Trending Market News

Saudi Aramco resumed oil loadings from Ras Tanura after a nearly four-month halt, dispatching at least five supertankers carrying 10 million barrels to Asia. The company shifted to spot pricing instead of its typical official selling prices to attract demand as crude prices have fallen to around $70 per barrel from near $120 in March following an interim peace deal.

• Five VLCCs exited the Strait of Hormuz heading to China and Japan, with another four vessels near Ras Tanura waiting to load or already laden
• Aramco offered 6 million barrels of July-loading crude to Asian customers at 'very attractive' spot prices, competing against other Middle Eastern suppliers now selling at discounts
• Ras Tanura previously exported over 5 million bpd before conflict began, and Aramco had shut its 550,000 bpd refinery there as a precautionary measure during the war

Apple plans to launch at least five new iPhone models between late 2025 and early 2027, increasing foldable iPhone production targets to 10 million units this year from an earlier 7-8 million forecast. The company is navigating AI-driven memory chip shortages better than Chinese rivals, leveraging its stronger bargaining power with suppliers.

• Apple has secured components for 80 million smartphones for late 2026, with total 2026 production expected to exceed 220 million units, far outpacing Chinese rivals like Xiaomi, Oppo, and Vivo who cut targets below 100 million each
• Apple is reportedly in talks with Chinese chipmakers ChangXin Memory Technologies and Yangtze Memory Technologies to source memory chips for devices sold in China, both firms appearing on U.S. lists of companies allegedly supporting Beijing's military
• The product roadmap includes at least two new iPhones in early 2027 (standard iPhone 18 and new iPhone Air), following recent price hikes for MacBook and iPad lineups due to surging memory and storage costs

Super Micro Computer disclosed that two employees at its Taiwan unit have been detained and two others released on bail in connection with a Taiwanese investigation into alleged illegal exports of advanced AI servers containing Nvidia chips to China. The servers are subject to U.S. export controls that prohibit sale to China, and this represents the second round of searches in an ongoing probe that has already resulted in three other detentions since May.

• Taiwanese prosecutors questioned six people and searched 12 locations, including offices of Super Micro Taiwan, distributor Albatron Technology, and data centre operator Chief Telecom, over alleged document forgery and breach of trust
• Super Micro states it is not a target of the investigation and has been cooperating with Taiwan authorities for several months, having previously facilitated seizure of 50 servers that were deceptively acquired through an authorized reseller
• The investigation follows March 2024 U.S. Justice Department charges against three people associated with Super Micro, including a co-founder, for allegedly smuggling at least $2.5 billion worth of U.S. AI technology to China in violation of export laws

Amazon is designing custom AI chips for its consumer devices including Echo, Fire TV, and future wearables, according to hardware chief Panos Panay. The company's AZ3 chips enable on-device AI processing for faster, more secure performance. Amazon is developing a 'roadmap of on-the-go devices' to compete with offerings from Google, OpenAI, and other tech giants in the AI assistant space.

• Amazon's custom AZ3 and AZ3 Pro chips are already deployed in Echo Show 8, Echo Show 11, and Fire TV devices to run AI models locally rather than in the cloud
• The company launched Alexa+ with advanced capabilities to handle complex queries and tie together Amazon's hardware ecosystem from Ring doorbells to Echo devices
• Amazon acquired Bee wearables for $49.99 voice-enabled wristbands and plans to release new 'on-the-go devices' soon, with Panay stating users 'won't have to wait long'

OpenAI has proposed giving the U.S. government a 5% stake in the company, according to a Financial Times report. The arrangement would reportedly involve other U.S. AI companies providing similar stakes to the government, though it remains unclear if other firms would participate. Neither OpenAI nor the White House has commented on the proposal.

• The proposal involves a 5% government stake in OpenAI, with expectations that other U.S. AI companies would offer similar arrangements
• Reuters could not immediately verify the FT report, and both OpenAI and the White House declined to comment
• It is uncertain whether other AI firms would be willing to give the government equity stakes under this proposed framework

SK Hynix announced plans to invest $51.46 billion to build a new NAND memory chip factory (M17) in Cheongju, South Korea, by 2029, responding to shortages driven by AI demand. Construction will begin next year, and the company will also invest an additional $12.9 billion for a chip packaging facility by late 2027.

• Total investment of 80 trillion won ($51.46 billion) for the NAND production facility, with construction starting in 2025 and completion targeted for 2029
• An additional 20 trillion won ($12.9 billion) will be spent on a new chip packaging factory in Cheongju, scheduled to open by late 2027
• The expansion directly addresses NAND memory chip shortages caused by surging AI industry demand, with the announcement attended by SK Hynix CEO and South Korean President

Bayer announced it is consolidating its U.S. Roundup weedkiller business into a new separate unit called Ruveon, following a recent U.S. Supreme Court ruling that blocked thousands of state-court lawsuits related to the glyphosate-based product. The move comes as Bayer seeks to manage the legal liability stemming from its $63 billion acquisition of Monsanto in 2018, which brought years of litigation over claims that Roundup causes cancer.

• The new Ruveon division will handle all aspects of U.S. Roundup sales including pricing, production and logistics, while remaining part of Bayer's business structure
• Last week's Supreme Court ruling in Bayer's favor is expected to 'effectively cap the glyphosate exposure within existing provisions,' prompting Deutsche Bank to upgrade Bayer from 'hold' to 'buy'
• Bayer maintains that decades of studies show glyphosate is safe and does not cause cancer, despite ongoing litigation accusing the company of failing to warn users of health risks

The U.S. FDA approved Vertex Pharmaceuticals' gene therapy Casgevy for children as young as 2 years old with sickle cell disease and beta thalassemia, expanding its use from the previous 12-and-older age group. This marks the first gene therapy for inherited blood disorders cleared for such young patients. The approval was granted in 53 days under the FDA's expedited National Priority Voucher program.

• In clinical trials, all 8 evaluable children aged 5-12 with sickle cell disease experienced no severe painful crises for at least 12 consecutive months within 24 months of treatment
• For beta thalassemia, 8 of 9 evaluable children achieved transfusion independence for 12 consecutive months, with median duration of 20.1 months
• Casgevy is a one-time treatment made from a patient's own blood stem cells, offering an alternative to bone marrow transplants which require matching donors

The U.S. Drug Enforcement Administration announced on July 1 that it will temporarily classify certain high-potency kratom products containing elevated levels of 7-hydroxymitragynine (7-OH) under Schedule I, the strictest federal drug control category. The move, supported by the FDA and Department of Health and Human Services, targets concentrated and synthetic products with opioid-like properties, not natural kratom leaf with normal 7-OH levels.

• The DEA proposal sets a threshold of 0.050% 7-OH by dry weight for kratom plant material, or 1 milligram of 7-OH in certain products, to determine Schedule I classification
• Regulators warn that companies are selling pills, gummies, powders, and liquid shots with much higher amounts of 7-OH than occurs naturally in the Southeast Asian kratom plant
• The DEA is also moving to temporarily control three lab-made 7-OH-related synthetic substances: mitragynine pseudoindoxyl, dihydro-7-hydroxymitragynine, and MGM-16

Bridgewater Associates' flagship Pure Alpha macro fund gained 8.1% in the first half of the year amid volatile markets driven by geopolitical tensions. The firm's AI-driven AIA Macro fund also returned 8.1% during the period and has delivered 11.3% annualized returns since its late 2023 launch. Bridgewater currently manages approximately $102 billion in assets and is seeing benefits from CEO Nir Bar Dea's strategic overhaul initiated in 2023.

• Bridgewater's AIA Macro fund, which uses AI for investment decisions, manages about $4.5 billion and has posted 11.3% annualized returns since launching in late 2023
• The Pure Alpha 18 fund surged 17% in the first half, capitalizing on tariff-driven market uncertainty, following a 34% gain in 2025 that marked the firm's highest profits in its history
• The strong performance follows CEO Nir Bar Dea's strategic reset that included restricting new inflows into Pure Alpha and returning some assets to clients to maximize returns after years of underperformance

Nissan CEO Ivan Espinosa is steering the automaker away from heavy discounting and rental-car sales to rebuild its U.S. brand image and market position. The strategy focuses on quality improvements and launching new models, including a hybrid Rogue SUV later this year, as part of a broader revival plan. Espinosa, who became CEO in April 2025, acknowledged that Nissan's prior volume-focused approach damaged its quality reputation and market standing.

• Nissan is moving away from the rental car market and steep discounting practices that characterized the past decade, when the company prioritized volume growth over brand health
• A hybrid version of the Rogue compact SUV, Nissan's top seller, will launch late this year to capitalize on surging hybrid demand driven by higher gas prices from the Iran war
• The U.S. turnaround is part of a global restructuring that includes cutting manufacturing capacity and workforce by 15%, plus seeking technology partnerships after a failed Honda merger

SoftBank Group has reopened negotiations with a consortium of lenders for a $10 billion loan backed by its stake in OpenAI, after previous attempts stalled due to valuation concerns about private companies. To address lender hesitations, SoftBank is now offering a corporate guarantee to repay the loan if the OpenAI collateral proves insufficient.

• The lending consortium includes major financial institutions Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group
• Earlier loan discussions had failed because lenders were concerned about the difficulty of accurately valuing private companies like OpenAI
• SoftBank's corporate guarantee gives banks recourse to the Japanese technology investor if the OpenAI stake collateral becomes inadequate for repayment

Alibaba and AUS Merchant Services have agreed to pay $600 million to settle U.S. Justice Department allegations that they failed to prevent illegal pharmaceutical sales on their platforms. The settlement, announced on July 1, resolves the probe into inadequate controls over drug transactions.

• The $600 million settlement involves both Alibaba and AUS Merchant Services for their role in facilitating unauthorized pharmaceutical sales
• The U.S. Justice Department alleged the companies failed to implement adequate safeguards to prevent illegal drug transactions
• Alibaba did not immediately provide comment on the settlement announcement

Robinhood announced on July 1 that it is expanding its perpetual futures trading in Europe beyond cryptocurrencies to include commodities, ETFs, and forex, while also planning to launch crypto trading in the UK. The company, serving over 28 million customers across 38 countries, is diversifying its services to reduce reliance on trading activity amid its global expansion efforts.

• European investors can now trade perpetual futures tied to gold, silver, crude oil, and euro-dollar pairs with up to 10x leverage and 24/7 trading availability
• Robinhood launched 'Robinhood Earn' in the US, allowing users to lend USDG stablecoin for an estimated 7% annualized return with insurance coverage through Lloyd's of London
• The company expanded into Canada through its WonderFi acquisition and received a capital markets services license in Singapore as part of its international growth strategy

India has directed WhatsApp to halt its planned 'usernames' feature rollout and explain within three days why regulatory action should not be taken. The government expressed concerns that allowing users to initiate conversations without revealing phone numbers could increase fraud, phishing, and impersonation attacks. This follows similar scrutiny of Telegram over anonymity features that complicate law enforcement.

• India's IT ministry warned the feature could materially increase online fraud, digital arrest scams, and impersonation by enabling contact without phone number disclosure
• The government is concerned usernames resembling individuals, financial institutions, or agencies could facilitate identity spoofing
• India temporarily banned Telegram last month over similar username-based interaction features that created enforcement challenges, citing difficulties in identity detection for cyber fraud investigations

Meta has appointed Alex Schultz, its current chief marketing officer, as the company's first chief data officer to enhance AI analytics and data-driven decision-making globally. The move signals Meta's deepening focus on AI integration across its operations as the company projects spending up to $145 billion on AI infrastructure this year.

• Schultz, a 17-year Meta veteran who joined in 2007, will focus on transforming how Meta learns and makes decisions in the AI era
• Meta is projected to spend as much as $145 billion on AI infrastructure in 2026, part of Big Tech's over $700 billion investment in the technology
• The appointment is part of broader leadership changes, with the company also building a cloud business to sell excess AI computing capacity

Google has surpassed its five-year $1 billion investment target in Africa, announcing new initiatives focused on AI development and digital infrastructure. The company revealed multiple projects at its first Africa Cloud Summit in Johannesburg, including connectivity hubs, an AI lab in Ghana, and support for local startups and creators.

• Google will establish four connectivity hubs across Africa, starting with South Africa's Eastern Cape, linking the continent to Australia via the Umoja subsea cable and to India through a new route
• Africa's first applied AI lab in Ghana will pair local startups with Google researchers and provide early access to AI models, while a $1 million+ program with Idris Elba's Akuna Group will train underrepresented creators in AI-driven storytelling
• Google's startup accelerator will back 15 South African firms as part of a commitment to support 50 African ventures between 2024 and 2028, alongside building a 3 million rand ($183,468) digital innovation center in Soweto

Uber-backed Lime, a bike and scooter rental company, saw its shares rise in its Nasdaq debut on July 1. The company raised $167 million in its U.S. IPO, priced at $25 per share. The successful market debut marks a milestone for the micromobility sector.

• Lime raised $167 million through its U.S. initial public offering
• The IPO was priced at $25 per share before trading commenced on Nasdaq
• Uber is a significant backer of Lime, supporting the micromobility company's expansion

General Motors reported a 4.2% decline in U.S. auto sales for the second quarter, with sales falling to 714,896 units from 746,588 units a year earlier. The drop is attributed to inflationary pressures that have deterred potential new vehicle buyers.

• GM sold 714,896 vehicles in Q2, down from 746,588 units in the same period last year
• Inflationary pressures identified as the primary factor keeping new vehicle buyers away from purchases
• The decline reflects broader challenges in the automotive market as consumers face economic headwinds

Sony announced it will discontinue physical disc production for all new PlayStation games starting January 2028, completing its shift to digital-only distribution. Digital downloads currently represent about 80% of Sony's full-game software sales in fiscal 2025. The change reflects the industry's ongoing migration toward online game purchases.

• New PlayStation titles from January 2028 onward will only be sold digitally through the PlayStation Store and retailers; games released or scheduled before that date remain unaffected
• Digital downloads account for approximately 80% of Sony's full-game software sales in fiscal 2025, demonstrating consumer preference for online purchasing
• Sony will also shut down PlayStation Store access on legacy PS3 and PS Vita consoles starting in select markets in 2026 and globally by July 2027 due to outdated payment security systems