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Pony Ma stated that Tencent's transformation is already late, with half of the people sticking to the old business and the other half working on AI

At Tencent's internal all-staff meeting celebrating its 28th anniversary, Ma Huateng proposed to accelerate organizational change. He believes that Tencent's transformation is somewhat late and cannot leisurely feel secure anymore. Ma Huateng compared it to the army and navy, stating that traditional core businesses like gaming and social networking must be safeguarded, but efficiency should be improved using AI. For example, tasks that originally required everyone can now be completed by half the staff, freeing up the other half to explore AI-native businesses and seek new growth points.Ma Huateng's previous statements regarding AI have been traceable. In January of this year, he emphasized that Tencent's AI layout should be steady and solid; in May, he used a ship analogy, stating that they initially thought they had secured a ticket for the AI ship, only to later find it was leaking and had to switch to another one. He specifically mentioned Google, believing that initially, everyone was worried about AI impacting search, but later felt that Google seemed to withstand it. Looking at this year, he noted that "the wave has really come," and traditional businesses like content cannot feel secure either. Google's search advertising revenue still grew by 12% in the third quarter of this year, but the growth rate has continuously declined from 19% in the first quarter to 17% in the second quarter, with management admitting that the commercial monetization capability of AI Mode is weak. On the day of its 28th anniversary, Tencent launched "Yuanbao Search," redoing the search process with a large model and integrating content from public accounts and video accounts.Ma Huateng also told the internal management that organizational transformation can no longer be about coddling employees, repeatedly persuading them, and negotiating terms. Some people even want to negotiate management positions before participating in new businesses. He demanded a flatter organization, with employees needing to quickly switch skills and adapt to new positions, stating that this reform is different from the "cost reduction and efficiency increase" from a few years ago, which mainly focused on cutting costs. Now, it is about changing the way the organization and personnel work, running faster with the existing manpower, and enabling small teams to accomplish big tasks. Related speeches subsequently sparked discussions in employee communities, with rumors of "Tencent laying off 50%" and "laying off 8,000 people" appearing on platforms like Maimai and Xiaohongshu. Tencent's PR director Zhang Jun clarified that the so-called 50% was merely a metaphor used by Ma Huateng for organizational transformation and not the layoff ratio, nor has it been announced that half of the employees would be laid off.

Google urgently releases Chrome security update: fixes zero-day vulnerability already being exploited in the wild, urges users to upgrade immediately

On November 9, 2026, Google released an emergency stable channel update for the desktop Chrome browser, fixing nine security vulnerabilities, including a zero-day vulnerability that was already being exploited in the wild. This update raises the Chrome version on Windows and Mac platforms to 157.8103.5/.51, and to 157.8103.5 on the Linux platform, and will be gradually rolled out over the next few days to weeks. The core focus of this update is the high-risk vulnerability numbered CVE-2026-125350, which is a use-after-free issue in an XML component. Google explicitly stated in the announcement that "CVE-2026-125350 is known to be exploited in the wild," but did not disclose specific attack methods, the scale of victims, or attribution of the attack activities.The vulnerability was reported by an anonymous researcher on November 6, 2026, just three days before Google released the fix. Among the nine fixes, seven are classified as "high risk" and two as "medium risk." In addition to CVE-2026-125350, another high-risk vulnerability, CVE-2026-125346, also pertains to a use-after-free issue in an XML component, reported by Arni Hardarson of Neonix Security on October 12, 2026, but Google only marked CVE-2026-125350 as an actively exploited vulnerability. The other high-risk vulnerabilities include uninitialized resources in WebGL, improper FileSystem authorization, synthesizer buffer overflow, GPU out-of-bounds write, and V8 type confusion, most of which were discovered by Google's internal security team.Google also confirmed that the Android version of Chrome (157.8103.5) released on the same day includes the same security fixes as the desktop version, with no exceptions noted. Users on the Extended Stable channel should install the update released separately on November 9, with Windows and Mac versions being 156.8078.96, which also lists CVE-2026-125350 as a high-risk fix. The Hong Kong Government Computer Security Incident Coordination Centre (GovCERT.HK) issued a security alert on the same day, defining affected systems as versions prior to Chrome 157.8103.5, and pointed out that successful exploitation of the related vulnerabilities could lead to remote code execution, denial of service, tampering, or bypassing security restrictions. The Hong Kong Computer Security Incident Coordination Centre (HKCERT) rated the risk level of this update as "extremely high risk." Google explained in the announcement that access to vulnerability details and links may remain restricted until most users complete the update. The company recommends that users manually check and trigger the update via "Settings → About Chrome," and restart the browser after completing the update for the patch to take effect. For users still running versions prior to Chrome 157.8103.5, the current priority action is to confirm the version number and restart immediately to complete the upgrade.

The annualized volatility of Bitcoin has dropped to 46%, but the number of extreme market conditions this year has already surpassed that of the bear market in 2018

Since the beginning of 2026, Bitcoin has experienced 10 "3 standard deviation" trading days, exceeding the 8 times seen throughout the bear market of 2018. Although Bitcoin's annualized volatility has decreased from 84% in 2018 to about 46%, extreme market conditions still occur frequently relative to recent price volatility levels. "3 standard deviation" is used to measure the extent to which prices deviate from the recent normal volatility range. Data shows that the average price fluctuation for Bitcoin during such extreme conditions this year is about 7%, lower than the approximately 10% seen in 2018.Since 2024, Bitcoin's volatility has been around 47%, similar to Nvidia, but during the same period, Bitcoin has had 26 "3 standard deviation" trading days, far exceeding Nvidia's 8 times, the S&P 500's 16 times, and gold's 12 times. Market participants point out that macro shocks and the leverage and concentrated positions in the derivatives market are important factors contributing to the continued occurrence of extreme volatility. When investors sell options in large quantities, betting on market calmness, sudden news can force related concentrated positions to close, further amplifying price fluctuations.Deribit CEO Luuk Strijers stated that traditional Value at Risk (VaR) models struggle to adequately measure tail risks during extreme market conditions, and investors should pay more attention to risk indicators such as Expected Shortfall. Meanwhile, increased institutional participation, deeper liquidity, and improved risk management are also enhancing the market's ability to withstand shocks, but this does not mean that extreme volatility will disappear.

Analysts rebut the argument that Ethereum's liquidity moat has been breached: ETH still holds value as a reserve asset, with 36% of the supply already staked

Blockworks analyst Jake Koch-Gallup published a rebuttal to the viewpoint that Ethereum is losing its liquidity moat, arguing that despite the challenges to ETH's value capture ability and stablecoin market share, its reserve asset characteristics, Layer 2 ecosystem, and institutional adoption still constitute a long-term competitive advantage.In response to the issue of low on-chain revenue for Ethereum, Jake pointed out that ETH's valuation depends not only on actual economic value (REV) but also includes reserve asset and collateral premiums, with ETH's market capitalization currently about 1,100 times the REV of the past 12 months. Additionally, the development of Layer 2 networks such as Robinhood Chain and Base can still strengthen the Ethereum ecosystem, rather than indicating that funds and applications are completely leaving Ethereum. Jake also noted that Ethereum currently accounts for about 65% of the total value locked (TVL) in DeFi, with approximately 45% of the on-chain managed scale in real-world assets (RWA), while spot ETFs and corporate treasuries collectively hold about 13% of the total ETH supply, and about 36% of the ETH supply is currently staked.Although Ethereum's stablecoin market share has gradually faced dilution pressure from around 51%, Jake believes that as the overall stablecoin market expands, its absolute scale may continue to grow. However, Jake also acknowledged that relying solely on ETH's reserve asset premium, without sufficient revenue and value return mechanisms, raises questions about its valuation sustainability.
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