RecodeX

📡 整点播报 | 23:00-24:00

1. RecodeX 重构消息，对冲基金Situational Awareness正从其投资者处募集资金，用于投入新兴云服务初创公司Fluidstack Ltd.。此举距该基金因高杠杆押注人工智能公司而濒临崩盘仅过去三个月。

2. RecodeX 重构消息，香港特区行政长官就宏福苑致命火灾公开致歉。这场火灾造成人员伤亡，并被视为对北京在香港管治能力的一次考验。目前官方尚未公布火灾的完整调查结论与后续问责安排。

3. RecodeX 重构消息，中国共产党宣布开除33名官员党籍，为毛泽东时代以来规模最大的一次整肃行动。此次被开除的官员人数创下后毛泽东时代的纪录，反映出党内纪律审查力度的显著升级。

4. RecodeX 重构消息，Alphabet在周四提交的季度文件中详细列出了AI相关风险敞口，范围超出前一日财报电话会所讨论的内容。除首席财务官在投资者电话会上披露的超过1万亿美元采购承诺、未来租赁付款及其他义务外，文件还列出约985亿美元或有承诺，即在特定条件下公司可能需要承担的义务，该金额较上一季度增加约230亿美元。 这些承诺包括为数据中心租赁付款提供担。

5. RecodeX 重构消息，纽约证券交易所母公司洲际交易所（ICE）与Trade[XYZ]签署协议，计划在美国推出受监管的、基于Hyperliquid构建的永续期货合约。消息公布后，Hyperliquid生态代币HYPE上涨13%。

6. RecodeX 重构消息，Polymarket正就以色列大选相关预测市场展开可疑交易调查，并审查数十个新建钱包。链上分析显示，逾600个同日创建、此前无交易记录的钱包押注内塔尼亚胡胜选或利库德集团赢得最多席位，其中数百个账户在投票结束前下注。出口民调公布后，相关交易迅速获利，部分账户合计已套现逾10万美元。

7. RecodeX 重构消息，据消息人士透露，俄罗斯计划将柴油出口禁令延长至今年年底，同时通过配额制度允许部分企业继续出口燃料，以履行其对美国作出的一项新出口承诺。目前禁令延长的具体配额规模和企业名单尚未公布。

8. RecodeX 重构消息，埃隆·马斯克转发华尔街投资人斯坦·德鲁肯米勒披露投资 Trade xyz 的推文，并评论称“有趣”。德鲁肯米勒此前已公开提及对 Trade xyz 的投资。

📡 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.

📡 Hourly News | 12:00–13:00

1. RecodeX News Rewrite: In 2026, the National Data Group was officially established, becoming the 100th central state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council, and ranking 28th among central SOEs. Its position was not determined by asset size, but reflects its national strategic designation—with the priority of operating data as a factor of production placed above electronic technology manufacturing. The group adopts a structure that separates government administration from enterprise operations, involving a contest over the division of responsibilities and authority between central and local governments. Its business model remains to be explored, with the Xiong’an New Area serving as a pilot reform zone.

2. RecodeX News Rewrite: Toyota’s global sales in September fell 2.2% year over year to 860,107 vehicles, while production declined 3.2% to 889,079 vehicles. Both sales and production fell for the third consecutive month. By market, sales in China declined 19.7%—their eighth consecutive monthly drop—and production fell 18.6%, as high oil prices dampened demand for gasoline-powered and hybrid vehicles. Sales in the Middle East plunged 29.8%. Sales in Japan and the United States rose 1.8% and 8.4%, respectively, while U.S. production fell 2.9%.

3. RecodeX News Rewrite: Hyundai Motor reported third-quarter revenue of 45.11 trillion won, below the market estimate of 46.04 trillion won. Operating profit was 2.68 trillion won, above the estimate of 2.61 trillion won; net profit was 1.70 trillion won, below the estimate of 2.25 trillion won.

4. RecodeX News Rewrite: Hong Kong stocks paused for the midday break. The Hang Seng Index rose 0.05%, while the Hang Seng Tech Index fell 1.98%. Coal, oil and petrochemicals, and banking stocks gained. Bank of Qingdao rose more than 4%, PetroChina more than 3%, and China Shenhua more than 2%. Semiconductors, hardware equipment, and machinery were among the biggest decliners. Cambridge Industries fell more than 10%, Hua Hong Semiconductor more than 6%, and Weichai Power more than 4%. Southbound funds recorded net purchases of HK$1.518 billion.

5. RecodeX News Rewrite: Canan Intelligent (300880) announced at midday on October 29 that it had received notices of award on October 28 from China Southern Power Grid Co., Ltd. and China Southern Power Grid Supply Chain Group Co., Ltd. In the “China Southern Power Grid 2025 Second Batch Framework Tender for Metering Equipment,” Canan Intelligent was selected as the winning bidder for one lot of Class A single-phase smart electricity meters, with an award amount of approximately RMB 32.5342 million.

6. RecodeX News Rewrite: Geely Automobile (00175.HK) announced on the Hong Kong Stock Exchange that revenue for the first three quarters reached RMB 272.564 billion, up 13% year over year, while net profit was RMB 13.928 billion, up 7%. Third-quarter net profit was RMB 4.84 billion, an increase of 28% year over year.

7. RecodeX News Rewrite: China’s first Ascend 950DT 1,024-card intelligent computing cluster went live in Wuhan today. It was funded and built by Hubei Science and Technology Investment. The cluster uses a fully liquid-cooled design for both computing and interconnection cabinets. Each node is equipped with 1,024 Ascend NPU accelerator cards, delivering FP8 computing power of 1 EFLOPS. It has 256 TB of globally unified memory, card-to-card interconnect bandwidth at the terabyte-per-second level, and end-to-end communication latency measured in microseconds. Built on the Lingqu architecture, the cluster allows all cards to communicate directly with one another, supporting the training of trillion-parameter large models and agent inference.

8. RecodeX News Rewrite: On October 28, the Chengdu Aircraft Design and Research Institute of the Aviation Industry Corporation of China issued a public notice naming the shortlisted bidders for a launch service for a launch vehicle carrying a certain spacecraft. The evaluation results showed that the first-ranked candidate was LandSpace Technology Corporation Limited, with a bid of RMB 95 million; the second-ranked candidate was Beijing CAS Space Technology Co., Ltd., with a bid of RMB 100 million. Both companies committed to the same delivery schedule: successfully completing the launch service and delivering the payload into orbit within five years of signing the contract. The notice period begins in 2026.

📡 Hourly Briefing | 11:00–12:00

1. RecodeX reports that DoorDash is in advanced talks to acquire grocery delivery platform Instacart in a deal valued at approximately $17 billion. An agreement could be formally announced as early as Thursday morning. After the news broke, Instacart shares rose about 4% in after-hours trading on Wednesday, while DoorDash shares slipped by less than 1%. Instacart had previously approached several potential buyers, including Uber, which later withdrew from the talks, leaving DoorDash as the leading contender.

2. RecodeX reports that Mexican politician Cuauhtémoc Cárdenas has died at the age of 92. The only son of former Mexican president Lázaro Cárdenas, he never won the presidency himself but became a central figure in Mexico’s democratic transition, helping bring an end to the country’s long-standing one-party rule.

3. RecodeX reports that Samsung expects its smartphone shipments in 2027 to be lower than this year’s, while its mobile business has returned to a loss. The company said it would continue making ambitious plans for the next-generation Galaxy S series, foldable models, and other product lines.

4. RecodeX reports that tampered Ledger hardware wallets have cost users in Singapore approximately $2.7 million, according to the Singapore police. Police said they had received at least two reports as early as September 10, nearly a month before the wider incident came to light.

5. RecodeX reports that four government departments, including the Ministry of Commerce, have jointly issued a notice proposing further improvements to trade liberalization and facilitation in the Hainan Free Trade Port. The notice focuses on arrangements to liberalize and facilitate trade in the port.

6. RecodeX reports that the General Office of the Shanghai Municipal People’s Government has issued the Action Plan for Shanghai to Promote the High-Quality Development of Small and Medium-Sized Enterprises. It aims to further improve the quality and structure of SMEs by 2028 and continually strengthen their innovation and business capabilities. The plan calls for ensuring SMEs have fair opportunities to participate in government procurement and project bidding, further regulating the government procurement market, increasing support for SMEs through government procurement, and coordinating the reservation of procurement quotas for construction projects. It also calls for continued efforts to regulate entry requirements in bidding and tendering, and prohibits requirements related to filing, registration, qualifications, or history.

7. RecodeX reports that non-profit Ethereum research lab Ethlabs has announced that Ethereum co-founder Mihai Alisie has joined as an anchor funder, while Payward and Gattaca have joined as contributors. Ethlabs’ initial anchor funders included BitMine, Sharplink, and Ethereum co-founder Joseph Lubin.

8. RecodeX reports that on-chain data shows Hyperliquid has permanently burned 49.87 million HYPE, worth approximately $3.89 billion at current prices, equivalent to 4.99% of HYPE’s maximum supply of 1 billion tokens. Over the past 24 hours, Hyperliquid burned 19,700 HYPE, worth approximately $1.59 million. Estimated fee revenue over the same period was approximately $1.69 million, bringing cumulative revenue to about $1.38 billion.

📡 Hourly Briefing | 10:00–11:00

1. RecodeX news update: Iron ore prices have fallen below $90 per tonne, putting high-cost suppliers under pressure and widening losses for the miners involved. The price decline is directly hurting the profitability of higher-cost mines, and the market is watching to see whether high-cost capacity can continue operating.

2. RecodeX news update: Tianji 300, developed by domestic GPU maker Iluvatar CoreX, outperformed NVIDIA’s H200 in a real-world performance test, marking an important step forward for domestic GPUs. Public information currently covers only the results of this test comparison.

3. RecodeX news update: Tencent Hunyuan is set to launch two models, Hy4 and Hy4 Flash, with visual understanding capabilities being introduced for the first time. The company has not yet announced specific release dates or model details.

4. RecodeX news update: Zhiyuan has introduced Worken, the first unit for measuring the value of physical AI, to assess the value generated by physical AI. Zhiyuan also released the 2026 Embodied Intelligence Industry Innovation Report, which reviews innovation across the embodied intelligence industry.

5. RecodeX news update: At the 2026 Zhiyuan Innovation Day, Zhiyuan Robotics co-founder, president, and CTO Junzhi announced that the company’s revenue in the first half of 2026 was close to 2 billion yuan, and that cumulative shipments of its general-purpose AI robots had reached 20,000 units.

6. RecodeX news update: On October 29, Tencent and Visa announced that they had signed a memorandum of cooperation, establishing a comprehensive framework for collaboration in cross-border payments, agentic commerce, enterprise AI, and support for companies expanding globally. The two sides plan to jointly explore next-generation agent payments, including how AI agents could help eligible users discover, select, and purchase goods or services through Visa Intelligent Commerce. They will also work on developer agent payments.

7. RecodeX news update: On October 29, the Ministry of Agriculture and Rural Affairs issued a risk alert. Recently, some fraudsters have impersonated ministry staff or experts in rural revitalization, misrepresented the services offered by its financing project database, and spread false claims that project investments are covered by a special ministry fund, that large low-interest loans do not need to be repaid, or that the state will purchase products in full. They have also falsely claimed they can submit investment and financing projects through special channels to defraud agricultural businesses. Some scams have also asked local governments to provide land and designated state-owned enterprises to advance funds. The Ministry of Agriculture and Rural Affairs made clear that…

8. RecodeX news update: Microsoft’s Azure cloud business grew faster than the market expected, helping restore market confidence in the AI computing power industry chain. Azure is Microsoft’s cloud computing platform for businesses, and its growth is seen as an important indicator of demand for AI infrastructure.

📡 Hourly Briefing | 09:00–10:00

1. RecodeX News: A draft revision of the Shanghai Municipal Regulations on Taxis was recently released for public comment. It proposes promoting the safe application of autonomous driving technology in the taxi industry in an orderly manner and in accordance with the law, with transport, public security and other departments providing guidance and services as required by law. The draft also proposes using modern information technologies such as big data, blockchain and artificial intelligence to expand application scenarios and improve the digital and intelligent capabilities of taxi services and management. It further calls for advancing the taxi industry's green, low-carbon transition and encouraging and supporting the innovative application of new technologies, new energy and new equipment in the industry.

2. RecodeX News: On October 29, the first AI models for extreme weather based on Fengyun meteorological satellites were officially unveiled at the 2026 Fengyun Satellite User Conference, advancing Fengyun satellite applications from “seeing the present clearly” to “predicting the future.” The intelligent typhoon cloud-image interpretation model combines multi-channel Fengyun satellite cloud imagery with related products. It can automatically analyze a typhoon's location, structure, intensity and development trends, and generate interpretive text. The model covers seven types of typhoon characteristics and integrates more than 20 types of real-time satellite products. It provides an interpretation every 15 minutes and takes just 27.

3. RecodeX News: On October 28 local time, Hyundai Motor Manufacturing Alabama, Hyundai Motor's U.S. manufacturing subsidiary, announced plans to invest approximately $450 million to expand its plant in Alabama. The investment will increase the plant's engine production capacity to support a wider range of powertrains, including systems designed specifically for hybrid vehicles and extended-range electric vehicles (EREVs). HMMA will also upgrade its production facilities to accommodate Hyundai Motor's upcoming new.

4. RecodeX News: The People's Bank of China conducted a 115 billion yuan, seven-day reverse repo operation today. Both the bid amount and the amount awarded were 115 billion yuan, with an operation rate of 1.40%. On the same day, the central bank also conducted an overnight reverse repo operation worth 1 trillion yuan.

5. RecodeX News: A disclosure on the China Securities Regulatory Commission's website shows that Beijing Huixi Technology Co., Ltd. registered for IPO guidance with the Beijing CSRC Bureau on October 28, 2026, as it prepares for an initial public offering and listing. CITIC Securities is the guidance sponsor. Founded in 2022 and headquartered in Beijing's Daxing District, Huixi Technology develops high-computing-power chips for embodied AI and is dedicated to building a full-stack computing platform for embodied intelligence. Its current controlling shareholder is Hefei Yinxi Intelligent Technology Partnership (Limited Partnership), with an 18.4280% stake.

6. RecodeX News: The yuan's central parity rate against the U.S. dollar was set at 6.7147, up 18 points from the previous trading day.

7. RecodeX News: The main lithium carbonate futures contract's intraday decline widened to more than 5%, with the latest quote at 91,620 yuan per tonne.

8. RecodeX News: Samsung Electronics said it will begin production of HBM4E high-bandwidth memory in the first half of next year. HBM4E is a next-generation high-bandwidth memory product for AI accelerators. Samsung Electronics' timeline indicates that mass production is scheduled to begin in the first half of next year.

📡 Hourly Briefing | 08:00-09:00

1. RecodeX reconstructed report: Samsung Electronics announced its final third-quarter results, with revenue of 195.3 trillion won, slightly above the preliminary figure of 195 trillion won. Third-quarter operating profit was 107.4 trillion won, in line with the preliminary data.

2. RecodeX reconstructed report: In a regulatory filing on October 29, Samsung Electronics disclosed consolidated third-quarter revenue of $141.1 billion and operating profit of $77.5 billion, up 126.88% and 783.11% year over year, respectively. The Device Solutions (DS) division, which handles the chip business, recorded revenue of $106.3 billion and operating profit of $76.9 billion, accounting for approximately 99% of the company’s total operating profit.

3. RecodeX reconstructed report: HyperLabs, the development team behind Hyperliquid, requested to redeem 179,706 HYPE tokens from staking approximately 10 hours ago, worth around $14.49 million. The tokens are expected to arrive on the evening of November 4. The move follows the same process as the team’s previous token unlocks: after being unstaked, the tokens are first distributed to team members and then traded over the counter through market maker and institutional trading platform Flowdesk.

4. RecodeX reconstructed report: Samsung Electronics expects the chip supply shortage to worsen further next year. This outlook points to continued tight supply of memory and semiconductors, which could affect the production and costs of downstream electronics products.

5. RecodeX reconstructed report: As of October 28, the Shanghai Stock Exchange’s margin financing balance stood at 1,230.308 billion yuan, up 3.039 billion yuan from the previous trading day. The Shenzhen Stock Exchange’s margin financing balance stood at 1,144.952 billion yuan, down 975 million yuan from the previous trading day. The combined margin financing balance of the two exchanges was 2,375.26 billion yuan, up 2.064 billion yuan from the previous trading day.

6. RecodeX reconstructed report: Evergrande Property Services was temporarily suspended from trading on the Hong Kong Stock Exchange at 9:00 a.m. today. The specific reason for the suspension and the time trading will resume have not yet been announced.

7. RecodeX reconstructed report: A research report by CITIC Securities noted that the liquor sector is in the late stage of bottoming out in its cycle and nearing the end of its shakeout, with bottoming signals already emerging in prices, inventory, and expectations. Looking ahead to 2027, the report forecasts that industry supply and demand could reach a new equilibrium: demand may see a modest recovery amid macroeconomic catalysts and a low base, while supply is expected to contract further even as competition intensifies. In the long term, the sector is expected to steadily enter a phase of healthy recovery. Current valuations already reflect considerable pessimism about the medium and long term, and the sector offers relatively strong dividend value. The report recommends increasing exposure to leading liquor companies while the sector is at its bottom.

8. RecodeX reconstructed report: Trump Media & Technology Group (DJT.O) has signed agreements with Bloomberg, quantitative trading firm and market maker Susquehanna, and Jump Trading, allowing these firms to access posts published by Donald Trump on the platform more quickly. The arrangement involves paid priority access to Trump’s posts; specific terms were not disclosed in the report.

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

RecodeX recap: The main developments over the past 8 hours centered on two themes: first, Alphabet’s earnings fell short of expectations and its shares plunged in after-hours trading. Combined with pressure from its AI investments and cash flow, this reignited market concerns about the returns on tech giants’ massive artificial intelligence spending. Second, the Federal Reserve held interest rates steady and signaled a relatively hawkish stance, amid rising oil prices, advances in crypto regulation, and a series of tech product and M&A announcements.

🤖 AI and Tech

1. Google announced that it is opening Android Studio to third-party AI agents. Its “Bring Your Own Agent” feature supports more than 40 coding agents, including Anthropic’s Claude Agent and OpenAI’s Codex. Google said its new terminal tool can help agents complete UI tasks 77% faster and reduce token consumption by as much as two-thirds.

2. Google launched the Connected Apps Platform to help developers connect app capabilities to Gemini and Search. Gemini and Search are now integrated with more than 50 third-party apps.

3. At GitHub Universe 2026, GitHub outlined its vision of becoming a complete software delivery system and announced agent-focused products, including the GitHub Copilot app for agentic delivery and Copilot Fusion.

4. In a research report published on October 27, Anthropic said an undisclosed internal Claude research model had found vulnerabilities in Chrome, Safari, Android, Windows, and Linux, and chained them into five practically executable attack paths. The vulnerabilities were reported through coordinated disclosure and have been fixed.

5. Reddit launched a feed called “For You,” combining posts from communities users have joined with recommendations tailored to their interests. The move puts Reddit among a growing number of platforms adopting personalized recommendation feeds.

📉 Markets and Earnings

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 the decline briefly widening to 10% in after-hours trading, reigniting concerns about companies’ massive investments in artificial intelligence.

2. Google’s AI-related spending reached $51 billion, significantly increasing pressure on cash flow and fueling market concerns. Its shares fell 9% in response.

3. Alphabet’s “Other Bets” segment, which includes Waymo, accounted for just 0.3% of total revenue this quarter. Waymo is expanding into overseas markets but remains a niche business that continues to burn 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. Following Alphabet’s earnings report, Nasdaq 100 futures fell 0.8% and S&P 500 futures slipped 0.3%. Microsoft shares rose 2.8% after hours, buoyed by steady cloud sales.

6. At its 2026 Investor Day, Oracle laid out its long-term outlook, projecting total revenue above $225 billion and non-GAAP earnings per share above $21 by FY30. It also set a free cash flow target of more than $30 billion, easing investor concerns about the returns on its AI-related spending.

🏦 Central Banks and Macro

1. The Federal Reserve decided to leave interest rates unchanged at this meeting, in line with market expectations. After the decision was announced, spot gold briefly rose $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, as markets understood that the Fed was pausing rate cuts while maintaining a relatively hawkish policy stance.

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

4. Warsh said he plans to attend an in-person hearing hosted by the Fed’s Productivity and Employment Working Group in the San Francisco Bay Area on November 16. The hearing will examine the short-, medium-, and long-term economic effects of AI-driven productivity gains.

5. The Hong Kong Monetary Authority announced that it would leave its base rate unchanged at 4.25%. Hong Kong’s base rate is linked to the Federal Reserve’s interest rate policy.

6. A CICC research report said the Fed’s current policy stance is broadly appropriate. Its base case is for one more rate hike in December, followed by a wait-and-see approach. It added that this rate-hiking cycle is more likely to involve mild, gradual adjustments.

💼 M&A, Financing, 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. According to market reports, chipmaker Marvell is in advanced talks to acquire optical communications and laser maker Lumentum. Lumentum shares surged more than 10% in after-hours trading following the news. Neither company has announced specific terms or a timeline for the deal.

3. TPG is in talks to acquire a British data center company in a deal valued at about $5 billion. People familiar with the matter said discussions between TPG and seller Elliott Management are ongoing, and a deal is not guaranteed.

4. Deutsche Telekom has reportedly called off plans for a large-scale merger with T-Mobile, with work on the deal now paused

…

📡 Hourly Briefing | 07:00-08:00

1. RecodeX news rewrite: Pop Mart’s share price has fallen by about 50% from its year-to-date high. The market attributes the decline to a marked cooling in consumer enthusiasm for its IP LABUBU. LABUBU-related products had previously been a key driver of the company’s performance and share-price gains. As speculative fervor fades, investors are increasingly concerned about the company’s reliance on a single IP.

2. RecodeX news rewrite: Samsung SDI reported third-quarter results, with sales of 4.69 trillion won, above market expectations of 4.09 trillion won. Net profit was 294.6 billion won, also exceeding expectations of 202.72 billion won.

3. RecodeX news rewrite: Alphabet, Google’s parent company, reported disappointing quarterly sales, sending its shares plunging 10% in after-hours trading and reviving market concerns about the huge sums companies are investing in artificial intelligence. Nasdaq 100 futures fell 0.8% and S&P 500 futures slipped 0.3% in response. Asian stock index futures pointed to cautious market sentiment ahead of Samsung Electronics’ key earnings release. Microsoft shares rose 2.8% after hours on solid cloud sales.

4. RecodeX news rewrite: Alphabet’s “Other Bets” segment, which includes Waymo, accounted for just 0.3% of total revenue this quarter. Waymo is expanding into overseas markets, but remains a niche business that continues to burn cash.

5. RecodeX news rewrite: A CICC research report says the Federal Reserve’s current policy stance is broadly appropriate, neither clearly lagging behind inflation nor being excessively restrictive. The base case is one more rate hike in December, followed by a wait-and-see approach. The report notes that this round of rate hikes is more likely to involve mild, gradual adjustments than a sudden, aggressive tightening cycle. Further hikes would most likely be underpinned by solid U.S. economic fundamentals and may not lead to a significant slowdown in aggregate demand. CICC believes the risk of the Fed tightening more than expected may have eased in the short term, while the U.S. economy in the medium term...

6. RecodeX news rewrite: Airbus Helicopters announced on October 29 that U.S.-based Life Flight Network had ordered five Airbus H135 twin-engine helicopters. The helicopters will provide emergency transport for critically ill patients in Oregon, Washington, Idaho and Montana. With this order, Life Flight Network’s total H135 orders now stand at eight.

7. RecodeX news rewrite: 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 the Federal Reserve’s monetary policy, so the decision means the city’s benchmark interest rate will remain within its current range.

8. RecodeX news rewrite: Utah has filed criminal charges against prediction market platform Kalshi, accusing it of promoting illegal gambling. This is the latest legal action by a state regulator targeting Kalshi’s betting business. New York, Washington and other states have previously filed lawsuits against Kalshi over similar issues.

📡 Hourly Briefing | 06:00–07:00

1. RecodeX rewrite: Anthropic said in a research report published on October 27 that an unreleased internal Claude research model had discovered vulnerabilities in Chrome, Safari, Android, Windows, and Linux, and linked them into five practically executable attack chains. The vulnerabilities were reported through coordinated disclosure and have been fixed.

2. RecodeX rewrite: Jordan said it had carried out retaliatory strikes inside Syria in response to an earlier attack on a church, killing several “terrorists.” Jordanian officials characterized the cross-border operation as a response to the church attack.

3. RecodeX rewrite: Robert F. Kennedy Jr. plans to push six unapproved peptide products into temporary sales channels. Peptide products in the United States generally require regulatory approval before they can be marketed, so the move involves drug-regulatory procedures.

4. RecodeX rewrite: Microsoft CFO Amy Hood said the company had lowered its capital expenditure outlook because of delays in third-party computing capacity deliveries. Wall Street is closely watching whether the tech giants’ massive investments in artificial intelligence will generate commensurate returns.

5. RecodeX rewrite: Canadian lender APX Lending plans to launch a home-purchase loan product secured by Bitcoin. Borrowers will be able to use their Bitcoin holdings to cover a down payment or purchase costs without selling them first. The company opened a waitlist on October 28 and is targeting a launch in the first quarter of 2027. Interest rates and loan terms will be announced later. The company gave the example of a borrower purchasing a home for $475,000 with a 20% down payment ($95,000), who would need to put up Bitcoin worth $190,000 as collateral.

6. RecodeX rewrite: Liverpool beat Chelsea in a tense match, winning in a penalty shootout.

7. RecodeX rewrite: A wolf attack occurred at a wildlife park in Germany. An eight-year-old girl was seriously injured while inside an enclosure with several other children and a staff member. The girl was inside the enclosure at the time of the incident; the exact circumstances and subsequent response have yet to be confirmed.

8. RecodeX rewrite: In response to a fire involving a Yijing X9 in Taizhou, Zhejiang, Zeng Qinglin said the vehicle had been rear-ended while stopped by a heavily loaded dump truck. All three people inside were safe. Smoke and flames came from the rear of the vehicle, but the battery was intact. The exact cause of the accident is pending determination by traffic police and fire authorities.