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Thinking Machines Lab, the AI startup founded by former OpenAI CTO Mira Murati, has closed a USD 2 billion seed funding round led by Andreessen Horowi…

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Thinking Machines Lab, the <a href="/industry/ai">AI</a> startup founded by former <a href="/company/openai">OpenAI</a> CTO Mira Murati, has closed a USD 2 billion seed funding round led by Andreessen Horowitz, with backing from <a href="/company/nvidia">Nvidia</a>, Accel, ServiceNow, Cisco, AMD, and Jane Street. The deal values the company at USD 12 billion, with its first product set to launch in the coming months.

<a href="/company/tesla">Tesla</a> previewed its upcoming Model Y L on Weibo, releasing images but no specifications. Regulatory filings suggest the vehicle may feature a six-seat layout, signaling a new configuration for Tesla’s <a href="/industry/ev">EV</a> lineup.

<a href="/company/nvidia">Nvidia</a> CEO Jensen Huang said during a Beijing visit that he hopes to sell more advanced chips to China beyond the H20, which was cleared for export this week. He praised China’s <a href="/industry/ai">AI</a> progress and confirmed the H20’s role in recent trade talks, as US-China tech ties remain uncertain.

<a href="/company/huawei">Huawei</a> topped China’s smartphone market in Q2 2025 for the first time in four years, taking an 18.1% share despite a 3.4% drop in shipments, IDC said. National smartphone sales fell 4% amid weak demand and reduced subsidies. Nationwide sales fell 4% amid weak demand and reduced subsidies.

Klook is exploring a US IPO that could raise USD 300–500 million, according to sources. Backed by SoftBank and Goldman Sachs, the travel booking platform turned profitable in 2023 and may file confidentially soon, joining a wave of firms eyeing a return to public markets.

Ganfeng Lithium and Tianqi Lithium issued profit warnings for the first half of 2025, citing falling lithium prices and sector volatility. Ganfeng expects net losses of RMB 300–550 million, while Tianqi could return to profit with net income of up to RMB 155 million, supported by inventory gains and asset sales. Both flagged risks from tariffs, exchange rates, and price wars.

ASML beat Q2 2025 estimates with EUR 7.7 billion in sales and EUR 5.5 billion in bookings but warned of potential flat growth in 2026 amid rising global uncertainty. The company also trimmed its 2025 outlook and issued soft Q3 guidance, sending shares lower despite continued AI-driven demand.

Sino Biopharmaceutical plans to acquire the remaining 95.09% of LaNova Medicines for up to USD 951 million, raising its stake to 100%. After accounting for LaNova’s estimated USD 450 million in cash, the net payment will be about USD 500 million. The deal strengthens Sino Biopharm’s pipeline as it targets the launch of 30 new drugs by 2027.

<a href="/company/minimax">MiniMax</a>, one of China’s leading <a href="/industry/ai">AI</a> startups, is reportedly closing a nearly USD 300 million funding round that would push its valuation above USD 4 billion. Founded by former <a href="/company/sensetime">SenseTime</a> executive Yan Junjie, the company recently launched its <a href="https://kr-asia.com/minimax-finds-its-aha-moment-and-a-way-to-challenge-the-ai-status-quo">MiniMax-M1 foundation model and multimodal agents</a>. The company declined to confirm the raise, and is also said to be <a href="https://www.wsj.com/tech/ai/chinese-ai-startup-minimax-files-for-hong-kong-ipo-sources-say-bbc88c91">nearing a Hong Kong IPO</a>.

<a href="/company/bytedance">ByteDance</a> has denied reports that it applied to purchase <a href="/company/nvidia">Nvidia’s</a> H20 chip, which was recently cleared by US authorities for export to China. A company spokesperson said no request had been made and called the reports inaccurate. <a href="/company/tencent">Tencent</a>, also named in the reports, has yet to respond.

Citigroup CEO Jane Fraser said the bank is exploring the launch of a Citi stablecoin and is actively developing tokenized deposit solutions. The bank is also assessing crypto custody and reserve management. The announcement came as Citi shares rose on strong Q2 earnings and a planned USD 4 billion stock buyback.

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With chip access in flux and scrutiny mounting, Manus has left China for Singapore, betting that neutrality offers a safer path forward.

Has China become too risky a home for AI startups? Manus thinks so

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A single Saturday saw Taobao Shangou, Meituan, and JD.com log a combined 200 million orders, testing subsidy strength, logistics, and supply chains in real time.

Thinking Machines closes seed round

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