0520 ｜Dolphin Research Focus

🐬 Stocks

1、$BABA-W(09988.HK)

At the recent Alibaba Cloud Summit, the company unveiled its in-house AI chip 'Zhenwu' M890, delivering 3x the prior-gen performance and 144GB of memory. It also introduced a 128-card supernode server and plans to roll out V900 in 2027. This high-spec, self-developed compute chip is a key step for Chinese internet platforms to localize core compute, materially reducing reliance on overseas high-end chips. With an integrated chip-plus-server stack, Alibaba Cloud can upgrade its compute services to better support LLM training, agent building and other advanced AI workloads.

2、$Alphabet(GOOGL.US)

Google rolled out Gemini 3.5 Flash as its new workhorse model, optimized for fast inference and low-cost deployment. It targets everyday general-use scenarios and lightweight commercial use cases. The push into a lightweight, high-speed model signals the start of tiered competition in frontier models globally. Leaders are no longer only racing on flagship performance and are expanding into cost-effective, broadly accessible models, which should lower adoption barriers for SMEs and speed AI penetration across industries.

3、$HESAI-W(02525.HK)

Hesai has secured sizable nomination wins from top-tier European OEMs, validating its lidar technology, product stability and mass-production capability with global auto leaders. This opens overseas growth for China-made in-vehicle lidars. Large-scale overseas orders should steadily lift revenue and margin, reinforcing Hesai's leadership in the global automotive lidar market.

4、$Marvell Tech(MRVL.US)

Nvidia announced a $2bn strategic investment in Marvell, alongside deep industry collaboration to bring Marvell's AI chips into Nvidia's data center ecosystem, co-developing for performance alignment. The stake helps Nvidia round out its full-stack compute footprint, using partnerships to address niche compute gaps. It broadens Nvidia's data center portfolio to meet diversified procurement needs and further entrenches its leadership and ecosystem moats in AI compute.

5、$Roblox(RBLX.US)

Roblox announced its first share repurchase since listing, authorizing up to $3bn and planning to buy back $1bn over the next 12 months. The buyback underscores management's confidence in long-term prospects and helps offset ongoing equity dilution, supporting the stock. With metaverse sentiment improving, the move should also lift investor expectations.

6、Dolphin Research: earnings and calls to watch

BEKE:《'Kneeling too long' — BEKE: real reversal or false rebound?》,《BEKE (Trans): Spring market is genuinely warming; Q2 volumes are growing》

Bilibili:《Bilibili: Tencent to trim stake, will AI 'eat' profits? Games to the rescue》,《Bilibili (Trans): +1bn Capex, partially offset by opex cuts》

Hesai:《Hesai: cut loss and hold — mounting pressure on the No.1》,《Hesai (Trans): SGI biz to match lidar scale within 5 years》

Kanzhun reports tonight.

🐬 Top Gainers

A-shares: semi materials & equipment, industrial gases, semiconductor names;

Hong Kong: recreational facilities incl. stadiums, aerospace & defense, semiconductor names;

U.S.: computer & electronics retailers, aluminum, real estate operating cos.

🐬 Watchlist for Tomorrow

1、Nvidia, NetEase, Vipshop, Nio, Walmart to report;

2、China 1Y LPR as of May 20.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure