Apple’s market cap briefly exceeds $5 trillion
On the morning of July 28, Eastern Time, Apple’s stock price rose 1% in early trading, briefly pushing the company’s market cap past the $5 trillion mark. However, after about 40 minutes of trading, the stock started to decline, closing at $340.080 and dropping the market cap back below $5 trillion. The day before, Apple’s market cap had once again surpassed Nvidia’s, making it the world’s top company.
That same day, according to sources familiar with the matter, Apple is planning to soon launch a smart home hub centered around a brand-new Siri AI assistant, along with a new TV set-top box and an upgraded HomePod mini. These three devices are all nearing their release stages. Apple intends to roll out the new Apple TV and HomePod mini this fall, with the smart home hub arriving between October and early next year.
Fortune Global 500 released: Amazon becomes the world’s largest company
On July 28, the 2026 Fortune Global 500 list was unveiled. The total revenue of all companies on this year’s list reached roughly $43.1 trillion, accounting for over one-third of global GDP and growing about 3.2% from the previous year. The total assets and net assets of the 500 companies hit all-time highs since the list’s inception, and the number of employees also rose compared to last year. Amazon claimed the top spot as the world’s largest company, ending Walmart’s 12-year reign. Walmart came in second. China’s State Grid Corporation remained in third place, followed by UnitedHealth Group and Saudi Aramco in fourth and fifth.
Lei Jun made 700 million yuan from ChangXin Memory IPO? Xiaomi exec responds
On July 28, in response to media reports that “Lei Jun made 700 million yuan from ChangXin Memory’s IPO,” Xu Jieyun, special assistant to Xiaomi’s chairman and deputy general manager of the Strategic Marketing Department, said, “Take it as a fun story, folks, don’t take it seriously. Honestly, it’s not that simple. This is a corporate investment move; you can’t lump personal wealth together with specific subsidiary entities. And by the way, best wishes again to ChangXin.”
On July 27, ChangXin Memory officially listed on the STAR Market, becoming the first stock in A-share history to see a single-day trading volume exceeding 100 billion yuan. Xiaomi’s wholly-owned subsidiary, Wuhan Yibayi Ling Enterprise Management Co., Ltd., made it onto ChangXin Memory’s strategic placement list, securing 18.2448 million shares, with a total investment of about 158 million yuan based on the offering price. This subsidiary is controlled by Xiaomi Technology Co., Ltd., and Lei Jun holds a 97.48% stake in Xiaomi Technology. Based on that calculation, Xiaomi’s stake through Yibayi Ling saw a paper gain of 717 million yuan on ChangXin’s debut day.
Apple launches “Apple Upgrade” device rental plan in the US
On July 28, Apple announced the launch of the “Apple Upgrade” device rental plan in its US online and retail stores, backed by digital bank Klarna. The plan covers iPhone, Apple Watch, Mac, and iPad.
The “Apple Upgrade” plan offers 12-month and 24-month rental options for iPhone and Apple Watch, and 24-month and 36-month options for Mac and iPad. Starting rental prices are: iPhone at $17.99 per month, Apple Watch at $11.99 per month, Mac at $24.99 per month, and iPad at $11.99 per month.
At the end of the rental period, customers can upgrade to the latest model, buy out the device with a single payment, or simply return it and exit the plan. In the Klarna app, users can view all rental details, including billing schedules and remaining payments. Customers can also subscribe to AppleCare to protect their products, making it smoother to return the current device and upgrade to a new one.
Meanwhile, Apple said it will discontinue the iPhone Upgrade Program and iPhone installment payment services in the US.
Kingsoft Office’s net profit in the first half of 2026 expected to surge 209.98% to 263.89% year-over-year
On July 28, Kingsoft Office issued a statement forecasting its revenue for the first half of 2026 to be between 3.214 billion yuan and 3.413 billion yuan, a year-over-year increase of 20.95% to 28.43%. Net profit attributable to shareholders is expected to range from 2.316 billion yuan to 2.719 billion yuan, soaring 209.98% to 263.89% year-over-year. In the first half, the company continued to build out AI-native office capabilities, launching a new Lingxi Professional edition to enhance AI’s ability to handle complex tasks and deliver results. It also released WPS Comate to drive organizational AI office capabilities and accelerate the rollout of enterprise brains. During the reporting period, some of the company’s external investment fund projects delivered strong returns, which significantly boosted net profit growth.
Baidu’s Apollo Go launches public road tests in London with Uber and Lyft
On July 28, Baidu’s Apollo Go, in partnership with global ride-hailing platforms Uber and Lyft’s Freenow, officially kicked off public road tests in London.
ChangXin Memory to be added to MSCI China All Shares Index, effective August 10
On July 28, MSCI announced that ChangXin Memory, due to its IPO, will be included in the MSCI China All Shares Index, effective August 10.
Honor: Robot Phone pre-orders exceed 200,000 units across all channels
On July 28, Honor announced at its imaging technology launch event that pre-orders for the Honor Robot Phone, which began on July 18, have surpassed 200,000 units across all channels, beating all previous flagship models. The phone is touted as the world’s first mass-produced embodied AI robot phone, integrating a micro-gimbal mechanical structure with AI robot capabilities, potentially breaking the traditional phone form factor. The new device is set to officially launch on August 12.
