Unitree's STAR Market IPO became the clearest signal of investor appetite for embodied intelligence, with the robotics company pricing its offering at 150.8 yuan per share and ending with a final online retail allotment rate of 0.01809759% after a clawback mechanism shifted 3.236 million shares to online investors. The preliminary effective online subscription multiple reached 8,288.82 times, and the final online tranche rose to 9.707 million shares, about 30% of the post-strategic-placement offering. Wallstreetcn calculated that, based on the roughly 276% average first-day gain for A-share IPOs since 2026, a single winning lot of 500 shares could generate paper profit of more than 200,000 yuan, or about $29,686. Elsewhere, ByteDance's Doubao moved deeper into travel transactions by imposing an roughly 12% hotel-booking fee on Douyin Life orders completed through its portal, split into an 11.4% software service fee and a 0.6% payment processing fee. In AI, Meta launched the 30 billion-parameter Muse Glimmer, a distilled model designed to run on a single GPU for agent tasks, OpenAI introduced GPT-5.6-Cyber and expanded its Daybreak defense initiative, and Microsoft was reported to be preparing the Maia 300 chip with talks underway for more than 300,000 units by 2027. Nvidia said it signed a memorandum of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to build a computing power financing platform targeting more than $500 billion for AI infrastructure, even as its shares fell nearly 3% and CDS prices posted their biggest one-day rise in two weeks. Chip, consumer and macro developments added to the picture. Samsung Electronics lifted HBM4 (high bandwidth memory for AI workloads) yield from below 60% to nearly 80% in six months, while SK Hynix said no decision had been made on rumored Chongqing plant plans and Intel proposed a $15 billion common stock offering. Pinduoduo added a top-level instant retail entry, China's Ministry of Commerce issued a preliminary dumping ruling on pecans from Mexico and the United States, and companies including Longsys, Ninebot and Sohu reported earnings. On the macro side, Cleveland Fed President Beth Hammack reiterated that rates may need to rise multiple times, while tensions around the Strait of Hormuz helped push Brent crude to $87.72 a barrel. South Korea announced a 5 trillion won semiconductor fund and another 5 trillion won in trade financing, while Apple was reported to be considering a major Apple Watch redesign and TrendForce said the iPhone 18 Pro's 256GB bill of materials may rise about 38% year on year.