Key News
1. According to CNBC, the U.S. Treasury Department may use nearly $1 trillion from its General Tax Account (TGA) to fund its recently announced expansion of its government bond-buying program.
Stock News
1. Google Cloud and Verizon (VZ.N) signed an enterprise artificial intelligence framework agreement.
2. Nvidia (NVDA.O) is in talks to invest in Perplexity, which could be valued at over $30 billion.
3. Pinduoduo (PDD.O) reported second-quarter revenue of RMB 112.4 billion, exceeding the estimated RMB 115.2 billion.
4. California has reportedly canceled negotiations with Paramount (PSKY.O) regarding a merger with Warner Bros. Discovery (WBD.O).
5. Blue Cloud Software Technology Solutions signed a $150 million master services agreement with SpaceX (SPCX.O) Malaysia.
6. XPeng Motors (XPEV.N) reported second-quarter revenue of RMB 19.7 billion. Third-quarter revenue is projected to be between RMB 21.7 billion and RMB 23.4 billion, compared to market forecasts of RMB 27.26 billion.
7. According to Axios: Sources confirm that Luke Metz, a renowned AI researcher and former OpenAI employee, has joined MetaPlatforms' (META.O) Super Intelligence Lab.
8. Joseph Tsai and Wu Yongming collectively increased their holdings of Alibaba shares by HKD 120 million, following the company's announcement of an HKD 80 billion new share placement the previous day. "Big Short" Michael Burry believes Alibaba (BABA.N) is currently overvalued.
9. British oil giant Shell (SHEL.N) is seeking to sell underperforming businesses, and its multi-billion dollar U.S. chemical assets have attracted potential bidders including ExxonMobil and LyondellBasell.
