0317 ｜Dolphin Research Focus

🐬 Stocks

1.$NVIDIA(NVDA.US)

NVIDIA's GTC 2026 kicked off, with founder and CEO Jensen Huang delivering the keynote. He unveiled the next-gen Vera Rubin architecture and a Vera Rubin Space Module purpose-built for in-orbit data centers, claiming 25x performance vs. H100. NVIDIA also announced a partnership with Groq to develop new LPU chips. Huang said combined orders for Blackwell and Rubin through 2027 are expected to surpass $1 trillion, broadly in line with the Street, and the stock reaction last night was muted. Dolphin Research has compiled the key takeaways and views: '英伟达 GTC：AI 界春晚，满心期待、扫兴而归？' and '英伟达（GTC 纪要）：LPU 解构 AI 推理，算力工厂向太空进发' (cf. links).

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

Alibaba formally set up the Alibaba Token Hub (ATH) biz. unit, led directly by CEO Eddie Wu. ATH will integrate core assets including the Tongyi Qianwen LLM, MaaS, AI agents, and DingTalk enterprise AI, centered on the creation, delivery, and application of Token to unify AI R&D and commercialization. The move sharpens Alibaba's AI To B competitiveness and accelerates commercialization of the Tongyi LLM.

3.$Apple(AAPL.US)

Apple launched the next-gen AirPods Max 2 featuring the H2 chip, with ANC 1.5x better than the first gen. New features include Adaptive Audio, Conversation Awareness, and real-time translation, plus a USB‑C port and support for lossless audio, priced at RMB 3,999. The product fills out Apple's high-end audio lineup, strengthens ecosystem moats, and should lift accessories GPM.

4.$Meta Platforms(META.US)

Meta said it will invest $27 bn to procure Nebius compute capacity to train its next-gen multimodal LLMs. This signals that, beyond its in-house clusters, the company is starting to scale up usage of third-party AI cloud infrastructure. Separately, Meta is reportedly weighing headcount cuts of 20% or more to offset the heavy AI infra spend.

5.$AMD(AMD.US)

AMD and Celestica announced a strategic partnership to launch the open-architecture, rack-scale Helios AI platform for large-scale training and inference. Built to OCP standards, it provides high-speed interconnects and system integration for AMD's MI450-series GPUs. The collaboration expands AMD's open ecosystem for AI infrastructure, aiming to counter NVIDIA's proprietary stack with standardized, highly compatible solutions that lower customer deployment costs.

6. Dolphin Research earnings and Trans

BEKE: '贝壳：下跌 “深不见底”，政策兜得住吗？' and '贝壳（纪要）：对 26 年楼市态度中性，从规模转向效率驱动' (cf. links).

Leapmotor: '零跑：出海神车，真能百万 “领跑” 新势力？' and '零跑汽车（4Q25 纪要）：2026 年仍维持 100 万辆销量目标不变' (cf. links).

Tencent Music, Atour, and China Literature will report tonight.

🐬 Top Gainers

A-shares: diversified financials, real estate services, and multi-line insurance.

HK: IT consulting and furniture/home/decoration materials retailers.

US: marine ports operators, precious metals & minerals, and aluminum.

🐬 Watch Tomorrow

1. Lululemon, Geely, Tencent, Huazhu, and Kanzhun will report.

Risk disclosure and statements: Dolphin Research Disclaimer and General Disclosure