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0Hi~~ Good evening, everyone! Today is Tuesday, October 6, 2026, and welcome to Goodnight Coffee. I'm your host, An'an. Ready to take stock of today's business and tech highlights in a relaxed mood? Let's chat, recharge, and discover the little surprises in the trends!
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According to Huxiu 24 Hours, Huawei's Xu Zhijun said Ascend's share in the Chinese market has already surpassed Nvidia's; he also said China's chip self-sufficiency is an inevitable path.
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According to cnBeta, Bloomberg reports that DeepSeek is close to locking in at least RMB 80 billion, or about US$12 billion, in its latest funding round, far exceeding its initial target of about RMB 50 billion and paving the way for a potential IPO in early 2027. People familiar with the matter said the round is nearing completion, with Tencent Holdings and CATL among the investors that have committed the largest amounts. Thanks to the successful release of its latest AI model, market interest has exceeded expectations. Under signed term sheets, the final funding amount could approach RMB 100 billion, with an initial target valuation of about RMB 500 billion. After the release of V4 Flash, the model has led the outside world to reassess its price-performance relative to Anthropic and OpenAI. After the financing is completed, DeepSeek's next step should be to restructure the company in preparation for an IPO. Tencent previously became the largest investor in the previous round with RMB 10 billion, while CATL may be eyeing AI industry components and data center supply business. As of press time, CATL declined to comment, Tencent did not immediately respond, and DeepSeek did not reply to requests for comment.
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Bloomberg reports that Moonshot AI has completed its final private financing round at a valuation of about US$50 billion and is moving toward an initial public offering in Hong Kong, China, in the first quarter of next year. Some people familiar with the matter said the company has begun IPO preparations and could launch early IPO soundings as soon as this month to gauge investor interest; sources earlier said Moonshot AI is considering raising up to US$5 billion through the IPO. Moonshot AI is one of the brightest stars in China's AI sector. In July this year, with the release of Kimi K3, the company stepped onto the global stage; this open model nearly rivals leading platforms from companies such as OpenAI and Anthropic on some metrics. Its IPO plan is also seen as one of the most anticipated stock trades in the Hong Kong stock market, while AI-driven financing activity is pushing Hong Kong market fundraising to new records. Sources cautioned that discussions are still ongoing and IPO timing may change. Because of the National Day holiday, Moonshot AI did not respond to a request for comment.
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According to 36Kr, in September 2026, Chinese large-model companies released a dense batch of results, with the post-90s generation moving into core roles. Before Alibaba Cloud's Apsara Conference, it was confirmed that Liu Dayiheng, born in 1993, serves as head of the TokenFoundry Qwen project under the ATH Business Group; his speaking order at the main forum came only after Joseph Tsai and Eddie Wu. On September 22, Chen Yusen, born in 1992, made his debut as Alibaba Group vice president and CEO of Qwen Office; he took over as DingTalk CEO in June, and in July three Agent product lines were integrated into Qwen Office. On the same day, Xiaomi released the MiMo-V2.6 series; an internal promotion list showed that Luo Fuli, born in 1995, had been promoted to Level 22. MiMo-V2.6-Pro scored 46 on the Artificial Analysis Composite Intelligence Index, ranking first among open-weight models worldwide. MiMo-V2-Pro has more than 1 trillion parameters and a global brand ranking of fifth, overtaking xAI's Grok. ByteDance's Zhou Chang oversees Seedream, Seedance, and world models; Tencent's Yao Shunyu serves as chief AI scientist and concurrently heads the AI Infra Department and the Large Language Model Department. Tencent's Hy3, with 300B total parameters and 21B activated parameters, outperforms GLM5.1 in multiple capabilities; after launch, the number of users actively choosing WorkBuddy increased sixfold.
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According to 36Kr, Xiaomi internally released a promotion list. Luo Fuli, 31, head of the large-model team, was promoted to Level 22, reaching the top of Xiaomi's job-level ceiling. From her officially announced joining in November 2025 to this promotion was only 10 months, setting Xiaomi's fastest promotion record ever. Internally at Xiaomi, vice presidents correspond to Levels 21 to 22, so she has joined the ranks of core executives. At the same time, the MiMo team released and open-sourced the Xiaomi MiMo-V2.6 series, including two native omni-modal models, Pro and Flash. MiMo-V2.6-Pro scored 46 on the AA Composite Intelligence Index, topping open-weight models. At the same intelligence level, its price is only 1/20 to 1/60 that of overseas models. The team calls this a key step in exploring the RSI path. Luo Fuli said the research innovation and engineering challenges this time exceeded those of DeepSeek R1, in which she had partially participated. Previously, Lei Jun had hoped to recruit Luo Fuli with an annual salary in the tens of millions of yuan; in November 2025 she announced she was joining Xiaomi, and in December she made her first public appearance. In March 2026, Xiaomi released three models. After the organizational restructuring of Xiao Ai in July 2026, foundation models were placed under her MiMo team. Luo Fuli was born in Yibin, Sichuan, in 1995. She earned her bachelor's degree from Beijing Normal University and her master's from Peking University.
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According to CNBC, Paramount Skydance will complete its acquisition of Warner Bros. Discovery on Tuesday. The deal went through multiple rejections, a bidding war, regulatory approval, an antitrust challenge by state attorneys general, and a settlement. After the merger, the new company will be renamed Skydance, with ticker "SKYD," and will own two famous film studios and control nearly one-third of basic cable programming. In June 2025, Warner Bros. Discovery announced plans to split into a streaming and studios company and a global networks company. In August, Paramount completed its merger with Skydance, with David Ellison as CEO, and bought multi-year UFC rights from TKO Group for $7.7 billion. On September 11, Paramount prepared to bid for Warner Bros. Discovery; from late September to early October, the latter rejected its offers three times, with the third at slightly below $24 per share, 80% in cash. In mid-November, Comcast, Netflix and Paramount submitted formal acquisition offers. The first two targeted Warner Bros. studios and HBO Max, while Paramount sought to acquire all of Warner Bros. Discovery, including its linear TV networks. On December 5, Netflix announced an agreement to acquire Warner Bros. Discovery's film and streaming assets.
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According to Readhub, SpaceX shares jumped nearly 8% on Monday, closing at $171.09, a new high since mid-June. Musk's net worth therefore returned to the trillion-dollar level, at about $1.03 trillion, putting him back at the top of the rich list. The rally stemmed from a bullish report Morgan Stanley released the previous day and several recent milestone flights by the company; the stock has rebounded about 58% since bottoming in early August. Morgan Stanley set a $300 target price, saying the stock is undervalued, and cited catalysts including AI product launches, Starship development progress, and new cloud service contracts; it recommended positioning before the next Starship test flight and third-quarter earnings. Recently, SpaceX completed multiple historic flight missions in a single day, including a crewed mission for NASA and launching Google AI chips into orbit; Morgan Stanley said that if the next test flight successfully recovers the Starship upper stage, it would be the biggest positive catalyst since the IPO. SpaceX has also expanded into AI by acquiring xAI and Cursor, rents computing power to Google, Anthropic and others, and has received more than $12.7 billion in cumulative contracts from the U.S. Department of Defense, with the share of its defense business continuing to rise. Musk plans to rename the AI subsidiary to comply with an executive order, but it has not yet been implemented. SpaceX's June IPO raised a record $75 billion. After listing, the stock first spiked and then fell; after this rebound, it is up about 27% from its issue price. Musk holds about 82.4% of voting power. Revenue rose 33% year over year in 2025 to $18.67 billion, but heavy investment pushed it to a loss of $4.94 billion.
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TechWeb reports that, citing people familiar with the matter, Bloomberg says OpenAI is in talks for at least $30 billion in new funding, targeting a valuation of about $1.4 trillion. If completed, it would be one of the largest fundraisings in global private-market history. Several UAE investment funds are involved in the discussions, including Abu Dhabi's MGX, and plan to form a consortium to invest up to $10 billion combined as cornerstone investors; BlackRock is also in talks, though the specific amount is not yet clear. This round has no lead investor and uses fixed-price pricing, with all investors entering at the same price. OpenAI and BlackRock both declined to comment. The $1.4 trillion valuation is more than 60% higher than the $852 billion valuation in the previous round in March this year; at that time, OpenAI completed a $40 billion financing led by SoftBank, setting a private-market record at the time. The funds will mainly be used for compute expansion. OpenAI previously announced it would invest hundreds of billions of dollars over the coming years to build data centers and buy chips; the funds will also go to next-generation model R&D and global market expansion. OpenAI's annualized revenue is currently about $12 billion.
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According to Readhub, French industrial giant Schneider Electric announced an all-cash acquisition of U.S. industrial software company PTC Inc. for about $22.6 billion, the largest M&A deal in Schneider Electric's history. The acquisition price is at more than a 40% premium to PTC's latest closing price. Executives from both sides said the merger will bring positive effects in business, innovation and other areas. After the news was announced, Schneider Electric shares fell sharply, marking their largest daily drop since January 2025; PTC's U.S. shares closed up about 33.5% that day.
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According to Readhub, Apple CEO John Ternus is deeply involved in the company's design business, visiting the design studio multiple times a week.
Since Jony Ive left Apple in 2019, the company has long lacked a true chief design leader, with the related business taken over successively by Jeff Williams and others. During his transition to CEO, Ternus began taking over work related to two design teams; after formally taking office, he visited the design studio even more frequently, in stark contrast to predecessor Tim Cook, who rarely visited the studio.
Facing an outflow of design talent, Ternus has pushed to fill out the design teams. Apple has not yet started searching for a chief design officer; the two design teams have separate sector heads, and final design decisions rest with Ternus. The report says his high level of engagement with design shows that design remains a core cornerstone at Apple's senior level.
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