36Kr 9 AM Express丨Doubao Personal Work Edition cancels the 5-hour usage quota limit; The human low temperature record has been broken; U.S. tech stocks rebound, SpaceX's market value skyrockets by 965.3 billion overnight

Today's Hotspot Guide

• OpenAI has completed a new $11 billion financing round, with a valuation of 1.25 trillion US dollars 
• 89% of the fees paid by U.S. enterprises for open-source models flow to China
• BMW China refutes rumors about the airbag recall text message
• Google joins the massive layoff wave among technology companies
• The Japanese stock market has entered a technical bear market, with the Nikkei 225 Index falling by more than 6% during intraday trading

TOP 3 Major News

Doubao Work Personal Edition Lifts the 5-Hour Usage Cap

Reporters learned that starting from November 6, Doubao Work Personal Edition has lifted its 5-hour usage cap. After the adjustment, individual users are no longer restricted by the 5-hour short-cycle quota. They can flexibly arrange their usage time according to their actual work pace within the scope of the weekly quota. The weekly quota and other usage rules are still subject to the corresponding package. It is understood that previously, similar to mainstream large models on the market, Doubao Work Personal Edition adopted dual-cycle quota management with 5-hour and 7-day cycles. Even if there is still remaining weekly quota, users had to wait for the short-cycle quota to reset to continue using the service after reaching the 5-hour quota cap. (Shell Finance)

Human Record for the Lowest Temperature Ever Achieved Is Broken

On November 6, the Technology and Engineering Center for Space Utilization of the Chinese Academy of Sciences released the latest scientific research results of the China Space Station. The Chinese scientific research team used the ultra-cold atomic physics experiment cabinet in the Mengtian module of the China Space Station to produce the coldest known artificial substance, refreshing the record for the lowest temperature of matter ever achieved by humans and moving one step closer to absolute zero. Absolute zero, namely -273.15 degrees Celsius, is the lower limit of the lowest temperature in the universe. According to the third law of thermodynamics, humans can only approach it infinitely but can never truly reach it. In this extreme low-temperature exploration experiment, the scientific research team used all-optical trap cooling technology to successfully reduce the equivalent temperature of the rubidium atomic cloud in the ultra-cold atomic experiment cabinet of the China Space Station to 9.7 picokelvin, which is approximately one hundred trillionth of the temperature of matter at room temperature, and continuous observation was carried out for 7 seconds. (CLS)  

US tech stocks rebound, SpaceX's market value skyrockets by 965.3 billion yuan overnight

On Friday US Eastern Time, the three major U.S. stock indexes closed mixed: the Dow Jones Industrial Average fell 0.46%, the S&P 500 Index rose 0.31%, and the Nasdaq Composite Index rose 1.09%. In terms of sectors, large-cap tech stocks posted mixed performance: Tesla rose 4.23%, NVIDIA rose 2.78%, Meta (formerly Facebook) rose 0.84%, Google rose 0.78%, Amazon fell 0.35%, Apple fell 0.52%, and Microsoft fell 0.99%. Most memory chip stocks trended higher: Seagate Technology dropped 1.19%, Western Digital dropped 1.44%, SanDisk rose 3.55%, Micron Technology rose 5.12%, and SK Hynix rose 2.78%. SpaceX rose by more than 8%, with its market value jumping by approximately 144.6 billion US dollars (equivalent to about 965.3 billion RMB) overnight. All semiconductor stocks closed higher across the board: AMD (Advanced Micro Devices) rose 11.04%, Intel rose 7.71%, TSMC rose 6.26%, Qualcomm rose 5.52%, ASML rose 5.02%, ARM rose 4.74%, and Broadcom rose 0.74%. (China News Finance)

AI Frontier

OpenAI Completes New $11 Billion Financing at a $1.25 Trillion Valuation, With SoftBank, HSG and Others Participating

According to people familiar with the matter, OpenAI has completed approximately $11 billion in new financing, which is the first tranche of this round of financing at a $1.25 trillion valuation. The funds were transferred to the company's account on Friday. The remaining part of this round, with the total amount possibly rising to a maximum of $20 billion, is expected to be completed in the coming weeks. After postponing its initial public offering (IPO) plan, the AI developer has been negotiating a large-scale financing for more than a month. OpenAI initially planned to raise $30 billion or more at a valuation of $1.4 trillion, then scaled back the plan amid the plunge in the public market for the AI sector. Investors participating in the first closing include Coatue Management and T. Rowe Price. Other investors in this round include SoftBank Group, HSG, Founders Fund and Andreessen Horowitz. A consortium of investors from the United Arab Emirates has also joined. OpenAI is working with investment banks to raise funds from high-net-worth individuals and retail investors. (Wall Street CN) 

Meta Acquires AI Code Startup Conductor

Multiple people familiar with the matter revealed that Meta has acquired AI code startup Conductor, a product that allows programmers to manage multiple code agents simultaneously. Code has become a key track for AI implementation and seizing enterprise expenditure. Meta is joining the competition of AI giants such as OpenAI to compete for the developer tool ecosystem. This acquisition reflects Meta's ambition to continuously increase investment in AI, which will lay a foundation for its self-developed models and ecosystem, and compete for the developer group — developers are the most important core users of AI. (Sina Finance)

Google Launches Gemini Omni 1.2 Flash with 30% Price Cut

On local time November 5, Google announced the official launch of the video generation model Gemini Omni 1.2 Flash, which is fully available in Gemini API and Gemini for Business. Google stated that Gemini Omni 1.2 Flash introduces native 15-second video creation, multi-turn conversational editing features, and enhanced reference adherence capabilities. The price of this model is 30% lower than that of Gemini Omni 1.1, priced at $0.07 per second at 720p resolution. (Jiemian News)

OpenAI Launches Cybersecurity Model GPT-6 Cyber

On Beijing time November 6, OpenAI announced the launch of GPT-6 Cyber, a cybersecurity model trained to discover and verify exploitable vulnerabilities while never exceeding the scope set by researchers. GPT-6 Cyber is initially open to a small number of approved Daybreak Red customers via API and Codex, and will gradually expand access to all Daybreak Red customers, while GPT-5.6 Cyber is also open to all Daybreak Red customers. (Jiemian News)

Anthropic Launches Personal Finance Features for Claude

Anthropic announced that it will launch personal finance features for Claude. At the time when the company is preparing for its IPO, financial consultation has always been one of the most in-demand directions that users consult the chatbot about. (Sina Finance)

Major Companies / Major Events

89% of U.S. Enterprises' Payments for Open-Source Models Flow to China 

The 2026 State of Enterprise AI Report released by Menlo Ventures, a well-known Silicon Valley venture capital institution, shows that 89% of the expenditure of U.S. enterprises on open-source models is paid to Chinese models. Among the top three, Kimi accounts for 61%, DeepSeek accounts for 15%, and GLM accounts for 11%.

On OpenRouter, the global AI model aggregation platform, the token call volume of Chinese large models has exceeded that of U.S. models for 27 consecutive weeks in the week from October 26 to November 1. Among the top five models in terms of platform call volume in that week, four are Chinese models. (Yicai Global)

Xiaomi Auto Restructures: Establishes International Business Department, Vice President YU Liguo Serves as Concurrent General Manager

According to Sina Tech's report on November 6, Xiaomi Auto recently announced a restructuring, establishing the International Business Department, appointing YU Liguo, Vice President of the Auto Department, as concurrent General Manager of the International Business Department, reporting to LEI Jun, Group CEO and President of the Auto Department, and LU Weibing, Group President, on a dual-reporting line. At the same time, the International Business Department of Xiaomi Auto has an Auto International Marketing Department under it, and relevant work reports to YU Liguo, General Manager of the International Business Department, and XU Fei, Group Vice President and CMO, on a dual-reporting line. It also has GTM Department, Sales Department, Network Development Department, Delivery and Logistics Department, User Service Department, Comprehensive Management Department, and regional departments overseas, and relevant work reports to YU Liguo, General Manager of the International Business Department. (Sina Tech)

China National Petroleum and Unitree Robotics jointly set up a new joint venture

According to the public information recently disclosed by the Beijing Municipal Administration for Market Regulation, China National Petroleum Corporation Kunlun Manufacturing Co., Ltd. (hereinafter referred to as "Kunlun Manufacturing") and its concerted party Kunlun Capital plan to sign an agreement with Unitree Robotics Co., Ltd. (hereinafter referred to as "Unitree Robotics") and Beijing Panjie Intelligent Technology Co., Ltd. (hereinafter referred to as "Panjie Intelligence") to jointly establish a new joint venture. The joint venture will focus on industrial embodied intelligent robot solution business. At present, the relevant simple case of concentration of undertakings has entered the public notice period, which is from November 4, 2026 to November 13, 2026. According to the publicized equity structure, after the transaction is completed, Kunlun Manufacturing and its concerted parties will hold a total of 60% of the shares of the joint venture, while Unitree Robotics and Panjie Intelligence will each hold 20% of the shares, and the three parties will jointly control the joint venture. (CLS)

OpenAI pledges to disclose water consumption of data centers and commission independent noise studies

OpenAI said on Thursday that it will publish the water consumption of its data centers, make public construction plans, and commission independent noise studies before the data centers are put into operation. The company also promised that it will not ask public officials who discuss these controversial facilities with it to sign non-disclosure agreements. OpenAI released its "National Community Compact" two days after voters in at least 38 jurisdictions passed bills to restrict or ban the construction of data centers. (Sina Finance) 

South Korea's stock market triggers circuit breaker for the 11th time this year

The Korea Composite Stock Price Index (KOSPI) plummeted today (November 6), falling by more than 8%, triggering the circuit breaker mechanism and suspending trading for 20 minutes. This is the 11th time that South Korea's securities market has triggered a circuit breaker this year. After the circuit breaker is lifted, the securities market triggers a temporary trading suspension mechanism that suspends programmatic trading sell orders. KOSPI fell below the 5000 mark again since February 6 this year. According to analysis, against the background of the Democratic Party of the United States winning the midterm elections, the market is worried that AI data center projects will face regulatory risks, leading to a large sell-off of technology stocks in the U.S. stock market, and KOSPI has plummeted under this impact. According to CLS, South Korea's finance minister said the stock market overreacted to external factors. South Korea's economic fundamentals are sound, and vigilance against excessive market panic is needed. The government will take proactive measures to prevent market panic from further spreading; it will monitor the stock market at the highest alert level; it will relax regulations related to margin trading to stabilize market fluctuations. (CCTV Global Business Watch)

U.S. stock positions suffered a sharp drop, Dan Bin responded

U.S. tech stocks suffered a massive sell-off last night, and a number of heavyweight stocks previously disclosed by the overseas fund under the leadership of Dan Bin, Chairman of Oriental Harbour, were also among the falling stocks. On the morning of November 6, in response to market concerns about the prospects of AI investment, Dan Bin responded on social platforms that this can be recognized as a phased shock, but he believes the probability that this marks the end of the AI era is extremely low. (CLS)

Photo: Screenshot from Weibo

Google joins the wave of tech company layoffs

Google is rolling out a voluntary severance package; at the same time, Microsoft, Oracle, and Meta are also downsizing their workforce. This year, the total number of layoffs and buyout separations at large tech companies has exceeded 100,000. No matter whether the motivation for layoffs is the efficiency improvement brought by AI or the pressure caused by huge data center expenses, the pace of layoffs shows almost no sign of slowing down, and may even accelerate further. (Sina Finance)

Samsung Electronics' Vietnamese mobile phone base faces tariff risks

Vietnam is Samsung Electronics' largest smartphone production base. As U.S. President Trump ramps up tariff policies, Vietnam is facing increasing pressure. The U.S. government is investigating Vietnam's intellectual property protection situation and plans to decide whether to impose additional tariffs at the end of this month. A large part of Samsung's smartphones sold to the U.S. market are produced in Vietnam. Once additional tariffs are imposed, its pricing power and profit margins will be impacted. The Office of the United States Trade Representative (USTR) said on the 6th that the U.S. side plans to complete the 301 investigation into Vietnam's intellectual property protection and enforcement by the 29th. (Sina Finance) 

Martine Rose appointed Creative Director of Balenciaga, officially taking office on November 16

On November 6, Kering Group announced that British fashion designer Martine Rose has been appointed Creative Director of its brand Balenciaga, and will officially take office in Paris on November 16. (Jiemian News)

BMW China refutes rumors of airbag recall SMS

On November 6, BMW China released a statement: Recently, it has been found that criminals are posing as official BMW representatives to commit telecom fraud in the name of "vehicle recall". Such "recall notices" circulating recently are not issued by official BMW. Official BMW recall notices will not under any pretext guide car owners to provide sensitive information such as bank cards and verification codes, or perform operations such as transfer and payment. If you need to confirm whether your vehicle is involved in an official recall, please inquire through the official channel of the Defective Product Recall Technical Center of the State Administration for Market Regulation, or contact the BMW Customer Service Center or authorized BMW dealers for verification. (Jiemian News)

Japan's stock market enters a technical bear market, Nikkei 225 Index falls more than 6% during intraday trading 

On November 6, as the global tech stock sell-off spread, Japan's stock market suffered a sharp setback. The Nikkei 225 Index continued to fall after the market opened, and the intraday decline once expanded to 7%, falling below the much-watched 60,000 mark. It has retreated more than 20% from the historical peak set in June this year, officially entering a technical bear market. In terms of individual stocks, the AI and semiconductor industrial chain became the hardest hit area of the sell-off, with Tokyo Electron down 13%, Advantest down 13%, and SoftBank Group down 14%.

The core trigger for this drastic adjustment in Japan's stock market is the sharp rise in market concerns about the AI regulatory environment after the U.S. midterm elections. The Democratic Party's strong performance in the midterm elections has raised investors' concerns about the slowdown of data center construction and stricter restrictions on the AI industry. The U.S. stock market's AI sector crashed first overnight, and the Philadelphia Semiconductor Index has fallen by about 16% cumulatively this week. (CLS, Wall Street CN)

Reasons for the U.S. stock market crash: Democratic Party's landslide victory in midterm elections sparks AI regulatory panic

Eastern Time on November 5, the U.S. stock market suffered a historic sell-off. The Nasdaq Composite Index plummeted 5.52%, posting its largest single-day drop in 19 months, and fell more than 10% from its record closing high on October 6, officially entering a technical correction range; the S&P 500 Index fell 4.36%, and the Dow Jones Index fell 3.44%. All three major stock indexes posted their largest single-day declines since the "Liberation Day" tariff policy in April 2025. It is estimated that the market value of S&P 500 constituent stocks evaporated by about 2.9 trillion U.S. dollars in a single day, the market value of Nasdaq Composite Index constituent stocks shrank by 2.5 trillion U.S. dollars, and the seven tech giants collectively evaporated by about 1.04 trillion U.S. dollars.

The Democratic Party swept both the House and Senate in the midterm elections on November 3, and made breakthroughs at the governor level in major data center hubs such as Texas and Ohio. The market is worried that stricter AI regulations and local restrictions on data center construction may delay the process of U.S. AI infrastructure investment. U.S. Senator Bernie Sanders publicly stated that 43 of the 44 U.S. constituencies voted in the midterm elections to suspend the construction of artificial intelligence data centers; U.S. Representative Ansari of Arizona said that the top priority of the Democratic Party in the next Congress is to enact a ban on "super artificial intelligence". UBS analysts estimate that about 30% of the new data center capacity expected to be added in the U.S. by 2028 may be affected by potential construction suspensions. (CLS, Xinhua Finance)

Brookfield is reportedly considering selling Nike label supplier Trimco

People familiar with the matter said that Brookfield Asset Management Inc. is considering selling Trimco, a Hong Kong-based manufacturer of labels, packaging and brand identity tracking products, after receiving acquisition intentions for the company. People familiar with the matter revealed that Brookfield has held initial consultations with potential advisors on the possible sale. They said the transaction could value Trimco at more than $1 billion. People familiar with the matter said investment firms and industry participants have shown some interest in the asset, adding that the formal process may not start until next year. A representative of Brookfield declined to comment. (Sina Finance)

HKEX: Total Market Capitalization of Securities Market Hits HK$42.4 Trillion by the End of October

36Kr has learned that according to the data released by Hong Kong Exchanges and Clearing on November 5, the total market capitalization of the securities market reached HK$42.4 trillion at the end of October 2026. The average daily turnover in October 2026 was HK$180.7 billion. The average daily turnover in the first ten months of 2026 was HK$263.8 billion, representing a 2% year-on-year increase. The average daily turnover of exchange-traded funds in the first ten months of 2026 was HK$37.1 billion, representing an 8% year-on-year increase. A total of 121 new companies went public in the first ten months of 2026, marking a 49% year-on-year rise. The total funds raised through initial public offerings in the first ten months of 2026 amounted to HK$403.9 billion, up 84% year on year.

US-listed semiconductor stocks plunge hit A-share market, tech leaders dubbed "Yizhongtian" collectively released statements at noon

On the noon of November 6, listed companies including Zhongji Xuchuang, New Yisheng, TFC Communication, Dongshan Precision, Shenghong Technology, Luxshare Precision, Hygon Information, Lianxu Instrument, and Kingfa Science and Technology successively released announcements at noon. Zhongji Xuchuang stated that industry demand remains strong, and the company is actively preparing materials and production capacity. New Yisheng said that the company currently has sufficient orders on hand, and order delivery and capacity expansion are advancing in accordance with business needs. TFC Communication stated that the company will timely study and fully utilize policy tools in accordance with laws and regulations to safeguard the company's value and the interests of all shareholders. Dongshan Precision said that it has repurchased a total of 255,200 shares of the company this time, with a total transaction amount of 499.95 million yuan. On November 5, the Philadelphia Semiconductor Index in the US stock market plummeted by 12.25%, dragging down A-share computing hardware stocks to open lower on November 6. As of the midday close, Zhongji Xuchuang, New Yisheng, and TFC Communication fell by 8.78%, 7.04%, and 5.29% respectively. (CLS)

AI regulatory concerns hit credit market, SpaceX default insurance cost hits record high 

Amid the widespread decline in the credit market on Thursday, SpaceX and CoreWeave were among the hardest-hit companies. After the Democratic Party swept the Congress, the market is worried that it may strengthen regulation of the artificial intelligence industry, and this concern is continuously impacting the market. The yield of one bond of AI cloud computing company CoreWeave soared to a record high of more than 17%, and the cost of insurance against SpaceX debt default also rose to an all-time high. The stocks of both companies fell sharply. (Sina Finance)

Investment and Financing

"Afanar Bio" completes $50 million Series A financing

36Kr learned that recently, "Afanar Bio" announced the first close of its Series A financing. The total size of the Series A financing is 50 million US dollars. The first close is led by Sinocapital, jointly led by the life health company under Hefei Industrial Investment Group, Chan Tou Guo Zheng, and Anhui Ciyuan Industrial Investment Co., Ltd. The venture capital guidance fund company under Hefei Industrial Investment Group made an additional investment, with Nanjing Hongjing, Shenzhen Jiurong, and Shanghai Qinli following the investment. Loyal Valley Capital acted as the exclusive financial advisor. This round of financing will be mainly used to accelerate the efficient advancement of Afanar Bio's core pipelines such as in vivo CAR-T and tumor vaccines, continuously iterate the TALENT® technology platform, and further strengthen the company's comprehensive capabilities in CMC, registration development and industrialization. 

Lithium-rich manganese battery enterprise "Top Technology" completes tens of millions of yuan in financing

36Kr learned that lithium-rich manganese battery enterprise "Top Technology" recently completed tens of millions of yuan in Series A financing, with investors including Huaibei Jishan, Anhui Henna, and Chongqing Hite. The funds from this round of financing will be used for capacity expansion of the 0.5GWh production base in Huaibei, Anhui, and it is planned to be put into production in January 2027.

CATL's Guizhou new energy company's registered capital increased to 2.2 billion yuan, with a 10% growth rate

36Kr learned that according to Tianyancha App, recently, CATL (Guizhou) New Energy Technology Co., Ltd. has undergone industrial and commercial changes, with its registered capital rising from 2 billion yuan RMB to 2.2 billion yuan RMB, a 10% increase. The company was established in November 2021, with Chen Ling as the legal representative. Its business scope includes new energy technology R&D, battery manufacturing, battery sales and other items, and it is wholly owned by CATL New Energy Technology Co., Ltd.

IPO in Progress

Jiuzhou Yunjian launches IPO counseling

36Kr learned that the website of China Securities Regulatory Commission disclosed that Jiuzhou Yunjian Space Technology Co., Ltd. completed the counseling filing registration at Shanghai Securities Regulatory Bureau on November 5, 2026, planning to carry out initial public offering of shares and get listed, with Guotai Haitong Securities as the counseling broker. The counseling filing report shows that the controlling shareholder of the company is Ji Fenglai, holding 10.38% of the shares.

Mark Lore's Wonder secretly submits IPO application

Food technology startup Wonder disclosed on Thursday that it has secretly submitted the initial public offering application. Wonder completed Series D financing earlier this year, with a pre-money valuation reaching 9 billion US dollars. Lore said in an interview in September that the funds raised from the IPO will be used for more acquisitions. (Sina Finance)

Large Company Earnings Reports

DuPont's net sales in the third quarter reach 1.9 billion US dollars, up 4% year on year

On November 6, DuPont's latest financial report disclosed that its net sales in the third quarter of 2026 were 1.9 billion US dollars, up 4% year on year; operating EBITDA (earnings before interest, taxes, depreciation and amortization) was 469 million US dollars, up 8% year on year. (Jiemian News)

Under Armour's second fiscal quarter revenue decreased 7% year-on-year to 1.242 billion U.S. dollars, maintaining its full-year revenue decline expectation

Under Armour announced its financial performance for the second quarter of fiscal year 2027, with revenue reaching 1.242 billion U.S. dollars, down 6.9% year on year; net loss stood at 425,000 U.S. dollars, compared with a net loss of 18.81 million U.S. dollars in the same period of the previous year; diluted loss per share was nearly zero, versus a loss of 0.04 U.S. dollars in the same period a year earlier. Gross margin dropped 30 basis points to 47%. The company maintained its full-year fiscal 2027 guidance for a mid-single-digit year-on-year decline in revenue, while lowering its full-year gross margin growth forecast from 220-270 basis points to 170-220 basis points; it expects full-year operating profit to be between 99 million and 119 million U.S. dollars, and adjusted operating profit to be between 140 million and 160 million U.S. dollars. (Cailian Press)

Hong Kong Exchanges and Clearing: Profit attributable to shareholders for the third quarter was RMB 4.859 billion, down 1% year on year

36Kr learned from the announcement of Hong Kong Exchanges and Clearing that its revenue and other gains in the third quarter of 2026 reached RMB 7.867 billion, up 1% year on year; the profit attributable to shareholders stood at RMB 4.859 billion, down 1% year on year.

Compiled by | Geometry Fish