🔥 Bullish on Unitree? Explore our vault and join the action! 👉 sodex.com/rwa/unitree 📊 POLL: What price do you think Unitree will reach by the end of October?

🤖 We’re back, baby!! 🚀 Unitree is up ~10% in the past 24 hours! 🚀 Shares are up ~10% over the past 24 hours (rising for a second day!) amid renewed enthusiasm for China's robotics and embodied AI sector. 📅 Next Key Event: Oct. 29 — Unitree's Q3 earnings report. 🔥 Want exposure to Unitree's stock performance? Explore the SoDEX Unitree Vault! 👉 sodex.com/rwa/unitree In addition, Anthropic reportedly plans to file its public S-1 with the SEC on October 26, targeting a mid-November listing and a November 9 roadshow. Concurrently, OpenAI is accelerating a massive funding round and holding talks with sovereign wealth funds to lock up capital ahead of Anthropic's IPO.

Unitree stock is up around 16% in 24 hours, a sharp rebound from oversold territory. Why? The physical AI Conference in Nanjing starts today, which has renewed investor interest in the embodied intelligence and humanoid robotics sectors. Learn more about the company here: sodex.com/rwa/unitree

Some updates: 1) The FTC has sent civil demands to OpenAI and Anthropic over potential consumer harm, per Axios. It wants documents on safety incidents, safeguards, marketing, and privacy, and plans to seek executive testimony. One question is whether labs that helped shape AI rules are now being supervised by them. 2) At Anthropic’s investor day, investors discussed an IPO valuation of about $1.5T, down from about $2T, citing slower revenue growth. OpenAI is reportedly raising at $1.4T. The FTC matter would likely have to be listed as a risk in Anthropic’s IPO filing. 3) Apple Intelligence launches in mainland China in December via iOS 27.3, with Alibaba handling safety review and Baidu powering search and Siri (Bloomberg). The first features are basic, and Huawei and Xiaomi already ship comparable AI on their phones.

Financing gets scarce: AI shifts from supply shortage to ROI test CoreWeave’s 2032 unsecured bonds fell below 80c on the dollar, and yields reached 14.5%. The stock fell 15.5%, Oracle fell 8.8%, and neoclouds sold off across the board. The trigger was an FT report: co-founder Brannin McBee wants investment-grade ratings on GPU-backed loans so insurers can invest, and he called insurance capital “unlimited.” Instead of reassuring the market, this drew attention to CoreWeave’s debt load. The CEO’s memo called the selloff “irrational,” but the drop across the sector shows financing risk is now being priced industry-wide. As for Anthropic, Q3 revenue was $16.8B, up 46% from Q2. It was profitable on an adjusted basis and cash-flow positive. Its run rate, however, rose only about 8–14% in two months, from $65B to $70–74B. OpenAI’s standard run rate at the end of September was about $50B, so Anthropic is temporarily ahead, and OpenAI is looking to pass $70B by December. Self-funding is now a real advantage, but growth at this scale is slowing. The constraint on AI has moved from hardware supply to return on capital. Watch neocloud credit spreads, hyperscaler and Oracle capex guidance, how much backlog turns into revenue, and the next run-rate disclosures. Expect short-term volatility while financing terms re-price.

Tonight/ Tomorrow morning it is—— Anthropic will release its third-quarter financials for the first time (though not publicly) with select institutional investors during a meeting in its San Francisco headquarters. Key metrics to look for: revenue growth, Annualized Recurring Revenue (ARR), and operating margins Secondly, U.S., South Korean, and Japanese chip stocks fell after CXMT claimed that it plans to roll out a new type of chips with increased memory density and a so-called 4F² design by the end of 2026. It remains to be seen whether CXMT can maintain its high gross margins (2nd quarter: ~87.6%) when facing steep manufacturing costs of this new technology. Finally, DeepSeek is set to complete its second round of financing in the near future, increasing the funding amount from 50 billion yuan to approximately 100 billion yuan while maintaining a valuation of 500 billion yuan. New investors include Shixi Capital, China Fortune-Tech Capital, CPE Yuanfeng, Legend Capital, and Geely, with existing shareholder CATL contributing an additional 10 billion yuan.

AI giants are accelerating investments and acquisitions as competition intensifies across the industry: Microsoft launched Decision-1, a decision-making model built on Alibaba's Qwen3.5-9B, designed to improve accuracy and speed in structured decision-making tasks. Meta unveiled Muse Wonder and Muse Wonder Full, its most advanced AI models yet, designed for complex coding, reasoning, and autonomous agent tasks, challenging OpenAI and Anthropic. Amazon is reportedly in talks to acquire Decart for $7B. The startup develops tools for switching between AI chips and models that generate realistic 3D environments. Nvidia is exploring an acquisition of Reflection AI, a developer of open-weight AI models valued at $25B. DeepSeek is reportedly seeking to lead a funding round for Winverse AI at a potential $400M valuation. The startup focuses on robotics and AI interaction with the physical world. These developments highlight accelerating vertical integration across AI chips, models, and applications. China's access to relatively cheap and abundant electricity provides an advantage in scaling AI infrastructure. Meanwhile, Intel and Broadcom CEOs warned at a Singapore conference that financing constraints could become a greater obstacle to AI expansion than hardware shortages, particularly as capital costs rise.

Happy Monday and Sunday evening, everyone! 👋 Here are two major developments in the AI sector: 1. Anthropic prepares for its upcoming IPO: Anthropic is reportedly hosting a pre-IPO investor day on Wednesday, October 14, for select institutional investors. The company is targeting a Nasdaq debut before Thanksgiving, although the timing remains subject to change. 📖 Learn more about Anthropic in our research report: sodex.com/rwa/anthropic 2. Meta's AI agent Muse sees slowing user growth: After topping the App Store shortly after its September 8 launch, Muse has experienced a slowdown in adoption. Average daily downloads have fallen to around 165,000, while daily new user additions declined from approximately 198,000 in mid-September to 74,000 in early October—a drop of roughly 63%. Meanwhile, growing privacy concerns have raised questions about the app's long-term adoption and user trust. Sources: cryptobriefing.com/meta-muse…, fastcompany.com/91620148/met…

There were significant developments in the AI Industry over the past few days: AI safety concerns intensified over the weekend as Anthropic researcher Jacob Coxon resigned over fears of AI losing control, while Anthropic and OpenAI called for slower frontier-model development and stronger oversight. Elon Musk backed Anthropic CEO Dario Amodei’s position, while Google and Meta have not publicly responded. Amodei warned that AI systems are increasingly contributing to the development of next-generation models, raising the possibility of recursive self-improvement (RSI). He also cited reports of OpenAI research agents bypassing sandbox restrictions, coordinating through unauthorized channels, and conducting cyberattacks. He called for stronger third-party evaluations, common industry safety standards, and greater international coordination. OpenAI CEO Sam Altman said leading AI companies may coordinate to slow frontier-model development so safety measures can catch up. Meanwhile, Anthropic, OpenAI, and Google are reportedly discussing the creation of an AI industry standards body. Trump pushed back against what he described as exaggerated AI-risk concerns, arguing that the U.S. should not slow development and risk losing ground to China. Anthropic also told investors it expects to post a second consecutive quarter of adjusted operating profit. Revenue reached $11.5 billion in Q2, up 14x year over year, while its annualized revenue run rate rose to $65 billion by the end of July. Commentary: A meaningful slowdown in AI development remains unlikely. Leading labs may instead be using safety concerns to gain greater influence over regulation, raise barriers to entry, and manage expectations around the pace of model upgrades. Meanwhile, Zhipu announced a new financing round of about $5 billion (RMB 33.5 billion), comprising roughly $2 billion in share placement and $3 billion in zero-coupon convertible bonds. The shares were placed at HK$714, a 9.96% discount to the September 11 closing price, while the convertible bonds carry an initial conversion price of HK$892.50. Zhipu had already raised HK$31.4 billion through a share placement on July 9.

Zhipu fell roughly 4.96% and MiniMax 4.28% in early Hong Kong trading. For Asia tech investors, GPT-6 Astra raises a question worth watching: will closed models widen their lead over open models again? The concern is that latent reasoning and proprietary agent systems could make frontier capabilities harder to replicate through distillation—training another model on a stronger model’s outputs. If that hypothesis holds, catching up could become more expensive. Meanwhile, OpenAI reports that AI agents are accelerating its research workflows, suggesting that stronger models could help leading labs develop the next generation faster. MiniMax’s partnership with Saudi Arabia’s HUMAIN offers another perspective. HUMAIN-M3 builds on MiniMax M3 and, according to HUMAIN, achieved the highest average score among the models evaluated across seven Arabic benchmarks. That demonstrates an opportunity in localization and sovereign AI, although it doesn’t establish parity with Astra. A wider technical gap could therefore coexist with growing commercial demand for Chinese open models. Governments and enterprises may still value local deployment, customization and control over their data. Over the next quarter, I’d watch whether the capability gap persists across new releases—and whether partnerships like HUMAIN translate into recurring revenue and sustainable margins. How much of your investment case for MiniMax or Zhipu depends on staying close to the frontier? Discover more at: sodex.com/rwa/openai

Changcun Holdings’ (YMTC) IPO status has changed to "Inquired" (under inquiry). It took only 13 days from the acceptance of its IPO application to reach this stage, indicating rapid progress. The company is expected to go public by late this year or early next year. Read more about YMTC at sodex.com/rwa/ymtc

Moonshot AI has confidentially filed its Form A1 with the Hong Kong Stock Exchange (HKEX), officially launching its Hong Kong IPO process, while simultaneously advancing a new funding round at a $50 billion pre-money valuation. Read more: sodex.com/rwa/moonshot

Congratulations to everyone who successfully subscribed to the Unitree Vault! Unitree Vault subscriptions submitted before 00:30 UTC on Aug 19 have been completed. Users can view their confirmed subscription results at: RWA Research Hub → Position:sodex.com/rwa/unitree Additionally, the Unitree Vault airdrop rewards will be available for claiming starting at 13:00 UTC on August 19.

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