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Comprehensive report by 21st Century Business Herald New Productivity Research Institute

Good morning, a new day has begun. What interesting things have happened in the technology industry in the past 24 hours? Let's take a look with 21tech.

【Giant weathervane】

1. AI helped Google’s cloud revenue exceed $10 billion for the first time in the second quarter.On July 23rd, Eastern Time, Google's parent company Alphabet released its second quarter 2024 financial report. Alphabet's total revenue in the second quarter was US$84.74 billion, a year-on-year increase of 14%, and its net profit was US$23.62 billion, a year-on-year increase of 29%. The cloud business, which the market is most concerned about and is regarded as Google's next growth engine, had revenue of US$10.35 billion in the second quarter, a year-on-year increase of 29%, and operating profit tripled to US$1.172 billion. This is the first time that Google Cloud has achieved quarterly revenue of more than US$10 billion and operating profit of more than US$1 billion. Company executives confirmed in the earnings call that cloud revenue was boosted by demand for artificial intelligence. Revenue from the core advertising business grew 11% to US$64.62 billion in the second quarter, but this was lower than the overall advertising revenue growth in the first quarter, when it grew 13% year-on-year to US$61.66 billion.

2. Tesla's second-quarter results were mixed.On July 23rd, Eastern Time, Tesla released its second quarter 2024 financial report, with total revenue of US$25.5 billion, a year-on-year increase of 2%. Analysts expected a year-on-year decrease of 1.2% to US$24.63 billion, and operating profit of US$1.605 billion, a year-on-year decrease of 33%. Revenue from the automotive business was US$19.88 billion, a year-on-year decrease of 7%, and revenue from the energy generation and storage business was US$3.014 billion, doubling year-on-year. Tesla said it achieved record total revenue in the second quarter, while emphasizing the highlights of its energy business. At the same time, Tesla expects the sales growth rate to drop significantly in 2024, and production is expected to increase month-on-month in the third fiscal quarter. After the financial report was released, Tesla's stock price accelerated its decline after the market, and the after-hours decline widened to more than 4%. During the conference call, the after-hours decline further widened, and once plummeted by more than 8%.

3. Meta officially released the Llama 3.1 large model.On July 23, Pacific Time, Meta officially released its latest open source model, llama3.1, which includes three parameter versions: 8B, 70B, and 405B. Llama 3.1 405B supports a context length of 128K Tokens and is trained on 15 trillion tokens and over 16,000 H100 GPUs. Evaluation results show that Llama 3.1 405B is comparable to industry-leading models such as GPT-4o, Claude 3.5 Sonnet, and Gemini Ultra. This is also Meta's most powerful model to date. On July 22, the model and benchmark results of Llama3.1 have been leaked on technical communities such as Reddit, and the magnet link of Llama 3.1 has been circulated in communities such as HuggingFace.

4. Huawei recruits another “genius teenager”.On July 23, the official WeChat account of "Huawei Recruitment" announced that Huawei will recruit "genius teenagers" from all over the world. In terms of recruitment requirements, Huawei stated that there are no restrictions on schools, majors, or academic qualifications, but applicants must have made special achievements in related fields such as mathematics, physics, chemistry, computers, and artificial intelligence, such as heavyweight scientific research results/papers/patents or awards in top international competitions, and be willing to become technology leaders. Compared with previous years, this time the phrase "no restrictions on majors" was added, and the bonus item of "graduation from a key laboratory/top class" was no longer mentioned.

5. Lei Jun said that the mass production version of Xiaomi SU7 Ultra will be launched next year.On July 23, in the live broadcast of Lei Jun's 2024 annual speech, Lei Jun revealed that the mass-produced version of Xiaomi SU7 Ultra will be available in the first half of next year, and the price will be a bit "expensive". It is reported that the mass-produced car will use the same chassis structure, motor and battery pack as the prototype car, that is, V8s+V8s+V6s three-motor, with 1548 horsepower, and the magnetic tile is also equipped with Kirin second-generation battery. However, the mass-produced version does not have a full carbon design, and is divided into a regular version and a track version. In addition, the power of new users will not be fully released, and will be gradually unlocked according to the driving level to avoid accidents.

【Listing Capital Flow】

1. Midea's listing in Hong Kong has been approved by the China Securities Regulatory Commission.On July 23, the China Securities Regulatory Commission's official website released a filing notice on the overseas issuance and listing of Midea Group Co., Ltd. According to the filing notice, Midea Group intends to issue no more than 650,848,633 shares of overseas listed common shares and list them on the Hong Kong Stock Exchange. On October 24, 2023, Midea Group submitted its listing application to the Hong Kong Stock Exchange for the first time. On April 29, 2024, Midea Group submitted its application again, with Bank of America Securities and CICC as joint sponsors.

2. Pony.ai may go public in the United States in September this year.According to an insider, Pony.ai, a unicorn company in the field of autonomous driving, may go public in the United States as early as September this year, and has already found institutional investors with clear IPO investment intentions. The source also said that the difficulty of Pony.ai's listing on the US stock market does not lie in the process itself, but in how to find a listing valuation that can balance the psychological expectations of the founding team, early investors, and secondary market investors. Pony.ai has not yet responded to this.

【New Products】

1. Apple's foldable iPhone may be released in 2026.Apple is reportedly developing a foldable iPhone that will be released as early as 2026, according to two people familiar with the matter. In recent months, Apple has approached suppliers in Asia to manufacture components for the phone.

2. Baidu Health releases a family of intelligent bodies.Recently, Baidu Health released a family of intelligent entities, including AI precise doctor search, AI medical report interpretation, AI medication assistant, AI skin detection, AI sleep assistant and other products. At present, the AI ​​health Q&A service has more than 2 million daily active users, the AI ​​medication assistant has served more than 20 million people, and the AI ​​medical report supports more than 100 types of reports. For medical service companies, Baidu Health has also upgraded the Lingyi open platform, which can provide medical service APIs such as triage, pre-consultation, drug Q&A, symptom self-diagnosis, and auxiliary diagnosis, and provides 10 million API tokens for free.