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Nintendo sold 1.6 million units of the Switch 2 in the US in June, setting a new hardware launch record and driving game hardware spending to USD 978 million, up 249% YoY, according to Circana. <em>Mario Kart World</em> led software sales, while the Pro Controller topped the accessory category with a 32% attach rate.

Repair demand for banned <a href="/company/nvidia">Nvidia</a> chips is reportedly rising in China, with firms said to be refurbishing hundreds of smuggled H100 and A100 units each month. Shops simulate server environments and charge up to RMB 20,000 per chip, reflecting continued usage despite export bans and the availability of legal alternatives like the H20.

US President Donald Trump visited the Federal Reserve on July 24, pressing chair Jerome Powell to deliver steep rate cuts and criticizing the USD 2.5 billion renovation of its headquarters. Powell stood by the project amid disputes over cost estimates. Trump said he won’t fire Powell, despite ongoing clashes over policy.

Prices of Chinese smartphones exported to the US fell 45% YoY in June, with shipments down 71%, as firms absorbed 20% tariffs to maintain market share. Game consoles saw a 23% drop, with prices falling across most categories. Analysts warn that prolonged losses could lead to layoffs and broader economic fallout.

<a href="/company/openai">OpenAI</a> is preparing to launch GPT-5 as early as August, CEO Sam Altman confirmed. The model will come in full, mini, and nano versions, integrating o-series reasoning, and will be available via API and ChatGPT. A separate open-weight model is expected first, OpenAI’s first such release since GPT-2 in 2019.

<a href="/company/geely">Geely</a>-backed Aerofugia has unveiled a smart luxury cabin for its AE200 <a href="/industry/evtol">eVTOL</a> aircraft, aiming to bring car-like comfort to low-altitude flight. The cabin features adaptive seating and automotive-grade interfaces, built to aviation safety standards. The AE200 is entering final test phases, with certification and ride-hailing rollout targeted for 2026.

<a href="/company/nvidia">Nvidia</a> said on July 24 that data centers built with smuggled chips are a "losing proposition,” following reports that USD 1 billion worth of its chips entered China despite US export restrictions. The company added it does not support unauthorized hardware and reaffirmed that proper licensing is required.

Stellantis-backed <a href="/company/leapmotor">Leapmotor</a> has launched the B01 electric sedan, priced from RMB 89,800, to challenge <a href="/company/tesla">Tesla’s</a> Model 3. The <a href="/industry/ev">EV</a> features LiDAR, fast charging, and up to 650 kilometers of range, targeting global markets as the company pursues growth abroad amid intensifying price pressures at home. Deliveries in China begin this month, with overseas plans yet to be announced.

US commerce secretary Howard Lutnick said on July 24 that TikTok will be banned in the US unless China allows American ownership and control of the app. ByteDance has until September 17 to divest TikTok’s US operations. Deal talks remain unresolved as political pressure mounts.

Shanghai police have arrested seven suspects, including former Ele.me CEO and logistics head Han Liu, in a commercial bribery case involving more than RMB 40 million. Han allegedly accepted bribes from suppliers in exchange for favorable delivery zone access. Authorities suspect Han and three others took bribes 30 times over two years, storing cash and gifts in multiple rented homes.

<a href="/company/dji">DJI</a> has released a teaser for its first robot vacuum, the Romo, with a launch set for August 6. The model reportedly features a transparent dock, automatic emptying, and advanced navigation. While mopping capabilities remain unclear, the device is expected to highlight DJI’s strength in object detection.

What shapes modern healthcare and agriculture? Examine biotech startups, gene editing, and drug discovery unlocking biological potential.

Biotechnology

New capital, maturing pipelines, and a more global R&D mindset are pushing valuations higher, even as competition tightens.

Hong Kong biotech enters its second act with a licensing supercycle

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With AI-powered systems and energy-efficient infrastructure, the site reflects Midea’s smart building ambitions.

Midea opens new Shanghai campus to anchor its global innovation push

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Nintendo's Switch 2 breaks US launch records

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Hong Kong biotech enters its second act with a licensing supercycle

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Deals in brief: Respiree raises Series A funding, HeyMax expands with Krip acquisition, latest China deals, and more