Daily Buzz: 30 September 2026

Trump, AI Leaders Sign Agreement to Establish Development Standards

US President Donald Trump signed an agreement with the nation's top leaders of AI companies "morally" committing them to establish standards for development of the frontier technology as public concerns mount over AI agents going rogue and hacking sites where they weren't supposed to go. Trump's stance calling safety-risk concerns a "hoax" have created a public backlash ahead of November 3 mid-term elections. Trump hosted a White House luncheon for AI leaders spanning OpenAI, Anthropic, Nvidia, Google, SpaceX and Meta before the agreement was announced. Trump also reaffirmed government support for building AI data centers but said tech companies need to work harder to overcome a wave of local opposition to locating the massive centers in their communities.

Elsewhere in the AI realm, OpenAI has announced it won't release its latest AI model due to safety concerns. Its GPT-6.1 Astra system, which performs tasks like browsing the web and using apps by itself, "didn't quite meet the bar" of the company's standards, according to Saachi Jain, head of safety systems at OpenAI. The company has come under scrutiny after reports of incidents where AI agents went rogue and hacked sites where they weren't supposed to go.

Nvidia has rolled out a new software platform that allows AI developers to set safeguards for agents and prevent them from breaking out of containment. Nvidia Chief Executive Jensen Huang told CNBC the platform is essentially "a browser for agents," allowing access only to things an agent needs to do its job.

China's Generative AI Users Top 700 Million

The number of Chinese using generative AI to create original content or answer questions surpassed 700 million in the first half of this year, according to the China Internet Network Information Center. In a report, the center said 76 percent of users use generative AI to answer questions, nearly half use it to process images or videos, and 38 percent use it for text-related tasks. Use of AI assistants and productivity tools more than doubled from a year earlier. The report also highlighted rapid growth in China's AI infrastructure. As of June, the country's intelligent computing capacity had jumped 177 percent from a year earlier, with more than 120,000 datasets developed to support the growth of AI models and their applications.

The Bizarre Case of the Suspicious Vans Near a UK Air Base

No explosive devices were found in three vans that triggered a major counter-terrorism operation in the UK when they were reported near a Royal Air Force base that houses US bombers used in the war against Iran. Police said only a large quantity of petrol was found in one vehicle. And one of the five British nationals arrested as suspects in what was originally described as a possible Iran-backed attack turned out to be a man who called police in the first place to alert them to suspicious vans near the military base. The five men were released on bail, which US President Donald Trump criticized. US Secretary of State Marco Rubio claimed a "foreign actor" was behind the incident. Iran "categorically" denied any involvement. Residents from 85 homes in the rural area around the Fairford Air Base were forced to evacuate their homes.

US, Iran Hold Separate Talks With Third-Party Mediators

US and Iranian officials spoke separately with third-party mediators this week as part of a renewed effort to end seven months of war, according to officials of both countries. Iran issued a proposal last week pledging to fully open the Strait of Hormuz in seven days if certain conditions are met. No details of the latest talks were disclosed. US President Donald Trump denied media reports that he is offering Iran sanctions relief or a release of frozen assets as part of a deal to curtail Iran's nuclear weapons development. Iranian President Masoud Pezeshkian said his country is open to talks but won't accept bullying or coercion. Global benchmark Brent crude futures ended New York trading at US$102.59 a barrel.

China Working on Next-Generation Map of the Red Planet

China is set to complete a next-generation geological map of Mars by the end of 2028, a major scientific achievement expected to support the country's Tianwen-3 Mars mission, Global Times reported, citing the mission's Chief Scientist Hou Zengqian. Tianwen-3, planned for launch around 2028, is designed to become the first Mars mission to return samples from the red planet.

Top Business

CXMT to Invest US$5.2 Billion in New Project, Testing Facilities

ChangXin Memory Technologies (CXMT), China's largest maker of dynamic random-access memory chips, said in a filing with the Shanghai Stock Exchange that it will invest 34.9 billion yuan (US$5.2 billion) in a new research and development project and in testing facilities. The company will allocate 24.1 billion yuan to the new project, expected to be completed in 30 months, and 10.8 billion yuan to the second phase of its memory-wafer testing base, scheduled to begin operation in 37 months. Funding will come from over-allotment proceeds of about 36.8 billion yuan in CXMT's July initial public offering. The Hefei-based company earlier announced it plans to expand into NAND flash chips.

Shein Shares Plunge After Weak Earnings Report

Shares of global discount fashion retailer sank 11 percent in Hong Kong on Tuesday after the Chinese company reported a 67 percent plunge in second-quarter adjusted profit and a sharp decline in margins in its first post-IPO earnings report, reinforcing investor concerns about the company's growth prospects amid breakneck expansion. Sales in the EU, its biggest single market, dropped 14 percent as new customs charges on its delivery parcels came into effect. Shein shares have dropped 35 percent from their offer price since the company listed on September 1.

Anthropic Prospectus Shows High-Cost Sweeping Vision, Warns of AI Risks

Anthropic is betting that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its as-yet unfiled IPO prospectus seen by Reuters. ‌Anthropic reported a net loss of US$42 billion in 2025 and plans to spend US$518 billion on cloud, computing and infrastructure in coming years, according to the prospectus. Revenue grew 12-fold last year to nearly US$4.6 billion, even as the company reported an operating loss of more than US$8 billion. The company will caution investors in its prospectus that advanced AI could pose "catastrophic or existential risks to humanity." The public share sale, expected in mid-to-late November, could value the company at more than US$2 trillion.

Advanced Micro to Acquire AI World Labs for US$8.2 billion

Advanced Micro Devices said it will acquire World Labs, the San Francisco-based AI World Labs founded by Beijing-born industry pioneer Li Fei Fei for US$8.2 billion in an all-stock transaction. Li, a Stanford University professor who previously worked for Google, will become chief scientist and an executive vice president at AMD. World Labs is developing a so-called "world model" that can be used to simulate 3D environments. AI researchers expect world models will be able to help develop robots and other physically grounded AI applications.

Economy & Markets

Kinwong Electronic Shares Rise 10.3 Percent in Hong Kong Debut

Shares in Shenzhen-based printed circuit-board maker Kinwong Electronic rose 10.3 percent from their offer price in their first day of trading in Hong Kong on Tuesday after a HK$5.1 billion (US$616.7 million) IPO. Sixteen cornerstone investors included Zhongji Innolight and Han's CNC Technology. Kinwong said it will use proceeds from the sale to expand and upgrade production capacity for higher-value products demanded by AI.

China Rolls Out Property Loan Subsidies for Homebuyers

China introduced mortgage rate subsidies of 1 percentage point for first-time home buyers – the first time central authorities have provided interest rate help on consumer mortgages as part of a broader package to lower costs for people with essential housing needs. The subsidies, offered for a maximum of five years and capped at 1 million yuan (US$149,301) for each property, benefit families purchasing residential properties of no more than 120 square meters, with maximum prices of 1.5 million yuan. For people borrowing 1 million yuan to finance home purchases, the new policy will reduce costs by about 50,000 yuan. The program is initially structured to last for one year. It's the latest move officials to try to shore up a residential property market that's been in a five-year slump triggered by a liquidity crisis that forced some developers into debt default.

China's Services Sector Contributes Larger Share of Economic Growth

China's services sector contributed two-thirds of economic growth in the first half of this year, the National Development and Reform Commission reported. That's up about six percentage points from a year earlier. The sector includes hospitality, education, tourism, elderly care, telecommunications and a range of other services that don't involve the manufacture of a physical product.

Germany Reported Ready to Block Cosco Takeover of Logistics Company

The German government intends to block the sale of logistics firm Zippel to Chinese state-owned shipping giant Cosco over security concerns, Handelsblatt newspaper reported on Tuesday, citing a government memo. Cosco is seeking to acquire an 80 percent stake in Hamburg-based ⁠Zippel, which specializes in transporting containers between seaports and inland destinations. A German-based Cosco spokesperson said the company would not comment until it received a final decision from Berlin. Cosco already has a minority stake in a Hamburg ⁠port-based container terminal.

US Mulls Ban on Diesel Exports, Experts Warn of Backlash

Amid record high global diesel prices, the US government is considering banning exports of the fuel. Analysts said the ban by the world's biggest diesel exporter could roil markets and send gasoline prices even higher. A ban would have serious repercussions for countries that rely on US diesel, including the UK which imports a third of its diesel from the US. Diesel prices have surged as conflicts in Iran and Ukraine disrupt fuel supply chains and have resulted in some attacks on some refiners.

Toyota Global Sales Drop for Second Consecutive Month

Toyota Motor, the world's largest automaker, said global sales in August fell for a second straight ‌month on declines in China, the US and the Middle East. Sales tumbled 6.4 percent from a year earlier to 790,743 vehicles, with production declining 5.9 percent to 700,860 vehicles. Sales in the US, Toyota's biggest market, were down 4.4 percent. Production at facilities on the Chinese mainland dropped 11.3 percent.

China Fines Four Lenders for Regulatory Breaches

China's central bank has fined four lenders and 32 of their executives more than 50 million yuan (US$7.5 million) for violations involving anti-money laundering, account management, data security and other issues. The lenders are Postal Savings Bank of China, Guangfa Bank, Bohai Bank and Bank of Jiangsu.

Australia Raises Key Interest Rate as Higher Inflation Persists

Australia's central bank on Tuesday raised its key policy rate to 4.6 percent, the highest level in 15 years, to address persistent inflation stoked by high energy prices triggered by the Middle East conflict. The quarter-point hike may not be the last this year, the Reserve Bank of Australia said. Australia has raised rates four times this year, putting it above the US, UK and EU rates.

Corporate

Major Chinese Drug Deals Announced

China's Hengrui Pharmaceuticals said it will receive an upfront payment of US$300 million from Danish drug giant Novo Nordisk for the rights to an experimental GLP-1 oral weight-loss pill. The deal may be valued at up to US$2.6 billion if milestone targets are met. Hengrui's HRS-1596 has been approved by Chinese regulators for Phase 1 clinical trials for treatment of Type 2 diabetes and obesity. Novo Nordisk will gain development, manufacturing and marketing rights to the drug outside of Taiwan, Macao, Hong Kong ⁠and the Chinese mainland.

In a separate announcement, Shanghai-based SciBrunch Therapeutics said it has entered into a global licensing agreement with US drug giant Merck that could be valued as high as US$2.1 billion. The agreement involves an upfront payment of US$400 million for rights to the SPR2015 experimental cancer drug.

Additionally, Swedish-British pharmaceutical giant AstraZeneca agreed to provide US$2 billion in financing to US pharma company Summit Therapeutics, which holds the overseas rights to Chinese drugmaker Akeso's cancer therapy ivonescimab. The capital infusion involves newly issued convertible preferred shares in Summit to accelerate ivonescimab's development, Akeso said. The Chinese company stands to receive up to US$5 billion in payments and sales royalties under the licensing deal signed in 2022.

Maserati in Talks for Partnership with Huawei, JAC Motors

Italian ultra-luxury carmaker Maserati, which is owned by Stellantis, is reportedly in talks with Huawei and Chinese automaker JAC Motors on a three-way partnership to jointly develop electric vehicles in the 2-million-yuan (US$298 million) class, with the earliest possible launch by late 2027. Under the proposed arrangement, Huawei would handle product definition and full-stack technology, JAC would leverage its factory in Hefei for mass production, and Maserati would contribute styling design, chassis tuning and overseas distribution channels. Maserati's global sales fell to 11,100 vehicles last year from 26,600 in 2023, producing an operating loss of about 25,000 euros (US$28,400) per vehicle sold.

Nvidia Boosts Share Buyback Size

Nvidia added US$150 billion to its share buyback plan, taking the total to US$235 billion, the largest ever undertaken by a US company. The buyback by the world's most valuable company signals Nvidia's belief that its shares are undervalued. The shares fell 0.7 percent in regular trading on the Nasdaq on Tuesday but rose 0.4 percent in after-hours trading.

Siemens Deepens Collaboration With TSMC

German multinational technology and engineering conglomerate Siemens announced an expanded partnership with Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, to jointly advance AI-driven semiconductor design automation. The two companies have co-developed an AI agent capable of automatically correcting design rule check violations.

Nuoyin Intelligence Completes Another Round of Fundraising

A Chinese embodied AI company Nuoyin Intelligence said it completed a fundraising round that netted "hundreds of millions of yuan," led by a JD.com-affiliated fund, with participation from Loyal Valley Capital, Nanshan Zhanxin Investment and Walden International. Since its founding in August 2025, the company has completed five funding rounds totaling over 1 billion yuan (US$149 million). The proceeds will be used to expand training data, advance engineering validation and undertake production preparations for its Knowin-X1 robot.

Jianglong Shipbuilding Secures US$40 Million in Overseas Contracts

China's Jianglong Shipbuilding said it signed two contracts valued at 270 million yuan (US$40 million) with an unidentified overseas customer for construction of 78-meter multi-purpose offshore supply vessels. Delivery will be in 2028. The company described the deal as a significant breakthrough in its drive to expand overseas. Jianglong specializes in vessels for law enforcement, tourism and offshore engineering.

Starbucks Makes Debut in Xinjiang

Coffee chain giant Starbucks opened two outlets in China's northwestern region of Xinjiang Uygur Autonomous Region. marking its debut there. The stores are located in Urumqi, the regional capital.