General Motors’ software and services business retains about 70 cents for every dollar of revenue, compared with 4 to 10 cents from vehicle sales. CEO Mary Barra said on the earnings call the company has growth levers and sees opportunities to improve profitability and reduce dependence on the industry cycle. OnStar generated $800 million in second-quarter revenue, Super Cruise subscription revenue rose 70% year-on-year, and deferred revenue is projected to reach $7.5 billion in 2026.
Cross-border fast-fashion platform SHEIN has passed the Hong Kong Stock Exchange (HKEX) listing hearing, moving its Hong Kong IPO into the final stage. The company reported 2025 revenue of $41.847 billion and net profit of $2.064 billion. In the first quarter of 2026, revenue was $9.052 billion, with the U. S. market contributing 22.5% and Europe 32.1%. Global active users grew to 273 million by 2025. Founder Xu Yangtian holds a 33% stake, while IDG Capital and Sequoia China own 7.9% and 5.8%, respectively.
South Korea's presidential office announced that Samsung Electronics and Broadcom signed an MOU for a foundry partnership to supply advanced memory semiconductors worth 2000 hundred million US dollars over five years, including AI chip production. SK Group also secured a long-term supply deal for advanced memory semiconductors valued at 7500 hundred million US dollars with global tech giants including NVIDIA, with data center cooperation also to begin. The official stressed these are binding long-term procurement contracts, not letters of intent, with NVIDIA and Broadcom having placed firm orders to ensure stable production.
Nvidia is in talks to provide OpenAI with a roughly $250 billion financing guarantee to help it lease computing power from a large data center project in southern Ohio developed by a SoftBank energy subsidiary. The 10-gigawatt facility relies on US government-controlled electricity and Japanese funding under a recent trade deal. Nvidia's guarantee would cover lease costs and debt financing but not its own chips. OpenAI has been in deep negotiations for weeks, while Anthropic, Microsoft, and Google have also contacted Commerce Secretary Howard Lutnick, who oversees power allocation. Nvidia has already invested $30 billion in OpenAI. The arrangement, described as 'circular financing,' involves Nvidia's portfolio companies typically using its chips. Nvidia shares fell nearly 4% to a market value of about $4.8 trillion as of July 26, 2026.
SHEIN has passed the Hong Kong Stock Exchange's listing hearing and filed its prospectus, positioning it to be the largest cross-border e-commerce IPO in Hong Kong in 2026. The filing reveals 2025 net revenue of US$41.8 billion and net profit of US$2.06 billion, though revenue growth slowed to 8% and the first quarter of 2026 brought a US$99 million net loss. Active users reached 273 million. U. S. tariff changes have pressured its American revenue share.
CATL, the world's largest power battery maker, said its capacity utilization is essentially at full load, with effective capacity reaching 525GWh. The company is constructing 764GWh of additional capacity, with the majority of projects to be commissioned within the next two years. The future capacity expansion will substantially lift total capacity, underpinning order delivery and market share retention.
The Exploration Company, a European space startup, is in talks to raise at least $300 million in funding, partly from the European Union's European Acceleration Fund. The deal would value the company at over $2 billion. The funds will be used to develop Europe's first reusable cargo capsule for the International Space Station and future products. The European Acceleration Fund is managed by Swedish investment group EQT AB.
Shein is seeking to raise $2 billion to $3 billion in its IPO at a valuation of $40 billion to $50 billion, according to financial documents. The fast-fashion retailer reported a net loss of $99 million in the first quarter of 2026, reversing a $395 million profit a year earlier, partly due to a $328 million fair-value loss on convertible preferred shares. US tariffs imposed in May 2025 cut Shein's US revenue by 14.3% to $2.04 billion in the quarter. The company's valuation has fallen from $100 billion in 2022.
SHEIN filed post-hearing materials for its Hong Kong IPO on July 26, with Goldman Sachs, Morgan Stanley and JPMorgan as joint sponsors. If successful, it will be the largest fashion-brand listing in Hong Kong in 2026. Revenue grew from $32.1 billion in 2023 to $41.8 billion in 2025, a compound annual growth rate of 14.2%, while net profit fell to $2.06 billion in 2025 due to US tariff changes. The first quarter of 2026 recorded a $99 million net loss from a non-cash fair-value adjustment. SHEIN serves 160 markets with 281 million active customers.
Nvidia's valuation has dropped to a five-year low, reflecting market bets that the company's growth will be near zero after 2027. The decline underscores investor expectations of a sharp slowdown in the chipmaker's future expansion.
China's State Administration for Market Regulation fined Ctrip Group a total of RMB5.179 billion for abusing its dominant market position, including confiscation of illegal income of RMB1.658 billion, a fine of RMB3.521 billion (7.5% of domestic sales), and an order to refund RMB122 million in deposits. This is the first antitrust penalty in online travel and the first confiscation of illegal income in a major internet platform case, with a fine rate exceeding previous cases against Alibaba (4%) and Meituan (3%). Ctrip accepted the decision and announced 19 rectification measures.
Samsung Electronics announced a partnership with chip designer Broadcom to expand cooperation in memory chips, contract manufacturing, and advanced packaging. The agreement includes Broadcom's next-generation communication chips using Samsung's sub-2nm process and joint development of next-generation HBM products. The deal aims to boost utilization of Samsung's advanced facilities and strengthen its foundry business as it competes with TSMC.
China’s State Administration for Market Regulation on July 25 fined Ctrip Group and confiscated illegal gains totaling RMB5.179 billion for abusing its dominance in the online hotel booking market. The penalty includes a RMB3.521 billion fine—7.5% of 2025 domestic revenue—confiscation of RMB1.658 billion, and an order to refund RMB122 million in compulsory reserve deductions. An investigation launched in January 2026 found that since 2020 Ctrip used traffic allocation to impose exclusive dealing and enforce price parity, harming hotel pricing autonomy and consumer interests. Ctrip said it accepts the decision and will take corrective measures.
Yimu Tech, a Chinese company developing tactile sensing hardware and software for embodied intelligent systems, has completed a Series E financing round of over 1 billion RMB, achieving a valuation exceeding 10 billion RMB. The firm develops tactile sensing materials, chips, algorithms, and models for robotic applications. The new funds will support further research and development, as well as mass production and order delivery.
CXMT (ChangXin Memory Technologies) has set its IPO price on the Shanghai STAR Market at RMB 8.66 per share, issuing 6.69 billion shares to raise approximately RMB 57.9 billion, implying a market capitalization of RMB 579.2 billion. The price corresponds to a 2025 diluted P/E ratio of 308.92 times. The online and offline subscription is scheduled for July 16. CXMT, founded in 2016, designs and manufactures DRAM memory chips for various devices.
OpenAI has proposed transferring a 5% equity stake to the US government to ease regulatory pressure. Based on the valuation from its latest funding round in March, the stake is worth approximately US$42.6 billion (HK$334 billion). The move follows the release of a new model last week that, in compliance with US government requirements, was initially opened only to a small number of so-called trusted partners.
Anthropic has closed a $65 billion funding round at a $965 billion valuation, making it the world’s most valuable AI startup. The company was valued at $380 billion in February. The round was led by Sequoia Capital and Longzhou Investment. The new valuation exceeds that of OpenAI, which was valued at $852 billion in a $122 billion funding round in March.