0811 Dolphin Focus:

🐬 Macro/Industry

1. Douyin Life Services carved out 'Doubao' as a dedicated hotel and travel transaction channel effective Aug 10, charging hotels an 11.4% software service fee plus a 0.6% payment processing fee, for a combined 12% take rate. Previously, Doubao traffic was classified under Douyin's organic channel at an ~8% blended rate. The Doubao team said there are no paid ads or paid rankings and merchants cannot pay to alter recommendation order; the channel leverages AI search to drive incremental traffic, and we will watch whether new order volume offsets the higher channel costs.

🐬 Single Stocks

1.$NVIDIA(NVDA.US)

NVIDIA announced an MoU with Apollo, Blackstone, BlackRock GIP, Brookfield, Goldman Sachs and KKR to build an independent financing platform that can mobilize up to $500bn of third-party capital over time for customers to purchase AI chips, build data centers and related power infrastructure, making compute clusters a standardized investable asset. The $500bn is a capital cap, not NVIDIA’s own funds, and will be deployed in phases. This is a milestone financial innovation that eases global AI infrastructure capex constraints, locks in long-term GPU demand, and strengthens NVIDIA’s compute ecosystem moat.

2.$PDD(PDD.US)

PDD added a top-level 'Arrives as soon as tomorrow' entry on its app homepage, on par with the Billion-Subsidy program, covering fresh food and general merchandise. Tier-1 cities support next-day delivery with late-arrival compensation of at least a RMB 3 no-threshold coupon, leveraging 150+ 'Duoduo Cloud Warehouses' to build a regional fulfillment network; the platform said it is not entering food delivery. This addresses its logistics speed gap and marks a formal entry into on-demand retail, directly competing with Meituan and JD. Front-loaded warehousing should improve retention and repeat purchases, lifting fulfillment costs near term but opening incremental local retail growth mid-to-long term.

3.$SK Hynix(SKHY.US)

Market reports indicate SK hynix is fully advancing High-NA EUV process R&D, introducing phase-shift mask (PSM) materials to improve lithography precision for next-gen 1c-node DRAM mass production, supporting HBM and DDR6 capacity expansion and narrowing the EUV tool scale gap with Samsung. Memory majors are accelerating process innovation, with PSM reducing multi-exposure steps to cut cost and raise efficiency, reinforcing AI memory competitiveness. With extended lead times for advanced tools, first movers on EUV will be better positioned to capture scarce HBM orders.

4.$Intel(INTC.US)

Intel announced a $15bn common stock offering with a 30-day greenshoe; full exercise would raise up to $17.25bn, to fund capex and working capital and step up investment in AI chips, advanced packaging and foundry. Shares fell over 4% pre-market after the announcement. Intel is tapping a window after a YTD share-price double to raise equity and reduce expansion-driven debt pressure, but the large issuance dilutes shareholders and weighs on the stock near term. Funds will support data center expansion; medium-to-long term drivers hinge on foundry customer wins and AI chip share gains.

5. Dolphin watch: earnings & calls

Sea and Tencent Music report tonight. Earnings on watch.

🐬 Top Gainers by Sector

A-shares: Oil & Gas E&P, drug retailers, and footwear. All higher.

H-shares: Insurance brokers, residential builders, and Oil & Gas E&P. All higher.

U.S.: Marine port operators, drug retailers, and petroleum refining & marketing. All higher.

🐬 Watch Tomorrow

1) Coweaver and Tencent to report. On watch.

Risk disclosure and statement: Dolphin Research disclaimer and general disclosure