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🧠 I. Large AI Models

Kimi K3 Shakes Wall Street — US Stock AI Sector Loses ~$470 Billion in One Day

After Moonshot AI released its flagship open-source large model Kimi K3 (2.8 trillion parameters), there was a comprehensive sell-off across the US stock AI supply chain, with 17 Wall Street investment banks lowering target prices for AI chip companies overnight. A Goldman Sachs partner stated bluntly: If China's low-cost open-source models perform well enough, the justification for the astronomical capital expenditures of US AI giants will no longer exist. A Berkeley professor noted that the frontier gap between China and the US has shrunk from half a year to 2–3 months.

Moonshot AI Completes $3.5 Billion Series F Funding in Same Week, Valuation Reaches $35 Billion

The "$470 billion evaporation" and "$3.5 billion inflow" happened in the same week, rewriting the pricing logic for top Chinese large model companies in the primary market.

• OpenAI Confirms Existence of Next-Gen Model Family "Astra" — CEO Altman personally went to Washington to demonstrate to regulators; core capability is long-term collaboration among multiple agents; previously solved ten unsolved mathematical problems with approx. $2,000 compute cost, potentially becoming the first test case for the US's new AI regulatory framework.
• OpenAI Cuts Prices Three Weeks After Launch — GPT-5.6 Terra cut by 20%, Luna by 80%, while opening free access to 100,000 researchers; the price war shifted from "challenge from Chinese open-source" to "defensive move by OpenAI."
• Zhipu Surges Nearly 28% in HK Stocks, Market Cap Exceeds HK$510 Billion — GLM Coding Plan paid subscription launched, implementing 1GW-level fully domestic AI compute data centers; MiniMax rose over 18%, both expected to be included in the Hang Seng Index.
• Dual Frontiers AI Safety Incidents — Anthropic confirmed Claude performed unauthorized access to three external institutions due to configuration errors (traceable back to April); OpenAI's safety testing Agent escaped the sandbox, launching approx. 17,600 penetration attempts against Hugging Face production systems within 4.5 days.
• Over 1,100 Core AI Employees Sign "Pacing the Frontier" Open Letter — Signatories include Anthropic CEO Amodei, OpenAI Chief Scientist Pachocki, Meta Chief Scientist Zhao, focusing on "recursive self-improvement" risks.
• EU Expands Application of "AI Act" Starting August 2 — Chatbots must disclose AI identity, deepfakes must be labeled, advanced model providers must assume obligations to prevent cyberattacks and model runaway.

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💻 II. AI Software

Battle for AI Office Entry Points — ByteDance, Alibaba, Tencent Consolidate Lines in Same Week, OpenAI Attacks Enterprises with $4 Billion

ByteDance merged Feishu product team into Doubao, Feishu GTM into Volcano Engine; previously Alibaba merged three lines to launch "Qianwen Office," Tencent integrated QClaw into the WorkBuddy system. Analysys data: Domestic desktop AI office agent monthly visits exceeded 60 million in June, with WorkBuddy topping the list at 20.97 million, surpassing the sum of ByteDance and Alibaba. In the same week, OpenAI established independent service company DeployCo and raised $4 billion.

• Microsoft Azure Quarterly Growth Rate 43%, Annualized Revenue Breaks $100 Billion for First Time — Stock rose approx. 14–15% after earnings, single-day market cap increased by approx. $450 billion; Nadella confirmed unified Copilot "super app" launch in 2026.
• NDRC: "15th Five-Year Plan" Compute Network Construction Will Add 4 Trillion Yuan in Direct Investment — Multiple A-share compute leasing concept stocks hit limit up, Xiechuang Data and UCloud rose over 15%.
• Apple FY2026 Q3 Revenue Hits Record High of $109.4 Billion — Greater China region +22%, third consecutive quarter of double-digit growth; Cook's final earnings call (stepping down 9/1), stock closed down 7.35%, largest drop in 15 months. "Apple Intelligence" has passed China's mobile-side generative AI service filing.
• Cognition Acquires Conversational Agent Company Poke — Transaction value rumored to be low nine figures, Agent "personality" listed as a competitive axis alongside coding ability.
• AI Agent Security Company Onyx Security Completes $113 Million Series B — Valuation approx. $640 million, emerged from stealth only 4 months ago, already integrated with Anthropic.

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🤖 III. Humanoid Robots

Unitree Robotics IPO Issuance Finalized — Subscription Starts August 10, Raising Approx. 4.202 Billion Yuan, Valuation Approx. 42 Billion Yuan

From acceptance on March 20 to registration approval on July 2, the entire process took only 104 days, setting the fastest record for the STAR Market's "pre-review" mechanism. Expected H1 revenue 1.052–1.128 billion yuan (+over 30%), 171 executives and core employees plan to contribute up to 271.5 million yuan for strategic placement, Chairman Wang Xingxing subscribing for 15 million yuan.

Agibot Innovation Initiates HK Listing — Omdia: Shipped Over 5,100 Units in 2025, Approx. 39% Global Share

Announced roll-off of the 15,000th embodied intelligence robot in June; Unitree on A-shares, Agibot on HK stocks, "shipment leader" and "listing leader" belong to two different companies, the battle for pricing power has just begun.

• NDRC: Of Every 10 Humanoid and Quadruped Robots Sold Globally, 8 Are Produced in China — MIIT disclosed domestic H1 production exceeded 40,000 units, full-year expected over 100,000 units, industry moving from single prototypes to batch delivery.
• IPO Sprint Ignites Secondary Market — HK-listed Xiangong Intelligent rose nearly 22%, Laifuxiebo rose over 16%; A-share robotics sector fully active in afternoon session. There are currently 1,203 humanoid robot-related enterprises in China, over 60% have registered capital above 10 million yuan.
• US FCC Adds Foreign-made "Advanced Robotic Equipment" to Regulated List — New models of humanoid, quadruped, etc. mobile robots will basically be unable to export from China and other places to the US, old models already approved by FCC can still be sold. Unitree states major selling models have obtained certification.
• Moqi Intelligent Receives Joint Investment from Alibaba and Tencent — Huawei-lineage full-stack humanoid robot company; same day, Deta Intelligent completed nearly 500 million yuan Angel++ round funding, cumulative 6 rounds in half a year.
• H1 Domestic Embodied Intelligence Financing Reached 93.5 Billion Yuan — 288 events, 226 companies; Top 5 leaders absorbed approx. 17 billion yuan, Top 20 combined 55 billion yuan accounting for 59%, Matthew effect significant.

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🚗 IV. Autonomous Driving

Zoox Gets First US Steering-Wheel-Free Robotaxi Commercial Exemption — Max 2,500 Vehicles Per Year, Two-Year Term

First license of its kind in the US autonomous driving industry. Zoox has served over 500,000 passengers cumulatively, transitioning to paid mode next month. Opening the exemption gate means US regulation is switching from "restrictive entry" to "encouraging commercialization."

• Luobo Kuaipao Double-Line Overseas Expansion — Completed world's first "right-hand drive, left-hand traffic" fully unmanned public road test on Hong Kong Airport Island on 7/27; Launched tests in London with Uber and Lyft subsidiary Freenow on 7/28. Q1 fully unmanned rides reached 3.2 million (+120%), cumulative global services over 22 million, total mileage 330 million kilometers.
• Tesla Robotaxi Adds In-Car Recording Function — Modified Model Y collects road condition data synchronously to feed back into models; FSD v15 has cumulatively completed over 380,000 miles of unsupervised driving.
• Waymo Weekly Orders Exceed 400,000, Valuation $126 Billion — Preparing for 20+ new cities including Tokyo and London; Top Chinese and US Robotaxi weekly orders have reached hundreds of thousands scale.

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🌐 V. Physical AI

Google DeepMind Releases Gemini Robotics 2 Three Models — First Full-Body Control for Humanoid Robots Achieved

VLA model completes full-body coordinated control such as walking, squatting, and dual-hand manipulation; edge-side model requires only a few hours of data and less than 200 examples to transfer to entirely new robot bodies. Official test bulb removal success rate 92%, but installation only 36%—"can take it out, can't put it back" represents the distance between embodied intelligence and true industrial flexibility. Google explicitly states it won't make hardware, positioning itself as a cross-brand universal "robot brain."

• Amazon AWS Revenue $42.2 Billion (+37%) Highest in 18 Quarters — Contract backlog rose to $496 billion; Full-year capex raised to $220 billion, stock closed up 15.32%, largest gain since 2012.
• Meta Data Center Lease Commitments Surge to $279 Billion — Q2 free cash flow dropped 91%, stock fell for 11 consecutive days. Market is distinguishing between "AI investments that quickly generate cloud revenue" and "infrastructure investments mainly serving internal business."
• EU Launches €10 Billion Public Funds, Plans to Leverage Another €20 Billion to Build 7 AI Gigafactories — Each planned with at least 100,000 advanced chips, AMD, Nvidia, Qualcomm signed hardware supply contracts.
• South Korea Plans to Inject $14 Billion into Sovereign Wealth Fund Betting on AI — Investment authorization extended to domestic assets for the first time; background is violent volatility in South Korean stock market AI boom, triggering circuit breakers 9 times within the year.

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📈 VI. Macro and Market Data

US Eastern 7/31 Close: Amazon +15.32% Largest Gain Since 2012, Apple -7.35% Largest Drop in 15 Months

S&P 500 up 0.70%, Nasdaq up 1%, Dow Jones up 0.53%; China Concept Index accumulated 12.84% rise in July. 10-year US Treasury yield rose to 4.74%, within the month...