SpaceX’s landmark IPO filing — targeting a valuation of up to US$2 trillion — puts the eternal tension between narrative and numbers on full display. Despite 33% revenue growth in 2025, the company posted a US$4.9 billion net loss, with a price-to-sales ratio of roughly 95x. Prof. Yifei Zhang breaks down SpaceX’s three business segments: the cash-generating Starlink, the loss-making xAI, and the cost-disrupting rocket business. Most independent analyses peg fair value well below the asking price. Prof. Zhang cautions retail investors on governance risks, tax traps, and the fact that Starlink remains banned in Hong Kong, Macau, and Mainland

Over the past few months, there has been a lot of discussion in the tech world regarding the shortcomings of OpenClaw (popularly known as “Lobster”). These issues include unpredictable behavior, accidental data loss, skyrocketing computing costs, and the risk of becoming a channel for hacker attacks.

The years-long US-China trade war has failed to shift the imbalanced macroeconomic structures of the two nations. Despite the continuous imposition of tariffs by the US since 2018, which escalated further in 2025, the US trade deficit in goods with China persists. The deficit stood at $295.5 billion in 2024 and approached $202.1 billion in 2025 (Source: US Census Bureau).

Data from Hong Kong’s Land Registry shows an approximately 18% year-on-year surge in overall transaction volume of residential units in 2025, with the upward trend continuing into the first two months of 2026. The official price index has risen for eight consecutive months, recording a cumulative increase of more than 10%.

In 2025, generative artificial intelligence (GenAI) giant Anthropic collaborated with AI safety evaluation company Andon Labs to conduct a groundbreaking experiment by letting Claude—its own large language model (LLM)—run a mini-store named Claudius to sell snacks and beverages to Anthropic employees.

In April 2026, the Hong Kong Monetary Authority (HKMA) issued stablecoin licenses to HSBC and AnchorX, signaling the imminent breakthrough of Hong Kong Dollar (HKD) stablecoin issuance. This represents a significant milestone, marking the official launch of stablecoins as a critical on-chain financial infrastructure in Hong Kong.

In recent years, some academics have actively advocated a “pro-worker” approach to AI development. Their core argument is not a rejection of technology or AI per se, but rather a challenge to the bias against technological advancement over the past few decades—overconcentration of technological development in automation.

Under the ongoing geopolitical impact, the increasing importance placed by countries on security risks in recent years has caused the global economic and trade landscape to shift from integrated free trade toward fragmentation. Amid this monumental change, China’s economy has demonstrated strong resilience, expediting its upgrade from the world’s factory to a technology powerhouse.