Markets

Reports indicate that Cai Jingxian (“Duolong”), a highly respected Alibaba engineer and known as the “Code God,” has left the company. Cai, Taobao’s first programmer who joined Alibaba in 2000, was a core engineer responsible for building Taobao’s core transaction and forum systems. He became an Alibaba partner in 2014, recognized for his significant contributions to Taobao. Alibaba’s 2023 report confirms Cai is no longer a partner, fueling speculation about his departure and its potential impact on Alibaba’s technology leadership.

Ant Group has publicly denied rumors of a joint venture with the People’s Bank of China and China Rare Earth Group to launch a rare earth-backed RMB stablecoin. This follows a previous denial from AntChain regarding collaboration on Real World Assets with Hainan HuaTie. Ant Group cautions the public against investment scams and misinformation related to digital assets, particularly those falsely implying association with Ant Group or AntChain. The company reserves the right to pursue legal action against unauthorized brand use.

Novartis announced positive top-line results from Phase III trials (NEPTUNUS-1 and NEPTUNUS-2) evaluating ianalumab (VAY736) in Sjögren’s disease. Both trials met the primary endpoint, showing statistically significant reduction in disease activity. Ianalumab, with its dual mechanism, is poised to potentially be the first targeted treatment for this autoimmune condition. The drug demonstrated a favorable safety profile and will be submitted to global health authorities.

A new report indicates that AI is significantly impacting the job market, particularly affecting young tech professionals. Over 10,000 U.S. jobs were lost to AI in the first seven months of 2025. The unemployment rate for recent graduates has surged to 8.1%, with younger tech workers experiencing disproportionate job losses. While AI automation contributes significantly, economic slowdown and policy uncertainties also play a role. White-collar jobs are most affected, as AI overlaps with their skill sets.

According to a report by The Information, Jensen Huang’s children, Madison and Spencer Huang, are now working at NVIDIA in emerging strategic divisions. Madison focuses on 3D simulation and Omniverse, while Spencer is involved in AI robotics. Both siblings previously pursued careers outside of tech before joining NVIDIA, obtaining MBAs after completing an AI program at MIT. They work in areas considered key to NVIDIA’s future growth, distinct from the core chip business.

Faraday Future (FFAI) will unveil its strategic “Dual-flywheel, Dual-bridge Eco Strategy” on August 16, 2025. Key updates include expanding into Massachusetts via a partnership with Bos Auto, securing a deposit agreement for 100 FX Super One units. Safety testing of the Super One is underway in Detroit for FMVSS certification. FF has launched a global co-creation campaign for the FX Super One and will showcase both the FF 91 and FX Super One at Monterey Car Week. The company acknowledges addressing VLE industrialization gaps.

A Shenzhen mother’s claim of being denied childcare subsidies due to her child being born outside of a registered marriage is sparking debate in China. While local regulations currently require a marital relationship for eligibility, the Shenzhen Municipal Health Commission stated that upcoming province-wide unified system, launching end of August, may supersede the local interpretation. Requirements for the new system are expected to align with a national childcare subsidy management system.

Pagoda, a Chinese fruit retailer, is facing scrutiny after Chairman Yu Huiyong’s comments on its pricing strategy went viral. Yu defended the premium prices by emphasizing product quality and consumer education, claiming Pagoda aims to inform consumers rather than exploit their ignorance. Consumers have voiced concerns about affordability, while Yu argues seemingly identical fruits can have vastly different qualities. Pagoda customer service acknowledges the video and is reviewing alleged inaccuracies. The incident has sparked a national debate about consumer choice and value.

Barton Gold (BGDFF) is drilling at its Tarcoola Gold Project’s Tolmer prospect in South Australia, targeting structural controls within the ‘eastern gold zone’. The Tolmer discovery shows promise with grades up to 83.6g/t Au and 17,600g/t Ag. A March 2025 discovery hole had the 5th highest-grade silver intersection globally in H1 2025 (6m @ 4,747 g/t Ag). Recent assays extended high-grade silver horizons and revealed high-grade gold up to ~13g/t Au, in a 1.5km wide mineralized zone.

Professor Yan Zhipeng clarified his stance on retirement savings after his suggestion of starting at age 10 drew criticism. He stated his research was misconstrued and intends to provide further context. Yan emphasizes the need for financial institutions and regulators to address women’s specific retirement challenges, advocating for higher contribution limits to individual pension plans and tailored financial products. He uses examples, including triplets saving at different ages, to highlight the importance of early investment and the power of compounding. He also suggests a “30 yuan rule” for those in their 30s.