QtrendsApple sues OpenAI for trade secret theft over upcoming AI gadgets. SK Hynix surges 13% in the largest-ever foreign share listing on the Nasdaq. Tensions escalate in the Strait of Hormuz as US-Iran conflict resumes. China's economy shows resilience with moderate CPI growth, while Nvidia gets limited access to the Chinese market. India's E20 biofuel mandate faces pushback from drivers.
Apple has filed a lawsuit accusing OpenAI of stealing trade secrets to develop its upcoming AI gadgets. The complaint alleges that ChatGPT maker misappropriated confidential Apple information, with Apple calling the theft just 'the tip of the iceberg'. Multiple major outlets including CNN, BBC, AP News, and The New York Times have covered the legal action. The suit targets both the company and its employees.
SK Hynix surged 13% on its Nasdaq debut, raising $26.5 billion in the largest-ever foreign share sale in the United States. The South Korean chipmaker's chairman told CNBC that demand for its products is 'enormous'. The listing marks a milestone for the semiconductor industry and underscores the booming AI chip market.
China has allowed limited imports of Nvidia H200 chips, providing a boost to the domestic AI sector. China's economy continues to show resilience with moderate CPI growth in June and PPI rising 4.1%. CXMT is preparing for a mainland IPO, and the Hong Kong Book Fair is set to open. Second-quarter GDP figures are expected next week.
Shipping in the Strait of Hormuz has nearly come to a halt as the US and Iran resume hostilities in the region. A previous US-Iran deal has collapsed, setting the stage for renewed fighting over control of the strategic waterway. Shippers face a deepening dilemma as both sides vie for control. Iran has issued new warnings over the situation.
India is adding biofuels to petrol under the E20 mandate, but many drivers are unhappy with the change. Consumers are increasingly shifting to premium petrol amid concerns over the new fuel blend. Questions have also emerged about whether using E20 petrol affects motor insurance claims. The policy aims to reduce emissions but faces adoption challenges.