Consumer and Retail Sector

Li Auto reported a second-quarter net loss of 1.7 billion yuan as revenue fell 15.1% year-on-year to 25.7 billion yuan. The Beijing-based automaker delivered 98,330 vehicles during the quarter, down 11.5% from a year earlier but up 3.4% sequentially. Vehicle sales revenue dropped 16.7% to 24.1 billion yuan, driven by lower delivery volumes and a decrease in average selling prices. While operating expenses remained flat at 5.1 billion yuan, the combination of a shrinking top line and margin compression turned the operating result into a loss of 2.3 billion yuan. Vehicle margin contracted to 9.4% from 19.4% a year earlier, and overall gross margin fell to 11.0% from 20.1%. Management absorbed rising upstream raw material costs rather than passing them directly to customers, aiming instead to protect market share. The company ended June with 87.5 billion yuan in cash reserves.

Apple is holding its next iPhone launch event on September 9 at the Apple Park campus in Cupertino, California. The gathering carries a "Surprise and Shine" tagline and marks the first major event for incoming CEO John Ternus, who takes over from Tim Cook on September 1. Apple is expected to unveil its first foldable iPhone alongside the iPhone 18 Pro and iPhone 18 Pro Max, while the standard iPhone 18 is reportedly delayed until next year. The event will also feature new Apple Watch models, smart home devices, and software launch dates including iOS 27 and Siri AI. IDC expects Apple to ship more than 17 million foldable iPhones by 2027.

Google announced a special-edition Fitbit Air priced at $129 that integrates with the mobile game Pokémon Sleep. The wearable features a "Sleepy Blue" band with a snoozing Pikachu and syncs with the Google Health app to track metrics including heart rate, cardio load, and sleep duration. Preorders are open now ahead of shipments starting September 15. The standard Fitbit Air retails for $99, following a May introduction that brought an AI-powered fitness coach to the slim device. Google previously partnered with athlete Stephen Curry on a $579 special-edition Pixel Watch. The Pokémon collaboration coincides with the franchise's 30th anniversary.

cbsnews.com reports that President Trump visited Texas on Thursday amid mounting criticism from cattle ranchers and Republican lawmakers over his plans to lower domestic beef prices by suspending tariffs on overseas beef imports. The policy aims to increase foreign supply to relieve high consumer costs at grocery stores, but it directly undercuts domestic producers who face lower-priced competition. Local cattle ranchers and Republican representatives are pushing back against the suspension, arguing that foreign imports squeeze domestic margins. The policy creates an immediate conflict between consumer relief goals and agricultural constituents in key producing states like Texas.

Major US retailers are absorbing billions of dollars in federal tariff refunds following a Supreme Court ruling that invalidated levies imposed under the International Emergency Economic Powers Act. Walmart has collected approximately $2.9 billion, Target booked $994 million in pre-tax refunds, and The Home Depot secured $730 million. Rather than issuing direct checks to consumers, companies are funneling the cash into price cuts, promotions, and margin defense. Because tariffs were originally absorbed into inventory costs rather than itemized on customer receipts, shoppers will mostly experience the relief through selective rollbacks on everyday items like groceries rather than direct rebates.

Plaud is launching the Plaud One, a $249.99 pair of AI-powered earbuds featuring an eSIM-enabled charging case designed to process conversations without a smartphone or Wi-Fi [1, 2]. The device records up to six hours on a single charge and uses Plaud Intelligence to transcribe and summarize meetings, routing outputs to productivity tools like Gmail, Google Calendar, Notion, and Slack [1, 2]. The standalone case includes built-in 4G connectivity, four microphones, and an AI button to activate remote voice instructions for Plaud's software agents [1, 2]. Plaud is releasing the hardware in limited quantities as a trial run to test demand before committing further to the form factor [2]. Buyers receive 300 minutes of free monthly transcription and $200 in task credits, with additional plans starting at $8.33 per month [2]. The company reached an annual run-rate revenue of $100 million in June, but faces crowded competition from hardware rivals like Anker, Viaim, and YC-backed Pocket [2]. Pre-orders are open, with shipping scheduled for late September [1].

Gap shares jumped 9% after the company named Michael Francis as the new CEO of its Old Navy banner, replacing Haio Barbeito effective November 2. CNBC reports that the transition comes as the retailer tries to revive sluggish performance at the brand, which contributes nearly 60% to Gap's overall revenue. Old Navy posted fiscal second-quarter net sales of $2.1 billion, down 4% year over year, with comparable sales also dropping 4% against analyst expectations of a 2.4% decline. CEO Richard Dickson attributed the miss to disappointing summer marketing that lacked a direct product message and poor execution on seasonal product assortment. For the full fiscal year, Gap narrowed its net sales growth outlook to a range of 1% to 1.5% from a previous range of 1% to 2%, while raising its adjusted earnings per share guidance to a range of $2.35 to $2.45.

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