Nvidia weathers China slump

Good morning. Nvidia predicts sales growth despite a slowdown in China. Honor Device is going big on humanoid robots. And the next great sitcom might not be on network television, but YouTube. Listen to the day's top stories.

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Nvidia climbed postmarket as investors looked past a slowdown in China to the company's upbeat revenue forecast for the current period. Sales will be about $45 billion in the fiscal second quarter—including the loss of roughly $8 billion in revenue from China because of export controls. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The S&P 500 and Nasdaq 100 fell before the earnings.

Trading places. After months of delay for Shein's planned London listing, the fast-fashion retailer and its advisers are considering switching its initial public offering to Hong Kong, according to people familiar with the matter. The defection would deal a blow to London's already moribund IPO market. For Hong Kong, it would just be the cherry on top of what's already shaping up to be a banner year.

India Asks E-Commerce Firms to Stop Deceptive Shopping Practices

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An Apple operating system by any other name smells just as sweet. The iPhone maker is planning its most sweeping change yet to its iOS names, identifying them by year rather than a version number, according to people familiar. The change—to be announced at its Worldwide Developers Conference—will accompany fresh user interfaces across the software.

Donald Trump bristled at Wall Street suggestions that he's ultimately unwilling to follow through on extreme tariff threats—the so-called TACO Trade standing for "Trump Always Chickens Out." His administration also moved to restrict the sale of chip design software to China, people familiar said. The president is also ratcheting up his efforts to force policy changes at Harvard, saying the school should cap international student enrollment at 15%.

Middle East warnings. Trump said he cautioned Benjamin Netanyahu that a military strike against Iran would be "inappropriate." The Israeli prime minister also told parliament that it killed the top commander of Hamas in Gaza, confirming reports from earlier this month.

Deep Dive: March of the Robots

Photographer: Angel Garcia/Bloomberg

Huawei is entering the next frontier of the AI era: robotics. Its spinout, smartphone maker Honor Device, is developing humanoid robots as part of a push into China's already crowded artificial intelligence arena.

Back in March, the company announced a $10 billion initiative to expand into new industries with a focus on AI and novel applications. The expansion mirrors efforts by other firms to diversify.
If Jensen Huang is right, it's a pretty smart bet. The Nvidia chief said robotics has the potential to turn into a trillion-dollar industry.
The US will face some trouble if it wants to join in on the fun. Trump's sweeping tariffs threaten to upend America's progress in the field—and particularly for humanoid models.

The Big Take

Cancer Drugs Cost More Than Ever. They Often Don't Extend Lives

Pharmaceutical companies are making billions on treatments that can sometimes overpromise and underdeliver for terminal cases.

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Opinion

If global developers want their consumer AI gadgets to succeed, they should focus on meeting people's needs and solving small, everyday problems, Catherine Thorbecke writes. The future of AI hardware won't come in a magical new device—it will be built by tackling these tasks one by one.

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Before You Go

The Alan's Universe set features the basic settings of a teenager's life. Photographer: Ryan Young for Bloomberg Businessweek

To understand YouTube's evolution to becoming the singular destination for creators and advertisers, it helps to know the name Alan Chikin Chow. A recent episode of his sitcom-length Alan's Universe has more than 62 million views and an earlier comedy clip has more than 664 million.

A Few More

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World Has 80% Chance of Seeing Next Record Hot Year Before 2030

Bloomberg Sustainable Business Summit: Business leaders and investors from around the world will gather in Singapore on July 30 to discuss economic uncertainty and volatile markets. The summit also will explore how to drive long-term value for companies, investors and societies. Click here for more details.