AI compute sector sentiment rebounds; First global HBF storage standard goes live | Daily News Recap

0804 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. Overnight, AI compute sentiment rebounded offshore, driving a broad rally across hardware. Meta raised Hyperion data-center investment to $50bn and targets 5GW of compute, while Amazon lifted its 2026 capex outlook to $220bn and expects the storage shortfall to persist into 2027/2028, easing fears of slower AI spend as the hyperscaler arms race re-accelerates.

Upstream supply constraints tightened, with Lumentum's CEO confirming an InP optical chip shortfall of 30%+, and DRAM/HBM price hikes continuing as demand outstrips supply, improving order visibility across the chain. A rebound in Korea's Samsung and SK hynix and a broad bid for US tech further improved regional risk appetite, with the hardware trade rotating from optical modules into foundries and end devices.

🐬 Single Stocks

1. $Apple(AAPL.US)

Reports indicate CEO-designate John Ternus is assembling his core team, rehiring retired hardware engineering executive Laura Legros, who will report to him after he formally takes office on Sep 1. Tim Cook will become Executive Chairman at that time.

The appointments mark a substantive step in Apple's leadership transition. Ternus's preference for hardware engineering talent suggests resources may continue to tilt toward hardware and devices, with potential adjustments to the AI software roadmap; further management moves bear watching.

2. $SK Hynix(SKHY.US)

SK hynix and SanDisk released the first formal HBF (High Bandwidth Flash) specification, opening the standard to the industry, with Google and Tenstorrent joining the HBF consortium. Positioned between HBM and SSD in the memory hierarchy, HBF targets the AI inference 'memory wall' pain point.

An open standard should speed adoption and expand the ecosystem. By lowering compute cost for large-model inference, HBF could reinforce SK hynix's competitive position in AI storage.

3. $Amazon(AMZN.US)

Shares hit a record as AWS growth accelerated, lifting market cap past $3tn. Filings show founder Jeff Bezos plans to sell 15mn shares (~$4.07bn), executed under a pre-set trading plan.

AI compute demand is translating into cloud revenue, underpinning the valuation milestone. While the planned sale may stir near-term sentiment, the medium-term path depends on AWS capex conversion and sustained profitability of AI initiatives.

4. Dolphin Research on earnings and calls

PLTR: 'Palantir: Fixing blemishes, faith stock fully revived?' and 'Palantir (Trans.): US enterprise revenue expected to maintain Q2-level high growth through end-2025'.

Luckin: 'Luckin Coffee: Shaking off delivery hangover, Blue Cup enters a tailwind phase?' and 'Luckin Coffee (Trans.): Same-store turns negative, store expansion unchanged'.

Spotify reported results. Earnings were released.

🐬 Leaders

A-shares: communications equipment, life sciences tools & services, and data processing & outsourcing. These segments led gains.

HK: insurance brokers, communications equipment, and oil & gas refining & marketing. These areas outperformed.

US: kitchenware, system software, and internet content & information. These were the top movers.

🐬 Watch Tomorrow

1. China Jul RatingDog Services PMI. Watch the print.

2. US Jul ADP Employment Change, US Jul S&P Global Services PMI final, and US Jul ISM Non-Manufacturing PMI. Key reads for services and labor.

3. Space, AMD, Shopify, and Uber report earnings. Results due.

Risk disclosure and disclaimer for this article: Dolphin Research Disclaimer and General Disclosure. See link for details.