and Late Fees of 176 Million Yuan
Aier Eye Hospital announced that in accordance with the relevant requirements of national tax laws and regulations, the company conducted a self - inspection on tax - related matters. After the self - inspection, the company needs to pay back taxes of 348 million yuan and late fees of 176 million yuan. As of the date of this announcement, the company has completed the payment of the above - mentioned taxes and late fees. According to the self - inspection results, the company needs to increase the amount of corporate income tax final settlement and payment declaration for the year 2025 by 232 million yuan. (Caixin Press)
The three major U.S. stock indexes closed higher collectively, with ARM up more than 15%
36Kr learned that at the close on May 20, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 1.31%, the Nasdaq Composite rose 1.54%, and the S&P 500 Index rose 1.08%. Large technology stocks rose collectively. Apple rose more than 1%, hitting a record closing high; ARM rose more than 15%, AMD rose more than 8%, Intel rose more than 7%, Tesla rose more than 3%, Amazon rose more than 2%, Nvidia rose more than 1%, and Google, Microsoft, and Meta rose slightly. Popular Chinese concept stocks had mixed performances. Pony.ai rose more than 5%, NetEase rose more than 2%, XPeng Group and Tiger Brokers rose more than 1%; Bilibili fell more than 8%, NIO fell more than 2%, and Baidu and Miniso fell more than 1%.
Zhang Xue Talks about the Reason for Signing with Debes for the First Time: He Has Rich Track Experience and Can Clearly Report the Problems of the Racing Car
Recently, after Zhang Xue's motorcycle team won double championships at the Czech Grand Prix, they publicly discussed the reason for signing the rider Debes for the first time. When talking about the reason for choosing him, Zhang Xue said that Debes has very rich track experience and has practical experience on various tracks. His most prominent advantage is that once he notices that the vehicle is in poor condition during riding, he can clearly report the problems to the technicians and engineers. This kind of accurate feedback is exactly what the tuning team needs most, which facilitates the rapid optimization of vehicle tuning. (Southern Metropolis Daily)
Huayi Brothers Listed as a Dishonest Executor
Huayi Brothers (Huayi, 300027.SZ), once known as the "No. 1 stock in China's film and entertainment industry", has recently become a defaulter due to a case involving 600,000 yuan. According to the legal litigation information from Tianyancha, on May 19th, ST Huayi was listed as a dishonest executor (defaulter) by the People's Court of Chaoyang District, Beijing, for failing to fulfill the obligations determined by the effective legal documents despite having the ability to do so. The obligations determined by the effective legal documents show that the executor should pay the applicant a total of 608,400 yuan in principal and interest. In addition, the company and its legal representative, Wang Zhongjun, have been restricted from high - end consumption due to this case. The applicant in this case is Jingkaili Consulting Advisor (Beijing) Co., Ltd., with the total principal and interest involved in the case amounting to 608,400 yuan, and the company's performance status is completely unfulfilled. In April this year, the court had already enforced a payment of 600,000 yuan from Huayi Brothers in this case. (The Paper)
WeChat Reopens Large 520 Yuan Red Envelopes for a Limited Time of 1 Day
On May 20th, reporters found through inquiries that WeChat has once again opened large red envelopes worth 520 yuan for a limited time of 1 day. It is understood that on special dates such as February 14th, Qixi Festival, and May 20th, WeChat will open red envelopes worth 520 yuan. This tradition has been in place for 10 years. (Xiaoxiang Morning Herald)
Management of Western Metal Materials Responds to Rumors of Supplying to SpaceX
Western Metal Materials (002149.SZ), a leading company in rare - metal composite materials, which has attracted much market attention due to rumors of supplying core materials for SpaceX's rocket engines, recently held its 2025 annual shareholders' meeting. On May 12, the stock price of the company reached a maximum of 78.87 yuan per share during intraday trading, hitting a record high since its listing.
At the shareholders' meeting, the management of Western Metal Materials stated that currently, the company's products such as titanium materials and high - end alloys are indeed in the process of connecting with the overseas commercial space industry chain and providing some product supplies. However, the final destination of the products, the identities of specific end - customers, the scale of cooperation orders, and the cooperation amount cannot be disclosed to the public. (Jiemian News)
Duan Yongping's Latest Portfolio: Liquidated Alibaba, Newly Invested in Tesla, Increased Positions in NVIDIA, Pinduoduo, etc.
Recently, H&H International Investment, managed by renowned investor Duan Yongping, submitted its 13F portfolio report for the first quarter of 2026 to the U.S. SEC. Data shows that as of March 31, the total market value of the institution's portfolio reached $20.004 billion (approximately RMB 136.2 billion), a 14.4% increase from $17.489 billion at the end of 2025. The number of holdings increased from 14 to 19, showing a distinct feature of "strengthening core positions and deploying in emerging sectors."
In this portfolio adjustment, Duan Yongping completely liquidated his holdings in Alibaba. At the same time, he sold off his positions in lithography machine giant ASML and AI computing power cloud service provider CRWV, completing the concentrated liquidation of non-core assets. (Jiemian News)
Duan Yongping's Latest Portfolio
Julis Rigging Co., Ltd. has hit the daily limit down for three consecutive days, and the Yang family has cashed out a total of 2.8 billion yuan
On May 20, Julis Rigging Co., Ltd. (002342.SZ) continued its limit-down trend of the previous two days and was locked at the daily limit down right after the opening. As of the morning close, the company's stock had lifted the limit down, trading at 14.95 yuan per share, with the stock price down 5.02%. On May 18, Julis Rigging opened with a one-word limit down. The full-day turnover rate was only 0.77%, and the trading volume was 128 million yuan. It closed at 17.49 yuan per share. On May 19, the company's stock price hit the one-word limit down again, closing at 15.74 yuan per share. As of now, the company's total market value has shrunk to 15.11 billion yuan. (Jiemian News)
New regulations for telecom operators' services crack down on word games, avoiding expressions like "0 yuan" and "free"
Recently, the State Administration for Market Regulation officially released the national standard "Telecommunications and Internet Services - Service Specification for Online Business Halls of Basic Telecommunications Enterprises" (GB/T 47484—2026).
In terms of information transparency, the standard is based on the authenticity, accuracy, completeness, and clarity of the business promotion and publicity content on online business halls. It proposes that key matters such as the tariff standard, service content, scope of application, usage rules, preferential policies, contract term, cancellation method, liability for breach of contract, and restrictive conditions of the business should be clearly indicated on the same page. Expressions that are likely to mislead users, such as "0 yuan", "free", "unlimited", and "permanent", should not be used, and restrictive conditions should not be concealed or downplayed through forms such as folding, hiding, or blurring. (Jiemian News)
Apple's Hardware Chief Srouji Launches Major Restructuring to Accelerate Future Device Development
Johny Srouji, Apple's Chief Hardware Officer, recently carried out a major management restructuring of the hardware development department. The aim is to speed up the R & D process of future devices and achieve a closer integration between the self - developed chip and product teams. Srouji is adjusting the management structure of the product design team. The jurisdiction of this function will be transferred from Kate Bergeron to her long - time deputies, Shelly Goldberg and Dave Pakula. Goldberg previously oversaw Mac product design, and Pakula led the design of Apple Watch, iPad, and AirPods. From now on, they will jointly supervise the design work of all Apple products. Richard Dinh will continue to lead iPhone product design. (Sina Finance)
SpaceX is reported to plan to acquire startup Cursor 30 days after its U.S. IPO
According to informed sources, SpaceX is expected to proceed with the acquisition of artificial intelligence programming startup Cursor 30 days after its official initial public offering (IPO). This potential deal will strongly boost SpaceX's AI automated programming capabilities. If the deal ultimately fails to materialize, Elon Musk's SpaceX will need to pay Cursor a huge reverse breakup fee of up to $10 billion in cash. (Cailian Press)
Going Public
OpenAI is reportedly planning to submit IPO documents within a few weeks and aims to go public in the fall
On May 21st, it was reported that OpenAI is preparing to submit its initial public offering (IPO) documents in the coming weeks and plans to go public sometime in the fall. Goldman Sachs and Morgan Stanley are assisting the developer of ChatGPT to secretly submit the IPO documents as early as the 22nd, but the exact timing remains uncertain. OpenAI said in a statement that the company regularly evaluates a range of strategic options, "and the focus remains on execution." Sources said that the IPO could value the company at up to approximately $1 trillion. (Jiemian News)
SpaceX publicly filed its IPO documents with the Nasdaq, with the stock ticker SPCX
SpaceX filed an S - 1 registration statement with the U.S. Securities and Exchange Commission (SEC). SpaceX will list on the Nasdaq, and its stock ticker is SPCX. The underwriters include Goldman Sachs, Morgan Stanley, Bank of America Securities, Citigroup, and J.P. Morgan Securities. SpaceX will issue two classes of common stock: Class A common stock (each share will have 1 vote) and Class B common stock (each share will have 10 votes). Elon Musk's total voting power is 85.1%, with 12.3% of Class A shares and 93.6% of Class B shares. According to the SEC filings, SpaceX's revenue in the first quarter was $4.694 billion, with an operating loss of $1.943 billion; the revenue of its artificial intelligence division in the first quarter was $818 million; the adjusted EBITDA in the first quarter was $1.13 billion. In 2025, its revenue is expected to be $11.39 billion, and the operating net profit is expected to be $4.42 billion. (Caixin)
The Cutting - Edge of AI
Karpathy, a founding member of OpenAI, said that he has joined Anthropic.
Karpathy is one of the founding members of OpenAI. He once served as the person in charge of Tesla's AI and Autopilot, and is also one of the core promoters of the Stanford deep learning course CS231n. He is known as the "God of Karpathy" in the AI circle. (Caixin Press)
OpenAI Announces the Establishment of an AI Lab in Singapore with an Investment of Over S$300 Million
OpenAI has signed a memorandum of understanding with Singapore and announced the establishment of an artificial intelligence laboratory in Singapore, with an investment of over S$300 million (approximately US$234 million). This is the first time OpenAI has set up such a laboratory outside the United States. (Caixin)
DeepSeek is Recruiting for a New Business, Competing with Claude Code
On May 20th, a piece of news spread in the AI circle. DeepSeek is internally forming a new Harness team focused on code agent products, internally competing with Claude Code, an agent programming tool under Anthropic. A reporter from China Business News saw on the DeepSeek official website that two new positions, Agent Harness Product Manager and Agent Harness R & D Engineer, have been launched on the interface. The official website doesn't directly mention the specific type of this desktop - side Agent product, but in the job description for the product manager, candidates are required to have in - depth experience using similar products such as Claude Code, Cowork, Codex, Cursor, OpenCode, GitHub Copilot, Manus, OpenClaw, and Hermes. This list almost covers several of the currently most popular programming tools and agent applications in the industry. Another more direct piece of information comes from Chen Deli, a senior researcher at DeepSeek. He posted a recruitment message on social media. The title directly stated "Come to DeepSeek to Build Code Harness from Scratch", and the body of the post mentioned "Competing with Claude Code to Build DeepSeek Code Harness". (China Business News)
OpenAI Launches "Guaranteed Capacity" Service: Provides Long - term Commitment for Computing Power Access (Non - Main Site)
On May 19th local time, OpenAI announced the launch of a new service called "Guaranteed Capacity", which aims to provide long - term computing power access guarantees for customers' most important products, agents, and workflows. This service allows customers to choose a commitment period of 1 to 3 years, and the discount rate will increase with the increase of the annual commitment amount. Customers participating in this service will obtain a definite computing power access right based on their spending level and can deduct the committed amount from OpenAI's various product portfolios. (Jiemian News)
Singapore Steps Up AI Layout, NVIDIA to Set Up Local R & D Center
NVIDIA, the global giant in AI chips, will establish a new R & D center in Singapore. This is also one of a series of AI - related initiatives announced by Singapore on Wednesday. This brand - new laboratory is NVIDIA's first R & D base in Singapore and its second such R & D institution in the Asia - Pacific region. (Sina Finance)
Alibaba Releases New-Generation Qianwen Flagship Model Qwen3.7-Max
36Kr learned that on May 20th, Alibaba released the brand-new generation Qianwen flagship model Qwen3.7-Max. In the global blind test leaderboard of large models by the third-party institution Arena, Qwen3.7-Max ranked first among domestic models. Qianwen 3.7 is newly designed for the current agents, achieving continuous breakthroughs in core capabilities such as programming and reasoning. It can even autonomously complete a complex long-term agent task lasting 35 hours: on a brand-new chip platform, Qwen3.7-Max realized the self-evolution of a key kernel through autonomous programming and more than 1,000 tool calls, with the reasoning speed 10 times faster than the original version.
Investment and Financing
"Beta Infinity" Completes Hundreds of Millions of Yuan in Seed and Seed+ Rounds of Financing
36Kr learned that recently, "Beta Infinity", a company focusing on consumer - grade general embodied intelligence, announced that it has completed hundreds of millions of yuan in financing in the seed and seed+ rounds. The seed round was jointly invested by investment institutions such as Hongtai Fund, Zhengjing Fund, Ginkgo Valley Capital, Tsinghua Alumni Seed Fund, and Yueke Financial. The seed+ round was jointly led by Shengqu Taihe Fund participated by Century Huatong and Heli Capital, with institutions such as Yida Capital and Nanshan Strategic New Investment following the investment. Yibai Capital served as the financial advisor. The funds from the two rounds will be mainly used for core technology R & D, product trial production, etc.
“Approaching.AI” Completes Hundreds of Millions of Yuan in Pre-A Round Financing
36Kr learned that recently, “Approaching.AI”, an AI Token production service provider, announced the completion of hundreds of millions of yuan in Pre-A round financing. This round of financing was jointly led by Xinglian Capital and Huakong Technology, with institutions such as Honghui Capital, Tianhao Energy, Shangshi Capital, Tianjin Ren'ai Hongsheng, and Hangzhou Fucheng participating in the follow-on investment. The old shareholder, GL Ventures, continued to increase its investment.
Startup Backed by American Eagle CEO Secures Latest Funding and Enters Unicorn Club
Radar, a startup invested in by Jay Schottenstein, the CEO of American Eagle, has completed its latest round of financing. Its valuation has exceeded $1 billion, successfully making it a unicorn company. The company specializes in retail loss prevention and inventory management technology, and its partner clients include American Eagle and Old Navy under Gap. (Sina Finance)
Cool Products
Apple Re-lists iPhone Grip and Stand for $448, with Over 80% Premium on Second-hand Platforms
On May 20th, Apple's official website in China updated its product list with an iPhone accessory that once triggered a buying frenzy. This grip and stand, named Hikawa Grip & Stand, is priced at $448. It offers three color options - orange, blue, and rock - as MagSafe accessories, and currently, all three colors are in stock.
The Hikawa Grip & Stand was first introduced in November 2025. At that time, Apple launched this product to commemorate the company's 40 - year commitment to accessible design. Due to its limited release, this accessory sold out quickly after its launch last year and then remained out of stock for a long time, gradually becoming an out-of-print collectible. After it sold out, the price of this accessory soared on second - hand trading platforms, with a premium of over 80%. (Jiemian News)
iPhone Grip and Stand
AI Atlas
The AI Map takes you to interpret the latest and fastest AI news. Connect to the Lobster service to create the AI assistant "LingSi Super Assistant". Use ClawPro as the enterprise-level unified management and control base, and the communication brain rewrites the media workflow.
The AI Atlas, guiding you to interpret the latest and fastest AI news. Save $1 billion a year with the release of Gemini 3.5
Compiled | Happy