Markets

Allegiant Air announced on August 13, 2025, it’s expanding its network to Atlantic City, New Jersey, adding four new routes to Florida destinations: Fort Lauderdale, St. Petersburg, Sanford and Punta Gorda. Flights begin in December 2025 and February 2026, with introductory one-way fares starting at $39. The expansion strengthens Allegiant’s leisure travel emphasis, providing affordable options for travelers. Allegiant has also extended its flight schedule through May 2026.

Elon Musk is accusing Apple of App Store bias, alleging they favor OpenAI’s ChatGPT over his AI chatbot, Grok. Musk threatened legal action, claiming antitrust violations. However, Community Notes challenged his assertions. This dispute highlights Musk’s ongoing rivalry with OpenAI’s Sam Altman and his historical grievances with Apple. Despite the initial fury, Grok’s recent App Store ranking climb and Musk’s softened stance suggest a possible de-escalation, though his past conflicts and ambition indicate this feud may persist.

bioAffinity Technologies (BIAF, BIAFW) secured financing through securities purchase agreements with investors, involving the sale of Series B Convertible Preferred Stock and warrants to purchase common stock in a private placement. They also reached a warrant exercise agreement, generating $253,000. These transactions aim to raise approximately $1.2 million for working capital and general corporate purposes, supporting the development and commercialization of their CyPath® Lung test, a non-invasive early lung cancer detection method with reported 92% sensitivity. WallachBeth Capital LLC acted as placement agent.

NVIDIA’s H20 AI chip, designed for the Chinese market, faced export restrictions but received conditional clearance in mid-July, requiring a 15% revenue remit to the U.S. government. Despite this, H20’s future in China is uncertain. NVIDIA defends its H20 exports, emphasizing the U.S.’s need to compete with China in AI and avoid repeating the 5G situation where it lost its leadership position. They believe U.S. AI can become the global standard if the U.S. actively participates in the competition.

Tencent’s Q2 earnings report reveals a surge in gaming revenue, driven by the continued success of Honor of Kings. Domestic game revenue rose 17% year-over-year to RMB 40.4 billion, with Honor of Kings being a key contributor. AppMagic data shows it as the sole mobile game exceeding $1 billion in H1 revenue. Honor of Kings, celebrating its 10th anniversary, has topped global mobile game revenue for three years and shows impressive growth. Overall game revenue increased by 22%, and international game revenue also surged by 35%, marking the fourth consecutive quarter of record highs.

Gauzy Ltd. (GAUZ) reported Q2 2025 revenues of $20.1M, down from $24.4M in Q2 2024, but achieved a record $42.9M purchase order backlog. The company reaffirmed its full-year revenue guidance of $130-140M with positive Adjusted EBITDA. Key developments include Cadillac CELESTIQ deliveries featuring Gauzy’s smart glass. Gross margin was 21.4%, with a net loss of $10.7M and Adjusted EBITDA of ($8.7)M. Gauzy secured $15M in debt financing and has $36.2M in total available liquidity. They are expanding into the marine sector and launching new product lines.

An online feud erupted between Elon Musk and Sam Altman, with Musk accusing Apple of favoring OpenAI’s ChatGPT in the App Store and alleging antitrust violations. Altman retorted, criticizing Musk’s own manipulation of the X platform. The spat escalated with accusations of lying and algorithm manipulation. Interestingly, Musk’s own Grok AI seemed to side with Altman, criticizing Musk. Apple defended its App Store policies, emphasizing fairness and unbiasedness.

A lawsuit challenging the algorithm behind Tencent’s “Honor of Kings” was heard in Shenzhen. Lawyer Sun Qianhe, frustrated with the game’s matchmaking, initiated the “First Chinese Game Algorithm Litigation,” demanding transparency in the game’s algorithm. Sun argues the suit, despite concerns about judicial resource allocation, is crucial for improved regulations and safeguarding public interest. She believes challenging opaque algorithms is a necessary cost for institutional updates towards a more just legal framework.

Tencent Holdings reported strong Q2 2025 results with a 15% YoY revenue increase to RMB 184.5 billion. Profit attributable to equity holders rose 17%. Value-Added Services led growth, driven by domestic (+17%) and international games (+35%). Marketing services saw a 20% increase. Fintech and Business Services grew by 10%. WeChat/Weixin MAUs reached 1.411 billion (+3%), while QQ mobile MAUs declined. Paying subscribers for value-added services reached 264 million.

Qudian Inc. reported its Q2 2025 unaudited financial results, revealing a strategic shift. Revenue sharply decreased to RMB3.5 million, while net income attributable to shareholders significantly increased to RMB311.8 million. The company is winding down its last-mile delivery operations due to heightened competition, focusing on sustainable growth. Despite operating losses of RMB113.9 million, investment income surged by 392.3% to RMB440.5 million. Qudian held RMB4,029.0 million in cash and equivalents. The company continues its share repurchase program, having bought back $54.6 million worth of ADSs since June 2024.