An explosion at a fireworks factory in Liuyang, Hunan province, has resulted in 21 fatalities and 61 injuries. The incident occurred around 4:43 PM on May 4 at a workshop of Liuyang Huasheng Fireworks Manufacturing and Display Co., Ltd. As of 8:00 AM on May 5, following an initial assessment, the death toll stands at 21, with 61 injured individuals receiving emergency hospital treatment. Authorities in Hunan immediately activated an emergency response, establishing a joint rescue command center involving provincial, city, and county levels. A total of 482 personnel from five rescue teams were dispatched to the site for emergency handling and comprehensive search and rescue operations. Provincial and city-level medical specialists were mobilized to treat the rescued individuals, and experts from the Ministry of Emergency Management were sent to guide the rescue efforts. The on-site command center is currently conducting a second round of排查. Police have taken control measures against the responsible persons of the company involved, and investigations into the cause of the accident, along with post-incident disposal work, are proceeding in an orderly manner.
Doubao has announced it will launch a paid subscription version. On May 4, a service statement for a paid version appeared on the Doubao App Store page. The statement indicated that to better serve professional users, Doubao will introduce a paid tier offering additional value-added services on top of the existing free version. The subscription service is structured into three price points: a Standard version at ¥68 per month for continuous monthly billing or ¥688 annually; an Enhanced version at ¥200 per month or ¥2,048 annually; and a Professional version at ¥500 per month or ¥5,088 annually. Doubao's official response stated, "Doubao will always provide free services. Building on the free service, Doubao is also exploring the introduction of more value-added services to meet the diverse needs of different users. The relevant plan is currently in the testing phase, and complete information will be released through official channels upon formal launch."
Apple reported fiscal second-quarter revenue of $111.18 billion, a 17% increase year-over-year. On May 1, Apple released its results for the second quarter of fiscal year 2026, ended March 28. Revenue reached $111.18 billion, surpassing estimates of $109.66 billion. iPhone revenue was $56.99 billion, up 22% and slightly above the estimated $56.98 billion. Net profit was $29.58 billion, a 19% increase. Earnings per share were $2.01, compared to $1.65 in the same period last year and an estimate of $1.96. The company's board approved a share repurchase program of up to $100 billion and increased the dividend to $0.27 per share. During the earnings call, Apple CEO Tim Cook stated that Mac mini and Mac Studio models are expected to be in short supply for the coming months, with a balance between supply and demand likely taking several months to achieve. Apple underestimated demand for these products, as they serve as excellent platforms for AI and agent tools, with customer recognition growing faster than anticipated.
OpenAI and Anthropic are set to establish joint ventures with major Wall Street private equity firms. Media reports on May 4 indicated that OpenAI has raised over $4 billion from institutions including TPG and Bain Capital to form a new company named The Deployment Company, focused on helping businesses utilize its artificial intelligence software. This funding round values the new entity at $10 billion, with OpenAI holding a controlling stake and majority control. On the same day, Anthropic announced the formation of a similar joint venture with several leading Wall Street private equity firms, aimed at assisting these investment companies in integrating AI into their operations. Anthropic, Blackstone, and Hellman & Friedman are each contributing $300 million, Goldman Sachs is investing approximately $150 million, with Apollo Asset Management and Sequoia Capital also participating, bringing the total committed investment to $1.5 billion. Both joint ventures will station engineers within client companies to integrate AI into their core workflows.
Amazon has fully opened its logistics network to all businesses. On May 4, the US e-commerce giant announced it is opening its global logistics and supply chain network to enterprises of all types and sizes, no longer restricting access solely to merchants on its platform. According to a statement released that day, this service is available to third-party companies across all industries, allowing them to leverage Amazon's logistics system for end-to-end supply chain management, from raw material transportation and cross-border transit to warehousing, distribution, and final product delivery. Market analysts view this move as Amazon's entry into the logistics industry, which could intensify competition. Following the announcement, the US logistics sector faced pressure on May 4, with United Parcel Service Inc stock falling over 10% and FedEx stock declining more than 9%. Amazon.com's stock rose 1.41%.
Xiaohongshu is increasing its investment in AI and has appointed Kenan as its President. On April 30, Xiaohongshu issued an internal company-wide letter announcing a new round of organizational upgrades. The company will boost its investment in AI from both product-technology and organizational perspectives—establishing a first-level department named Dots focused on AI, building a complete technical system from model R&D, infrastructure, and engineering to product development, and integrating top AI talent and resources. An Enterprise Intelligence department will also be formed by merging the original Enterprise Efficiency and Data Science departments, collaborating with the Strategy, Organization, and HR departments to lay the foundation for the organization in the AI era across intelligence, talent, data, and resources. Additionally, Xiaohongshu announced the formal establishment of an overseas business department, Rednote, marking the start of its international business from scratch. In terms of personnel, a significant change is the promotion of Kenan to President, responsible for integrating the community, e-commerce, and commercialization businesses along with the company's technical system, and overseeing the core business operations, reporting to CEO Seiya.
The United Arab Emirates has formally exited OPEC and OAPEC. On May 1, the UAE officially withdrew from the Organization of the Petroleum Exporting Countries and the OPEC+ mechanism. This decision ends its nearly 60-year membership and signifies a new, unpredictable era for the Middle East's energy landscape. Under the OPEC framework, member countries are required to adhere to collective production cut agreements. Although the UAE has a crude oil production capacity close to 4.8 million barrels per day, its long-term output has been capped at around 3.4 million barrels per day. Following its exit, this administrative constraint is lifted, granting the UAE complete "production freedom" to independently decide on increasing production, timing, and volume based on market conditions. This enhances the UAE's ability to expand its market share during periods of high oil prices. Furthermore, the Organization of Arab Petroleum Exporting Countries issued a statement on May 3 confirming the UAE's formal withdrawal from that organization.
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