SoftBank Group shares fell more than 5% in early trade.

美國總統特朗普：人工智能比互聯網大很多倍。

Beijing Economic‑Technological Development Area (Yizhuang) management committee issued a pilot token‑economy support package and will disburse 100 mln yuan a year in model/token/data vouchers. The measures boost R&D for inference‑specific chips and accelerate iteration of advanced packaging, co‑packaged optics, high‑speed optical interconnects and optical communications, and call for system‑level IC architecture innovation to scale compute clusters and establish hardware barriers for low‑cost token mass production. The policy accelerates integration of photonic computing with conventional compute to raise large‑model, massive‑token parallel processing capacity and support large‑scale high‑speed token inference scenarios. It will pilot token‑trading‑based data pricing, support enterprise‑ and individual‑level domain contextual data collection and processing, and encourage bulk production of expert and service digital twins. Procurement subsidies will equal 10% of annual data‑trading value, capped at 1 mln yuan per purchaser.