At 8:00, Kr 36 | NVIDIA becomes the first listed company with a market value exceeding $5 trillion; OpenAI is reported to plan to submit a listing application as early as the second half of 2026 and go public in 2027; BabyBus apologizes for pushing vulgar ads on its APP.

Today's Hotspot Guide

• OpenAI is reported to plan to submit a listing application as early as the second half of 2026 and go public in 2027.
• The Federal Reserve cut interest rates by 25 basis points again.
• The national immunization program procurement of the bivalent HPV vaccine is here, with a single - dose price limit of no more than $27.5.
• Four people in Hangzhou spent only $2 on nine dishes at Xiabei. Experts say that price cuts are a "double - edged sword."
• The "Super Central Bank Week" is coming, and the global foreign exchange market is on high alert.

Top 3 Big News

Xi Jinping to Hold Talks with US President Donald Trump

The spokesperson of the Ministry of Foreign Affairs announced that, through consultation between China and the United States, President Xi Jinping will hold talks with US President Donald Trump in Busan, South Korea, on October 30 (local time) to exchange views on China-US relations and issues of common concern. (CCTV News)

Nvidia Becomes the First Listed Company with a Market Value Exceeding $5 Trillion

The stock price of artificial intelligence chip manufacturer Nvidia opened 3.2% higher, with its market value reaching $5 trillion. It has become the first listed company in history to cross this milestone, hitting an astonishing $5.05 trillion. It took Nvidia only 113 days to increase its total market value from $4 trillion to $5 trillion, while it took 410 days to go from $3 trillion to $4 trillion. With a total market value as high as $5 trillion, it has already exceeded the total market values of the stock markets of countries such as the UK, France, and Germany, and this figure is approaching the total value of the Indian stock market ($5.3 trillion). The stock price of this company headquartered in Santa Clara, California, has rebounded by more than 135% from its low point in April, and its market value has increased by $2.9 trillion. The company's stock price has risen by 54% this year. (Caixin Press)

BabyBus Apologizes for Pushing Vulgar Ads on Its APP: Ads from Third - Party Platforms, All Removed

Recently, some netizens reported that when opening "BabyBus Nursery Rhymes", an APP under BabyBus, they were redirected to vulgar and borderline - crossing live - streaming and other third - party ads that are inappropriate for children during the splash screen, which has drawn public attention.

On the morning of October 29, a relevant person in charge of BabyBus responded to The Paper, stating that the problematic ads on the APP were from third - party platforms. This incident has seriously affected users' experience, and they sincerely apologize for it.

BabyBus said that the company attaches great importance to the issue of inappropriate ads and has quickly launched self - inspection and self - correction work. In response to the loopholes and deficiencies exposed in this advertising incident, the company immediately carried out rectification and optimization: All ads on the corresponding platforms were removed immediately, and timely communication was made with the platforms to improve the review and blocking mechanism for advertisers. For advertisers that cannot be monitored by the advertising platform, BabyBus has independently developed a mandatory ad - blocking function to enforce interception. (The Paper)

Big Companies/Big Events

OpenAI is reported to plan to submit a listing application as early as the second half of 2026 and go public in 2027.

OpenAI plans to submit a listing application as early as the second half of 2026 and go public in 2027. The valuation of this IPO could be as high as approximately $1 trillion. OpenAI plans to raise at least $60 billion. (Cailian Press)

The Federal Reserve Cuts Interest Rates by Another 25 Basis Points

On October 29 local time, the Federal Reserve announced that it would lower the target range for the federal funds rate by 25 basis points to between 3.75% and 4.00%. This is the second interest - rate cut of 25 basis points by the Federal Reserve following the one on September 17, and it is also the fifth interest - rate cut since September 2024. (CCTV News)

The national immunization program procurement of bivalent HPV vaccines has arrived, with a single - dose price limit of no more than $27.5

As HPV vaccines are included in the national immunization program, the China Government Procurement Network has announced the centralized procurement project of bivalent human papillomavirus vaccines for the national immunization program in 2025. The budget is approximately 425 million yuan, and the quantity is 15.4465 million doses. This means that the price limit for a single dose is no more than $27.5. (Yicai Global)

X-59 Quiet Supersonic Aircraft Completes First Flight

The U.S. National Aeronautics and Space Administration (NASA) announced on the 28th that the experimental quiet supersonic aircraft X-59, jointly developed by the agency and U.S. aerospace company Lockheed Martin, completed its first flight on the same day. According to NASA's official website, the X-59 is an experimental jet aircraft, approximately 30 meters long with a wingspan of about 9 meters. It is designed to cruise at a speed of Mach 1.4 (i.e., 1.4 times the speed of sound). Its unique shape and noise reduction design can significantly reduce the sonic boom noise reaching the ground. (Xinhua News Agency)

The three major U.S. stock indexes closed mixed, and NVIDIA's market value reached $5 trillion

36Kr learned that at the close on October 29, the three major U.S. stock indexes were mixed. The Dow fell 0.16%, the S&P 500 index closed flat, and the Nasdaq rose 0.55%. Most large technology stocks rose. NVIDIA rose nearly 3%, and its total market value reached the $5 trillion mark; Apple rose 0.26%, with its total market value at the close exceeding $4 trillion for the first time; Google rose more than 2% to a new high; Amazon, Meta, and Tesla rose slightly; Microsoft and Netflix fell slightly. Popular Chinese concept stocks were mixed. Futu Holdings rose more than 5%, iQiyi rose more than 3%, Tiger Brokers rose more than 2%, Alibaba and Bilibili rose more than 1%; Pony.ai fell more than 3%, and Vipshop, Li Auto, and Weibo fell more than 1%.

"Super Central Bank Week" Approaches, Global Foreign Exchange Market Braces Itself

This week, the global financial market ushers in the "Super Central Bank Week". Among them, the Federal Reserve, the European Central Bank, and the Bank of Japan will announce their interest rate decisions at Beijing time on October 30. Currently, the market generally expects that the three major central banks will take divergent paths: the Federal Reserve is highly likely to cut interest rates by another 25 basis points; while the European and Japanese central banks will maintain their existing interest rates unchanged. This difference in monetary policies has also become a key factor influencing the direction of the global foreign exchange market. (Shanghai Securities News)

Reports: NVIDIA to Sign AI Chip Supply Agreements with South Korean Companies like Samsung

According to people familiar with the matter, U.S. technology giant NVIDIA will supply artificial intelligence (AI) chips to South Korean companies such as Samsung Electronics and SK Group. This week, NVIDIA CEO Jensen Huang will attend the APEC CEO Summit in Gyeongju, South Korea. It is a business - centered gathering held concurrently with the annual APEC Leaders' Summit. Sources revealed that NVIDIA will sign supply agreements with four companies, including Samsung Electronics, SK Group, Hyundai Motor Group, and Naver, and the agreements will be announced on Friday. (Sina Finance)

BOSS Zhipin Disposes of Nearly 20,000 Brush Ordering Accounts

Recently, BOSS Zhipin announced its governance progress, focusing on cracking down on illegal activities such as inducing job - seekers to participate in "online brush ordering" and defrauding job - seekers of money, as well as reselling resumes. The governance report shows that in the third quarter, the platform permanently banned nearly 20,000 suspicious accounts involved in brush - ordering fraud through a combination of "technical inspection + manual review". It also cooperated with the police to solve 6 cases and arrest 144 suspects. The platform has cumulatively pushed anti - fraud information to job - seekers more than 32 million times. In addition, regarding the illegal act of individual in - service HRs in the industry reselling job - seekers' resumes to the dark and gray industries by taking advantage of their work, the security team has banned their accounts and handed over relevant clues to the public security organs. BOSS Zhipin said that the above - mentioned illegal acts have always been the focus of the platform's governance, and in the future, it will continue to increase technological investment to protect the rights and interests of job - seekers. (Sina Hotspots)

Xiaomi Auto Registers Software Copyright for AI Assistant "Xiao Su - Intelligent Data Agent Assistant System"

36Kr learned that according to the AiQicha App, recently, Xiaomi Auto Technology Co., Ltd. was approved to register the software copyright for the "AI Xiao Su - Intelligent Data Agent Assistant System", with the version number V1.0. The company was established in November 2021, with Lei Jun as the legal representative and a registered capital of 1 billion yuan. Its business scope includes the manufacturing of new energy vehicles, the R & D of vehicle and auto parts technologies, and the R & D of motors and their control systems. It is wholly - owned by Xiaomi Technology Co., Ltd.

Boeing Sets Aside $4.9 Billion in Charges, Delays First Flight of 777X to 2027

Boeing announced that it will set aside $4.9 billion in accounting charges and delay the first - flight plan of the 777X aircraft. Although the increase in aircraft deliveries has provided it with cash support, this move serves as a reminder that the U.S. aircraft manufacturer still faces a long road to recovery. (Sina Finance)

US Revokes Permits for Multiple Mexican Airlines' Routes to the US

It was learned on October 28 local time that the US Department of Transportation announced that it had revoked the permits for 13 existing or planned routes of Mexican airlines to the US and suspended all mixed passenger and cargo flights from Felipe Ángeles International Airport in Mexico to the US. According to an order signed by US Transportation Secretary Pete Buttigieg, the revoked permits involve existing or planned routes of three airlines: Aeroméxico, Volaris, and Viva Aerobus. Meanwhile, the expansion of mixed passenger and cargo services (i.e., belly - hold cargo operations) between Benito Juárez International Airport in Mexico and the US by Mexican airlines has also been temporarily frozen. (CCTV News)

Former Secretary of the Board of Hangke Technology Joins Unitree Technology and Is Responsible for IPO - Related Matters

Fu Fenghua, the former secretary of the board of Hangke Technology, a company listed on the STAR Market, has joined Unitree Technology and is responsible for the company's IPO - related matters. Public information shows that Fu Fenghua was born in 1988. He has served as an auditor, project manager, and senior project manager at Tianjian Certified Public Accountants (Special General Partnership), as well as the deputy general manager, chief financial officer, and secretary of the board of Hangke Technology. (Caixin Press)

Stellantis Reaches a Partnership on Driverless Taxis with NVIDIA, Uber, and Hon Hai

Stellantis announced on October 28 (local time) the establishment of a new partnership with NVIDIA, Uber, and Hon Hai to jointly explore the joint development and deployment of Level 4 autonomous vehicle taxis globally. According to the agreement, Stellantis will integrate NVIDIA's DRIVE AV software to achieve Level 4 driverless capabilities; NVIDIA will provide the DRIVE AV software based on the DRIVE AGX Hyperion 10 architecture, covering Level 4 parking and Level 4 driving functions; Hon Hai will cooperate with Stellantis in the fields of hardware and system integration; Uber will operate the robotaxi service. (Jiemian News)

OpenAI Sued by U.S. Celebrity Video Platform, New Sora Feature 'Cameo' Allegedly Infringes Trademark

U.S. celebrity video platform Cameo sued OpenAI in a California federal court on Tuesday, accusing the company's new 'Cameo' feature in its 'Sora' video - generation application of infringing on its trademark rights. In the lawsuit, Cameo stated that OpenAI's Cameo feature allows users to create and share their avatars on Sora, which may cause consumer confusion and dilute its brand. A spokesperson for OpenAI said the company is reviewing the complaint but "disagrees that anyone can claim exclusive ownership of the word 'Cameo.'" (Sina Finance)

UK Regulator Proposes to Remove Short - Seller Identity Disclosure to Encourage Market Activity

The UK Financial Conduct Authority (FCA) has proposed to remove the public disclosure of short - seller identities. This is one of its initiatives to encourage market activity. According to a consultation paper released by the agency on Tuesday, under the new regime, individual short positions exceeding the 0.2% reporting threshold will be aggregated and anonymized. The FCA said it is seeking feedback on this and noted that "short selling can play an important role in supporting price formation, providing liquidity and facilitating risk management." (Sina Finance)

New Detection Model Solves the Early Screening Problem of the "King of Cancers"

It is learned from the Cancer Hospital of Tianjin Medical University that the team led by Professor Hao Jihui, the dean of the hospital, has innovatively developed a non - invasive detection model based on circulating free DNA (cfDNA). By integrating multi - omics features and machine learning, it provides a new solution for the early screening of pancreatic cancer. The relevant research results have been published in the international journal Cancer Discovery. (Science and Technology Daily)

Tesla Has a New CEO Candidate Ready in Case Musk Departs

Recently, Robyn Denholm, the chair of Tesla's board, said in an interview that if shareholders reject Elon Musk's $1 trillion pay package and he decides to resign, Tesla is ready to appoint a new CEO from within the company.

Although Musk has been closely associated with Tesla for more than a decade, as the crucial shareholder meeting approaches next week, the possibility of his departure has become the focus of attention. If he fails to get the desired pay package and greater voting control, he has threatened to leave the company or shift his focus to xAI, SpaceX and other business projects. (IT Home)

Apple Plans to Upgrade Displays for MacBook Air and iPad Product Lines

Apple plans to upgrade the displays for the MacBook Air and iPad product lines. Apple will equip the MacBook Air and iPad with OLED displays similar to those on iPhones. This design change may cause the price of the iPad mini to increase by $100. (Caixin Press)

Four people in Hangzhou spent only 2 yuan on 9 dishes at Xibei. Experts say: Price cuts are a "double - edged sword"

Recently, some netizens said on social platforms that Xibei restaurants across the country have started to have long queues again in the past two days. The reason for the queues is that large - value dining vouchers have been issued. The reporter consulted the staff at the store, and the staff said that the first wave of vouchers was issued starting from September 24th and lasted until October 8th. As long as customers spend any amount at the store, they can receive a 100 - yuan voucher without any threshold, which will take effect the next day. The validity period of the first - round vouchers is until October 31st. Starting from October 9th, Xibei began to issue the second - round vouchers. From October 9th to October 31st, as long as customers dine at the store, for every 50 yuan actually paid, they will get a 50 - yuan voucher. If they pay 100 yuan, they will get 2 vouchers, and so on. These vouchers also take effect the next day.

The reporter also accidentally met a customer. Four of them ordered 9 dishes and used 4 100 - yuan vouchers. The final actual payment was only 2 yuan. Yang Xin, an associate professor of tourism economics at Zhejiang Gongshang University, reminded: In fact, price cuts are a "double - edged sword". On the one hand, it can attract customers, but on the other hand, it may damage the brand's premium ability in the future and may trigger a new round of doubts about the cost of pre - made dishes. (Hangzhou Comprehensive Channel)

US Government's Mass Layoffs During Shutdown Continued to Be Halted

On October 28 local time, a US federal judge further blocked the Trump administration's plan to lay off thousands of federal employees during the nearly one - month partial government shutdown. (CCTV News)

Wang Xingxing of Unitree Hired by Shanghai Stock Exchange

36Kr learned that on October 27th, the Shanghai Stock Exchange announced that it had appointed members of the third - session Science and Technology Innovation Advisory Committee and made the list public. The list shows that the third - session advisory committee consists of 60 members, and Wang Xingxing, CEO of Unitree, is among them.

Starbucks is reported to view Boyu as the leading bidder for a controlling stake in its China business

According to people familiar with the matter, Boyu Capital, a private equity firm, has emerged as the leading bidder in Starbucks' search for a partner for its China business. The coffee chain is trying to revive its business in its second-largest market. The people, who asked not to be named because the information was private, said Boyu has become the most likely buyer of a controlling stake in the business after outbidding other private equity firms, including The Carlyle Group. The deal could value Starbucks' China business at more than $4 billion, the people said. Starbucks and Boyu may take months to negotiate terms and finalize an agreement, but the talks may not result in a deal, the people said. Other companies, including internet firms, may participate as limited partners to help co-finance the deal, the people added. (Sina Finance)

Google Teams up with Energy Company to Restart Nuclear Power Plant

On the 27th local time, U.S. technology company Google and a U.S. energy company announced a cooperation plan. The two parties will work together to restart a nuclear power plant in Iowa, the United States, that has been out of service for several years. This move aims to provide power support for Google's artificial intelligence, or AI data centers. It is understood that the installed capacity of this nuclear power plant is 615 megawatts, and it was shut down in 2020. It is also the only nuclear facility in Iowa. After the restart of this nuclear power plant, Google will fulfill a 25-year agreement to purchase electricity from here, and this nuclear power plant is wholly owned by NextEra Energy Company. It is estimated that this project can create more than 1,600 jobs and bring more than $9 billion in revenue to Iowa. (CCTV Finance)

Jensen Huang: The Next Consumer Electronics Opportunity Lies in Robotics

Jensen Huang, the CEO of NVIDIA, stated during the GTC conference that the world is facing a labor shortage, and robots will become the next significant consumer electronics opportunity. "Jobs are not taken away by robots but by people who can use artificial intelligence." (Sina Tech)

The Cutting - Edge of AI

Elon Musk's AI-driven Wikipedia competitor officially launched after a bumpy journey

Elon Musk launched an early version of the AI-driven encyclopedia "Grokipedia" on October 27. The website briefly crashed at the beginning of its launch and didn't resume normal access until several hours later. This brand-new AI service is named after Grok, a large language model of xAI. Musk said it is an "upgraded version" of the popular free online encyclopedia Wikipedia and is "less biased." (Sina Finance)

1X Launches Household Humanoid Robot NEO at $499 per Month

Humanoid robot company 1X Technologies has launched the household humanoid robot NEO, which is priced at $20,000 (approximately RMB 140,000). It can also be subscribed to on a monthly basis at $499 per month (approximately RMB 3,542). In the video, this robot demonstrated its ability to do household chores such as taking out the trash and tidying up clothes. This robot is about 168 cm tall and weighs about 30 kilograms, and deliveries are expected to start in 2026. (Yicai Global)

Tanjikeji Launches Large Model Agent Platform

36Kr learned that on October 29th, Tanjikeji launched a large model agent platform focusing on digital productivity. This platform is committed to creating AI digital employees that can think like humans, execute tasks autonomously, are proficient in business, and highly adaptable. To help enterprises deploy their own AI digital employees with lower thresholds and at a faster pace, Tanjikeji also launched AI Agents covering core business scenarios in B2B and B2C.

Unitree is about to release a new product: Its power performance is approximately twice that of Go2, and it may be a quadruped robot

36Kr learned that Unitree Technology announced today that it is about to release a new product, which features "a compact body with industry-leading performance. Power performance ≈ 2x Go2". Judging from the promotional poster, the new product may be a quadruped robot.

Foxconn to Deploy Humanoid Robots at Houston AI Server Factory

Foxconn said on Tuesday that it will deploy humanoid robots at its Houston factory, where it manufactures AI servers for NVIDIA. Reuters reported in June this year that Foxconn and NVIDIA were in talks about using humanoid robots at the Houston factory, with the target deployment time set for the first quarter of 2026. (Sina Finance)

China's First Hongmeng Humanoid Robot Unveiled

36Kr learned from China Optics Valley that on October 28th, "Kuafu," the first domestic robot equipped with the open - source Hongmeng system, was unveiled at the intelligent exhibition hall of the Hongmeng Ecosystem (Wuhan) Innovation Center. Developed based on the open - source Hongmeng system, "Kuafu" has broken the foreign technology monopoly and is accelerating the construction of a fully self - controllable robot ecosystem.

Financial Reports of Large Companies

VISA: Net revenue in the fourth quarter was $10.7 billion, a year-on-year increase of 11%

VISA's payment transaction volume in the fourth quarter was $3.73 trillion, with an estimated $3.71 trillion; net revenue in the fourth quarter was $10.7 billion, a year-on-year increase of 11%, with an estimated $10.62 billion; adjusted net profit in the fourth quarter was $5.8 billion, a year-on-year increase of 6.9%, with an estimated $5.77 billion; adjusted earnings per share in the fourth quarter were $2.98, a year-on-year increase of 9.96%, with an estimated $2.97. (Caixin Press)

Mercedes-Benz's net profit in the third quarter was 1.19 billion euros, a year-on-year decrease of 31%

The financial report for the third quarter released by the Mercedes-Benz Group on October 29 showed that the sales volume was 32.15 billion euros, a year-on-year decrease of 6.9%; the net profit was 1.19 billion euros, a year-on-year decrease of 31%. (Jiemian News)

UBS Reports $2.48 Billion Net Profit in Q3, Far Exceeding Expectations

UBS Group announced on Wednesday that its net profit in the third quarter rose 74% year-on-year to $2.48 billion, far exceeding market expectations. The reason is that the global tariff turmoil has led to fluctuations in financial markets, driving up revenues. (Sina Finance)

BY-HEALTH: Net profit in the third quarter was 171 million yuan, a year-on-year increase of 861.91%

36Kr learned that BY-HEALTH released its third-quarter financial report. The report shows that the revenue in the third quarter was 1.383 billion yuan, a year-on-year increase of 23.45%; the net profit was 171 million yuan, a year-on-year increase of 861.91%. The revenue in the first three quarters was 4.915 billion yuan, a year-on-year decrease of 14.27%; the net profit was 907 million yuan, a year-on-year increase of 4.45%.

Septwolves: Net profit in the third quarter was 242 million yuan, a year-on-year increase of 392.79%

36Kr learned that Septwolves released its third-quarter financial report. The report shows that the company's revenue in the third quarter was 651 million yuan, a year-on-year decrease of 11.20%; the net profit was 242 million yuan, a year-on-year increase of 392.79%. The revenue in the first three quarters was 2.025 billion yuan, a year-on-year decrease of 7.69%; the net profit was 403 million yuan, a year-on-year increase of 70.98%.

Adidas' revenue in the third quarter reached 6.63 billion euros, a year-on-year increase of 3%

Adidas released its third-quarter financial report on October 29, showing that its revenue was 6.63 billion euros, a year-on-year increase of 3%; the net profit was 461 million euros, a year-on-year increase of 4.1%. (Jiemian News)

Investment and financing

“Baige New Energy” Completes Tens of Millions of Yuan in Angel Round Financing

36Kr learned that “Baige New Energy” announced the completion of an angel round financing of tens of millions of yuan, with participation from institutions such as Anhui Guangtou Venture Capital Fund Partnership (Limited Partnership) and Hefei Baohe District Science and Technology Innovation Seed Fund Partnership (Limited Partnership). The funds from this round of financing will be mainly used to improve the R & D and marketing teams and accelerate the pace of product iteration and market expansion.

Cool Products

NVIDIA Unveils BlueField-4 Processor

On October 28, NVIDIA launched the NVIDIA BlueField-4 Data Processing Unit. As an important part of the full-stack BlueField platform, this product can accelerate gigabit-level AI infrastructure, provide massive computing performance, support a throughput of 800 Gb/s, and achieve high-performance inference processing. (Jiemian News)

Compiled | Chenxi