Tesla, Inc. (TSLA.US) CEO Elon Musk said Micron Technology, Inc. (MU.US) has recently allocated a large amount of memory chips to Tesla, with very reasonable supply terms that help meet the company's chip demand.

The rapid development of global AI systems has driven demand for memory chips. Musk is working on producing in-house semiconductors and has launched a project named Terafab aimed at manufacturing chips at an unprecedented scale.
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Alphabet Inc. (GOOGL.US) and Tesla, Inc. (TSLA.US) kicked off the tech earnings release season on Wednesday (22nd), with one theme swiftly coming up: AI spending is coming under intense market scrutiny.

Both companies reported negative free cash flow in the latest quarter and warned investors that capital expenditures will continue to expand. Although revenue at both companies beat expectations, it failed to prevent after-hours share declines, with Tesla diving 4% and Alphabet slipping more than 3%.

The situation may serve as a warning sign for the tech sector, especially as most other mega-cap tech companies are set to release quarterly results next week. Meta Platforms, Inc. (META.US) and Microsoft Corporation (MSFT.US) will report on Wednesday (29th), while Amazon.com, Inc. (AMZN.US) and Apple Inc. (AAPL.US) will announce earnings the following day (30th).

So far, the AI boom has largely been driven by historic infrastructure spending from a handful of companies, including major investments in model developers such as OpenAI and Anthropic. However, the recent launch of lower-cost open-source models in China, paired with growing caution among US enterprises on AI service spending, has sparked concerns over future returns on such investments.

Before earnings were released on Wednesday, Alphabet shares had already declined for a third consecutive month after surging in April, while Tesla shares were down 11% in July and had lost 17% YTD. The tech-heavy Nasdaq has retreated around 5% since hitting a record high in early June.
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NVIDIA Corporation (NVDA.US) CEO Jensen Huang said the US does not need to fear China's open-source AI models, but should instead fear the expanding wave of restrictions and bans. He said China's AI models are highly impressive and that outstanding open-source models should be adopted.

Earlier, OpenAI and Anthropic accused Chinese rivals of stealing their models and warned that China's open-source models threaten the US lead in the AI sector. However, Huang rejected this view, saying open-source models allow more people to experience AI for the first time, thereby expanding the market size.

Prior to this, Moonshot AI launched its new-generation large language model (LLM) Kimi K3, triggering the most intense AI panic since DeepSeek shook financial markets in January 2025. Kimi K3 combines three rare characteristics: near state-of-the-art performance, substantially lower pricing, and open-source weights that developers can quickly download and customize.

Huang said it is impossible for China to push US companies out of the market, with the probability being zero. He added that Wall Street and the White House have completely misunderstood Kimi K3. He said cheaper open-source models will allow more individuals and enterprises to benefit from AI, while increasing market demand for NVIDIA chips, data centers and computing power.
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TESLA, INC. (TSLA.US)'s 2Q revenue rose 26% YoY to USD28.24 billion, beating market expectations of USD25.71 billion, while profit fell 5% to USD1.11 billion. Adjusted EPS was USD0.33, below the expected USD0.51.

Following the earnings release, TESLA shares dived 4.13% in after-hours trading to USD358.55.

TESLA's free cash flow turned negative USD1.1 billion in 2Q, while capital expenditure surged 142% to USD5.79 billion.

CFO Vaibhav Taneja said operating expenses will continue to elevate this year and beyond as higher commodity prices and interest rate changes continue to increase company costs.

CEO Elon Musk said during the earnings conference call that the company will soon announce more details regarding its chip factory and has already ordered equipment for the facility.

Meanwhile, the company is installing the first-generation production line for the Optimus robot and will begin production soon. He said it will be the most difficult product the company has ever manufactured to scale, since all robot components are entirely new and there is currently no ready-made supply chain.
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BEIJING, July 22, 2026 /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today provides an update on the Company's proposed voluntary conversion of its secondary listing status on The Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") to dual-primary listing (the "Primary Conversion").

Application for Conversion to Dual-Primary Listing. The Company has applied to the Hong Kong Stock Exchange with regards to the Primary Conversion and the Company has received the acknowledgement from the Hong Kong Stock Exchange in respect of the application for the Primary Conversion. The effective date (the "Effective Date") on which the Primary Conversion becomes effective is expected to be within this year, subject to the approval of the Hong Kong Stock Exchange. Upon the Primary Conversion being effective, the Company will be dual-primary listed on the Hong Kong Stock Exchange in Hong Kong and the Nasdaq Global Select Market in the United States.

Proposed Grant of Share Repurchase Mandate and Issuance Mandate. Ordinary resolutions will be proposed at the forthcoming extraordinary general meeting of the Company, to approve the grant of (i) an issuance mandate to the directors of the Company to allot, issue or deal with, among others, additional Class A ordinary shares of the Company with a par value of US$0.000000625 each (the "Class A Ordinary Shares") and/or American depositary shares (the "ADSs," each representing eight Class A Ordinary Share) not exceeding 20% of the number of issued shares as of the date of the resolution granting the issuance mandate, and (ii) a share repurchase mandate to the directors of the Company to repurchase Class A Ordinary Shares and/or ADSs not exceeding 10% of the number of issued shares as of the date of the resolution granting the share repurchase mandate.

Proposed Adoption of The 2026 Share Incentive Plan. The board of directors of the Company (the "Board") has proposed to adopt the 2026 Share Incentive Plan in order to comply with the requirements on share schemes involving issuance of new shares under Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time (the "Hong Kong Listing Rules").

Proposed Adoption of New Memorandum and Articles of Association. The Board has proposed to amend the existing fifth amended and restated memorandum and articles of association of the Company by adopting a new set of memorandum and articles of association in substitution for and to the exclusion of the existing memorandum and articles of association mainly to (i) comply with Appendix A1 to the Hong Kong Listing Rules and (ii) incorporate certain consequential and housekeeping amendments.

The Company's corresponding announcement on the Hong Kong Stock Exchange is available on the Company's website at https://ir.baidu.com/.

The Primary Conversion is conditional upon and subject to, among other things, market conditions and the obtaining of the necessary regulatory approvals. The Company will make further announcement(s) to disclose any material updates and progress with respect to the Primary Conversion in accordance with applicable laws and regulations as and when appropriate. This announcement is for information purposes only and does not constitute, or form part of, any invitation or offer to acquire, purchase or subscribe for any securities of the Company. Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the SEC, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.

HONG KONG, July 22, 2026 /PRNewswire/ -- Newborn Town, a leading global social entertainment company, released its unaudited operating data for the first half of 2026.

For the six months ended 30 June 2026, the company's total revenue is estimated to reach US$595 million to US$615 million, representing a year‑on‑year increase of approximately 34.3% to 38.8%, continuing a strong growth momentum. Revenue from social networking business amounted to approximately US$530 million to US$545 million, representing a year-on-year increase of approximately 34.2% to 38.0%. Revenue from innovative business recorded approximately US$65 million to US$70 million, representing a year-on-year increase of approximately 35.4% to 45.8%. This is the first time the company has presented its operating data in United States dollar.

Rapid Growth in Social Networking Business as Flagship Products Expand Globally

According to the announcement, revenue from social networking business continued to grow, mainly driven by the company's ongoing global expansion and full‑chain AI applications, supporting the steady growth of its flagship products.

Since the beginning of the year, the company has continued to expand its global footprint around its core social networking business, maintaining its leading position in various markets such as MENA and Southeast Asia, while accelerating expansion into high-growth and high-value markets including Latin America, Japan, South Korea, Europe and the United States, further reinforcing its position as a leading player in the global social entertainment industry.

The company's flagship products have made positive progress in new market expansion. TopTop continues to leverage its UGC ecosystem advantage, becoming a household-name app in GCC markets such as Saudi Arabia, and ranking among the top in its category globally. With continually improved product quality and deeper local operations, TopTop made significant progress in high‑value markets such as Japan and Europe. It also entered the iOS Top 10 free casual games in Japan for multiple times during the first half of the year, according to DianDian Data.

The company's diverse-audience social networking business also maintained steady growth. HeeSay, its global community platform, continued to strengthen its presence in Southeast Asia, consistently ranking among the Top 10 in social app in countries including Vietnam and the Philippines.

A recent research report noted that Newborn Town's core competitive moat lies in its highly localized and operation‑intensive barriers, its monetization model centered on social spending, and its ability to diversify risk through a "bush-like" portfolio of social apps. Together, these strengths form a differentiated advantage that is difficult for competitors to replicate in the short term.

AI Advancements Fuel Strong Momentum Across Innovation Business

The company's innovative business delivered strong growth momentum in the first half of the year, primarily driven by the rapid expansion of its short drama business, supported by AI-powered content production and operations.

In the first half of the year, the company steadily advanced its short drama business across multiple global markets, including Europe and the United States, while accelerating the integration of AI technology into short drama production. Playlet, its short-form drama app, continued to broaden its presence in high‑value markets such as the United States, Japan and South Korea, achieving significant growth in its user base. Earlier this year, Playlet became one of the first partner platforms to integrate Seedance 2.0.

According to TikTok's short drama Q1 revenue report, one of the company's hit titles ranked second on the platform by first-month revenue. With AI significantly improving short drama production efficiency, Newborn Town is well positioned to capitalize on its strengths in localized operations and user acquisition, while further enriching its social entertainment content ecosystem.

The company's other innovative businesses also maintained steady progress. Its quality games maintained solid momentum, with flagship titles sustaining long-term operations and generating stable profit contributions, while the commercialization of new titles progressed smoothly. The social e-commerce business continued to deepen its presence in specialized verticals and enhance its product and service capabilities, providing further support for the growth of the innovative business.

In recent years, the company has continued to deepen the application of AI technologies across the entire business chain, spanning R&D and operations, while steadily improving its AI capabilities.

Its self-developed multimodal algorithm model, Boomiix, continues to upgrade, improving the accuracy of social matching and the intelligence of operations.  The company's Siyu AI, an internal data intelligence platform, significantly shortened turnaround times for data queries, anomaly analysis, and report generation. Its proprietary AI-powered design platform KIVI has also greatly enhanced both the efficiency and diversity of content production, including virtual gifts and marketing creatives.

Alongside strengthening its underlying AI capabilities, the company continued to expand the commercial application of AI. Aippy, an AI-powered gaming community incubated by the company, secured tens of millions of US dollars in independent financing at a post-money valuation of US$250 million. The platform has recorded nearly four million downloads worldwide, with daily active users increasing approximately sixfold since the beginning of the year and user retention ranking among the industry's strongest.

Meanwhile, NUSD Pay, the company's AI agent payment initiative, commenced commercial operations, further broadening the range of AI-powered use cases. The company also continued to expand its strategic investment portfolio across the AI sector, investing in projects spanning world models and AI-native game engines, as well as AI interactive gaming and AI-powered advertising and marketing, further strengthening its AI application ecosystem.

During the first half of the year, the company continued its share repurchase and cancellation. In March, Newborn Town announced to allocate approximately HK$ 300 million over the next two years for share repurchases. During the reporting period, the company completed two rounds of share cancellations, involving an aggregate of approximately 10.206 million repurchased shares with total consideration of approximately HK$ 85.126 million. In addition, on July 9, the company announced that it had repurchased shares from the market under the NBT Restricted Share Unit Scheme to support its long-term employee incentive program, for a total consideration of approximately HK$39.838 million.

In March, Newborn Town was officially included in the list of eligible securities under the Stock Connect, further broadening access for mainland investors. Since its inclusion, the company has seen significantly stronger market attention and trading activity, with average trading value increased about twofold compared with the three months prior to inclusion. The company's shareholder base has continued to diversify, providing a solid foundation for its stable long-term growth.

The South Korean presidential office said President Lee Jae Myung will begin a five-country trip this week.

He will first depart for San Francisco on Friday (24th) for a two-day visit, during which he will meet OpenAI CEO Sam Altman and NVIDIA Corporation (NVDA.US) CEO Jensen Huang.

Lee Jae Myung will then pay a state visit to Brazil and hold a summit with President Luiz Inacio Lula da Silva, followed by visits to Chile and Argentina. The final stop of the trip will be Frankfurt, Germany.
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Apple Inc. (AAPL.US) iPhone 18 series entered mass production this month and is currently in the capacity ramp-up stage, China Securities Journal reported. As a result, Foxconn's Zhengzhou facility has entered a peak hiring season to meet subsequent production demand.

According to data from research firm Counterpoint, overall smartphone shipments in China's market fell 2% YoY in 2Q, while iPhone shipments rose 23% YoY, with market share reaching 18%, ranking second only to Huawei.
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Another round of volatility in AI stocks has come to an end, CLSA said in a report, acknowledging fear exists in the market, while seeing no grounds to join the camp of AI pessimists.

Growth momentum in AI demand remains intact, CLSA said. Its latest research once again confirmed the trend of rising adoption rates and gradually emerging ROI. As higher-quality and faster chips take over AI workloads, computing power costs were expected to stumble over the next decade.

CLSA assigned High Conviction Outperform ratings to TSMC and NVIDIA Corporation (NVDA.US). Meanwhile, Microsoft Corporation (MSFT.US), Broadcom Inc. (AVGO.US), Advanced Micro Devices, Inc. (AMD.US), Marvell Technology, Inc. (MRVL.US), Adobe Inc. (ADBE.US) and Apple Inc. (AAPL.US) were rated Outperform.
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Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and Naver Chairman Lee Hae-jin are planning to hold an AI roundtable meeting with NVIDIA Corporation (NVDA.US) CEO Jensen Huang in Silicon Valley, US, according to foreign media reports.

The meeting may be held on Friday (24th). OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei may also participate.

The meeting will bring together leaders across memory chips, GPUs and generative AI services. Discussions are expected to cover a wide range of cooperation topics, including the supply of next-generation HBM and AI accelerators, as well as collaboration in AI factories, Sovereign AI, and physical AI areas such as autonomous driving and robotics.
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