LongPort - 最新资讯

TSM AI orders underpin strong revenue growth; Global investors await tonight's CPI print | Daily News Recap

Dolphin Research

0610 | Dolphin Research Focus: 🐬 Macro/Industry

1. The National Bureau of Statistics released May data, showing CPI rose 1.2% YoY, while falling slightly by 0.1% MoM. Core CPI was up 1.1% YoY.

Overall consumption is recovering moderately. The MoM weakness was mainly due to a slight rise in food prices, and seasonal declines in service and energy costs post-holiday.

A 1.2% YoY growth rate remains within a moderate range, leaving room for accommodative monetary policy. This mild inflation is positive for consumption sector valuation repair and supports the continued implementation of pro-growth policies.

The strength of the consumption recovery remains relatively flat, with no significant rebound yet...

The 'Costco' inside WMT: Sam's Club playbook and countermoves

Dolphin Research

This is the third installment of our Walmart deep dive, focusing on Sam's Club — long ignored by investors yet effectively Walmart's third growth engine — and a hard comparison against Costco, the global benchmark for warehouse clubs.

Let's get straight to it: WMT.

Musk outlines orbital AI compute blueprint; INTC soars on inclusion in leading AI chip foundry shortlist | Daily News Recap

Dolphin Research

0609 | Dolphin Focus: 🐬 Macro/Industry 1) The US DoD updated its Section 1260H list of Chinese military companies, covering internet, semis, NEVs and biopharma. New additions include Alibaba, BIDU, WuXi AppTec, BYD and Nio, while Huawei, Tencent and Hikvision were already on the list; listed firms issued statements denying defense-related biz and said they will appeal. The list restricts US Gov. procurement rather than imposing financial sanctions, so near-term operating impact is limited but it dampens risk appetite.

2) WeChat officially opened its AI ecosystem developer access channel. Access is now open to third-party developers...

Google's 4-Pronged AI Strategy Could Help it Leapfrog Nvidia to Become the World's Most Valuable Company

Motley Fool

Alphabet's four-pronged AI strategy, encompassing custom TPU chips, Google Cloud growth, advanced Gemini models, and integrated search advertising, positions it to potentially surpass Nvidia as the world's most valuable company. While Nvidia leads in GPUs, Alphabet's comprehensive approach has driven significant revenue growth and stock performance, offering investors a potentially undervalued opportunity compared to Nvidia's higher valuation.

WMT: Veteran's surprise e-comm offensive — why a re-rate?

Dolphin Research

In the prior piece, we unpacked Walmart's low-cost engine: township-level, differentiated site selection; an end-to-end, self-run supply chain; reverse pricing with EDLP; and a broad private-label portfolio, showing how 'extreme efficiency + extreme cost discipline' made it the king of offline retail.

This piece turns to Walmart's e-comm, the bigger swing factor for its growth trajectory and whether its market cap can leg higher. Dolphin Research will run a hard-nosed, full-stack compare with Amazon to lay out the logic behind Walmart's differentiated breakout.

Multiple headwinds spark a sharp selloff; NVDA teams up with SK hynix | Daily News Recap

Dolphin Research

0608 | Dolphin Focus: 🐬 Macro/Industry 1) HK and A-shares suffered a broad selloff today. A blowout US NFP flipped rate-cut expectations and pushed UST yields higher, with the tech-led rout on Wall St. spilling into APAC; Korea hit a circuit breaker and Japan tumbled, amplifying fear.

High-multiple AI and semiconductor names led the de-rating, driving clear negative spillovers. Adding to the pressure, global houses such as Goldman Sachs have downgraded HK equities, and epic IPOs like SpaceX slated for this week are siphoning liquidity; the confluence of headwinds triggered panic foreign selling and a stampede among onshore funds...

LULU Trans: Q2 discounting peaked; sequential improvement ahead

Dolphin Research

Below is Dolphin Research's Trans from Lululemon's FY26 Q1 earnings call.

For our earnings take, see 'Lululemon: Founder blasts, weak print—can a new CEO save its black-leggings franchise?'

LULU: Founder Blasts, Dismal Results — Can a CEO Shake-up Save the Core Leggings?

Dolphin Research

Revenue barely in line. Guidance slashed.

LB Select

U.S. space concept stocks collectively strengthened, with DXYZ rising over 9% to $44.23, a cumulative increase of over 40% this month; VCX rose over 7% to $167.02; RKLB rose over 1% to $116.77, with its derivative RKLX also rising in tandem. The company has passed the system requirements review of the TRKT3 system by the U.S. Space Development Agency, with a total project amount exceeding $1.3 billion

SpaceX sets Jun 12 Nasdaq debut; WeChat A2A enables mobile AI interop | Daily News Recap

Dolphin Research

0604 | Dolphin Research focus: 🐬 Stock pick 1, $SpaceX(SPCX.US) Elon Musk's SpaceX is set to list on Nasdaq on Jun 12 with ticker 'SPCX'. The IPO is priced at $135, targeting $75bn of proceeds and valuing the company at $1.77tn.

The deal would set a new global IPO record by proceeds. This mega listing could siphon liquidity from global markets, while lifting valuations across the commercial space value chain upstream and downstream.

AVGO (Trans): Pure-play chips; customers like Google are diversifying supply chains.

Dolphin Research

Below is Dolphin Research's Trans of $Broadcom(AVGO.US) FY26 Q2 earnings call. For our earnings take, please see 'AVGO: Giants vs. Giants — Is the ASIC camp splitting?'

Core highlights from the quarter include: 1) shareholder returns and 2) Q3 outlook. The company paid $3.1bn in cash dividends in Q2, equivalent to a quarterly cash dividend of $0.65 per common share, and guides Q3 consolidated revenue of $29.4bn (+84% YoY)...

AVGO: Titans vs. Titans — Is the ASIC camp breaking up?

Dolphin Research

AVGO posted FY2026 Q2 results (quarter ended Apr 2026) after-hours on Jun 4 Beijing time.

1) The biggest issue: the crucial $Broadcom(AVGO.US) AI outlook for next quarter is $16bn, a $5.2bn QoQ add, below the Street at $17bn.

Management guided AI revenue to $56bn for this fiscal year and over $100bn for next fiscal year, both fairly uninspiring.

In fact...

AI Hyperconnected Era: Racing to 'Light'?

Dolphin Research

Since late 2022, when ChatGPT burst onto the scene, AI has unleashed wave after wave of semiconductor supercycle opportunities. From compute (GPUs) and storage to coordination and scheduling (CPUs), the buildout has already minted a string of $1tn market-cap companies.

If there is one remaining pillar of AI infrastructure poised to produce the next $1tn champion, Dolphin Research’s top call is AI-era high-speed interconnects. If compute solves AI’s 'IQ' and storage its 'memory'...

AI Names Rush to IPO; MRVL Surges as Compute Demand Runs Hot | Daily News Recap

Dolphin Research

0603 ｜Dolphin Research focus: 🐬 Stock 1, $Microsoft(MSFT.US) announced seven in-house, full-stack MAI models at the Jun 2 Microsoft Build developer conference, spanning reasoning, coding, and multimodal vision. The flagship reasoning model, MAI-Thinking-1, is positioned against Claude, while coding performance is on par with Anthropic's top-tier version.

In parallel, Microsoft is building a 'thinking + coding' agent product matrix. The goal is to reduce reliance on external models beyond its tie-up with OpenAI...

Home mkt tapped out, overseas bets ramp up. Is Didi going 'Intl'?

Dolphin Research

Ride-hailing leader $DiDi(DIDIY.US) reported Q1 2026 results pre-market on Jun 2.

Overall, absolute performance was soft, with heavy investment leaving adj.EBITA under 200 mn.

However, there were clear surprises vs. expectations. Core domestic operations released much stronger profits, while overseas growth remained high with losses slightly narrower than expected.

1) Domestic mobility growth was steady. Q1 domestic GTV reached RMB 85.8 bn (+10% YoY), with QoQ growth easing by ~1ppt...

LB Select

On Tuesday (June 2), the optical communication sector in the U.S. stock market rose across the board. Marvell Technology (MRVL) led the sector with a surge of 23.61%, closing at $271.22, reaching an intraday high of $277.22, a new historical high, with its derivative MVLL also significantly rising; on the news front, the company's revenue for this quarter just set a historical record and has continuously raised its guidance, resonating with both fundamentals and sentiment. COHR rose 14.79% to $416.57, with an intraday high of $419.30; Lumentum (LITE) increased by 9.17% to $988.00, touching an intraday high of $994.46, approaching the $1,000 mark, with its derivative LITX following suit. Corning (GLW) rose 9.11% to $192.80; Applied Optoelectronics (AAOI) increased by 6.97% to $198.62, with continued funding following a call from well-known influencer Serenity on Twitter on Saturday, and its derivative AAOX also strengthened; AXT (AXTI) rose 7.63% to $117.91, with an intraday high of $123.01; Nokia Oyj (NOK) increased by 1.72% to $16.53

GOOGL borrows another 80 bn: rally refill or bubble litmus test?

Dolphin Research

Full-stack AI bellwether $Alphabet(GOOGL.US) has seen some recent softness in its share price.

At this juncture, the company announced an additional 80bn of external capital to fund AI infrastructure.

Over the past year, Google raised over $85bn via bond offerings across six markets. This new raise is the largest single round to date.

As for use of proceeds, management outlined a broad plan. The 80bn will mainly go to scaling AI infrastructure, concurrently buying call options to partially hedge future dilution from convertible preferreds, and covering taxes due when employee options vest...

NVDA muscles RTX Spark into the PC market; Tencent speeds WeChat AI assistant rollout | Daily News Recap

Dolphin Research

0601 | Dolphin Research Watchlist: 🐬 Macro/Industry 1) China’s NEV market May delivery data is out, with Leapmotor, Nio, and ZEEKR posting sharp MoM gains as production and sales sentiment improves. Li Auto and XPeng saw YoY declines in delivery volumes, while BYD’s monthly sales were steady. Performance among leading OEMs is clearly diverging.

The industry is moving from a broad-based rally to structural divergence. This is accelerating the shake-out of weaker capacity and pushing OEMs to optimize product mix and channel strategy.

🐬 Stocks 1) $TENCENT(00700.HK): internal projects are moving into deployment, with a WeChat-embedded AI assistant entering the final countdown to launch...

Apple's WWDC Is June 8. Here's the 1 Announcement That Could Move the Stock

Motley Fool

Apple's WWDC on June 8 is critical for its stock, with investor focus squarely on the anticipated AI-powered Siri update. Expected to leverage Google's Gemini model, this announcement aims to validate Apple's AI strategy after years of delays. While recent financials show strong revenue growth, the keynote's success or failure will determine if the current premium valuation is justified, potentially causing significant stock volatility based on whether the new Siri meets high market expectations.

Meituan (Trans): 2Q on-demand delivery UE to keep improving, may turn positive

Dolphin Research

Below are Dolphin Research's notes from the FY1Q26 earnings call for $MEITUAN(03690.HK). For our earnings take, please see 'Meituan: As AI draws the fire, finally room to breathe?'.

I. Key highlights from the print. 1) Shareholder returns: no dividend or buyback plans were mentioned this quarter.

2) Outlook: management did not provide specific revenue or profit guidance, but offered directional color. If industry competition remains rational, Q2 on-demand delivery UE (unit economics) should improve meaningfully vs. Q1 ...

Meituan: As AI Draws Fire Elsewhere, Can It Finally Stop the Bleeding?

Dolphin Research

After the Hong Kong close on Jun 1, the last name in the 'Food Delivery Index' — $MEITUAN(03690.HK) — released its Q1 2026 results. Absolute performance remained weak, with revenue roughly flat and the group still in the red.

However, vs. market expectations the print was decent. The key highlight was that the actual loss in Core Local Commerce came in far below prior guidance, implying faster-than-expected loss reduction in the on-demand retail biz.

Specifically: 1) reporting scope tweak. Before dissecting the quarter, note Meituan made a slight adjustment to how it discloses sub-segment revenue; we flag this upfront.

No spin, no hype: How healthy is PDD with growth down to 2.5%?

Dolphin Research

This week, $PDD(PDD.US) posted disappointing results, sending the stock down nearly 15%.

For a detailed take, see 'PDD: Old and Arrogant, Now Universally Disliked'.

The most glaring issue: ad revenue grew just 2.5% YoY. Despite sector-wide improvement vs. Q4 last year, PDD's ad growth declined QoQ, making it the laggard among e-commerce peers...

LI (1Q26 Trans): Maintains 20%+ 2026 sales growth target

Dolphin Research

The new L9 has launched and is now being delivered. Q2 GPM is expected to recover to ~10%.

i6 Alone Won't Do: How Long Until LI Turns the Corner?

Dolphin Research

Li Auto's 'distressed turnaround' still hasn't arrived

COST (Trans): tariff refunds to be received within a few months

Dolphin Research

Below is Dolphin Research's Trans of $Costco Wholesale(COST.US) FQ3 2026 earnings call. For our earnings take, see 'Inflation Resurges, Costco Still Resilient'.

I. Earnings highlights recap. 1) Key financials: FQ3 2026 (12 weeks ended May 10, 2026) net income of $2.20bn (+15% YoY), with diluted EPS of $4.93.

Net sales were $69.15bn (+11.6% YoY). Comparable sales rose 9.8%...

Inflation Resurges, COST Stays Resilient

Dolphin Research

Global discount retail leader — $Costco Wholesale(COST.US) — reported after-hours on May 29 its FY2026 Q3 results for the period ended May 10. Overall performance remained very resilient, broadly in line with market expectations.

By contrast, Dolphin Research believes the company’s prints offer a useful lens into shifts in US consumer health. That may be the more interesting angle.

On the headline numbers, the key narrative this quarter was US–Iran tensions pushing up oil and commodity prices, lifting both revenue and costs. On revenue, total sales rose 11.6% YoY this quarter...

DELL (Trans): Demand outpaces supply; biz. pipeline several times backlog

Dolphin Research

Below is Dolphin Research's Trans of DELL FY27 Q1 earnings call. For our earnings analysis, see 'Dell: AI is surging, legacy is warming up, fully fired up!'.

1) Key takeaways for $Dell Tech(DELL.US). Shareholder returns: DELL returned $2.1bn to shareholders in Q1, repurchasing 11 mn shares at an Avg. price of $147 and paying a dividend of approx. $0.63 per share. The company reaffirmed its capital return framework, with buybacks to remain strong.

DELL: AI Surges, Legacy Biz Heats Up; Firing on All Cylinders!

Dolphin Research

In after-hours trading on May 29 (Beijing time), DELL.N reported FY2027 Q1 results (quarter ended Apr 2026).

1) Core metrics: $Dell Tech(DELL.US) revenue was $43.8bn (+87% YoY), beating cons. of $39.0bn.

Sequential revenue increased by $10.5bn, mainly driven by growth in AI server shipments. GPM was 17.8%, down 240bps QoQ, above the 16% cons.

The margin decline...

Nvidia Already is the GPU Giant. Now It's Aiming to Dominate in a New $200 Billion Market.

Motley Fool

Nvidia, a leader in GPUs, is expanding into the CPU market with its upcoming Vera Rubin platform, aiming to capture a $200 billion opportunity. The company predicts $20 billion in CPU sales this year, driven by the demand for agentic AI solutions. This strategic move could significantly boost Nvidia's revenue and reduce risks for shareholders, solidifying its position as a top stock in the tech industry.

XPEV (1Q26 Trans): Humanoid robot to begin mass production by year-end

Dolphin Research

Q2 overall GPM is expected to be roughly flat vs. Q1. Approx. 20.6%.