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360's Tulongfeng achieves a 99.4% success rate and tops the CyberGym vulnerability reproduction evaluation

360 Group's self-developed AI security attack and defense system Tulongfeng topped the CyberGym benchmark test with a 99.4% vulnerability reproduction success rate, competing on the same leaderboard with models and agents from vendors including OpenAI, Anthropic, and Google. The evaluation covers 1,507 tasks, and Tulongfeng's success rates across three independent evaluation rounds were 99.27%, 99.47%, and 99.40%, averaging 99.38%. 360 states that Tulongfeng has discovered more than 15,000 vulnerabilities in total, and more than 500 enterprises have already integrated the system to conduct security testing.

Wikimedia proposes a compromise position in AI copyright case: training may constitute fair use, but reproducing original text should require authorization

Wikimedia has proposed a compromise position in the AI copyright lawsuit, arguing that using copyrighted works without permission for large language model pre-training may qualify as fair use if the model's output differs from the original text, but that when chatbots directly output article content and replace readers' access to the original works, AI companies should comply with licensing requirements. Wikimedia points out that models reproduce Wikipedia text published under open licenses but do not necessarily comply with conditions such as attribution and share-alike, and it worries that if courts broadly rule that AI training is entirely unrestricted, this could open the door to ignoring licenses. The backdrop to this position is that The New York Times sued OpenAI and Microsoft in 2023 for scraping large numbers of news articles without permission to train AI systems, with the two companies arguing that such training constitutes fair use.

Microsoft plans to issue $25 billion in bonds to support AI infrastructure expansion

Microsoft announced on Thursday that it plans to issue $25 billion in bonds, using its S&P AAA rating to finance infrastructure expansion. Management has set a 2026 capital expenditure target of $170 billion to meet demand from customers such as Anthropic and OpenAI. The company said the net proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, share repurchases, acquisitions, and repayment of existing debt. The offering is expected to close on November 4. Microsoft's earnings report on Wednesday showed positive free cash flow, while Alphabet's free cash flow was negative for the second consecutive quarter, and Meta and Amazon also reported negative free cash flow this week; Oracle announced a new $10 billion bond issuance plan the same day.

Google Search AI Mode ads expand to 10 new markets

After the initial US test, ads in Google Search's AI Mode are being added in 10 new markets: Australia, Canada, India, Kenya, Malaysia, New Zealand, Nigeria, Pakistan, the Philippines and Singapore, and US users will also see so-called "multi-turn ads" in follow-up questions. Google says research shows users are relatively receptive to ads in AI Mode, that click-through rates for sponsored and organic product listing items are already similar, and stresses that these ads do not affect Google AI's generated organic answers. By the end of the year it will also cover Brazil, Mexico and the UK, while a week ago OpenAI had just pushed ChatGPT ads into 26 new markets, totaling 89 countries.

Century-Old Law Firm Weil Gotshal Dissolves, Legal AI Startup Crosby Submits Letter of Intent to Acquire

Wall Street law firm Weil, Gotshal & Manges has announced its dissolution, and legal AI startup Crosby has submitted a letter of intent to acquire its internal data, trademarks and brand, and to recruit some of its lawyers. According to The Information, what Crosby values is non-client-specific data such as the firm's M&A agreement templates and contract templates for each stage of negotiations, which can be used for model fine-tuning. Crosby has been founded for less than two years, has raised more than $80 million, and is valued at $400 million; its AI agents connect to the underlying models of OpenAI, Anthropic and Google.

Google adjusts its cloud business strategy, selling TPUs externally through partners such as Oracle

Alphabet announced that Oracle will offer Google's TPUs, marking the first time customers can use TPUs outside of Google's infrastructure. Google had previously opened TPUs to external data centers in the second quarter, and analysts expect Google Cloud revenue to grow about 90% year over year. TD Cowen forecasts TPU sales of $9.4 billion in the second half of this year and $62.5 billion in 2027, while Wells Fargo expects about $9 billion in the third quarter and $99 billion next year; Anthropic reached an agreement last October to use up to 1 million TPUs, and OpenAI also plans to purchase TPUs from Google.

Oracle expects free cash flow of at least $30 billion in fiscal 2029

At its investor day, Oracle set a target of expecting free cash flow of at least $30 billion in fiscal 2029, whereas investors had previously expected a negative figure. In fiscal 2026, the company consumed $23.7 billion in free cash flow to build AI data centers for customers including OpenAI, and this year it plans capital expenditure of $90 billion to $95 billion. CFO Hilary Maxson said free cash flow will turn positive in the second half of fiscal 2028, provided that capital expenditure peaks in fiscal 2027 and fiscal 2028 and then declines and new capacity begins generating revenue. Oracle also set a cap of $20 billion on new financing through fiscal 2030, split equally between equity and debt, after having completed a $20 billion stock offering. After the announcement, the stock rose as much as 9.6%, while the shares had fallen 33% year to date as of Tuesday.

Google Cloud quarterly revenue up 103% year-over-year to $30.7 billion

Google Cloud revenue grew 103% year-over-year to $30.7 billion, while cloud business operating income more than tripled to $11.1 billion, driven mainly by demand for AI infrastructure. Google's model APIs currently process nearly 32 billion tokens per minute, more than 4 times the level a year ago, and the Gemini app has reached 1 billion users. TPU chip sales are making a substantive contribution to cloud growth; Oracle has begun offering TPUs, and OpenAI is reportedly also purchasing them, but Google expects most TPU revenue to materialize only by 2027; AI data center spending pushed free cash flow to a negative of more than $9 billion, wider than last quarter's $5.9 billion shortfall, while shared AI research costs rose 71% year-over-year to $7.7 billion.

Caixin Explains Anthropic's Prospectus in Detail: First-Half Revenue of US$16.3 Billion, Second-Quarter Operating Profit

Anthropic has filed a prospectus with the SEC, planning to list on Nasdaq under the ticker "ANT", with first-half revenue of US$16.3 billion and operating profit in the second quarter. Founded five years ago, the company has raised nearly RMB 140 billion in the private market; its IPO valuation is expected at US$1.5 trillion to US$2 trillion, with projected compute investment of US$800 billion. OpenAI announced in September that it would not go public this year, leaving Anthropic to push ahead with this IPO alone.

Microsoft reports record revenue for the 10th consecutive quarter, with quarterly revenue reaching $92.3 billion

Microsoft announced quarterly revenue of $92.3 billion, up 19% year-over-year, marking the 10th consecutive quarter of record revenue, with net income of $36.6 billion, up 32% year-over-year. Microsoft Cloud revenue was $63.9 billion, up 30% year-over-year, of which Azure contributed $33.2 billion, and revenue from OpenAI was $10 billion. Microsoft's capital expenditure this quarter reached $45.2 billion, also a new single-quarter high.