36Kr 8 o'clock: Apple Raises iPad and Mac Prices, Jensen Huang to Return 50%+ of Cash Flow to Shareholders, OpenAI Launches First AI Chip

Due to the continuous surge in the cost of memory and storage chips, Apple has officially announced price increases for its iPad and Mac product lines.

Today's Hotspot Guide

Anthropic becomes the world's most valuable unicorn, and DeepSeek ranks among the top 15 unicorn companies globally
China Construction Bank: It will shut down the function of the agency business of individual precious metal trading on the Shanghai Gold Exchange starting from the end - of - day settlement on July 24
Elon Musk once said bluntly that hybrid vehicles are just a transitional stage
52 million people in South Korea have opened 108 million stock accounts, with an increase of over 10 million in half a year
Over 80% of Australian minors have "circumvented" social media bans
IBM has released the world's first sub - nanometer chip technology

TOP 3 Big News

Apple Officially Announces Price Hikes: iPad and Mac to Be the First to See Price Adjustments

On June 25th, reporters learned that due to the continuous soaring costs of memory and storage chips, Apple has officially announced price increases for its iPad and Mac product lines. In a statement, Apple said, "The consumer electronics industry is facing unprecedented challenges. The rapid expansion of AI data centers has led to a surge in storage demand, and we have never seen component prices rise at such a magnitude and speed. We have been absorbing the cost pressure internally, but now we have to start raising the prices of multiple products, including the iPad and Mac announced today." (The Paper)

Jensen Huang Plans to Return 50% or More of Cash Flow to Shareholders, Says Physical AI is the Next Growth Wave

Early Thursday morning Beijing time, NVIDIA, the world's most valuable listed company, held its annual general meeting of shareholders. Jensen Huang, a leading figure in the AI industry, said at the general meeting that the question about the return on investment in AI "already has an answer."

In the business update, Jensen Huang repeatedly emphasized that the AI data center is a "factory for producing tokens." Tokens can be transformed into code, answers, designs, actions, and services. Therefore, each token is a unit of profit. At the same time, Huang emphasized that NVIDIA's systems may not have the lowest purchase price, but they can generate tokens at the lowest cost and have the highest token throughput - as well as the highest revenue. In other words, NVIDIA's customers are not buying a bunch of servers but building AI factories that can generate revenue.

In addition to AI factories, Jensen Huang also referred to "physical AI" as the next growth wave. He believes that robots, cars, and factories will become intelligent agents in the real world, capable of perceiving, reasoning, planning, and acting autonomously. NVIDIA will train models through AI factories, conduct simulations using Omniverse, and then run the models on robots and devices through computing platforms such as Jetson.

In terms of shareholder returns, Jensen Huang said that he plans to return 50% or more of free cash flow to shareholders this year, next year, and in the future. (Caixin)

OpenAI Releases Its First AI Chip, Compatible with Various Large Language Models

On June 24th local time, OpenAI, the developer of ChatGPT, jointly released its first custom - designed chip, Jalapeño, with Broadcom. This means that the former has officially entered the artificial intelligence chip market.

It is reported that Jalapeño is specifically designed for large - scale language model (LLM) inference. It is an application - specific integrated circuit (ASIC) and the first AI accelerator in the multi - generation computing platform jointly developed by the two parties. Its aim is to improve the running speed and reliability of AI and lower the usage threshold. This chip has a high degree of flexibility and can be compatible with various large language models. (Jiemian News)

The Cutting - Edge of AI

Anthropic Becomes the World's Most Valuable Unicorn, DeepSeek Ranks Among the Top 15 Global Unicorn Companies

Hurun's "2026 Global Unicorn List" was released on the 25th. The number of global unicorn companies reached a record high of 1,603, an increase of 5.3% or 80 companies compared to last year. The total value of global unicorn companies increased by 43% compared to last year, reaching 54 trillion yuan.

The report mentioned that the top three all have businesses in large models. With the largest IPO in history of SpaceX, Anthropic, the parent company of Claude, has suddenly become the world's most valuable unicorn, with a value of 6.6 trillion yuan. The annual value increase of 6.1 trillion yuan sets a record in the Hurun Unicorn List. OpenAI, the parent company of ChatGPT, ranks second with a value of 5.8 trillion yuan, and ByteDance, the parent company of Doubao, ranks third with a value of 3.3 trillion yuan. As the top of the 308 newly listed global unicorn companies, DeepSeek ranks among the top 15 global unicorn companies with a value of 340 billion yuan. (IT Home)

OpenAI prefers to wait until next year for an IPO

It is reported that OpenAI prefers to wait until next year for an IPO. (Caixin)

DeepSeek Plans to At Least Double the Size of All Departments

On June 25th, DeepSeek released recruitment information for multiple positions. The company stated that it is working hard to at least double the size of all departments. (Securities Times)

AI consumes 23 billion cubic meters of water annually, and chatting for five minutes consumes about 500 milliliters of cooling water

At this year's Summer Davos Forum, AI remains a hot topic. The agenda setting for AI at this forum has also expanded from "what AI can do" to "the economic costs behind AI". Behind this economic account lies an easily overlooked issue, namely, AI water consumption.

How fast does AI consume water? The participating guests provided two intuitive conversions. Wu Xuchu, the vice - chairperson of KPMG China, said that chatting with AI for about 5 minutes consumes approximately 500 milliliters of cooling water. Wen Bo, a member of the Scientific Committee of the Air and Water Fund of the National Geographic Society of the United States, also gave a similar estimate: asking AI 10 questions consumes about a bottle of mineral water.

The World Economic Forum said in a report that the water consumption in chip manufacturing and power generation is much higher than that of the data center itself. The entire AI industrial chain covering the three major sectors of chips, power generation, and computing power "drinks" 23 billion cubic meters of fresh water annually. Last year, this figure accounted for 3.7% of the total global industrial fresh - water intake. (CCTV Finance)

Big Companies/ Big Events

China Construction Bank: The function of the agency personal precious metals trading business on the Shanghai Gold Exchange will be closed starting from the end - of - day settlement on July 24.

36Kr learned that China Construction Bank issued an announcement regarding the recent arrangements for the agency personal precious metals trading business on the Shanghai Gold Exchange. The announcement states that China Construction Bank will close the function of the agency personal precious metals trading business on the Shanghai Gold Exchange starting from the end - of - day settlement on July 24. The closed business varieties include: Au99.99, Au100g, PGC30g, Au, mAu, Ag, etc. Customers with the above positions and physical inventories are requested to sell or close their positions as soon as possible through China Construction Bank's mobile banking or online banking channels.

The three major U.S. stock indexes closed mixed, with Micron Technology rising more than 15%.

36Kr learned that at the close on June 25th, the three major U.S. stock indexes closed mixed. The Nasdaq fell 0.46%, the S&P 500 index closed down 0.01%, and the Dow Jones Industrial Average rose 0.14%. Large technology stocks closed mixed, while chip stocks rallied. SanDisk rose more than 21%, Micron Technology rose more than 15%, Apple fell more than 6%, Microsoft and Amazon fell more than 3%, Meta fell more than 2%, and NVIDIA fell more than 1%. Popular Chinese concept stocks generally declined. Alibaba and Li Auto fell more than 4%, Pinduoduo, Baidu, and NIO fell more than 3%, NetEase, XPeng Group, and Bilibili fell more than 2%, and JD.com fell more than 1%.

Nearly 180,000 people in the cryptocurrency market were liquidated, with a liquidation amount of $984 million

On June 25th, news emerged that the price of Bitcoin, the world's largest cryptocurrency, briefly fell below the $60,000 mark on Wednesday, hitting a low of $59,023.11, the lowest level since October 2024. Over the past two years, cryptocurrency traders have always regarded $60,000 as an important support level. As of the time of publication, data from CoinGlass showed that nearly 180,000 people in the cryptocurrency market were liquidated in the past 24 hours, with the total liquidation amount reaching $984 million, including $799 million in long - position liquidations. (Cailian Press)

Elon Musk once said bluntly that hybrid vehicles are just a transitional stage

In 2022, when responding to discussions related to new - energy vehicle subsidies on social platforms, Elon Musk publicly stated that hybrid cars are just a short - lived stage in the development of the automotive industry. "It's time to move away from hybrid cars." At that time, this view sparked industry disputes. Four years have passed, and the latest production and sales data of the domestic new - energy market are confirming this judgment.

According to the wholesale data for May 2026 released by the Passenger Car Association, the extended - range new - energy vehicle segment, which had maintained growth for five consecutive years, has reached a historical turning point. In that month, the wholesale sales volume of extended - range models was 95,000 units, a year - on - year sharp drop of 24.9%, marking the largest single - month decline in the past five years. From January to May 2026, the cumulative sales volume of extended - range models was 410,000 units, a year - on - year decline of 9.7%, and the market share shrank from 10.3% in the same period last year to 7.0%.

In contrast, the pure - electric vehicle segment continues to strengthen. In the same period, the wholesale sales volume of pure - electric vehicles in May reached 886,000 units, a year - on - year increase of 16.6%. The proportion of pure - electric vehicles in the total sales volume of new - energy vehicles increased to 65.7%, and the market share increased by 3.3 percentage points year - on - year, becoming the only stable growth line in the new - energy vehicle field. (Daxiang News)

The decline in gold prices stimulates the recovery of rigid - demand consumption, but the wait - and - see sentiment remains strong

Entering June, the gold market has witnessed significant fluctuations. On weekday mornings, the gold market in Shuibei, Shenzhen, Guangdong, still has a continuous stream of customers. However, different from the scene of queuing up to buy at the beginning of the year, the current market is filled with a strong wait - and - see sentiment. There are many people entering the stores to inquire about prices, but few transactions are made. Facing the continuous fluctuations in gold prices, the mindsets of many consumers have become more conservative. Generally, people hold the psychology of "buying when prices are rising rather than falling" and hope to wait for the gold prices to further decline before making a purchase. Although the overall retail sales are sluggish, the decline from the high price has successfully stimulated some rigid - demand consumption. Reporters learned that June is usually the off - season for gold jewelry sales, but currently, wedding - related orders have significantly recovered, driving the overall sales of some merchants to increase year - on - year. (CCTV.com)

JPMorgan Chase Estimates a Moderate Price Increase for iPhone 18 Pro, with a Rise of 4.55% - 9.1%

On June 24th, JPMorgan Chase released a market research report, estimating that the price increase of Apple's iPhone 18 Pro series will be between $50 and $100, with a rise of 4.55% - 9.1%, lower than the 18.2% - 27.3% expected by some previous institutions.

Previously, The Wall Street Journal speculated that the starting price of Apple's iPhone 18 Pro would increase by $200, rising from $1,099 to $1,299, an increase of 18.2%. It even did not rule out the possibility of an upgrade to $1,399 (a price increase of $300, a rise of 27.3%). Compared with The Wall Street Journal's "aggressive" price increase estimate, JPMorgan Chase believes that the price increase of Apple's iPhone 18 Pro series will be relatively "moderate". Apple will save costs through other aspects to offset the price increase pressure of memory and storage. (IT Home)

52 million people in South Korea have opened 108 million stock accounts, with an increase of over 10 million in half a year

As the South Korean KOSPI index continues to hit record highs, more and more people are entering the stock market. Especially this year, the number of small accounts has increased significantly, bringing in a wave of new investors. According to data from the Korea Financial Investment Association on the 25th, as of the 24th, the total number of active stock trading accounts at all domestic securities companies in South Korea was 108.77 million, with an average of 2 accounts per person according to the latest statistics. According to an analysis of new account openings by age group from Dae Shin Securities, in April this year, the account opening rate for the 0 - 9 age group increased by 119.2% compared to January this year. The number of accounts opened by minors at Shinhan Investment & Securities in the first quarter of this year also increased by 272% year - on - year. (Xinhua Finance)

Industrial and Commercial Bank of China Issues Risk Warning on Precious Metals Market Fluctuations

On June 25th, the Industrial and Commercial Bank of China issued a "Risk Warning on Precious Metals Market Fluctuations", stating that the price fluctuations in the international precious metals market have significantly intensified recently. It is recommended to closely monitor market changes, adhere to the principle of moderate balance, rationally conduct investment allocation from a long - term perspective, effectively prevent risks arising from market fluctuations, and safeguard the safety of personal assets. (Jiemian News)

Evergrande Property Services: Informed by the liquidator that negotiations between the potential seller and the potential buyer have terminated

At noon on June 25, Evergrande Property Services announced on the Hong Kong Stock Exchange that the company was informed by the liquidator that the negotiations between the potential seller and the potential buyer had terminated, and the two parties did not enter into any formal or legally binding sales agreement regarding the potential transaction. The liquidator is actively consulting with its financial advisor on an ongoing basis to seek other potential buyers to acquire the controlling interests in the company held by China Evergrande and CEG Holdings (i.e., the potential transaction). (Jiemian News)

Over 80% of Australian minors "circumvented" social media bans

A survey shows that despite Australia implementing the world's first social media ban for minors starting in December 2025, currently about 85% of people under 16 in the country are still using social media by various means to evade supervision. According to UK news on June 25th, the above - mentioned survey was conducted by a research team from the University of Newcastle in Australia, and the results were recently published in the British Medical Journal. The survey reveals that the vast majority of users under 16 in Australia have not stopped using social media, and their average daily usage time has hardly changed. The survey found that the three most common methods used by people under 16 to circumvent controls are: first, trying to continue using their original accounts; second, borrowing others' accounts; third, lying about their age when registering new accounts. (Xinhua News Agency)

The EU Council Passes Legislation to Fulfill Commitments in the Trade Agreement with the United States

On June 25th local time, the EU Council officially adopted two regulations to implement the tariff - related commitments stipulated in the joint statement between the EU and the United States on August 21st, 2025. The adoption of these two regulations marks the completion of the legislative process. These two regulations eliminate the remaining tariffs imposed by the EU on US industrial products, introduce preferential access for certain US seafood and non - sensitive agricultural products through tariff quotas and tariff reductions, and extend the tariff suspension period for lobster imports (including processed lobsters imported from all countries under the most - favored - nation treatment). These two regulations have now been signed and will be published in the Official Journal, taking effect the day after publication. The main regulations will cease to apply by the end of 2029. (CCTV News)

Sony Announces Discontinuation of AI Robot Dog aibo ERS-1000 Sales in Japan

Sony announced on June 25 that the sales of its intelligent robot dog aibo (ERS-1000/W Ivory White model) in Japan will end after the existing inventory is sold out. The company stated that the sales of the aibo basic package, premium package, care support services, related accessories and parts, the My aibo app, repair services, and supporting services such as the aibo Dock will continue and will not be affected by the sales termination. Sony also said that it will continue to develop new products and services to support the growth of aibo and its users. (Jiemian News)

South Korea Conditionally Approves Merger of Korean Air and Asiana Airlines

Korean Air will complete the merger with Asiana Airlines on December 17 this year and officially establish a unified airline. South Korea's Ministry of Land, Infrastructure and Transport said on June 25 that it has completed the review of Korean Air's application for corporate merger with its subsidiary Asiana Airlines in accordance with the Airline Business Act and conditionally approved the merger. (Jiemian News)

EasyJet Rejects Nearly £5 Billion Acquisition Offer from US Investment Firm

EasyJet, the second - largest low - cost airline in Europe, rejected a fourth and more valuable acquisition offer of nearly £5 billion (US$6.5 billion) from US investment firm Castlelake on Thursday. However, it said it would allow the latter limited access to business information in the hope of getting a higher offer. (Sina Finance)

The core PCE in the United States rose 3.4% year-on-year in May

Data released by the U.S. Department of Commerce on the 25th showed that the personal consumption expenditures (PCE) price index in the United States rose 4.1% year-on-year in May, higher than the 3.8% in April. After excluding food and energy prices, the core PCE price index rose 3.4% year-on-year in May. (CCTV Finance)

IBM Unveils the World's First Sub-Nanometer Chip Technology

On June 25th, IBM announced a major breakthrough in semiconductor technology, introducing the world's first "sub-1nm" chip process technology. This technology adopts a revolutionary "3D vertical stacking" (NanoStack) transistor architecture, directly leaping to the 0.7-nanometer (i.e., 7 Angstrom) node. With this new 3D architecture, IBM has successfully integrated nearly 100 billion transistors on a chip the size of a fingernail, doubling the transistor density compared to its 2-nanometer chip launched in 2021. (Jiemian News)

Going Public

Lingka Technology Submits Listing Application to the Hong Kong Stock Exchange

36Kr learned that according to documents from the Hong Kong Stock Exchange, on June 25th, Hangzhou Lingka Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are China International Capital Corporation and SPDB International.

The CSRC Approves the Registration of Fujida's IPO on the Shanghai Main Board

36Kr learned that the China Securities Regulatory Commission (CSRC) recently issued an approval for the registration of Tianjin Fujida Bicycle Industry Co., Ltd.'s initial public offering (IPO), approving the company's registration application for listing on the main board of the Shanghai Stock Exchange.

Tongrentang Healthcare to Raise Up to HK$671.6 Million in Hong Kong IPO

36Kr learned that according to the announcement submitted to the Hong Kong Stock Exchange, Beijing Tongrentang Healthcare Investment Co., Ltd. will offer 108 million shares in Hong Kong, with an offer price range of HK$5.48 to HK$6.21 per share. The company expects to raise up to HK$671.6 million and is expected to start trading on July 7.

Investment and Financing

"Sainade" Completes RMB 300 Million Series C Financing

36Kr learned that recently, "Sainade" announced the completion of a RMB 300 million Series C financing. In this round of financing, Manbang Group, an intelligent logistics ecosystem platform, and first-tier institutions such as Haitong Kaiyuan, Yuanhe Puhua, Huayi Venture Capital, and Yuanhe Houwang were introduced. Existing shareholders such as Fortune Capital, Changshi Capital, and Chuhui Capital continued to over-invest.

"Airwallex" Completes $320 Million Series H Financing, Valued at $11 Billion

36Kr learned that "Airwallex" announced the completion of a $320 million Series H financing. After this round of financing, its valuation will reach $11 billion. This round of financing was led by existing shareholder Addition, with follow - on investments from existing shareholders and new investors such as Baillie Gifford, Hummingbird, QED Investors, T. Rowe Price, Hedosophia, Haun Ventures, Washington University in St. Louis, and Amex Ventures (American Express Venture Capital Fund). The funds from this round will be used to accelerate Airwallex's product R & D in the fields of financial intelligence and intelligent agent business, expand the global infrastructure and compliance layout in new markets, and continuously expand the team to build the next - generation AI - native financial software.

Compiled | Yuting He