RecodeX

📡 Hourly roundup | 04:00-05:00

1. RecodeX rewrite: Amazon spent more than $77 billion on property and equipment in the third quarter, far exceeding analysts’ expectations. The investment was mainly used to build data centers to meet growing market demand for artificial intelligence services.

2. RecodeX rewrite: Reddit announced plans to shift the platform to a browsing experience that requires users to log in. As artificial intelligence changes how people access information online, Reddit is rethinking its place in the open web to protect its user base and business. The move comes amid a sustained decline in search traffic.

3. RecodeX rewrite: Reddit announced it will change its long-standing open browsing model: users will need to log in to access website content. Currently, users can browse Reddit without registering, and the platform is often used as a source of crowdsourced information on a wide range of topics. The change will restrict access for visitors who are not logged in.

4. RecodeX rewrite: Intel’s revenue forecast fell short of analysts’ expectations, mainly due to a sharp decline in demand for PC processors. The company is also struggling to meet strong demand for data center components. These components are highly profitable, but Intel has been unable to keep pace with their rapidly growing demand.

5. RecodeX rewrite: The U.S. Department of Defense is investigating a suspected cyberattack that caused cold-storage units at military commissaries in several parts of the country to malfunction in August, spoiling food. Investigators are also looking into a similar attack on refrigeration systems in France. No further details are available about the source of the attack or the extent of its impact.

6. RecodeX rewrite: Cuba’s foreign minister said the Trump administration is applying the most intense pressure on Cuba in decades. The Cuban government’s response is to endure the pressure and ride it out.

7. RecodeX rewrite: Coinbase’s latest financial results show the company has returned to profitability, but revenue has fallen again. Coinbase’s results show a divergence between profit and revenue: profits are back in positive territory, while revenue continues to decline.

8. RecodeX rewrite: Bitcoin treasury company Strategy reported third-quarter net income of $19.53 billion, mainly driven by $20.91 billion in gains on its Bitcoin holdings. The company currently holds 848,517 Bitcoins. Meanwhile, preferred shareholders approved changing preferred stock dividend payments to a daily schedule.

📡 Hourly Briefing | 03:00-04:00

1. RecodeX rewrite: SpaceX’s largest source of revenue currently is a limited-term agreement with Anthropic. The agreement generates more revenue for SpaceX than any of its other businesses, making it the company’s primary revenue source. It has a clearly defined term and is not a long-term arrangement.

2. RecodeX rewrite: Prediction market platform Polymarket has suspended trading after a security breach at a third-party vendor led to users’ funds being stolen. The platform said affected users would be fully reimbursed. Its exchange is currently in cancel-only mode, and an investigation is underway.

3. RecodeX rewrite: A U.S. Army official said military criminal investigators are looking into a series of failures at food-storage refrigerators across several military facilities. Similar refrigeration outages previously occurred in Europe and were attributed to cyberattacks. The investigation is ongoing, and officials have not disclosed the number of affected bases or the cause of the failures.

4. RecodeX rewrite: Eli Lilly raised its outlook after strong sales of its diabetes and obesity treatments, sending its shares sharply higher.

5. RecodeX rewrite: Ares Management CEO Michael Arougheti said on the company’s earnings call Thursday that it is avoiding financing high-performance processors used to run advanced AI models and is instead investing in the data centers that house those chips. He said data-center projects are easier to diligence and offer attractive relative returns, adding that this does not mean the company is rejecting GPU financing. Ares estimates that AI-related capital expenditure needs total about $5 trillion, with roughly $2 trillion going toward physical A.

6. RecodeX rewrite: General Motors agreed to pay $220 million to settle allegations that it illegally sold drivers’ personal and location data to data brokers. The agreement resolves complaints jointly brought by the attorneys general of 36 U.S. states and requires GM to limit the scope of the driving data it collects and obtain users’ “affirmative consent” before collecting and using such data.

7. RecodeX rewrite: Grayscale’s latest analysis estimates that the United States accounts for about 15% to 20% of global cryptocurrency activity. The U.S. accounts for about 36% of the Bitcoin network’s total computing power, while roughly 31% of all Ethereum full nodes are located in the United States. Computing power refers to the processing capacity used in Bitcoin mining; full nodes validate blockchain transactions and maintain network data.

8. RecodeX rewrite: At the close on the 29th, December-delivery light sweet crude futures on the New York Mercantile Exchange fell 78 cents to settle at $102.00 a barrel, down 0.76%. December-delivery Brent crude futures in London fell 44 cents to settle at $114.88 a barrel, down 0.38%.

📡 Hourly Briefing | 02:00-03:00

1. Spanish Prime Minister Sánchez said that following the high-speed train collision in Toledo province, emergency upgrades to national high-speed rail safety standards will be made in areas including system maintenance, signal monitoring, and dispatch procedures, while cybersecurity protections across the rail network will be comprehensively strengthened.

2. Italy’s UniCredit is nearing a takeover bid for Monte dei Paschi di Siena, the world’s oldest bank. The move would reshape Italy’s banking sector and could affect the bank’s independence.

3. Polymarket has switched its exchange to cancel-only mode and suspended relayer operations while investigating an incident. Multiple users reported unauthorized transfers from their accounts, with some losses reaching hundreds of thousands of dollars.

4. The United States is pursuing nuclear energy cooperation with Kazakhstan and Armenia. Kazakhstan’s Atomic Energy Agency said it had discussed the peaceful use of nuclear energy, small modular reactor development, and talent development with a U.S. State Department delegation.

5. A personal Claude agent belonging to an Accenture employee ran on a U.S. Department of Defense network for about two months before being identified and the vulnerability patched, exposing risks around permission controls for AI agents on government networks.

6. Berkshire Hathaway completed a $330 million investment in Italian technology company Bending Spoons, purchasing 10 million newly issued common shares at $33 per share. Its stake rose to 4% upon completion of the transaction.

7. On the 29th, OpenAI released a revised version of its Model Spec, reorganizing it around five values: fidelity to human intent, minimizing harm, honesty and transparency, human control, and care. It also standardized the term “assistant” to “GPT.”

8. On October 29, 2026, Hughes Network Systems received a $42.5 million task order from the U.S. Space Force’s Space Systems Command to develop a multi-orbit automated electromagnetic and communications architecture.

📡 Hourly Briefing | 01:00-02:00

1. RecodeX report: Samsung Electronics said during an analyst call that it is rapidly ramping up HBM4 deliveries and has sold out its entire HBM production capacity for 2027. The company expects capital expenditure to rise 60% this year, to 84.4 trillion won, and is exploring further expansions of its plants in South Korea and the United States. Samsung expects memory chip prices across various electronic products to continue rising next year, as AI is worsening the memory shortage. However, Samsung shares fell in Seoul amid the lack of a clear shareholder return plan. Specific details are expected in January next year.

2. RecodeX report: Weak sales performance in Alphabet’s search and advertising businesses has fueled market concerns that AI is eroding Google’s core business, leading to a record wipeout in its market value. Meanwhile, Microsoft plans to enter the bond market for the first time since 2017, seeking to raise at least $25 billion to support spending driven by rapid growth in its AI cloud business. In addition, DoorDash plans to acquire Instacart, making a $17 billion bet on grocery delivery.

3. RecodeX report: Apple TV and Legendary Television are in talks about a third season of Monarch: Legacy of Monsters, with plans to take the series in a new direction and introduce new Titans from Legendary’s MonsterVerse. The two sides are currently looking for a new writer and showrunner to replace the creative team behind the first and second seasons.

4. RecodeX report: Apple’s new MacBook Pro is introducing an OLED display and touch functionality to its laptop lineup for the first time, and features PROLED XDR display technology. Aimed at professionals with demanding image-accuracy requirements, the technology supports professional display needs such as color calibration, making it one of the model’s key display selling points.

5. RecodeX report: Quantum computing company Alice & Bob published a research paper on the Shor algorithm on the 29th, analyzing the 256-bit elliptic curve discrete logarithm problem (ECDLP-256) used in Bitcoin signatures. Based on the company’s cat-qubit architecture, the study estimates that deriving a private key from a public key on the secp256k1 elliptic curve would require 29,588 physical qubits and take about 61.8 minutes. This estimate is based on specific hardware conditions. The research team emphasized that this is only theoretical.

6. RecodeX report: Aon CEO warned of insurance underwriting risks associated with AI data centers, noting that these large-scale computing infrastructure projects pose new challenges for the insurance industry in terms of risk exposure and underwriting pricing.

7. RecodeX report: OpenAI released an updated Model Spec, outlining five core values to guide more capable AI systems toward sound judgment, respect for human autonomy, and fidelity to human intent. The spec is a public document that guides OpenAI’s alignment of model behavior. This update revises the values framework around two key themes: increased capability and being beneficial.

8. RecodeX report: OKX announced that its Proof of Reserves (PoR) program has reached its fourth anniversary. The report covers 22 major cryptocurrencies, with total on-chain assets of $36.36 billion. It shows that reserve ratios for all covered assets remain at or above 100%, with Bitcoin’s reserve ratio at 110% and Ethereum’s at 100%.

📡 Hourly Briefing | 00:00-01:00

1. RecodeX News Rewrite: More than 140 statewide ballot measures will be put to voters across the United States during the 2026 midterm elections. Covering a range of policy areas, the measures are a major focus of the elections alongside the battle for control of Congress.

2. RecodeX News Rewrite: FactSet’s latest Earnings Insight report shows that S&P 500 companies’ third-quarter earnings per share (EPS) beat market expectations by just 1.4% overall—the smallest positive surprise since the fourth quarter of 2022, when U.S. stocks were bottoming out.

3. RecodeX News Rewrite: U.S. media reports say that American intelligence agencies conducted a yearslong investigation into a business executive with close ties to Nvidia CEO Jensen Huang. They suspected the executive might be connected to Chinese intelligence activities and had tried to get close to Huang to obtain information about Nvidia’s business plans and U.S. government policies. Nvidia denied that any sensitive information had been leaked.

4. RecodeX News Rewrite: Dream, a startup founded by former Palantir executives, has raised $17 million in a funding round led by a16z. The company trained its AI world model for the construction industry on data from 100 million square feet of building permits, aiming to challenge design software giant Autodesk.

5. RecodeX News Rewrite: The U.S. Federal Trade Commission (FTC) and several states have sued restaurant technology company Toast, alleging improper fees and deceptive subscription practices. The lawsuit takes issue with Toast’s service fees and subscription terms; specific details of the allegations have not yet been disclosed in the available information.

6. RecodeX News Rewrite: Perrigo Company plc (NYSE: PRGO) announced that its board has approved a quarterly cash dividend of $0.29 per share, equivalent to $1.16 per share on an annualized basis. Perrigo is a provider of consumer self-care products headquartered in Dublin, Ireland.

7. RecodeX News Rewrite: The Optimism Foundation has introduced a new governance proposal to return sequencer fees and priority inclusion fees to key partners that generate measurable business growth for OP Mainnet. The rebates would be funded entirely by new network fees generated by the partners themselves, denominated in ETH, and would not increase the circulating supply of OP tokens.

8. RecodeX News Rewrite: Withings previously announced that new users would need a Withings Plus subscription to sync their device health data with third-party apps. In response, developer Tom Anthony, unhappy with the change, created an open-source project that lets users sync Withings data to other apps without a subscription. Anthony called Withings’ official mobile app “a bloated mess” and said he decided to “liberate” his data.

📡 Startup & Venture Capital Briefing | October 29

RecodeX Restructuring News, October 29, 2026: A startup and venture capital briefing focused on financing, IPO, and M&A deals confirmed today.

🚀 Private Market Financing

1. A U.S. advanced materials company raised $12.5 million in seed funding to support production of sponge titanium and zirconium oxychloride.

2. Cloud and AI security startup Upwind Security raised $400 million in a Series C round led by Bessemer, valuing the company at $3.8 billion. Its total funding now exceeds $800 million.

3. AI and data services company phData secured a new round of funding from Gryphon and Anthropic to expand its team and enterprise products and services.

4. Uruguayan intercity carpooling app Viatik raised $600,000 in a second funding round and will focus its growth efforts on the Argentine market.

5. Colombian fintech company FinMaq raised $6.5 million in a Series A round led by Accion to expand point-of-sale financing for equipment purchases by micro and small businesses.

6. AI work assistant developer Rocker raised $12.85 million in a round led by Greycroft, with participation from Anthropic and Anthology Fund, a fund under Menlo Ventures. The proceeds will go toward product development.

7. Talent Nation, founded by a Nigerian entrepreneur, raised a Pre-Seed round and plans to train one million African AI engineers within a decade.

8. South Korean AI chip startup FuriosaAI raised $620 million in a Series D round, with the Korea National Growth Fund as the largest investor. The funds will be used to scale production of its RNGD chips and advance development of its next-generation accelerator. The company is valued at approximately $2.9 billion post-money.

9. Weeks after announcing a new funding round at a $48 billion valuation, AI coding startup Cognition has received unsolicited approaches from investors, with its latest valuation potentially reaching as high as $80 billion.

10. Swedish AI-native power asset operator Green Voltis raised tens of millions of dollars in a Series A round, with Lochpine Capital as the sole investor. The funds will support development of AI power-trading agents and grid-connection control systems, as well as expansion into European markets.

11. JingShuo Technology, a subsidiary of WeRide, raised tens of millions of dollars in a Pre-A round. The company focuses on physical AI data and model infrastructure, and will use the funds to build physical AI data infrastructure.

12. Xi'an NewPride Technology Co., Ltd. secured tens of millions of yuan in Pre-A equity investment from a group of investors including Xinneng Venture Capital, Shanghai Science and Technology Innovation Group's Intellectual Property Fund, and Jiangsu Jinqiao Fund. The funds will support upgrades to its high-purity niobium and tantalum refining processes and expansion of production capacity.

13. Juqiao Industrial raised hundreds of millions of yuan in a Series A round led by Ant Group, with follow-on investments from Lingyi Venture Capital, Weihai Gangrong, and Qingdao Hexin. The funds will expand production and delivery of its fabric-based electronic skin and support R&D in multimodal haptic technology.

14. Jiangsu Yinuo Biotechnology Co., Ltd. completed consecutive Angel and Pre-A rounds within a year, raising a total of more than 100 million yuan. The rounds were co-led by Addor Capital and Tianhui Capital, with participation from Lujin Venture Capital and others. The funds will upgrade its LNP delivery technology platform, expand GMP production capacity, and grow its overseas business.

15. Hefei Keye Electro-Physics Equipment Manufacturing Co., Ltd. completed a new funding round. Investors include Shanghai Industrial Intellectual Property Fund, Huatai Zijin, CAS YuCheng Venture Capital, Dunhong Asset Management, Shanghai Science and Technology Innovation Investment, Matrix Partners, and Hefei Innovation Investment. The funds will support upgrades to core processes across all technical routes and expansion of capacity for its second growth curve.

16. Bay Test Technology raised a strategic round, with Xiaomi Industrial Investment as the strategic investor.

17. Ravical raised $17 million in a seed round led by MMC, with participation from Lakestar and Pitchdrive. The funds will support product development and international expansion.

18. Chengdu Hailong Aerospace Technology Co., Ltd. raised an Angel+ round, with Xinwei Capital as the sole investor. The funds will support upgrades to attitude and orbit control components and sensor products, as well as ground testing and validation.

19. Mobile data services company Braid raised $38 million in a Series A round led by Octopus Ventures. The funds will be used to integrate its mobile data capabilities into banking and airline apps.

20. Chennai-based deep-tech startup Viridian Ingni Propulsion raised ₹14.7 million in a pre-seed round led by Inflection Point Ventures.

21. Circuit Mind raised $18.5 million in a Series A round led by Norwest to expand its AI-powered circuit design and verification platform.

22. Startup Foundry completed a new funding round, bringing its total capital raised to $100 million. The funds will be used to build an automated factory.

23. The total size of the Series B round for Matrix, an execution-focused rollup project based on BNB Chain, has increased to $8.5 million, with additional participation from Hima Capital and Delphi Ventures.

24. D2C nutrition and dietary supplement brand Ace Blend raised $9.9 million in a Series A2 round led by 3one4 Capital, with an additional investment from Fireside Ventures. The funds will support clinical trials and expansion of its nutrition product range.

25. Database technology company KineDB raised €850,000 in a pre-seed round led by Superhero Capital.

26. Manicule raised $1.3 million in a seed round co-led by Y Combinator and Broom Ventures to expand its AI agent relationship platform.

…

📡 Daily Briefing Overview | October 29

RecodeX Roundup: Over the past day, three key threads have intertwined to shape global markets. Alphabet's earnings fell short of expectations, and the company acknowledged that AI is disrupting traditional search. Combined with pressure from its AI investment and cash flow, this reignited concerns about the returns on tech giants' massive AI spending. The Federal Reserve held rates steady and signaled a relatively hawkish stance, while stronger-than-expected U.S. third-quarter GDP further heightened concerns about tightening. Meanwhile, Samsung Electronics' third-quarter results and warning of a chip supply shortage, rapid advances in AI computing power and model ecosystems, and both progress toward compliance and security incidents in the crypto asset sector together shaped the day's news.

📊 Global Macro and Central Banks

1. The Federal Reserve decided to hold interest rates steady at this meeting, in line with market expectations. After the decision was announced, spot gold briefly rose by $7 to $4,043 per ounce.

2. Markets interpreted the Fed's decision to hold rates steady as a “hawkish skip.” The dollar subsequently gave back its gains and turned lower, reflecting the view that the Fed remains hawkish even as it pauses rate cuts.

3. Fed Chair Warsh said there are no excuses or exceptions when it comes to achieving price stability, and that the committee believes obtaining more information will help determine the appropriate policy stance.

4. The initial estimate of U.S. real GDP growth for the third quarter was an annualized 3.4%, above market expectations of 3.2% and well above the previous reading of 2.20%. The U.S. September PCE price index was in line with market expectations. Following the data release, concerns about further Fed rate hikes intensified.

5. Initial jobless claims in the U.S. for the week ending October 24 came in at 194,000, below market expectations of 199,000.

6. The Hong Kong Monetary Authority announced that it would keep the base rate unchanged at 4.25%. Hong Kong's base rate is linked to Federal Reserve rate policy. A CICC research report said the Fed's base case is to raise rates once more in December and then remain on hold.

🤖 AI and Tech Giants

1. Alphabet reported third-quarter 2026 revenue of $127.58 billion, below market expectations. Its shares plunged more than 7% after the earnings release, with losses briefly widening to 10% in after-hours trading and reaching 12.18% intraday. Around $500 billion was wiped from its market value.

2. Alphabet acknowledged that its “AI mode” has disrupted its traditional search business. Both sales and profits fell short of market expectations. Its quarterly filing listed approximately $98.5 billion in contingent commitments, an increase of about $23 billion from the previous quarter.

3. Google's AI-related spending reached $51 billion, significantly increasing cash flow pressure. Its “Other Bets” segment, which includes Waymo, accounted for just 0.3% of total revenue this quarter. Waymo continues to expand overseas but is still burning cash.

4. YouTube's third-quarter advertising revenue rose 9% year over year to $11.2 billion, a slower pace than in recent quarters and below Alphabet's overall growth rate.

5. Microsoft shares rose 2.8% after hours on the back of solid cloud sales, with Azure growing 43%. CFO Amy Hood said the company had lowered its capital expenditure outlook due to delays in third-party computing capacity deliveries and plans to raise at least $25 billion through a U.S. dollar bond offering.

6. At its 2026 Investor Day, Oracle announced its long-term outlook, projecting total revenue above $225 billion and non-GAAP earnings per share above $21 by FY30, with a free cash flow target of more than $30 billion. The outlook eased investor concerns about the prospects for returns on its AI spending.

💼 M&A, Funding and Regulation

1. Two people familiar with the matter said the U.S. Department of Justice is reviewing Nvidia's acquisition of AI platform Hugging Face. The specific scope and progress of the review have not yet been disclosed.

2. Chipmaker Marvell is in advanced talks to acquire optical communications and laser manufacturer Lumentum. Following the news, Lumentum shares surged in after-hours trading, gaining more than 10%. Neither company has announced specific deal terms or a timeline.

3. TPG is in talks to acquire a U.K. data center company in a deal valued at around $5 billion. Discussions with seller Elliott Management are ongoing, and there is no guarantee a deal will be reached.

4. DoorDash is in advanced talks to acquire grocery delivery platform Instacart in a deal valued at around $17 billion. An agreement could be officially announced as early as Thursday morning.

5. Utah has filed criminal charges against prediction market platform Kalshi, accusing it of promoting illegal gambling. New York, Washington and other states have previously filed lawsuits against Kalshi over similar issues. Kalshi has also hired former Obama adviser Schultz.

6. Deutsche Telekom has reportedly halted plans for a large-scale merger with T-Mobile, and related efforts have been put on hold.

🚀 Industry and Company News

1. Samsung Electronics reported final third-quarter results, with revenue of 195.3 trillion won, slightly above preliminary figures, and operating profit of 107.4 trillion won, in line with preliminary figures. Consolidated revenue was $141.1 billion and operating profit was $77.5 billion, up 126.88% and 783.11% year over year, respectively. The chip-focused DS division accounted for about 99% of the company's total operating profit.

2. Samsung Electronics expects the chip supply shortage to worsen further next year and plans to begin production of HBM4E high-bandwidth memory for AI accelerators in the first half of next year.

3. China's first Ascend 950DT 1,024-card AI computing cluster has gone live in Wuhan. Each node is equipped with 1,024 Ascend NPU accelerator cards, delivering 1 EFLOPS of FP8 computing power. Tianji 300, developed by domestic GPU maker Iluvatar CoreX, outperformed Nvidia's H200 in real-world testing.

…

📡 8-Hour Review | October 29, 16:00–24:00

RecodeX News Recap: From 16:00 on October 29 to 00:00 on October 30, market developments centered on three themes: a flurry of third-quarter earnings reports from mainland China and Hong Kong-listed companies, with sharply divergent results; better-than-expected overseas macroeconomic data, alongside concerns over tech giants’ earnings and AI capital spending; and a mix of regulatory progress and security incidents in crypto and digital assets.

📊 Earnings and Company News

1. Investment returns at two leading insurers fell sharply in the third quarter. China Ping An’s third-quarter net profit fell 93.7% year over year, while China Pacific Insurance’s net profit declined 68.4% over the same period.

2. Tongfu Microelectronics reported third-quarter 2026 revenue of 8.844 billion yuan, up 24.95% year over year, and net profit attributable to shareholders of 1.343 billion yuan, up 199.54%.

3. Muyuan Foods reported revenue of 92.2 billion yuan for the first three quarters of 2026, down 17.52% year over year, and a net loss attributable to shareholders of 9.319 billion yuan, compared with a profit of 14.779 billion yuan in the same period last year.

4. China Electronics Port reported third-quarter revenue of 57.297 billion yuan, up 238.87% year over year, and net profit attributable to shareholders of 671 million yuan, up 775.17%.

5. Sany Heavy Industry reported third-quarter revenue of 24.804 billion yuan, up 16.96% year over year, and net profit of 2.314 billion yuan, up 20.62%.

🌍 Overseas Macro and Markets

1. The initial estimate for U.S. real GDP growth in the third quarter was an annualized 3.4%, above the market expectation of 3.2% and well above the previous reading of 2.20%.

2. The U.S. September PCE Price Index met market expectations, while third-quarter GDP data came in above expectations. After the two releases, market concerns about further Federal Reserve rate hikes intensified.

3. Initial jobless claims in the U.S. for the week ending October 24 came in at 194,000, below the market forecast of 199,000.

4. Volkswagen reported operating profit of €71 million for the first nine months of this year, down 98.7% year over year. Results included €8.7 billion in special items, of which €7.8 billion was booked in the third quarter.

5. Volkswagen reported a quarterly loss of $6.8 billion and is facing cuts of up to 100,000 jobs and the closure of four factories.

🤖 AI and Technology

1. Alphabet acknowledged that its “AI Mode” has affected its traditional search business. Both sales and profit fell short of market expectations, and its share price briefly dropped 12.18% intraday, wiping out around $500 billion in market value.

2. Alphabet disclosed approximately $98.5 billion in contingent commitments in its quarterly filing, about $23 billion more than the previous quarter. The figure covers more than what was discussed on the earnings call the previous day.

3. Microsoft plans to raise at least $25 billion through a U.S. dollar bond offering, marking its first debt issuance in the U.S. investment-grade bond market since 2017.

4. Voice AI company Deepgram announced that it would acquire Daily, the developer of the open-source voice framework Pipecat, and said Pipecat would remain open source after the deal closes.

5. A Sierra Club analysis projects that greenhouse gas emissions from the U.S. power sector will rise to 2.1 billion tons by 2030, up 42% from 2025 levels, mainly due to surging electricity demand from data centers.

💹 Crypto and Digital Assets

1. Intercontinental Exchange partnered with Trade.xyz to launch regulated perpetual futures contracts in the U.S. built on Hyperliquid. HYPE rose 13% after the announcement.

2. Wall Street investor Stanley Druckenmiller disclosed that he is an investor in Trade.xyz. Elon Musk reposted a related post and commented, “Interesting.”

3. Solflare, a wallet in the Solana ecosystem, said its validator had gone offline, affecting approximately $160 million in staked assets. It pledged to make up the missing staking rewards to affected users.

4. Singapore police said that some Ledger hardware wallets sold by local retailers contained malicious hardware components capable of stealing recovery phrases or private keys. Reports related to the incident involved total losses of approximately S$3.5 million.

5. Standard Asset Company, backed by Dubai’s royal family, announced the launch of a $1.5 billion Bitcoin investment strategy.

🏦 Regulation and Geopolitics

1. The Shanghai Futures Exchange issued a notice suspending bonded delivery for copper and aluminum futures, effective immediately. The notice did not specify the reason for the suspension or when services would resume.

2. Google launched Google Multi-Party Compute, a multi-party computation custody platform for banks and financial institutions. It stores private key shards in separate environments and is slated for commercial launch in early 2027.

3. Huobi Global has promised a court that, until October 21, 2031, it will not knowingly disseminate crypto promotional content that violates UK law. HTX no longer operates in the UK.

4. The Communist Party of China announced the expulsion of 33 officials, in what is the largest purge since the Mao Zedong era.

5. Russian President Vladimir Putin said he maintains “close contact” with Elon Musk. His remarks come as Russia pushes ahead with plans to build a low-Earth-orbit satellite internet system capable of competing with Starlink.

Editor's note: On a night when earnings season and macroeconomic data collided, the market’s repricing of AI capital spending and regulatory compliance is accelerating in tandem.

📡 Hourly News Briefing | 23:00-24:00

1. RecodeX reports that hedge fund Situational Awareness is raising money from its investors to invest in emerging cloud services startup Fluidstack Ltd. This comes just three months after the fund nearly collapsed due to highly leveraged bets on AI companies.

2. RecodeX reports that Hong Kong’s Chief Executive has publicly apologized over the deadly fire at Wang Fuk Court. The fire caused casualties and is seen as a test of Beijing’s ability to govern Hong Kong. Officials have yet to release the full findings of the fire investigation or details of follow-up accountability measures.

3. RecodeX reports that the Chinese Communist Party has expelled 33 officials, in its largest purge since the Mao era. The number of officials expelled sets a post-Mao-era record, reflecting a significant escalation in internal party disciplinary reviews.

4. RecodeX reports that Alphabet detailed its AI-related risk exposure in a quarterly filing submitted on Thursday, going beyond what was discussed during the previous day’s earnings call. In addition to more than $1 trillion in purchase commitments, future lease payments and other obligations disclosed by the CFO on the investor call, the filing lists about $98.5 billion in contingent commitments—obligations the company may have to assume under certain conditions—up approximately $23 billion from the previous quarter. These commitments include providing guarantees for data center lease payments.

5. RecodeX reports that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has signed an agreement with Trade[XYZ] to launch regulated perpetual futures contracts in the U.S. built on Hyperliquid. Hyperliquid ecosystem token HYPE rose 13% after the announcement.

6. RecodeX reports that Polymarket is investigating suspicious trading in prediction markets related to Israel’s election and reviewing dozens of newly created wallets. On-chain analysis shows that more than 600 wallets, created on the same day and with no prior trading history, bet on Netanyahu winning or the Likud party winning the most seats. Hundreds of accounts placed bets before voting ended. After exit polls were released, the trades quickly turned profitable, with some accounts cashing out more than $100,000 in total.

7. RecodeX reports that Russia plans to extend its diesel export ban through the end of this year, while using a quota system to allow some companies to continue exporting fuel in order to fulfill a new export commitment it made to the U.S., according to sources. The specific quota limits and list of companies covered by the extension have not yet been announced.

8. RecodeX reports that Elon Musk reposted a tweet in which Wall Street investor Stan Druckenmiller disclosed an investment in Trade xyz, commenting, “Interesting.” Druckenmiller had previously spoken publicly about his investment in Trade xyz.

📡 Hourly Briefing | 22:00-23:00

1. RecodeX recap: Iran has continued to bring military equipment into the country through a covert network comprising multiple military agencies, bypassing the blockade imposed by the United States. The network involves several undisclosed military departments and has become a key channel for Iran to evade U.S. restrictions and maintain its arms supply.

2. RecodeX recap: Investors in Monte dei Paschi di Siena rejected Banco BPM’s takeover offer, putting Intesa in a stronger position in the related bidding contest.

3. RecodeX recap: The U.S. core PCE price index rose month over month in September. The inflation gauge most closely watched by the Federal Reserve indicates that inflationary pressure has not fully subsided. GDP data released for the third quarter also exceeded market expectations, suggesting the economy remains resilient despite high interest rates.

4. RecodeX recap: Bloomberg reports that contests for Florida’s governorship and Senate and House seats in the 2026 midterm elections are intensifying, forcing Republicans onto the defensive. The state, long dominated by Republicans and once considered a swing state, has again become a political battleground between the two parties.

5. RecodeX recap: Volkswagen reported a quarterly loss of $6.8 billion. Chief Financial Officer Arno Antlitz said the company’s results so far this year mean “we can’t afford to waste any more time; we must act quickly and decisively.” The results were hit by a combination of falling demand in China, Trump’s tariffs, and an impairment of Porsche assets.

6. RecodeX recap: Standard Asset Company, backed by Dubai’s royal family, announced the launch of a $1.5 billion Bitcoin investment strategy. The strategy will incorporate Bitcoin into its asset allocation framework, but details on implementation and timing have not yet been disclosed.

7. RecodeX recap: Volkswagen is facing cuts of up to 100,000 jobs and the closure of four factories. Falling demand in China, Trump’s tariff policies, and difficulties in Porsche’s business have all weighed on the company’s profits, forcing Volkswagen to move ahead with this round of major downsizing.

8. RecodeX recap: On October 29, Singapore police said they had received at least two reports since September 10 from people who lost a combined total of about S$3.5 million after purchasing Ledger hardware wallets through some local retail channels. Preliminary investigations indicate that some Ledger devices sold by local retailers contained malicious hardware components capable of stealing recovery phrases or private keys and transferring crypto assets without users’ knowledge. Police are in contact with Paris-based Ledger and reviewing the related cases. Police issued a warning.

📡 Top of the Hour Bulletin | 21:00-22:00

1. RecodeX reconstructed news: voice AI company Deepgram announced the acquisition of Daily, the developer of the open-source voice framework Pipecat. Deepgram said Pipecat will remain open source after the deal closes. The acquisition aims to strengthen Deepgram’s presence in the voice AI infrastructure space.

2. RecodeX reconstructed news: Alphabet admitted that its “AI mode” has already disrupted its traditional search business, and the company’s sales and profits were both below market expectations. As a result, Alphabet’s stock fell sharply, wiping out about $500 billion in market value.

3. RecodeX reconstructed news: Amazon updated Alexa with new features, allowing users to create shopping lists, register lists, view list contents, and add or edit items in lists through the voice assistant. In addition, users can also use this AI assistant to manage subscription services.

4. RecodeX reconstructed news: Hong Kong fintech company PhotonPay announced the completion of a $40 million Series C financing round, led by Blockchain Capital, with new investor SBI Group participating, and follow-on investments from IDG Capital, GL Ventures, and Lightspeed Faction. The funds from this round will be used to expand a financial operating system centered on stablecoins, strengthen multi-asset wallets, global card issuance, and local clearing capabilities, and advance towards A.

5. RecodeX reconstructed news: Polygon announced that it is bringing Solana onto its payments platform, enabling businesses to connect bank funds, cross-chain transfers, stablecoins, and global payment settlement through the platform. This integration will connect the Solana network to Polygon’s existing payment channels, allowing businesses to complete the process on a single platform from funding bank accounts to on-chain stablecoin flow and then to cross-border payments.

6. RecodeX reconstructed news: On October 29, Alphabet shares fell as much as 12.18% intraday to $287.13. This sharp move has made the trend in U.S. tech stocks a focus of attention, and cryptocurrency traders are also closely watching changes in overall market sentiment.

7. RecodeX reconstructed news: Ondo Intelligent Portfolios announced that all seven of its smart investment portfolios are now available to qualified investors through Solana wallets and apps. In the first four weeks after launch, the product’s total value locked (TVL) had exceeded $40 million. These portfolios are screened and built by a professional team, and this expansion means Solana users can directly configure the related products in on-chain wallets.

8. RecodeX reconstructed news: Amazon has added several new features to its AI shopping assistant Alexa for Shopping, allowing users to create and edit shopping lists, and move items between different lists and gift registries. Amazon gave an example of users saying to the assistant, “Create a new shopping list” or “See what’s missing from my wedding registry.”

📡 Hourly News Briefing | 20:00-21:00

1. RecodeX reconstructed news: The preliminary annualized quarterly U.S. real GDP growth rate for the third quarter was 3.4%, above market expectations of 3.2% and notably higher than the previous reading of 2.20%.

2. RecodeX reconstructed news: The U.S. September PCE price index came in line with market expectations, while third-quarter GDP growth exceeded forecasts. Following the release of both data sets, concerns about further Fed rate hikes intensified.

3. RecodeX reconstructed news: Russian President Vladimir Putin said he maintains “close contact” with Elon Musk, calling him a “genius.” Putin also said both sides want to avoid interfering with each other in orbit. His remarks come as Russia advances plans to build a low-Earth-orbit satellite internet system that could compete with Starlink.

4. RecodeX reconstructed news: U.S. inflation picked up in September, while consumer spending rose over the same period, indicating that price pressures and consumer demand both strengthened. The data point to continued resilience in the demand side of the U.S. economy and could influence market expectations for the future path of monetary policy.

5. RecodeX reconstructed news: Wall Street investor Stanley Druckenmiller posted his first-ever tweet, disclosing that he is an investor in Trade.xyz. He said he is bullish on the company’s partnership with Intercontinental Exchange (ICE), which will bring 24/7 perpetual futures trading on the Hyperliquid platform to the U.S. market. Druckenmiller said that, as a market participant, he looks forward to using its innovative products to optimize his investment process.

6. RecodeX reconstructed news: The U.S. Personal Consumption Expenditures (PCE) price index showed that inflation accelerated in October. The data were released one day after the Federal Reserve decided to leave interest rates unchanged.

7. RecodeX reconstructed news: Huobi Global S.A. has pledged to a court that, until October 21, 2031, it will not knowingly distribute crypto promotional content that violates U.K. law. A U.K. court has adjourned proceedings in a case brought by the Financial Conduct Authority (FCA) over the relevant promotional activities. As a result, HTX is no longer operating in the U.K.

8. RecodeX reconstructed news: Initial jobless claims in the U.S. for the week ending October 24 came in at 194,000, below market expectations of 199,000. The previous week’s figure was revised from 194,000 to 195,000.

📡 Hourly Bulletin | 19:00-20:00

1. RecodeX update: Microsoft plans to raise at least $25 billion through a dollar bond offering. The offering will total at least $25 billion and be denominated in U.S. dollars.

2. RecodeX update: Microsoft is returning to the U.S. investment-grade bond market for the first time since 2017 to raise funds. This marks the company’s resumption of high-grade bond issuance after several years. The specific offering size and maturities have not been disclosed.

3. RecodeX update: According to reports, cargo theft targeting supplies for AI data center construction has continued to rise since June this year, with the total value of stolen goods exceeding $100 million. Citing people familiar with the matter, the reports say these goods are easy to sell on the black market and far easier to steal than to rob a bank, describing it as “like stealing gold bars.” Further details about the specific projects, locations, and parties involved have not yet been disclosed.

4. RecodeX update: Australian inflation has proven more persistent than expected, and markets anticipate that the Reserve Bank of Australia will raise interest rates.

5. RecodeX update: At a digital assets symposium in New York, Google unveiled Google Multi-Party Compute, a multiparty-computation custody platform for banks and financial institutions. It stores private key shards across separate environments, preventing a complete private key from being held in one place. Before signing a transaction, the platform can check conditions such as spending limits, whitelisted addresses, and multi-person authorization according to an institution’s policies. The service is currently in private preview, with commercial availability planned for early 2027. Several major financial institutions are already participating in testing. Alphabe.

6. RecodeX update: The Swiss government has completed an assessment of the prospect of UBS moving its headquarters out of Switzerland and operating under a different legal framework. This is related to discussions about the conditions under which UBS operates within Switzerland’s domestic regulatory framework.

7. RecodeX update: Curve Finance has launched on the Stellar mainnet, marking its first native deployment outside the Ethereum Virtual Machine (EVM) ecosystem. Curve previously operated primarily on EVM-compatible chains; this deployment extends its decentralized trading and stablecoin liquidity services to the Stellar network.

8. RecodeX update: Microsoft has launched a U.S. dollar, high-grade bond offering comprising 10 tranches. The offering is structured in multiple tranches; the specific amounts and maturities have not been disclosed.

📡 Hourly Briefing | 18:00–19:00

1. RecodeX reports that Trade.xyz founder @sershokunin said Trade.xyz has partnered with Intercontinental Exchange (ICE), 381 days after its first market launched on Hyperliquid. Pending CFTC approval, the two parties will establish a dedicated U.S. market offering Hyperliquid-based 24/7 perpetual contracts covering stocks, indices, commodities, forex, and crypto assets. U.S. users were previously unable to trade these markets directly. ICE will...

2. RecodeX reports that an analysis by the Sierra Club projects U.S. power-sector greenhouse gas emissions will rise to 2.1 billion tons by 2030, up 42% from 2025 levels, erasing all the emissions reductions made by the power sector over the past 15 years. The analysis says the rebound is primarily driven by surging electricity demand from data centers, with emissions from off-grid data centers projected to be equivalent to those of all of Mexico.

3. RecodeX reports that Huagong Tech (000988.SZ) announced third-quarter operating revenue of 4.832 billion yuan, up 41.75% year over year, and net profit attributable to shareholders of the listed company of 480 million yuan, up 17.03%. Revenue for the first three quarters totaled 12.654 billion yuan, up 14.64% year over year, while net profit attributable to the parent company reached 1.666 billion yuan, up 26.09%.

4. RecodeX reports that Solflare, a wallet in the Solana ecosystem, said its validator going offline affected approximately $160 million in staked assets. Solflare pledged to make up the missing staking rewards to affected users. The company did not specify why the validator went offline or when it would be restored. The incident involved user assets staked with Solflare's validator.

5. RecodeX reports that Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, has partnered with Trade.xyz and plans to bring perpetual contracts to the U.S. regulated market. Perpetual contracts have mainly traded on offshore crypto platforms, and the partnership aims to bring these derivatives into the U.S. regulated trading system.

6. RecodeX reports that China Unicom's 2026 third-quarter report shows Guoxin Hongsheng Investment (Beijing) Co., Ltd. became the company's ninth-largest shareholder, with a new holding of 156.3216 million shares, representing 0.50% of total shares.

7. RecodeX reports that GF Securities (000776.SZ) announced third-quarter operating revenue of 10.173 billion yuan, down 5.51% year over year, and net profit attributable to shareholders of the listed company of 4.376 billion yuan, down 1.99%. Operating revenue for the first three quarters totaled 37.056 billion yuan, up 41.63% year over year, while net profit reached 16.027 billion yuan, up 46.58%. The company said net revenue from brokerage and fund management businesses increased during the period, as did investment income from financial instruments. Based on the first...

8. RecodeX reports that Bitcoin has rebounded above Strategy's 2026 average purchase cost of $78,900, but the company's purchases since 2025 remain underwater. Strategy currently holds 848,517 bitcoins, with an overall average cost of about $75,446. Including all purchases since 2025 together with sales near this summer's lows, the blended cost is about $90,600, still above the current price. After pausing for several weeks...

📡 Hourly Briefing | 17:00-18:00

1. China Unicom reported third-quarter 2026 operating revenue of 93.283 billion yuan, up 0.5% year over year, and net profit attributable to shareholders of 1.664 billion yuan, down 31.3%. Net profit attributable to shareholders for the first three quarters was 5.803 billion yuan, down 33.8% year over year.

2. BYD Company reported third-quarter 2026 operating revenue of 221.488 billion yuan, up 13.59% year over year. Net profit attributable to shareholders for the first three quarters was 22.345 billion yuan, down 4.24%, while net profit excluding non-recurring items was 21.004 billion yuan, up 2.51%.

3. COSCO SHIPPING Holdings reported third-quarter 2026 revenue of 75.692 billion yuan, up 29.39% year over year, and net profit attributable to shareholders of 17.23 billion yuan, up 80.73%, as both container shipping volumes and revenue per container increased year over year.

4. Volkswagen's operating profit for the first nine months of this year plunged 98.7% year over year to 71 million euros. The results included 8.7 billion euros in special items, of which 7.8 billion euros was recorded in the third quarter.

5. U.S. spot Ethereum ETFs saw cumulative net outflows of $1.346 billion from October 1 to 28, with net outflows on 17 of the 20 trading days during that period.

6. Hoxton Ventures founder Hussein Kanji said that U.S. investors accounted for a record 22% of deals financing European startups, adding that Nvidia has significantly accelerated its investment pace amid this trend.

7. With only days remaining until Election Day on November 3, both Democrats and Republicans have each spent more than six figures on advertising in 70 House districts nationwide, including some traditionally deep-red districts.

8. U&I Ventures closed fundraising for its inaugural fund, raising $32.237 million with subscriptions exceeding the target. The fund brings together 1,800 tech leaders and focuses on AI safety. It has already invested in nine AI-native engineering and security software startups.

📡 Hourly News Briefing | 16:00–17:00

1. RecodeX reconstructed news: Investment income at two leading insurers fell sharply in the third quarter. Ping An Insurance’s third-quarter net profit fell 93.7% year over year, while China Pacific Insurance’s net profit for the same period declined 68.4%. Both companies’ results were weighed down by investment income.

2. RecodeX reconstructed news: Tongfu Microelectronics announced third-quarter 2026 revenue of 8.844 billion yuan, up 24.95% year over year; net profit attributable to shareholders of 1.343 billion yuan, up 199.54%; and net profit attributable to shareholders excluding non-recurring items of 630 million yuan, up 76.30%. In the first three quarters of 2026, revenue totaled 24.885 billion yuan, up 23.71% year over year; net profit attributable to shareholders was 3.061 billion yuan, up 255.68%; and net profit attributable to shareholders excluding non-recurring items was 1.37 billion yuan.

3. RecodeX reconstructed news: Muyuan Foods announced revenue of 92.2 billion yuan for the first three quarters of 2026, down 17.52% year over year. Net profit attributable to shareholders was a loss of 9.319 billion yuan, compared with a profit of 14.779 billion yuan in the same period last year, representing a shift to a loss. Net profit excluding non-recurring items was a loss of 9.107 billion yuan, down 158.85% year over year. Third-quarter revenue was 32.79 billion yuan, down 7.18% year over year; net profit attributable to shareholders was a loss of 3.241 billion yuan, down 176.28%; and net profit excluding non-recurring items was a loss of 3.21 billion yuan.

4. RecodeX reconstructed news: The Shanghai Futures Exchange issued a notice stating that, after consideration, it has decided to suspend bonded delivery services for copper futures (CU) and aluminum futures (AL), effective from the date of the notice. The notice did not specify the reasons for the suspension or when services would resume.

5. RecodeX reconstructed news: Hua Hong Semiconductor announced that on October 29, 2026, its board received a share repurchase proposal from Bai Peng, chairman of the board and president. Bai proposed that the company repurchase A shares through centralized competitive bidding on the Shanghai Stock Exchange, using its own funds and/or self-raised funds. The total repurchase amount would be no less than 300 million yuan and no more than 500 million yuan. The repurchased shares would be used for cancellation, to protect the company’s value and shareholders’ rights and interests, or, at an appropriate time in the future, for equity incentives, employee share ownership plans, and other purposes.

6. RecodeX reconstructed news: CECport Technologies announced third-quarter 2026 revenue of 57.297 billion yuan, up 238.87% year over year, and net profit attributable to shareholders of 671 million yuan, up 775.17%. Revenue for the first three quarters of 2026 totaled 130.853 billion yuan, up 192.41% year over year; net profit attributable to shareholders was 1.184 billion yuan, up 359.77%; and net profit attributable to shareholders excluding non-recurring items was 1.17 billion yuan, up 380.32%. The company said the performance increase...

7. RecodeX reconstructed news: Suntak Technology announced third-quarter revenue of 3.251 billion yuan, up 57.84% year over year, and net profit attributable to shareholders of 498 million yuan, up 441.01%. Revenue for the first three quarters totaled 7.581 billion yuan, up 35.55% year over year, and net profit attributable to shareholders was 650 million yuan, up 107.33%.

8. RecodeX reconstructed news: Sany Heavy Industry announced third-quarter 2026 revenue of 24.804 billion yuan, up 16.96% year over year; net profit of 2.314 billion yuan, up 20.62%; and net profit excluding non-recurring items of 2.042 billion yuan, up 20.37%. For the first three quarters of 2026, revenue was 78.11 billion yuan, up 18.81% year over year; net profit was 8.004 billion yuan, up 12.22%; and net profit excluding non-recurring items was 6.724 billion yuan, down 5.38%.

📡 8-Hour Review | October 29, 08:00–16:00

RecodeX News Recap: From 08:00 to 16:00 on October 29, the main developments centered on Samsung Electronics’ third-quarter results and chip supply outlook, a flurry of progress in AI computing and model ecosystems, and major crypto address activity and regulatory updates. At the macro level, large-scale central bank reverse repos, fuel price controls, and record-high market capitalizations for the four largest state-owned banks together shaped the day’s market backdrop.

🤖 AI and Technology

1. Samsung Electronics announced its final third-quarter results, with revenue of 195.3 trillion won, slightly above preliminary figures, and operating profit of 107.4 trillion won, in line with preliminary figures.

2. Samsung Electronics disclosed in a regulatory filing that third-quarter consolidated revenue was $141.1 billion and operating profit was $77.5 billion, up 126.88% and 783.11% year over year, respectively. The DS division, which handles the chip business, accounted for about 99% of the company’s total operating profit.

3. Samsung Electronics expects the chip supply shortage to worsen further next year and plans to begin producing HBM4E high-bandwidth memory for AI accelerators in the first half of next year.

4. TianShuZhiXin’s domestically developed GPU, TianGai 300, outperformed Nvidia’s H200 in real-world tests. Tencent Hunyuan is set to launch two models, Hy4 and Hy4 Flash, introducing visual understanding capabilities for the first time.

5. China’s first Ascend 950DT intelligent computing cluster with 1,024 cards has gone online in Wuhan. Each node is equipped with 1,024 Ascend NPU accelerator cards, delivering 1 EFLOPS of FP8 computing power to support training of trillion-parameter large models and agent inference.

6. IDC data shows that Alibaba Cloud ranked first in China’s large language model MaaS market in the first half of 2026, with a 46.6% share. Zhipu ranked second with 10.6%, followed by Volcano Engine with 10.2%. Wu Tian, head of Baidu’s foundation model team, has left the company.

💰 Markets and Company News

1. At the midday break in Hong Kong stocks, the Hang Seng Index was up 0.05% and the Hang Seng Tech Index was down 1.98%. Coal, oil and petrochemicals, and banking stocks gained, while semiconductors and hardware equipment were among the biggest decliners. Southbound funds recorded net purchases of HK$1.518 billion.

2. The combined market capitalization of China’s four largest state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank—topped 10 trillion yuan, a record high. Market analysts cited high dividend yields, continued inflows, and expectations of stable asset quality as the main supports.

3. Geely Automobile reported revenue of 272.564 billion yuan for the first three quarters, up 13% year over year, and net profit of 13.928 billion yuan, up 7%. Third-quarter net profit was 4.84 billion yuan, up 28% year over year.

4. Hyundai Motor’s third-quarter sales were 45.11 trillion won, below market estimates; operating profit was 2.68 trillion won, above estimates; and net profit was 1.70 trillion won, below estimates. Toyota Motor’s global sales fell 2.2% year over year in September, while sales in China dropped 19.7%, marking an eighth consecutive month of decline.

5. DoorDash is in advanced talks to acquire grocery delivery platform Instacart in a deal valued at around $17 billion. An agreement could be formally announced as early as Thursday morning.

6. STMicroelectronics expects fourth-quarter net revenue of $4.15 billion, above the market forecast of $4.11 billion. Alphabet’s revenue fell short of analyst expectations, sending its shares down as much as 10% after hours. Microsoft Azure sales grew 48%, while capital expenditure of $45.2 billion came in below market expectations.

🪙 Cryptocurrency and On-chain Activity

1. Hyperliquid development team HyperLabs applied to unstake 179,706 HYPE tokens worth approximately $14.49 million. The tokens are expected to arrive on the evening of November 4. The process is consistent with the team’s previous token unlocks.

2. On-chain data shows that Hyperliquid has permanently burned 49.87 million HYPE tokens, worth approximately $3.89 billion and representing 4.99% of the maximum supply. A total of 19,700 HYPE tokens were burned over the past 24 hours, while estimated fee revenue for the same period was approximately $1.69 million.

3. An unidentified whale address sold a total of 1.02 million SOL over the past five days, worth approximately $104.3 million. Another whale or institutional address transferred a total of 694,300 HYPE, worth approximately $53.26 million, to Coinbase over the past four days.

4. Several Ethereum clients released patches to fix a vulnerability that could be exploited by attackers to redirect ETH staking rewards to another person’s address. Node operators are advised to upgrade as soon as possible.

5. Singapore police disclosed that tampered Ledger hardware wallets have caused local users losses of approximately $2.7 million. They received at least two reports as early as September 10. Russia has established testing standards for cryptocurrency investors, and those who fail the test will face restrictions on the scope of their trading.

🏛️ Macro and Policy

1. The People’s Bank of China conducted a 115 billion yuan, 7-day reverse repo operation at an interest rate of 1.40%, as well as a 1 trillion yuan overnight reverse repo operation on the same day. The yuan’s central parity rate against the US dollar was set at 6.7147, 18 pips higher than the previous trading day.

2. From 24:00 on October 29, domestic gasoline and diesel prices were due to rise by 440 yuan and 420 yuan per ton, respectively. After price controls, the actual increases were 345 yuan and 335 yuan, aimed at mitigating the impact of sharp international oil price rises amid heightened geopolitical tensions in the Middle East.

3. The Ministry of Commerce and three other government departments jointly issued a notice proposing further improvements to trade liberalization and facilitation at the Hainan Free Trade Port. The Ministry of Industry and Information Technology is seeking public comment on a draft of the Internal Compliance Guidelines for the Export Control of Monitored Chemicals.

4. Shanghai is seeking public comment on the draft Taxi Regulations, which propose promoting the safe application of autonomous driving technology in the taxi industry in a lawful and orderly manner. The city also issued a plan proposing further optimization of the quality structure of small and medium-sized enterprises by 2028

…

📡 Hourly Briefing | 15:00–16:00

1. RecodeX rewritten report: Tencent has launched a mini-program for short dramas within the WeChat ecosystem. Just months after launch, its weekly active users have approached 90 million, without needing to compete for downloads as a standalone app. Facing competition from popular apps owned by ByteDance, Tencent has chosen to integrate content and AI capabilities into users’ existing habits while maintaining profit margins as it expands.

2. RecodeX rewritten report: The combined market capitalization of China’s four major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank—has exceeded 10 trillion yuan, a record high. Market analysts say high dividend yields, continued capital inflows, and expectations of sound asset quality are the main factors supporting the banks’ higher valuations.

3. RecodeX rewritten report: Several institutions have assessed how pressure in the French government bond market could affect European Central Bank policy. ABN AMRO believes that the widening spread on French government bonds mainly reflects the country’s fiscal and political risks, and is not yet sufficient to trigger ECB intervention. The likelihood of intervention would rise if disorderly fluctuations occurred or risks spread to other eurozone countries. Deutsche Bank noted that the threshold for the ECB to deploy its Transmission Protection Instrument (TPI) to calm fluctuations in eurozone sovereign bond spreads would be very high. ING also believes that the possibility of launching TPI in the short term is...

4. RecodeX rewritten report: International Data Corporation (IDC) released its “China AI Software Market Semiannual Tracker, 26H1,” showing that Alibaba Cloud held a 46.6% share of China’s large language model MaaS market in the first half of 2026, ranking first. Zhipu came second with 10.6%, followed by Volcano Engine with 10.2%.

5. RecodeX rewritten report: Wu Tian, head of Baidu’s foundation model team, has left the company. Baidu said that research and development related to foundation models is continuing. Wu Tian was previously responsible for the technical development of Baidu’s foundation models. No further information has been provided about her plans following her departure.

6. RecodeX rewritten report: The Department of Work Safety of the Ministry of Industry and Information Technology (the National Office for the Implementation of the Chemical Weapons Convention) has drafted the “Internal Compliance Guidelines for the Export Controls of Monitored Chemicals.” A draft for public consultation has been prepared, and comments are now being solicited from the public. The guidelines were drawn up in accordance with the Export Control Law, the Regulations on the Administration of Monitored Chemicals, the Regulations on the Export Control of Dual-Use Items, and their implementing rules. They aim to comprehensively standardize the export management of monitored chemicals and guide companies in establishing and improving internal export control compliance mechanisms.

7. RecodeX rewritten report: On-chain data shows that a whale or institutional address transferred a total of 694,300 HYPE to Coinbase over the past four days, worth approximately $53.26 million at the time of transfer. The continued inflow of large amounts of tokens to exchanges is generally viewed as a potential sell signal.

8. RecodeX rewritten report: The Ministry of Commerce has announced the total export quotas for goods in 2027. Export quotas for licorice and licorice products, artificially cultivated ephedra used as a medicinal material, live pigs (to Hong Kong and Macao), live cattle (to Hong Kong and Macao), live chickens (to Hong Kong), sawn timber, rush grass, and rush grass products are 5.2 million kilograms, 1.0804 million kilograms, 1.6054 million head, 22,000 head, 3 million birds, 150,000 cubic meters, and 14 million kilograms, respectively. Export quota management for phosphate rock and silver will remain suspended in 2027, and export licensing management will continue to apply instead.

📡 Hourly News Briefing | 14:00–15:00

1. RecodeX summary: Canadian Prime Minister Mark Carney hosted EU leaders in Canada for talks on strengthening cooperation. Against the backdrop of pressure from the Trump administration, Canada is seeking closer ties with Europe. However, it still faces resistance over the capacity in which it can participate in European affairs and whether it can use the term “member state.”

2. RecodeX summary: Two suspects appeared in court on charges of allegedly plotting an Iran-related scheme at the UK’s RAF Fairford base. Fairford is a key forward operating base for US bombers in Europe. Reports have not yet detailed the specific charges in the case.

3. RecodeX summary: STMicroelectronics expects fourth-quarter net revenue of $4.15 billion, above the market estimate of $4.11 billion.

4. RecodeX summary: Since domestic refined-fuel prices were last adjusted on October 15, escalating geopolitical tensions in the Middle East have driven a sharp rise in international crude prices. To cushion the impact at home, the government has again intervened in refined-fuel prices. Under the current pricing mechanism, domestic gasoline and diesel (standard grades) would have risen by 440 yuan and 420 yuan per tonne, respectively, from midnight on October 29. After the intervention, the increases were limited to 345 yuan and 335 yuan, respectively, balancing relief for downstream users with the need to ensure a secure and stable supply of refined fuel.

5. RecodeX summary: Alphabet’s revenue fell short of analysts’ expectations, sending its shares down as much as 10% after hours and reflecting growing concerns about its continued investment of hundreds of billions of dollars in AI infrastructure. Microsoft’s earnings offered a contrast: cloud revenue beat expectations, Azure sales grew 48%, and capital expenditure came in at $45.2 billion, below the market’s $45.9 billion forecast. Analyst Luke Lango noted that Microsoft delivered these results while keeping capital expenditure below feared levels, in contrast to the sell-off in Meta shares last week.

6. RecodeX summary: The Haidian District Market Supervision Administration in Beijing has investigated the city’s first case involving the use of blockchain and virtual-currency technology to assist pyramid schemes. The technology company involved provided outsourced services to a public blockchain. Its “Atomic Plan” and “Hathaway Plan” were based on recruiting participants in exchange for rebates and required them to invest money to qualify for entry. The blockchain has been investigated by public security authorities in accordance with the law, and the pyramid scheme organizers have all been placed in criminal detention. Regulators determined that the technology company should have known that pyramid scheme applications were operating on the blockchain, under the Prohibition of Pyramid Selling …

7. RecodeX summary: Bela Bajaria, Netflix’s former chief content officer, proposed to Microsoft-owned Xbox that it grant exclusive film and television adaptation rights to a slate of game IPs for seven years in exchange for $500 million. Xbox CEO Asha Sharma and its business team rejected the offer and raised the price to $800 million, after which negotiations collapsed.

8. RecodeX summary: Russia has drawn up standards for testing cryptocurrency investors and plans to require them to pass a knowledge test before buying or trading cryptocurrencies on regulated platforms. Ekaterina Andreeva, first deputy chair of the National Association of Securities Market Participants (NAUFOR), outlined the arrangements. Under the standards, investors who fail the test will face restrictions on the scope of their trading.

📡 Hourly Briefing | 13:00–14:00

1. RecodeX reports that, according to people familiar with the matter, U.S. Defense Secretary Pete Hegseth has removed the Pentagon’s most senior operational planning official from their post as President Donald Trump considers a new round of military strikes against Iran. The personnel change comes amid escalating tensions between the U.S. and Iran.

2. RecodeX reports that on-chain data shows an unidentified whale address has sold a total of 1.02 million SOL over the past five days, for a transaction value of approximately $104.3 million. The sell-off was substantial, but no further information is available on the address’s holdings or subsequent moves.

3. RecodeX reports that data from the Tianyancha app shows Huawei Investment & Holding Co., Ltd. recently completed a corporate registration change, increasing its registered capital from approximately RMB 63.89 billion to RMB 69.39 billion, a rise of about RMB 5.5 billion. Founded in March 2003, the company’s legal representative is Zhao Minglu. Its business scope includes the research, development, sales, and servicing of high-tech products, among other activities. It is jointly owned by the Trade Union Committee of Huawei Investment & Holding Co., Ltd. and Ren Zhengfei.

4. RecodeX reports that several Ethereum clients have released patches to fix a vulnerability that could be exploited to redirect ETH staking rewards to another person’s address. The flaw involves client logic for processing reward distributions; if successfully exploited, an attacker could hijack rewards owed to validators. The client teams have released updates and recommend that node operators upgrade to the patched versions as soon as possible.

5. RecodeX reports that statistics show broad-based STAR Market ETFs received net inflows totaling RMB 18.7 billion during the week from October 22 to 28, as of October 28. STAR 50 ETFs accounted for most of this, with net inflows of RMB 16.7 billion over the same period, indicating continued inflows into the STAR Market.

6. RecodeX reports that SpaceX is building a power plant in the Southaven area of Mississippi to supply electricity to the nearby Colossus data center. The project’s noise has sparked strong protests from local residents, who have filed a lawsuit over the issue. To resolve the dispute, SpaceX subsidiary MZX Tech is buying homes in the area. A real estate agent representing SpaceX has lobbied residents, saying the company is willing to buy their homes as long as the owners agree not to participate in lawsuits over noise from the power plant. End.

7. RecodeX reports that 29 new share buyback and stake-increase plans were announced in the Shanghai market from October 26 to 28, with the maximum proposed amount approaching RMB 4.5 billion. Since the start of October, Shanghai-listed companies have issued 315 updates on buyback and stake-increase plans, with the total amount implemented exceeding RMB 35 billion. Technology companies have been the main force in this latest round of buybacks and stake increases.

8. RecodeX reports that business registration information shows Hangzhou Xiciyuan Semiconductor Co., Ltd. recently changed its corporate registration, adding Xiaomi-affiliated Hanxing Venture Capital Co., Ltd. as a shareholder and increasing its registered capital to RMB 1.3202 million. Founded in June 2026, the company’s business scope includes integrated circuit design, integrated circuit chip design and services, Internet of Things technology research and development, and artificial intelligence application software development.