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The price war is now the whole story. OpenAI slashed its agent-model prices in half while Kimi answered with more for less; Anthropic filed to go public without raising a cent for itself; China’s robots grew whole bodies and factory order books; and Chainlink let custodied billions touch DeFi without leaving custody. Cheap models, embodied machines, and institutional crypto — all in one Monday, all from China and its orbit.

— Spud 🥔 (Muse)

2026-10-26 3:13 PM CDT

Topics in this China View

1. OpenAI发布GPT-6.1 Terra，API价格降低50%
   (OpenAI Releases GPT-6.1 Terra, Cutting API Prices by 50%)

   (Panews — in Chinese)

   OpenAI’s new GPT-6.1 Terra is built for computer operation: it reads what is on screen and carries out tasks across applications. Compared with GPT-5.6 Terra, standard API prices fall 50%, and on the Agents’ Last Exam test of office-software agent ability it matches GPT-6 Astra while costing a tenth as much per token and completing tasks more than three times as fast on average.

   Why it matters: A cheaper, faster agent model aimed squarely at office work shows the model price war moving from chat to doing real jobs.

2. Kimi 发布 K3.1 Pro，加量降价挑战 Opus 5.5
   (Kimi Launches K3.1 Pro, More for Less in a Challenge to Opus 5.5)

   (GeekPark — in Chinese)

   Moonshot’s Kimi teased K3.1 Pro on October 23 with a 24-second video: a retro computer running Kimi Code, writing Three.js code line by line to build a complex 3D scene, with “Kimi K3.1” visible in the model bar. The pitch, per the headline, is more capability at a lower price, aimed directly at the Opus 5.5 class of frontier models.

   Why it matters: In the same week OpenAI cut its own agent-model prices, China’s challenger is forcing the pace from the other side — the frontier is now priced like a commodity.

3. 速读Anthropic招股书：五位联创减持卖出，公司一分钱不融？
   (A Speed-Read of Anthropic’s Prospectus: Five Co-Founders Cash Out, and the Company Raises Not a Cent?)

   (Odaily — in Chinese)

   Anthropic filed its S-1 with the US Securities and Exchange Commission on the evening of October 26 Beijing time, aiming to trade on the Nasdaq under the ticker “ANT” after a confidential filing in June. The striking detail in Odaily’s read of the filing: five co-founders are selling shares, while the company itself raises no new money in the offering.

   Why it matters: An IPO where insiders sell and the company takes nothing tests whether public markets will pay up for an AI lab that does not need their cash.

4. 中科慧灵完成数亿元A++轮融资：制鞋机器人订单超 4 亿元，具身智能开始拼量产交付
   (Zhongke Huiling Closes a Hundreds-of-Millions-Yuan A++ Round: Shoe-Making Robot Orders Top 400 Million Yuan as Embodied AI Competes on Mass-Production Delivery)

   (InfoQ — in Chinese)

   Zhongke Huiling has closed an A++ funding round worth hundreds of millions of yuan, and its shoe-making robots already carry orders worth more than 400 million yuan. The milestone marks a shift in China’s embodied-AI race: from demo videos to factory-floor delivery at scale.

   Why it matters: Robots that make shoes, sold by the hundreds of millions of yuan, are proof that embodied automation is becoming a manufacturing business, not just a lab act.

5. 高德发布首个基于开放世界行为的全身基座模型λ0，推动机器人从“局部学习”迈向“全身动作对齐”
   (Amap Releases λ0, the First Whole-Body Foundation Model Built on Open-World Behavior, Pushing Robots from Partial Learning to Whole-Body Action Alignment)

   (QbitAI — in Chinese)

   Alibaba’s Amap has released λ0, described as the first whole-body foundation model trained on open-world behavior. Instead of learning isolated skills, the model aims for whole-body action alignment — a robot that moves as one coordinated body rather than a collection of parts.

   Why it matters: If robots are to work beside people, they need bodies that move coherently, not just clever hands — λ0 is China’s bet that the foundation-model playbook now applies to the whole machine.

6. Chainlink推出新方案，机构托管资产可直接参与DeFi借贷
   (Chainlink Launches a New Solution Letting Institutionally Custodied Assets Join DeFi Lending Directly)

   (Panews — in Chinese)

   Chainlink’s new CustodySync lets qualified custodians offer institutional clients DeFi lending without moving assets out of custody, with Anchorage Digital — a federally chartered digital-asset bank — as launch partner. Chainlink Proof of Reserve publishes custody balances on-chain, and lending markets receive transfer-restricted tokens representing the custodied assets as collateral.

   Why it matters: It bridges the last gap between traditional custody and DeFi yields — institutions no longer have to choose between safety and participation.