Three tech giants to pour RMB 60 bn into OpenAI; BABA's T-Head unveils Zhenwu 810E

0129 ｜Dolphin Research Focus

🐬 Macro / Sector

1. Several developers confirmed they are no longer required by regulators to submit monthly 'three red lines' metrics, signaling a substantive policy wind-down. The framework, launched in Aug 2020 to curb interest-bearing debt growth at developers, had already been relaxed for some firms since Jun 2023. This effectively marks the end of a multi-year forced deleveraging cycle for China property, with many onshore developers rallying.

🐬 Single Stocks

1.$OpenAI(OpenAI.NA)

NVIDIA, Microsoft, and Amazon are in talks to invest up to $60bn in OpenAI. NVIDIA could commit as much as $30bn, Microsoft is said to be under $10bn, and Amazon, as a new investor, may put in over $10bn. The round would fund OpenAI's massive compute bills and model development, underscoring Big Tech's urgency to defend and extend AI leadership.

Beyond capital, this is a strategic alignment to secure priority access to cutting-edge AI capabilities. If completed, it would be a record-setting raise in the space.

2.$ByteDance(BYTED.NA)

ByteDance initiated the Doubao phone assistant full-release program by end-2025, with the new device slated for mid-to-late Q2 2026. Supply chain checks indicate sharply higher shipment expectations, with Gen-2 making breakthroughs in collaboration model and performance.

ByteDance will work closely with OEMs to deliver a system-level AI experience. If successful, it would directly challenge Apple's Siri and Google's Gemini, accelerating the shift of AI from cloud to edge.

3.$BABA-W(09988.HK) $Alibaba(BABA.US)

Pingtouge officially launched its high-end AI chip 'Zhenwu 810E', previously disclosed as Alibaba's in-house PPU. A single card carries 96GB HBM2e and 700GB/s interconnect bandwidth, supporting both training and inference, targeting performance comparable to NVIDIA H20 and above A800 and mainstream domestic GPUs.

The chip has been deployed in multiple 10k-card clusters. Zhenwu 810E marks full-stack synergy across LLMs, cloud, and chips for Alibaba, aiming to break the overseas chip chokehold and enhance Alibaba Cloud's AI competitiveness while lowering domestic model training costs.

4.$Robinhood(HOOD.US)

Robinhood plans to offer retail access to the SpaceX IPO and is pushing to secure a core retail bookrunner role. Riding a blockbuster SpaceX deal could materially boost platform traffic and aligns with its strategy to open up private equity access.

This would strengthen its edge in the retail brokerage lane.

5. Dolphin Research on earnings and call Trans

Tesla: 'Shredding the 'bad quarter' script: can Tesla stage a comeback?', 'Tesla 2026: $20bn capex, all-in on the AI master plan'

Meta: 'Meta: Spending big? Hypergrowth is what matters', 'Meta (Trans): AI lifts recommendations; FB and IG engagement to keep rising'

Microsoft: ''Seasoned' Microsoft: bending down to leap higher?'