---
title: "GOOGL issues more debt to boost compute; QCOM HBC completes initial validation | Daily News Recap"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/44730255.md"
description: "1103 | Dolphin Research Focus: 🐬 Macro/Industry 1) The 2026 U.S. midterms are set for Nov 3 ET, with the fight for control of Congress in the final stretch. Pre-election geopolitical maneuvering has intensified.U.S. forces carried out limited defensive strikes on Iran's Qeshm Island while signaling openness to talks. Iran's Supreme Leader authorized the government to pursue indirect negotiations.Trump said he is in no rush to resume large-scale strikes after the midterms. Near-term Middle East conflict risk has eased for now, but the situation remains fluid..."
datetime: "2026-11-03T08:38:23.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/44730255.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/44730255.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/44730255.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# GOOGL issues more debt to boost compute; QCOM HBC completes initial validation | Daily News Recap

## 1103 | **Dolphin Research Focus**

## 🐬 Macro / Industry

**1.** The 2026 US midterms are set for Nov 3 (ET), with the battle for control of Congress entering the final stretch. Pre-election geopolitics heated up as the US conducted limited defensive strikes on Iran's Qeshm Island while signaling openness to talks; Iran's Supreme Leader authorized the government to pursue indirect negotiations. Trump said he is not rushing to resume large-scale strikes after the vote, easing near-term Middle East risk, though the situation remains fluid.

2) The PBoC rolled out a two-way policy mix: the 3rd round of the swap facility for securities, fund and insurance firms opened for applications, with intended quota above RMB 100 bn, well above the prior rounds. It also raised the FX reserve requirement ratio on deposits to 6% from 4% effective Nov 15, triggering a ~200-pip pullback in CNH; and cut the relending rate supporting buybacks to 1%. The package aims to backstop capital markets while tempering rapid CNY appreciation, clearly signaling a push to stabilize expectations.

## 🐬 Single Stocks

**1.**$Marvell Tech(MRVL.US) 

Marvell announced an all-stock acquisition of Lumentum worth approx. $115 bn, backed beforehand by Jensen Huang, but both shareholder bases were unhappy given the low premium, long lock-up, and regulatory overhang, sending Lumentum down nearly 19% in a day. The market's vote suggests tolerance for high-priced M&A has fallen sharply as capex expectations turn more cautious. Domestic optical module names came under pressure in tandem.

**2.**$TENCENT(00700.HK) 

Tencent Hunyuan officially released the Hyra 2.0 research agent framework. Unlike prior models that output answers directly, the new Agent focuses on building reusable scientific models, workflows and tools with a three-layer division of labor, and the results have been open-sourced on GitHub. The product targets research automation, filling Tencent AI's gap in scientific Agents, and its differentiated edge bears watching.

**3.**$Alphabet - C(GOOG.US) 

Alphabet plans to issue euro bonds to raise €6 bn for cloud and AI infrastructure investment. With solid cash flow and manageable funding costs, this issuance looks like routine financing to step up AI capex. It also corroborates that US tech majors continue to double down on AI, with the long-term compute demand thesis intact.

**4.**$Qualcomm(QCOM.US) 

Qualcomm said it has completed initial validation of its HBC high-bandwidth compute memory architecture, set to be the core of the next-gen Dragonfly data-center AI accelerator, emphasizing near-memory computing to ease HBM bandwidth bottlenecks. HBC is Qualcomm's key path to sidestep the HBM supply chain and enter AI inference. It offers a differentiated compute-memory architecture and poses potential competition to the HBM track.

**5.**$CATL(300750.SZ) 

Market chatter suggests CATL is in talks with Dongfeng Motor to set up a JV, aiming to secure first-mount rights for the 3rd-gen Shenxing ultra-fast-charging battery. Shenxing ultra-fast charging is a core differentiator for CATL, and anchoring a first launch with an OEM helps accelerate commercialization and validate the model. It also deepens OEM-battery supply chain ties, lifting sentiment across China's ultra-fast-charging ecosystem.

**6.**$Oracle(ORCL.US) 

Oracle plans a combined debt-and-equity raise totaling $20 bn, with $10 bn in notes priced at coupons of 7.00%–8.65%, and shares fell 8.8% after the news. The market is wary of sustained high leverage to fund AI infrastructure and the resulting FCF pressure. The 'borrow to scale AI' narrative is facing more scrutiny, raising valuation pressure on highly levered AI players.

**7\. Dolphin Research: earnings and calls to watch**

Apple: [Apple: The storage snapback finally arrived — is the 'safe harbor' across from AI getting drafty?](https://longbridge.cn/zh-CN/dolphin/post/44724444?channel=OWNN00030). [Apple (Trans): Storage tightness weighs on GPM; purchase commitments up $33 bn](https://longbridge.cn/zh-CN/dolphin/post/44721712?channel=OWNN00030).

PLTR: [Palantir: Guidance surges — are new orders the 'seams' being poked?](https://longbridge.cn/zh-CN/dolphin/post/44723638?channel=OWNN00030). [Palantir (Trans): Shorter contracts, faster expansion conversion](https://longbridge.cn/zh-CN/dolphin/post/44721150?channel=OWNN00030).

## 🐬 Top Gainers by Sector

**A-shares:** Multi-line insurers, consumer goods retailers, brewers;

**HK:** Leisure facilities such as stadiums, furniture/home/DIY retailers;

**US:** Kitchenware, homebuilders, real estate services.

## 🐬 Watchlist for Tomorrow

1) AMD, Duolingo, CRCL, Uber to report;

2) US Oct ADP employment (10k), US Sep trade balance ($100 mn), US Oct S&P Global Services PMI final, US Oct ISM Non-Manufacturing PMI

Risk disclosure and disclaimer: [Dolphin Research Disclaimer and General Disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### Related Stocks

- [AMD.US](https://longbridge.com/en/quote/AMD.US.md)
- [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md)
- [GOOGM.US](https://longbridge.com/en/quote/GOOGM.US.md)
- [DUOL.US](https://longbridge.com/en/quote/DUOL.US.md)
- [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md)
- [GOOGN.US](https://longbridge.com/en/quote/GOOGN.US.md)
- [ORCL.US](https://longbridge.com/en/quote/ORCL.US.md)
- [ORCL-D.US](https://longbridge.com/en/quote/ORCL-D.US.md)
- [MRVL.US](https://longbridge.com/en/quote/MRVL.US.md)
- [03750.HK](https://longbridge.com/en/quote/03750.HK.md)

## Comments (1)

- **gq.ong88 · 2026-11-03T23:33:13.000Z**: yes i think so


---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**