GPT-5 launch hit by a "Waterloo"! OpenAI announced: GPT-4o back online!

date
10/08/2025
On August 8th, after ChatGPT-5 went online, OpenAI's discontinuation of the GPT-4o version sparked controversy, with users complaining about the poor experience of using GPT-5. OpenAI subsequently announced the re-launch of GPT-4o for specific users and explained that the abnormal performance of GPT-5 was due to a malfunction in the automatic switcher. CEO Sam Altman admitted underestimating users' fondness for GPT-4o and stated that they would provide more customized services in the future. While GPT-5 set records in super difficult scientific problems, users provided feedback that it lacked emotional interactions. Third-party testing showed that GPT-5's leading advantages were minimal, with AI experts pointing out diminishing returns from large models and facing limitations in data and quality, as well as computational costs.
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According to statistics, the net inflow of southbound funds from August 4th to August 10th was 21.751 billion Hong Kong dollars, a decrease of 63.15% compared to the previous week. The cumulative net inflow this year has reached 900.8 billion Hong Kong dollars, exceeding 900 billion Hong Kong dollars for the first time. CCB International Research Report believes that with the continuous deepening of the Hong Kong Stock Connect system, mainland funds flowing into Hong Kong have become an important source of incremental funds for the Hong Kong stock market, especially favoring Chinese concept stocks with Chinese backgrounds and in line with the new economy direction. Compared to the pressure on Chinese concept stocks in the US stock market in terms of information disclosure, audit compliance, etc., the Hong Kong stock market is seen as more institutionally accommodating and politically secure, thus forming a certain valuation premium expectation. In terms of net buying volume, large technology stocks have all received increased investments from southbound funds. Among them, Alibaba-W received the highest net buying volume from southbound funds this week, reaching 3.339 billion Hong Kong dollars, and has seen continuous growth in southbound fund holdings for 4 weeks, with the latest holding of 1.579 billion shares, accounting for 8.26% of the total Hong Kong stock shares. In addition, Tencent Holdings, Xiaomi Group-W, and SMIC International all had net buying volumes exceeding 1 billion Hong Kong dollars.
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