Nvidia CEO Jensen Huang Backs Chinese AI Models; China Tackles "Involutionary" Competition
ByteDance has established a new technology company, Zhongwei Shuofang Xinghe Technology Co., Ltd., in Zhongwei with a registered capital of 2.4 billion RMB. The company, wholly owned by Beijing Zyt Network Technology Co., Ltd., will focus on information technology consulting, software development, system integration, and network equipment sales.
Amidst a global drop in gold and silver prices on July 23rd, domestic jewelry brands like Chow Sang Sang, Lao Miao Gold, and Lao Feng Xiang have significantly reduced their gold prices. Chow Sang Sang's pure gold jewelry is now priced at 1227 yuan per gram, a decrease of 31 yuan. This follows a period of three consecutive price increases for gold jewelry.
Nvidia founder and CEO Jensen Huang expressed strong support for Chinese open-source AI models, stating they are excellent and should be utilized, benefiting the entire industry. He believes the U.S. should not fear these advancements, which have reportedly shaken Silicon Valley by challenging the perceived AI technology gap.
In other corporate news, Mobileye founder Amnon Shashua plans to step down as CEO once a successor is appointed, potentially moving to a Chairman role. UniCredit CEO Andrea Orcel indicated a possible Q4 completion for the acquisition of Commerzbank, with UniCredit increasing its stake to 48%. The China Securities Regulatory Commission has approved the IPO registration for Suzhou Sinovate Pharmaceutical Technology Co., Ltd. on the STAR Market.
Meta is facing higher borrowing costs for its latest $12 billion data center financing, with bond investors seeking significantly higher yields compared to nine months ago, reflecting increased risk premiums for AI-related investments. COLMO has launched new AI home appliances, including a novel one-air-outlet indoor unit and a Turing Pro central air conditioner with precise temperature control.
The State Administration for Market Regulation announced plans to deeply address "involutionary" competition and focus on key tasks for the third quarter, including party building for gig economy workers and tackling corruption. Beijing is encouraging the development of Token economics and increasing support through computing power vouchers, exploring new service models like Token-as-a-Service (TaaS) and Agent-as-a-Service (AaaS).
Significant breakthroughs have been made in China's brain-computer interface technology, achieving the first-ever synchronized brainwave data collection from over a thousand people across different regions, a crucial step for training neural foundation models. E-commerce data shows a 458.4% and 151.7% increase in online retail sales for smart exoskeletons and smart glasses, respectively, in the first half of 2026. Aotian Gande No. 01 satellite, China's first commercial space debris monitoring satellite, was successfully launched. Chinese Vice Foreign Minister Ma Zhaoxu visited the U.S. for consultations, and the U.S. government announced over $5 billion in funding for AI scientific research through the "Genesis Mission" initiative.
The news highlights a dual focus on technological advancement and market regulation within China. Nvidia CEO Jensen Huang's endorsement of Chinese AI models suggests a potential shift in global AI development dynamics, emphasizing the benefits of open-source collaboration. This perspective challenges traditional geopolitical narratives surrounding technological competition and underscores the increasing sophistication of China's AI ecosystem. Concurrently, the Chinese government's directive to address "involutionary" competition and Beijing's promotion of "Token economics" and AI-driven services indicate a strategic effort to foster innovation while managing potential market excesses and ensuring equitable growth. These initiatives aim to stimulate new economic models and leverage AI for scientific research and infrastructure development, signaling a proactive approach to shaping the future digital economy and its governance.
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