ORCL mass layoffs; BABA rolls out next-gen Qwen LLM | Daily News Recap

0402 | Dolphin Research Focus:

🐬 Stocks

1.$Oracle(ORCL.US)

Reports indicate Related Digital is arranging approx. $16bn in project financing for Oracle's AI data center buildout, funding hyperscale campuses such as 'Stargate'. Oracle plans to spend over $50bn on cloud and AI capex by 2026, and cash flow has turned negative.

It is leaning on external financing and compute contracts, including with OpenAI. The buildout would strengthen Oracle's position in public cloud and AI compute, but near-term debt pressure will rise.

Notably, Oracle just began a sweeping global layoff of around 30,000 employees. That is about 18% of its workforce.

2.$JD.com(JD.US)

JD priced RMB 10bn offshore RMB senior unsecured notes. The tranche includes RMB 7.5bn 5-yr (due 2031) at 2.05% and RMB 2.5bn 10-yr (due 2036) at 2.75%.

Proceeds will be used to refinance debt, pay interest, and for general corporate purposes. Issued under Reg S to non-US investors.

The low coupons signal strong offshore credit reception for JD. Amid volatile CN USD-credit markets, RMB funding helps optimize currency mix and reduce FX risk.

3.$Amazon(AMZN.US)

Amazon is reportedly in talks to acquire Globalstar (GSAT) to bolster Project Kuiper, its LEO satellite internet program. The deal would help it catch up with SpaceX's Starlink.

Globalstar brings ground stations, spectrum, and gov./enterprise clients. That could complement Amazon's satellite operations and downlink capabilities.

4.$Alibaba(BABA.US)

Alibaba Cloud released Qwen3.6-Plus, the next-gen LLM, now available for commercial use via the Alibaba Cloud Bailian API. It is the flagship iteration over Qwen3.5-Plus, positioned for high performance, long context, and robust agents for enterprise-scale production scenarios.

This should deepen Alibaba Cloud's AI moat and drive revenue from API calls, model fine-tuning, and private deployments. It will also support the intelligent upgrades of DingTalk, Tmall, and Cainiao.

🐬 Top Gainers

A-shares: tobacco, energy equipment & services, oil & gas storage and transportation.

HK: security & alarm services, agricultural products, insurance brokers.

US: aluminum, gold, hardware and equipment distributors.

🐬 Watch Tomorrow

With Hong Kong's Good Friday, Qingming Festival, and Easter approaching in 2026,

A-shares will be closed from Apr 4 (Sat) to Apr 6 (Mon), and reopen on Apr 7 (Tue).

HK will be closed from Apr 3 (Fri) to Apr 7 (Tue), and resume normal trading on Apr 8 (Wed).

US markets will be closed on Apr 3 (Fri) and reopen on Apr 6 (Mon).

Risk disclosure and disclaimer: 海豚研究免责声明及一般披露