36Kr 9 AM Express丨Elon Musk publicly stated on the X platform that he will participate in the petition campaign calling for Jensen Huang to return to NVIDIA.
Today's Hotspot Guide
Microsoft: Preliminary signs show that the system has tended to be stable, and recovery work is still in progress
Anthropic and OpenAI are accused of plagiarizing neural network patents
Gold prices have plunged again, with experts advising against bottom fishing, and the international gold price has fallen below $3,900
Duan Yongping: I will not sell NVIDIA shares at present, and sold a large number of put options on the same day
ASUS recorded a revenue of NT$742.4 billion in the first three quarters, and its net profit attributable to shareholders reached NT$50.5 billion
TOP 3 Major News
NVIDIA's market cap returns to the second place in the US stock market, Elon Musk announces he will sign to support Jensen Huang's reinstatement
According to internal communications reviewed by Wired, a senior NVIDIA engineer posted a message via the company's intranet "Suggestion Box" before Jensen Huang resigned, demanding that the board of directors listen to employees' opinions first. By the time the report was published, the post had received more than 1,600 comments, most of which supported Jensen Huang's reinstatement. Some employees also sent emails to the entire company, asking the board of directors to explain the details of his departure. Wired reached out to NVIDIA and Jones for verification regarding the employees' appeals, and had not received a response as of the publication of the report. Meanwhile, Elon Musk made a public statement on the X platform that he would participate in the petition campaign demanding Jensen Huang return to NVIDIA. When replying to a post discussing how NVIDIA employees are fighting for Jensen Huang's reinstatement, he wrote: "There is an ongoing petition to reinstate Jensen Huang, and I will sign it."
On November 13, Eastern Time, NVIDIA closed at $162.85 per share, down 2.01%, and once dropped to $158.39 during the trading session. The company's market cap stood at approximately $3.92 trillion at close, surpassing Microsoft again to rank second in the US stock market, only behind Apple's roughly $5.18 trillion. NVIDIA has posted a cumulative decline of 12.7% this week, with its market cap eroding by more than $573 billion, marking its sixth consecutive week of decline and hitting the longest consecutive losing streak since 2012. (ifanr)
DJI: Adjust Suggested Retail Prices of Selected Products Starting November 18
36Kr has learned that DJI's official website released a statement on the adjustment of suggested retail prices for some DJI products today. Affected by the continuous sharp rise in costs of a number of key components including global semiconductors and storage, after prudent assessment, DJI will adjust the suggested retail prices of some products as of 00:00, November 18, 2026.
Claude's strictest account ban measures officially come into effect
On November 12, the "strictest account ban mechanism in Claude's history" of AI company Anthropic officially took effect, clarifying the penetrating review standards for regional access, with the aim of blocking methods to bypass regional restrictions such as shell companies and proxy relays. On local time October 8, Anthropic released the 2026 version of Claude Usage Policy Update Announcement, making detailed clarifications on the Acceptable Use Policy (AUP) and supported regional rules. This new regulation covers all Claude-related products and services, including official applications such as Claude.ai, Claude Code, Cowork, APIs and developer platforms, as well as Claude model services provided through cloud service providers and authorized distributor channels. This set of regional access and usage constraint rules is uniformly applied to all channels. The new regulation defines three types of access restrictions for usage entities: users whose physical location is in an unsupported region cannot access the service even if they are employed by an enterprise in a compliant region; if the business entity's registered place or headquarters is located in a restricted region, its employees staying in compliant regions are not eligible for use; if an enterprise is directly or indirectly held or substantially controlled by a restricted-region entity, its access will be restricted regardless of the registered location and the user's location. (Jiemian News)
Latest Cutting-edge AI Developments
Tencent Hunyuan: Releases Brand-New Real-Time Voice Model Hy Realtime
36Kr learned that Tencent Hunyuan announced in an official post that it has launched a brand-new real-time voice model Hy Realtime. The model is newly equipped with Agentic tool calling and singing capabilities. Hy Realtime has been deployed on products including Yuanbao voice call service and Tencent customer service system, and will be launched on Tencent Cloud in the near future to provide external API services. In addition to basic dialogue functions, Hy Realtime also has tool calling capability: it can accurately determine whether to perform online search according to the conversation context and user intention, and unify the whole process of search decision-making, tool calling and response generation.
Anthropic and OpenAI Accused of Infringing Neural Network Patents
On Thursday, an artificial intelligence company founded by computer scientists filed a lawsuit, alleging that Anthropic PBC and OpenAI OpCo are suspected of patent infringement. Flinn AI Technology LLC (Flinn AI) submitted two complaints to the U.S. District Court for the District of Delaware, accusing both Anthropic and OpenAI of infringing five patents held by co-inventors Steven Flinn and Naomi Manepheny. The complaints note that these inventions trace back to late 2015 and early 2016, when Flinn and co-inventor Manepheny filed patent applications that "were designed to protect this brand-new generation of attention mechanism-based neural network technology, which now constitutes the important functional foundation of modern generative AI systems." (Sina Finance)
Institution: With the rapid development of generative AI, AI software revenue will exceed 200 billion US dollars in 2026
36Kr learned that according to Omdia's latest *AI Software Market Forecast* report, global AI software revenue will surpass 200 billion US dollars in 2026, doubling the level recorded in 2024. The latest forecast from Omdia shows that the demand for both Generative AI and Agentic AI is on an accelerating growth trajectory.
Big Companies / Major Events
Gold prices plunge again as experts warn against bottom-fishing, international gold price falls below $3900
Due to persistent inflation in the United States, market expectations that the Federal Reserve may further tighten monetary policy have pushed the U.S. dollar stronger and U.S. Treasury yields higher, driving sharp declines in gold and silver futures prices on the day. The December gold futures price on the New York Mercantile Exchange once again fell below $3900 per ounce, with an intraday drop of more than 3.5% in early trading; the December silver futures price fell below $50 per ounce, down more than 4%.
Facing the rapid correction of gold prices, experts clearly suggest that it is not advisable to rush to buy the dip. According to reports, Zhu Zhigang, Vice President of the Guangdong Gold Association, also stated that gold investment should follow a long-term mindset. "Short-term speculation is prone to losses". It is recommended to make purchases in batches under the premise of a long-term optimistic outlook to lower the allocation cost, instead of trying to accurately catch the market bottom. (Xinhua News Agency, The Cover)
Chen Liang, Chief Marketing Officer of Ant Group, steps down and transitions to the position of senior consultant
On November 13, Ant Group issued an internal email, announcing that Chen Liang, Senior Vice President of the group, chose to step down from the posts of Chief Marketing Officer and President of the Public and Customer Communication Department due to personal life planning reasons, and will take the post of senior consultant at Ant Group. Chen Liang joined Alipay, the predecessor of Ant Group, in March 2008. He has been in charge of the group's brand and public communication affairs for many years, and built Ant's brand and public relations system from scratch. (Jiemian News, Jin10 Data APP)
Keda Zhiling Launches Coda Loom 2.5, Upgrading Enterprise-level AI-Native R&D Platform
On November 13, Keda Zhiling released Coda Loom 2.5. Centered on the ADF digital intelligent R&D factory, this platform provides enterprises with a 7*24-hour uninterrupted ADE digital R&D team. This upgrade focuses on four directions including autonomous progress, organizational precipitation, continuous evolution and cross-terminal access, to strengthen project-level task promotion, reuse of enterprise knowledge and skills, capability improvement based on real task feedback and cross-terminal multi-agent collaboration. The core change is that AI R&D has shifted from improving individual efficiency to precipitating organizational capabilities.
Retail investors are frantically bottom-fishing Nvidia against the market trend
According to data from Vanda Analytics, retail investors bought approximately 111 million US dollars of Nvidia shares within half an hour after the market opened, hitting the largest retail purchase scale of this stock in the opening stage on record. (Jiemian News)
ByteDance is reportedly planning to repurchase up to $6 billion worth of shares at a valuation of approximately $4 trillion
According to people familiar with the matter, ByteDance plans to repurchase no more than $6 billion of shares from existing investors at a valuation of around $4 trillion. The repurchase price offered by ByteDance is $241.35 per share, which is higher than the $200.41 per share in the last round of repurchase in November last year. External shareholders have the right to request ByteDance to repurchase all their shareholdings before a specific date. In its latest shareholder letter, ByteDance also proposed to extend this deadline again from December 11 this year to December 11, 2030. ByteDance also stated that it plans to provide a total of 300 million shares tied to the value of the company's AI business to employees engaged in AI-related businesses, so as to reward and retain AI talents. (Sina Finance)
Ministry of Finance plans to reissue the 2026 book-entry interest-bearing (21st tranche) government bonds for the first time, with a total bidding face value of 25 billion yuan
36Kr has learned that the Ministry of Finance plans to conduct the first reissuance of the 2026 book-entry interest-bearing (21st tranche) government bonds. The reissued bonds are 30-year fixed-rate interest-bearing bonds. The total face value of the competitive bidding for this reissuance is 25 billion yuan, and no additional bidding for Class A members will be carried out. The coupon rate of the reissued bonds is the same as that of the previously issued government bonds of the same maturity, standing at 2.06%. The value date and redemption arrangement of the reissued bonds are consistent with those of the previously issued government bonds of the same maturity. Interest will be calculated from October 25, 2026, and paid semi-annually. Interest will be paid on April 25 and October 25 each year (holidays postponed, the same applies hereinafter), and the principal and the last interest payment will be made on October 25, 2056. The bidding period is from 10:35 a.m. to 11:35 a.m. on November 20, 2026.
Chabaidao: Establishment of an Independent Special Committee and Continued Suspension of Trading
36Kr has learned from the announcement released by Chabaidao on the Hong Kong Stock Exchange that the board of directors has resolved to establish an independent special committee, which is initially composed of all current independent non-executive directors of the Company. The independent special committee is authorized to exercise all necessary powers, authorities and rights to perform its duties, including but not limited to appointing appropriate independent professional advisors, such as independent forensic investigation agencies and independent legal counsels, to assist the independent special committee in conducting the independent investigation. The Company will issue further announcements on the progress and results of the independent investigation in due course. Pursuant to the instructions of the Securities and Futures Commission, The Stock Exchange of Hong Kong has suspended all trading of the Company's shares with effect from 9:00 a.m. on October 13, 2026, and the trading suspension will continue until further notice. The Company's shareholders and potential investors are advised to exercise caution when dealing in the Company's securities.
Measures for the Administration of Automobile Modification Open for Public Comments
According to the Ministry of Industry and Information Technology today, the Measures for the Administration of Automobile Modification jointly compiled by multiple government departments has started to solicit public opinions. This is the first systematic policy normative document to be issued at the national level to promote the management of automobile modification, and also a key measure to foster new consumption growth points in the automobile aftermarket. It is understood that the current Measures for the Administration of Automobile Modification mainly targets the large-volume and wide-ranging modification of non-commercial passenger vehicles, and implements Category I and Category II modification management. Among them, Category I modification refers to modifications that do not involve safety, environmental protection and other performances, such as body color, interior and exterior trim. Category II modification refers to modifications involving vehicle safety, environmental protection and other performances, such as braking systems and suspensions. Reporters learned that the Ministry of Industry and Information Technology has formulated the first batch of modification project list with a total of 43 items, including 29 Category I modification items and 14 Category II modification items. In terms of management, automobile enterprises are required to establish a "one vehicle, one file" vehicle modification archive. (CCTV News)
Bitcoin falls below $68,000
According to the news on November 13, Bitcoin has fallen below $68,000, hitting a new low since August 20, with an intraday drop of more than 5%. (CLS)
U.S. Stock Market Close: Three Major Indexes Mixed, AMD Drops Nearly 9%
U.S. stocks closed on Friday, with the Dow Jones Industrial Average preliminarily closing up 0.1%, the S&P 500 index down 0.4%, and the Nasdaq Composite down 0.91%. AMD (AMD.O) fell 8.75%, Dell (DELL.N) dropped 7.24%, Coreweave (CRWV.O) declined 6.13%, Western Digital (SNDK.O) slipped 5.59%, Broadcom (AVGO.O) went down 4.76%, SK Hynix ADR (SKHY.O) fell 4.3%, NVIDIA (NVDA.O) dropped 2.01%; Meta Platforms (META.O) rose 2.9%, Microsoft (MSFT.O) edged up 0.17%. The Nasdaq Golden Dragon China Index gained 0.84%, Baidu (BIDU.O) was up 0.66%, Alibaba (BABA.N) dipped 0.02%. (Jin10 Data)
Microsoft: Initial signs indicate the system has stabilized, and recovery efforts are still ongoing
Microsoft stated regarding the system failure that initial signs show the system has tended to be stable, and the recovery work is still in progress. According to previous reports, users around the world reported malfunctions of Outlook, Teams and the Copilot AI tool on Friday. The day before that, a large number of users in the United States were unable to access these services. There were around 200,000 user problem reports related to this service outage on the tracking platform Downdetector, making it one of the most serious service failures of the company, while previous service disruptions rarely lasted more than a few hours. (Financial Associated Press)
People's Bank of China: Renminbi loans increased by 11.42 trillion yuan in the first ten months
36Kr learned that data from the People's Bank of China shows that at the end of October, the balance of local and foreign currency loans reached 287.25 trillion yuan, up 4.6% year on year. The balance of RMB loans at the end of the month stood at 283.33 trillion yuan, up 4.7% year on year. RMB loans increased by 11.42 trillion yuan in the first ten months. By sector, household loans decreased by 1.46 trillion yuan, of which short-term loans decreased by 1.41 trillion yuan, and medium and long-term loans decreased by 50.1 billion yuan; loans to enterprises (public institutions) increased by 12.39 trillion yuan, of which short-term loans increased by 4.65 trillion yuan, medium and long-term loans increased by 6.69 trillion yuan, and bill financing increased by 928.3 billion yuan; loans to non-bank financial institutions decreased by 239.5 billion yuan. At the end of October, the balance of foreign currency loans was 583.1 billion US dollars, up 5.2% year on year. Foreign currency loans increased by 38.1 billion US dollars in the first ten months.
Central Bank: It will launch a RMB 200 billion outright reverse repo operation on November 16, with a maturity of 6 months
36Kr has learned that the People's Bank of China announced that on November 16, 2026, the People's Bank of China will carry out a RMB 200 billion outright reverse repo operation through the method of fixed quantity, interest rate bidding and multiple price winning, with a term of 6 months (180 days), and the maturity date is May 15, 2027 (postponed in case of holidays).
Pop Mart repurchases shares for HKD 49.9 million
36Kr learned that Pop Mart repurchased shares for HKD 49.9 million on November 13.
The official website of the Ministry of Finance releases Q&A on the personal income tax policy caliber for offshore trusts
36Kr has learned that the Ministry of Finance has released the Q&A on the personal income tax policy caliber for offshore trusts. It responds to a series of questions including how to adjust the original value of assets for resident individuals who have not paid personal income tax at the asset transfer-in stage; whether the personal income tax for offshore trusts will be retroactively levied if the offshore trust of a resident individual has been terminated or the resident individual who transferred assets into the trust has passed away before the policy is issued; what specific rules shall be followed for currency conversion when calculating the personal income tax for offshore trusts; whether only changing the trustee of an offshore trust shall be regarded as the termination of the original offshore trust and re-transfer of assets into a new trust for personal income tax calculation and payment; how to determine the tax year for the income generated during the duration of an offshore trust; and whether the Mandatory Provident Fund in Hong Kong belongs to the offshore trust as mentioned in the Announcement.
Kweichow Moutai cuts the offline selling prices of multiple products consigned for sale by distributors to align with the prices on the i Moutai platform
According to people familiar with the channel, Kweichow Moutai has recently slightly lowered the offline selling prices of a number of products consigned for sale by distributors, and the adjusted prices are aligned with the selling prices on the i Moutai platform. Among them, the consigned selling price of Premium Moutai by distributors was reduced from 2410 yuan per bottle to 2359 yuan per bottle; the Year of the Horse Moutai Zodiac Liquor was reduced from 1951 yuan per bottle to 1899 yuan per bottle. Previously, the prices of Moutai products sold on a consignment basis by distributors were mostly higher than the prices of the same products on i Moutai, and the official side of Kweichow Moutai recently stated that it will promote channel coordination. (The Associated Press of Finance)
Duan Yongping: Will not sell NVIDIA at present, sold a large number of put options on the same day
On November 13, renowned investor Duan Yongping stated in response to netizens' questions that he will not sell NVIDIA for the time being, and in fact he sold quite a number of put options that very day. (Jiemian News)
Jensen Huang will lose more than 100 million US dollars in unvested equity awards
According to foreign media reports on November 12 local time, Jensen Huang will lose NVIDIA's unvested equity awards worth about 108 million US dollars after leaving his post. According to the estimate of the Bloomberg Billionaires Index, this award accounts for approximately 0.07% of his personal net worth. Under NVIDIA's equity compensation policy, unvested restricted stock units will expire when executives leave their positions. Foreign media said that Jensen Huang holds about 346,000 such units. (Jiemian News)
1.335 billion euros, JD.com completes the acquisition of CECONOMY
JD Group announced on November 12 that it has completed the acquisition offer, purchasing 59.8% of the equity and voting rights of CECONOMY at a total consideration of 1.335 billion euros. Following the completion of this acquisition, CECONOMY has become a subsidiary of JD Group. Together with the 25.3% equity stake retained by Convergenta, a partner of JD Group, this acquisition brings the total combined shareholding of the two parties in CECONOMY to 85.2%. (Jiemian News)
Apple adjusts its trade-in prices for the seventh time within a year, adding Samsung foldable smartphones to its recycling list
Apple has once again raised the trade-in prices for multiple iPhone models and several Apple Watch models, while the estimated trade-in values for Mac and iPad remain unchanged. This marks the seventh time Apple has adjusted its trade-in policy over the past year. Among all products, the iPhone Air and iPhone 17 see the largest price adjustments in this round, with their trade-in values rising from the original 585 USD to 615 USD respectively, representing an increase of over 5%. In contrast, the trade-in prices for Pro Max and Pro models have generally decreased: the 17 Pro Max and 17 Pro have been lowered from 885 USD and 785 USD to 855 USD and 740 USD respectively. At the same time, Apple has also added several Samsung foldable smartphones to its trade-in list. (CLS)
Vera Wang's Chinese distributor has encountered a major operational crisis, with no available goods and refunds extremely hard to get
Vera Wang, the dream wedding dress brand for girls around the world, finds it easy to collect deposits but difficult to process refunds in China. (Jiemian News)
The Japanese yen continues to depreciate, and Japanese officials say they will take measures to cope with the situation
On local time November 13, Satsuki Katayama, Japanese Minister of Finance, commented on the recent trend of continuous depreciation of the yen and continuous strengthening of the US dollar in the foreign exchange market, stating that there has been a "one-sided rapid fluctuation" in the exchange rate recently. Japan will continue to maintain close communication with the U.S. Department of the Treasury and take appropriate measures to respond. On the 12th, the yen exchange rate in the New York foreign exchange market once fell to the range of 1 US dollar against 160 yen, hitting a new low in nearly two and a half months. (CCTV News)
Mercedes-Benz Pauses Investments in Germany and Considers Closing Some Factories
A memorandum sent to employees shows that Mercedes-Benz, the German luxury car manufacturer, is suspending all investments in its factories in Germany and considering closing part of its plants to cope with the high automobile manufacturing costs within Germany. (Sina Finance)
TSMC Says Partial Employee Data Leaked, No Signs of Corporate System Intrusion Detected
TSMC announced that relevant data of some current and former employees was found on external websites, and there is currently no evidence showing that the company's own systems have been breached. The company indicated that the relevant data appears to be associated with a cloud service provider, and has no connection with production or customer information. (CLS)
IPO in Progress
It is reported that Sigmastar plans to list in Hong Kong, raising 300 million US dollars
Chinese chip manufacturer Sigmastar is reportedly planning to list in Hong Kong and raise 300 million US dollars. (Sina Finance)
Hikvision: Hikrobot has completed shareholding system reform and listing tutoring filing
36Kr learned that Hikvision stated on the interactive platform that Hikrobot has completed the shareholding system reform and listing tutoring filing, and the progress related to the IPO shall be subject to the officially disclosed information.
Super Fusion's IPO has passed the review meeting, planning to raise 8 billion yuan, sprinting for the largest IPO on ChiNext within the year
According to the report on November 13, the deliberation result of the Listing Examination Committee of the Shenzhen Stock Exchange on November 12 shows that the initial public offering matters of Super Fusion Digital Technology Co., Ltd. meet the issuance conditions, listing conditions and information disclosure requirements, and its ChiNext IPO has successfully passed the review. It only took Super Fusion 174 days from the acceptance of its application on May 22 to passing the review, with CITIC Securities as the sponsoring institution. The planned fundraising of 8 billion yuan this time will make it the largest IPO on ChiNext in 2026. (21st Century Business Herald)
Large Corporations' Financial Reports
Ecovacs: The third quarter is expected to be the low point of the company's gross profit margin
Ecovacs stated at the 2026 Q3 performance briefing that the third quarter is expected to be the low point of the company's gross profit margin, and the gross profit margin is expected to remain flat quarter-on-quarter or improve afterwards. However, given that the prices of memory chips will stay at a high level this year and next year, there is still certain pressure on the year-on-year gross profit margin in the next 2 to 3 quarters. (Cailian Press)
ASUS' revenue in the first three quarters reached NT$742.4 billion, and the net profit attributable to owners of the parent company was NT$50.5 billion
ASUS announced on November 12 that its consolidated revenue for the first three quarters of 2026 was NT$742.431 billion, gross operating profit was NT$120.693 billion, operating profit was NT$56.15 billion, pre-tax net profit was NT$67.503 billion, and net profit was NT$54.724 billion. Among them, the net profit attributable to owners of the parent company was NT$50.476 billion, with basic earnings per share of NT$67.96. As of the end of September, the company's total assets were NT$1.07 trillion, and total liabilities were NT$687.472 billion. (Jiemian News)
Cool Products
The new AITO M8 is launched with a starting price of 379,800 yuan
36Kr has learned that the new AITO M8 is officially launched, with a price range of 379,800 yuan to 469,800 yuan.
Huawei's first continuous glucose monitor: V-sense G1 Continuous Glucose Monitoring System is officially unveiled, supporting use with smartphones and smartwatches
According to news on November 13, Huawei's first continuous glucose monitor is officially announced, named Huawei V-sense G1 Continuous Glucose Monitoring System (CGM), which is committed to delivering a professional intelligent blood glucose management experience for users. The Huawei V-sense G1 needs to be attached to the skin surface, users can check detailed data by connecting it to Huawei smartphones and smartwatches, and it also supports functions such as abnormal blood glucose alerts. (IT Home)
Investment and Financing
"Qingkui Intelligent Manufacturing" completes 100-million-yuan Series A financing
36Kr has learned that Qingkui Intelligent Manufacturing, a Physical AI company dedicated to scientific research and development, recently announced the completion of its 100-million-yuan Series A financing, with joint participation from Chuangdongfang Investment, Fastprint Co., Ltd. and Jinhui Big Data. The raised funds will be mainly used for core technology R&D, key industry expansion and cloud laboratory construction, to accelerate the industrialized implementation of self-driven laboratories.
AI Landscape
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Compiled by Song Qingyu
This article is from the WeChat official account "36Kr", and is published by 36Kr with authorization.