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Unprecedented trillion-scale investment—is NVIDIA the only winner?

Huxiu reviews the global AIDC construction wave, noting that combined computing power investment is expected to reach $830 billion in 2026, up 79% year over year, but as of July 2026 more than 95% of NVIDIA's Grace Blackwell capacity has not yet been put into use. Industry consensus is that about 60% or more of giant capital expenditure corresponds to clear customers, while the remaining 30-40% is preemptive capacity grabbing. The article cites cases such as CoreWeave's Q2 revenue of $2.575 billion and net loss of $626 million to show that the three conditions—single-park revenue covering costs, stable utilization and rental prices, and follow-on financing continuing—are currently not broadly verified, and the certain winner may only be equipment seller NVIDIA.

Moonshot AI releases Kimi K3.1 Pro: 2.8T total parameters, 104B activated parameters, weights scheduled to be opened on November 4

Moonshot AI releases Kimi K3.1 Pro, a multimodal MoE model with 2.8T total parameters, 104B activated parameters, and a 1 million token context window. The Standard and Highspeed versions are now available on the Kimi website, App, Kimi Work, Kimi Code and API. The company says Highspeed offers 2–3x faster output at twice the price of the Standard version. Artificial Analysis ranks it fourth on the Intelligence Index with a score of 55, behind Opus 5.5's 58; on Arena's Code Arena WebDev it ranks 8th with 1692 points, up nine places from K3. Standard pricing is $2 per million tokens for input, $10 for output, and $0.2 for cached input, one-third lower than K3; the weights have not yet been released, and the company promises to open them on November 4.

CATL invests in DeepSeek, Liang Wenfeng helps Zeng Yuqun stabilize the capital market narrative

According to foreign media reports, DeepSeek's new funding round is about 100 billion yuan, with CATL as one of the main investors; the CATL system had previously invested about 5 billion yuan in DeepSeek's first funding round. The article argues that CATL's third-quarter net profit attributable to shareholders rose only 14.5% year-on-year, and its A-shares fell 12.03% the next day; investing in DeepSeek provided it with an AI narrative anchor. The CATL system has also invested in computing power and power supply-related targets such as Vianet and Zhongheng Electric, with the three disclosed or reported transactions totaling more than 15 billion yuan.

Fortinet Issues Emergency Update Due to AI-Discovered Critical Vulnerabilities

Fortinet announced unscheduled security updates for FortiOS, FortiManager, FortiAnalyzer, FortiMail, and FortiAuthenticator to fix critical and high-risk vulnerabilities discovered by the Frontier-AI model during security testing, and urged customers to install them as soon as possible. Affected versions include FortiOS 8.0.2, 7.6.8, 7.4.13, 7.2.14, and others; FortiSASE will update automatically by this Thursday. Fortinet also warned that similar AI capabilities could be used by attackers to reverse-engineer patches and construct working exploits within hours or days.

Musk's merger dream is a nightmare for SpaceX shareholders

SpaceX and Tesla have each established special committees composed of independent directors to explore a merger between the two companies; after the news was announced, Tesla's stock rose 3.4% and SpaceX rose 7.8%, adding $155 billion in market value. At a 30% premium, SpaceX would need to pay about $1.98 trillion to acquire Tesla and issue new shares equivalent to 92% of its existing share capital, increasing its shares from 13.1 billion to 25 billion. Tesla's GAAP net profit over the past four quarters was only $3.28 billion, while SpaceX lost $1.5 billion over the same period; after the merger, SpaceX shareholders would give up nearly half of future earnings.

The US market has never bet so heavily on a single theme, but AI returns may take decades

Ming Lu, a senior advisor at KKR, believes the scale of the US market's bet on AI is unprecedented, but the payoff will come far later than the market expects. AI-related capital expenditure has risen to about 2% of US GDP, and AI-related investment accounted for 39% of US economic growth in the first three quarters of 2025, higher than the 28% at the peak of the dot-com bubble. The combined market value of the "Magnificent Seven" is $25 trillion, accounting for 35% of the S&P 500.

Artificial Analysis releases AA-PersonalityBench sycophancy evaluation

Artificial Analysis launches AA-PersonalityBench, which evaluates the sycophantic personality trait of models. The three oldest models tested—GPT-4o, Llama 4 Maverick, and GPT-3.5 Turbo—ranked highest, while Grok 4.7, Claude Fable 5.1, and Inkling ranked lowest. All five Meta models tested scored above 65 (Llama 4 Maverick 97, Muse Spark 1.3 87, Muse Glimmer 79, Muse Spark Open 76, Muse Wonder 65), all Claude models scored 55 or below, and Grok 4.7 was the lowest overall.

Google Agents CLI Launches Extension System: From ADK to LangChain, All Can Plug In

Starting with version 1.5.0, Google Cloud's Agents CLI introduces an Extension System that allows developers to override or add commands without forking the tool; version 1.8.0 debuts the first LangChain extension, replacing ADK-bound commands with equivalent LangChain implementations. Extensions are declared via agents-cli-extension.yaml in a Git repository and can override built-in commands such as playground, deploy, and eval generate, or add new commands; enterprise platform teams can use this to enforce policies such as SBOM scanning in deployment pipelines.

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SpaceX and Tesla Discuss Merger, Valued at About $3.5 Trillion

SpaceX's third-quarter revenue was $14.6 billion and net profit was $4.4 billion; AI and computing power business revenue was $7.56 billion, up more than ninefold year-on-year, surpassing the connectivity business for the first time. Musk confirmed that SpaceX and Tesla have each established independent special committees of the board of directors to discuss a merger, with a merger valuation of about $3.5 trillion. The article points out that Tesla's free cash flow is negative, and that the merger would change the financing method and capital allocation authority, and the transaction would also need to pass antitrust, national security and foreign investment reviews.

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WSJ sees Anthropic IPO draft: half-year revenue $16.3 billion, compute commitments about $450 billion

The Anthropic IPO draft seen by WSJ shows half-year revenue of $16.3 billion, a book loss of $80.7 billion, and compute commitments of about $450 billion. The draft discloses fixed payments of $252 billion to three major cloud providers over the next 7 to 10 years, including $111 billion to Google, $110 billion to AWS, and $31 billion to Microsoft, payable whether or not used. There is also over $160 billion in Google chip leasing (via Broadcom) and up to $86 billion in Nvidia GPU rental, plus $150 billion in deals under negotiation.

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