Lujiazui Breakfast: News And Views About China Stocks (may 25)

If you’re limiting your location exploration only to Google Maps—or Apple Maps, for that matter—you’re missing out on some incredible options. Look, Google Maps is fine. It’s arguably even great—probably one of the most-opened apps on lots of our phones and absolutely one of the most indispensable.

China continues to make more operational nuclear warheads. Xinhua News Agency/Xinhua News Agency via Getty ImagesChina's nuclear arsenal now stands at 600 warheads, according to the Pentagon. Its new estimate means Beijing is still tracking to reach 1,000 nukes by 2030. It's not just about sheer quantity. The US says China is building a wide range of launch methods too.

President-elect Donald Trump tapped Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency, or DOGE, in November. Brandon Bell via Getty ImagesElon Musk's DOGE has hired about 10 people so far, per Bloomberg. Boring Co. CEO Steve Davis and ex-Trump tech adviser Michael Kratsios are interviewing hires.

Republicans scrapped a spending bill that would've funded the government until mid-March. Anna Moneymaker/Getty ImagesRepublicans in Congress withdrew a spending bill after pressure from Elon Musk. The bill aimed to keep the government funded through mid-March. Trump had also called on Republicans to renegotiate the bill. Congressional Republicans scrapped a last-minute spending bill that would keep the government funded thought mid-March after a pressure campaign from Elon Musk.

Wing has conducted commercial drone delivery services in the US since 2019. WingWing and DoorDash launched drone deliveries from malls in Dallas-Fort Worth this week. The launch came as drone sightings have been reported around the US, including in Texas. Wing said its drones operate during the day and have been in the Dallas-Fort Worth area since 2021.

Perplexity AI was criticized by Forbes and Wired in recent weeks. Getty/NurPhotoPerplexity AI reportedly secured $500 million in its latest funding round this month. That puts the startup's valuation at $9 billion, tripling its worth within six months. A handful of AI startups have seen its valuation skyrocket amid rapid funding rounds this year.