Brief

Forus, a health tech startup, has achieved a $1 billion valuation and secured $160 million in funding to address the significant issue of unfilled prescriptions. The company utilizes AI to streamline the administrative backend of prescription processing, ensuring patients receive their medications more efficiently. Their technology assists medical practices in navigating insurance complexities and improving prescription fill rates, with thousands of practices currently relying on their system. AI

Sam Altman, CEO of OpenAI, is facing scrutiny from Republican lawmakers and state attorneys general regarding his personal investments. Concerns center on potential conflicts of interest, particularly his significant personal stake in nuclear fusion company Helion, which he allegedly pushed OpenAI to invest in. Altman is scheduled to testify before the House Oversight Committee and in the ongoing trial related to Elon Musk's lawsuit against OpenAI. AI

Tencent Music reported its first-quarter financial results, with total revenue increasing by 7.3% year-over-year to 7.90 billion yuan and adjusted net profit rising by 4.8% to 2.33 billion yuan. The company saw significant growth in its music-related services, particularly non-member services which surged by 28.0%. Separately, Pop Mart announced a substantial first-quarter revenue increase of 75%-80% driven by strong performance across its international markets, including China. AI

A股三大指数收盘涨跌不一，半导体设备、特高压、覆铜板概念走强，通光线缆、华正新材涨停。美国电池回收公司Redwood Materials宣布特斯拉前首席财务官Deepak Ahuja正式加入公司出任CFO。快手计划分拆可灵AI，融资20亿美元。 AI

Chengdu Yuzhilingdong Technology, also known as Walulu, has secured tens of millions of RMB in angel and pre-A funding rounds. The company's core product is an AI-powered plush pet named Walulu, envisioned as the "Pokémon of the AI era." Walulu differentiates itself by prioritizing product design and IP operation over deep AI model development, focusing on user appeal as a toy first and an AI product second. This strategy has led to successful offline sales and expansion into international markets, with plans for further product iterations and IP collaborations. AI

Microsoft has reportedly capped its revenue-share payments to OpenAI at $38 billion. Under their latest deal, OpenAI is expected to save $97 billion by 2030. The report also touches on the relative valuations of Kimi and DeepSeek, and includes a commencement speech by Jensen Huang. AI

MagicLab, a Chinese embodied AI company, hosted the Global Embodied Intelligence Summit (GEIS) in Silicon Valley, launching its "self-evolving embodied brain" called Magic-Mix. This new world model aims to address key industry challenges such as robots lacking physical common sense and precise manipulation. MagicLab also unveiled the H01 dexterous hand with advanced sensing and the MagicBot X1 humanoid robot, designed for heavy-duty industrial tasks and expected to reach mass commercial delivery by 2026. AI

Researchers have developed a new framework to improve Bayesian inference by using AI-generated data to inform prior beliefs. This method, called the rectified AI prior, addresses the risk of propagating errors from predictive models into the inference process. By rectifying the AI-induced law that generates synthetic data, the approach aims to reduce bias, enhance the coverage of credible intervals, and make AI-powered prior information more reliable. The framework was successfully applied to a skin disease classification task, demonstrating a boost in predictive performance. AI

Researchers at MIT have revived a 40-year-old concept for a triangular zipper, now made feasible by 3D printing. This 'Y-Zipper' mechanism can transform flexible, floppy structures into rigid, load-bearing beams in seconds. The technology has potential applications in creating adaptive robots, rapidly deployable shelters, and reconfigurable medical devices by combining flexibility with structural stiffness. AI

The Digital Asset Market Clarity Act, a significant piece of legislation aimed at establishing a U.S. regulatory framework for the cryptocurrency industry, is approaching a critical Senate committee markup. Despite passing the House, the bill faces contention in the Senate over stablecoin regulations and ethical concerns tied to the Trump family's involvement in crypto. Banking groups are lobbying against compromises on stablecoin rewards, while Democrats are pushing for amendments addressing potential conflicts of interest. AI

The Open Society Foundations, led by Alex Soros, announced a $30 million commitment over three years to combat antisemitism and anti-Muslim hate. This initiative aims to strengthen interfaith partnerships and protect communities facing increased threats, particularly in light of recent global events and heightened rhetoric. The funding will support educational programs, community leaders, and nonprofits working to address discrimination and intolerance in a unified manner, rather than in silos. AI

US inflation is worsening, with wholesale prices rising significantly in April and showing broad-based increases beyond energy costs. The Producer Price Index for final demand increased by 1.4% in April and 6% year-over-year, with core components also showing substantial growth. This persistent inflation makes Federal Reserve interest rate cuts less likely this year, and some officials are even considering further tightening of monetary policy. AI

India has doubled its import duty on gold and silver from 6% to 15%. This move follows Prime Minister Narendra Modi's call for reduced spending on non-essential items like gold, fuel, and international travel. Industry experts anticipate a 10% drop in India's gold demand due to these changes. AI

Envirotech Vehicles is set to merge with AZIO AI in a deal valued at $480 million. This strategic move aims to reshape AI infrastructure and includes a planned leadership transition. The merger is expected to significantly impact the AI sector. AI

President Donald Trump has expedited permits for two controversial pipeline projects aimed at increasing the flow of Canadian oil into the U.S. The revived Keystone XL, now part of the Prairie Connector and Bridger Pipeline Expansion, will utilize existing infrastructure to transport heavy oil sands crude. Additionally, the Dakota Access Pipeline will indirectly expand its capacity to move Canadian oil through a reversal of Enbridge's Bakken Pipeline. AI

The United Arab Emirates has emerged as a global leader in artificial intelligence, surpassing Silicon Valley in the AI race. Since 2017, the UAE has implemented a comprehensive AI strategy, including the establishment of the world's first Ministry of AI. A recent report from the Microsoft AI Economy Institute indicates the UAE's leading position in AI development. AI

Visa is evolving beyond its traditional plastic card model to become a digital settlement protocol. The company is embracing technological neutrality and integrating with blockchain technology. They are also developing an "Agentic Ready" program to prepare their infrastructure for autonomous AI agents. AI

Actress Cate Blanchett has co-founded a new media company called RSL Media. The company aims to address issues surrounding consent in the context of artificial intelligence usage. This initiative highlights growing concerns among public figures about the ethical implications of AI technologies. AI

Hong Kong is preparing to launch a public consultation by early June for a five-year development blueprint. This initiative aims to align local policies with China's 15th five-year plan, which covers the period from 2026 to 2030. The government plans a significant publicity campaign, including TV ads and banners, to encourage participation. Consultation sessions will be organized by sector, with some involving the chief executive and ministers. AI

36Kr reports that Shenzhen Jialichuang Technology Group Co., Ltd. has passed its initial public offering review by the Shenzhen Stock Exchange's listing committee. In other news, Ruixin Micro announced that shareholder Huang Xu plans to reduce his stake by up to 1.53% within three months. The "8 o'clock氪" section of 36Kr also noted former US President Trump's anticipation for a trip to China, OPPO's accountability notice regarding Mother's Day copy, and Kuaishou's plan to spin off its AI company Keling with a $2 billion funding goal. AI

JD Logistics reported a 29% year-over-year revenue increase to 60.58 billion yuan in the first quarter, with profits rising 41.6% to 860 million yuan. In other news, Airbus subsidiary Satair acquired Unical Aviation Inc., and Kuaishou plans to spin off its AI company Keling AI with a $2 billion funding goal. Additionally, a report indicates that major tech companies are heavily investing in AI development, with some exhausting their annual budgets within four months. AI

Zhiyuan Robot has launched the "Hong Kong Embodied Intelligence Industry Co-creation Plan" in collaboration with Hong Kong's government, industry, academia, research, and financial sectors. This initiative aims to establish several joint research labs, foster dozens of embodied intelligence startups, and cultivate hundreds of industry partners over the next five years. The plan focuses on application scenarios, innovation, industry-academia collaboration, talent development, and international cooperation to accelerate the integration of embodied intelligence with commercial needs and promote the global expansion of China's embodied intelligence industry. AI

Entropy AI, a startup founded by Singaporean PhDs, has secured millions in seed funding from Chuxin Capital for its innovative 'Flyer O1' household flying robot. This AI-powered device is designed to act as a smart home butler, autonomously patrolling homes, identifying anomalies, and managing family schedules and tasks. The Flyer O1 aims to overcome the limitations of ground-based robots by utilizing flight for broader environmental sensing and task execution, with a focus on privacy through local data storage. AI

The Airport Authority of Hong Kong International Airport has assumed control of the retail operations for the 11 Skies project from New World Development. This significant shift involves the authority managing 70% of the retail and dining space, with New World's role substantially reduced. The project, a HK$20 billion (US$2.5 billion) development, is nearing the opening of Terminal 2, though only a limited number of establishments were operational during a recent visit. AI

Varda Space Industries has partnered with United Therapeutics to explore manufacturing pharmaceutical drugs in orbit. The collaboration aims to leverage microgravity conditions to crystallize drugs, potentially creating more stable or improved versions. This marks a significant step towards commercializing in-orbit manufacturing, moving beyond government-backed experiments. AI

The US and China have engaged in an unprecedented joint operation with Dubai Police to dismantle nine scam centers and arrest 276 suspects. This operation, codenamed Tri-Force Sentinel, targeted high-yield investment scams, 'pig butchering' schemes, and virtual currency fraud. The collaboration involved the FBI, China's Ministry of Public Security, and Dubai Police, leading to federal fraud and money laundering charges against three individuals in Southern California. AI

Greenpeace is calling for ethical guidelines and minimum standards for data centers, particularly those used by tech companies. The environmental organization proposes that fossil fuel corporations should be denied cloud services under these new regulations. This initiative aims to address the environmental impact of data centers. AI

Persian Gulf nations are rapidly developing advanced AI infrastructure, but this digital expansion comes with a significant environmental cost. The region faces a critical shortage of water and energy, resources essential for powering these AI systems. A report from QIASS highlights the potential for infrastructural gridlock if water policies are not integrated into technological planning. AI

A new report from the Information Technology & Innovation Foundation highlights the significant decline of the U.S. auto industry, which now holds only 14.7% of global production compared to 46% in 1965. This downturn poses risks to national security as the sector underpins defense manufacturing. Chinese automakers, particularly in the electric vehicle market, are rapidly outpacing U.S. companies, with BYD recently surpassing Tesla in global EV sales. AI

Elon Musk has joined Donald Trump's delegation during a visit to Beijing, positioning himself as a crucial intermediary for trade discussions between the US and China. His presence alongside Trump for meetings with President Xi Jinping highlights the commercial and personal dimensions of this diplomatic engagement. Musk's involvement is seen as a strategic move by the US to leverage influential business figures to ease bilateral tensions and advance commercial interests, particularly given his significant investments and operational success with Tesla's Gigafactory in Shanghai. AI

Hong Kong-listed semiconductor firm Hua Hong Semiconductor experienced a significant net sell-off of HK$660 million by Southbound funds. In contrast, other tech companies like Xanadu, Dipu Technology, and Alibaba saw net inflows. Meanwhile, JD.com reported a 4.9% year-over-year revenue increase for its first quarter, exceeding 740 million annual active users. AI

China has successfully initiated its first international standard for digital product carbon footprinting, with the project "Digital Product Carbon Footprint (CFP) - Part 2: CFP Data Exchange Format and Guidelines" being approved by the International Electrotechnical Commission (IEC). This standard aims to facilitate the exchange of CFP data. Separately, a new investment fund, Hubei Changjiang Quantum Technology Investment Fund Partnership, has been established with a capital of 100 million RMB, involving several investment firms and government-backed funds. AI

Kuaishou is planning to spin off its AI video generation unit, Kling AI, for an independent stock market listing. The company is aiming for a valuation of $20 billion and is currently in the process of securing pre-IPO funding. This move is expected to occur around 2026. AI

Morgan Stanley has become more optimistic about the US stock market, raising its S&P 500 target to 8300 points based on strong corporate earnings and economic conditions. The bank's strategists noted that the market has already priced in significant risks, and a robust earnings season, with S&P 500 companies exceeding profit expectations, supports this positive outlook. This shift in sentiment from a previously skeptical strategist highlights market sensitivity to regulatory signals, particularly concerning AI chip exports to China. AI

Indonesia is planning to introduce new electric vehicle subsidies starting in June 2026 to combat high oil prices driven by Middle East tensions. The government aims to encourage the adoption of electric vehicles and reduce reliance on fossil fuels. Separately, the ChiNext index in China reached a new historical high, surpassing its 2015 peak. AI

DeepSeek has reportedly been valued at $50 billion, while Anthropic's valuation is said to exceed $1 trillion. These figures, if accurate, would represent significant financial milestones for both AI companies. AI

The Trump administration is reportedly considering a ban on Chinese-made cellular modules, a move that could significantly disrupt the global supply chain for connected devices. This potential restriction, part of an expanded FCC crackdown on Chinese technology due to national security concerns, would affect a wide range of products including smart devices, routers, and industrial IoT systems. Chinese firms currently dominate over 70% of the cellular module market, making this a substantial threat to the electronics industry. AI

Chinese regulators are intensifying their oversight of financial institutions, mandating improved monitoring systems for illegal financial activities. These institutions must integrate monitoring into their corporate governance, refine their detection models, and actively investigate key risk areas. Furthermore, firms are required to scrutinize employee conduct to prevent involvement in or facilitation of illicit financial operations. AI

Unitree has unveiled its GD01, a production-ready, human-piloted mecha suit, with prices starting at 3.9 million yuan. The company's founder demonstrated the suit's capabilities, highlighting its potential as a civilian transport vehicle and a showcase for Unitree's core robotics technologies. This launch aims to leverage the suit's unique appeal as a marketing engine. AI

The year 2024 marks the beginning of mass production for humanoid robots, with significant deployments like Tesla's Optimus Gen-3 and Unitree's G1 in real-world settings. This surge in production signals a transition from technical validation to large-scale commercialization, with industry analysts predicting that key component suppliers will be the first to benefit. The humanoid robot concept index has seen a notable increase in value since early April, reflecting growing investor confidence. AI

Bose Quantum, a Chinese quantum computing startup, has secured over 100 practical applications across various industries, including oncology and brain-computer interfaces. The company has raised significant funding, totaling 1.84 billion yuan, with a recent B round of 1 billion yuan setting a new record for the domestic quantum computing sector. Bose Quantum's technology is being applied to complex problems like protein folding, drug discovery, and precise tumor margin identification, leveraging quantum principles for superior computational power. AI

A couple in Shenzhen, founders of memory module manufacturer Demingli, have significantly increased their wealth by stockpiling memory chips. They capitalized on the AI boom, which created a global chip shortage, leading to a surge in demand and prices. This strategic hoarding allowed their net worth to grow by approximately 30 billion yuan in just five months. AI

Henderson Land has secured Hong Kong's first biodiversity loan, valued at approximately US$12.8 million, from HSBC and Hang Seng Bank. The funds will support the maintenance and management of native plant species and urban biodiversity surveys at its Central Yards development. This initiative aims to create a scalable model for sustainable urban development and bolster Hong Kong's standing in sustainable finance. AI

South Korea has indicated a willingness to provide phased support for a US-led mission in the Strait of Hormuz. Defense Minister Ahn conveyed this position to US Secretary of Defense Pete Hegseth, suggesting potential contributions such as political backing, personnel, information sharing, and military assets. However, Ahn emphasized that no specific details regarding troop expansion have been discussed, and any decisions would require adherence to domestic legal processes. AI

Didi Charging has been recognized with multiple awards at the 12th China International Electric Vehicle Charging and Swapping Industry Conference and the 5th Shanghai International Charging and Swapping and Photovoltaic-Storage-Charging Exhibition. The company received the "Top Ten Influential Brands in China's Charging and Swapping Industry" and "Top Ten Super Charging Operators" awards, while Didi Energy General Manager Xie Jingjing was named "Top Ten Influential Figures in China's Charging and Swapping Industry." Didi Charging highlighted its focus on user value, leading industry metrics in charging volume and fast-charging gun ratio, and its commitment to improving user experience through technology and safety measures. AI

Brazil's President Lula has signed an executive order reinstating tax exemptions for cross-border e-commerce purchases under $50. This decision reverses a previous tax policy and is seen as a move to appeal to lower-income voters ahead of the October presidential election. The Brazilian Ministry of Finance anticipates this will reduce costs for essential goods purchased through popular e-commerce platforms by the country's poorer citizens. AI

JD Health reported a 17% year-over-year revenue increase to 19.467 billion yuan in the first quarter, with operating profit rising 70.4% to 1.825 billion yuan. Additionally, JD Logistics announced its first-quarter revenue reached 60.58 billion yuan, a 29% increase, and its profit was 860 million yuan, up 41.6%. The cluster also mentions Kuaishou's plan to spin off its AI company, Keling AI, and seek $2 billion in funding, alongside a note about tech companies pushing programmers into AI development, consuming annual budgets rapidly. AI

The National Medical Products Administration (NMPA) reported that in 2025, China saw a record high in both the number of drug applications submitted and those approved. The Center for Drug Evaluation received 20,149 drug registration applications, a 3% increase year-over-year, encompassing new drug clinical trial applications, marketing applications, and supplementary applications. In separate news, JPMorgan Chase is undergoing a significant restructuring of its investment banking division, appointing new co-heads for global investment banking and integrating its M&A team into the industry client coverage group. AI

US President Donald Trump has arrived in China for a high-stakes summit with Chinese President Xi Jinping. His delegation includes prominent tech leaders such as Jensen Huang of Nvidia and Elon Musk, alongside top US officials including Defense Secretary Pete Hegseth. This marks a rare diplomatic occasion, with Hegseth being the first US Defense Secretary to accompany a president on a state visit to China since 1972. AI

Huaqin Technology has entered into a significant sales framework agreement worth up to 1.48 billion yuan for specialized functional materials used in aero engines. This agreement with an unnamed client is set to run until the end of 2026 or until the total order value is reached. In separate news, the International Energy Agency has warned of record-low global oil inventories due to Middle East tensions, predicting potential oil price volatility as summer demand increases. AI