Author: Deep Wave TechFlow

AI / Large Models

It is rumored that DeepSeek V5 has completed training but has not been released, and the community begins to speculate on the release date

The hot topic of Zhihu surged to 1.74 million. Currently, there is no official information, but discussions are focused on "Are they waiting for a better release window?" and "How big is the leap from V4 to V5?".

Hot discussion: Some people brought up DeepSeek's consistently low-key style, joking that "they might just be too lazy to hold a press conference".

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Qwen 3.8 27B is reported to be able to "understand and rewrite model weights"; Astra's related claims are criticized as misleading

A HN user tested Qwen 3.8 27B running on a laptop, allowing the model to directly read and modify weights. Another rebuttal article argues that Astra's claim of "read and write weights enhancing Qwen" is exaggerated.

Hot discussion: The community is debating whether this is real capability or if there are issues with the evaluation method.

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Gemini is reported to use the chat records of paid individual users for training

HN discussions pointed out that Google automatically enables training data collection for Gemini subscription users, raising concerns over "paying but still having data taken".

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Huawei Cloud announced the offline of the Pangu 2.0 Flash and Pro model services

Zhihu heat reached 1.75 million. The community speculates this is a resource concentration towards a new version of the Pangu large model, while some believe it is another signal of rapid reshuffling of domestic AI models.

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Tencent Mixuan releases the official version of Hy4

Zhihu heat was 1.36 million that day. Directly targeting mainstream domestic large models, the comment section mainly discusses whether the actual coding and long text performance can compete.

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Encryption / Web3

Binance reveals the details of the $6.3 billion theft: a fake job interview obtained employee devices

Binance officials and several media outlets restore the attack chain: hackers disguised themselves as recruiters to arrange online interviews, inducing employees to install malicious code, and then used internal AI tools to gain access to wallet signature system permissions. The FBI has identified the North Korean-backed hacker group TraderTraitor.

> Hot comment: The most expensive interview, $6.3 billion, without even an offer.

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Bitcoin spot ETF sees a net outflow of over $1 billion in two days, with BlackRock's IBIT accounting for $400 million

The sell-off mainly occurred after the Binance incident and before the US midterm elections. Bitcoin once tested around $77,000, finding short-term support above the 100-day moving average.

> Hot comment: The hackers stole coins, institutions ran away with confidence, and in the end, ETFs foot the bill.

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Oracle cancels $7 billion AI partnership with Tencent, accused of being pressured by the Trump administration

FT reports that the deal fell through under political pressure, marking another case of US-China technological decoupling in the computing/cloud infrastructure sector.

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Securitize shares fall 38% since launching Solana stock tokens

After moving Apple and Nvidia stocks onto Solana, the market did not respond positively. The decline reflects dual concerns over the liquidity and compliance of traditional assets going on-chain products.

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Chips / Hardware

AMD Q3 earnings report beats expectations, data center revenue nearly doubles year-on-year

Revenue reached $13.38 billion, up 45% year-on-year; adjusted EPS at $2.09, exceeding the expected $1.95. Data center business at $8.5 billion, with its share of total revenue jumping from 47% in the same period last year to 64%. Q4 guidance is around $17 billion, also higher than expected.

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Susan Li: Server revenue expected to double year-on-year by 2027

The CEO stated in the earnings call that Helios and Venice product ramp-up will further accelerate Q4 growth, and projected data center revenue to double for the year, with server revenue expected to double again by 2027.

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Nvidia RTX Spark firmware encryption slows Linux inference speeds by 35%

HN discussions pointed out that this consumer-grade device is limited by encrypted firmware under Linux, significantly reducing performance, with the community questioning "isn't hardware bought entirely yours".

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US Stocks / Macroeconomics

Democrats achieve a major midterm election victory: Senate flip, Texas turns blue, US stock futures rebound in a V-shape

Wall Street News calls this a historic victory. The market quickly reversed from election uncertainties, boosting risk assets.

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Musk is labeled as "the biggest loser of the midterms," Tesla and SpaceX plummet in pre-market

Reports indicate that the Republican setback has basically washed away Musk's $450 million political investment.

> Hot comment: $450 million bought loneliness, with no after-sales support.

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Goldman Sachs warns: US stocks may have entered an "invisible bear market"; the correction is far from over

Goldman Sachs believes that the surface index shows little decline, but the internal market structure has seriously deteriorated.

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Super Micro's earnings far exceed expectations; Q1 revenue at $19.9 billion

Expected $16.39 billion, actual exceeding nearly $3.6 billion. AI server demand continues to be validated by earnings reports, but the gross margin of 12.8% remains low.

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Marvell's $115 billion acquisition of Lumentum raises market concerns

After the deal was announced, stock prices fell, with investors worried about overvaluation and dilution issues.

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The central bank lowered the stock buyback increase re-lending rate by 0.25 percentage points to 1%

Effective from November 4, 2023, by the People's Bank of China, to stabilize the capital market.

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New Products / New Trends

iPhone Duo sales have cooled a week after launch, scalpers are mocked for "at least losing hundreds of thousands"

Zhihu heat reached 1.2 million. The market assesses that the main reasons are high pricing and intense folding screen competition, with consumers no longer blindly paying a premium for Apple's new products.

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HackerTV launched: making the most recommended YouTube videos on HN into a 24/7 TV channel

HN community has 353 upvotes. A geek-oriented information flow product that reversely turns algorithm recommendations into "community voting television".

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Today's Underlying Theme

From the $6.3 billion theft at Binance to AMD's data center revenue doubling, and from the Democrats' historic electoral victory to Oracle's $7 billion deal falling through—today's seemingly unrelated news actually tells the same story: the cost of trust is rising rapidly. Binance was breached by a fake interview, illustrating that even the largest platforms are vulnerable to human flaws; Nvidia's firmware encryption limits performance, indicating that hardware ownership is subtly being rewritten; US-China tech cooperation is interrupted by politics, showing that business logic is yielding to security logic. And when security becomes the prerequisite for everything, the arms race for AI computing power is even less likely to stop.