DeepSeek

Today’s Key News Recap

DPSK

NVDA

NOVAQ

NOVA

01696

NVMI

AAPL

603020

GOOG

GOOGL

AMZN

OpenAI

DXYZ

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07788

07388

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1202 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. DeepSeek simultaneously launched two official versions of AI models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale. The former's inference capability is close to GPT-5, with tool invocation reaching the top level of open-source models; the latter won four international competition gold medals, specializing in complex tasks. The models introduce the DSA sparse attention mechanism, significantly reducing inference costs. The dual-model strategy precisely covers different needs, and technological breakthroughs narrow the gap between open-source and closed-source models...

NVIDIA

SUNNOVA ENERGY INTERNATIONAL INC

Sunnova Energy

SISRAM MED

Nova

Apple

Apple Group

Alphabet - C

Alphabet

Amazon

Destiny Tech100

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | Today's Important News Recap

Google

TSLA

DOCS

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OpenAI has been incredibly busy lately, dabbling in e-commerce, social media, and now launching a browser. Emmmm... it seems they've made enemies with half of the 'Seven Sisters.' Dolphin Research can hardly keep up with the trending topics every three days. Before the earnings report of $Alphabet(GOOGL.US), let's catch up on OpenAI's release of Atlas last week, an AI browser that claims to kick Chrome's butt. In fact, OpenAI's plan to launch an AI browser was leaked by Reuters back in July: OpenAI plans to launch an AI browser in the future...

Tesla

Doximity

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

Fate Therap

Park Hotels & Resort

Gemini Space Station

Google: My Fate is Determined by Myself, Not by OpenAI

BIDU

89888

09888

Baidu 1Q25 Quick Interpretation: The first-quarter performance slightly exceeded expectations overall (cloud, user numbers). Simply put, DeepSeek was a big help!1. The main highlight was the Smart Cloud. After DeepSeek gained popularity at the beginning of the year, Baidu Cloud quickly integrated it, offering not only the lowest computing power prices on the market but also a free trial for a week. This drove Smart Cloud's growth rate to 42% in Q1, far exceeding the institutional expectation of 25%.2. Advertising revenue continued to face pressure, but given that the macroeconomic situation in Q1 was not as bad as initially feared, some institutions later became slightly more optimistic about ad revenue (above Bloomberg consensus). However, the actual performance was still not great.3. Thanks to the full version of DeepSeek's launch, the user base (monthly active users) of Baidu Mobile saw a significant boost, with a net increase of 45 million quarter-on-quarter—a much-needed relief. However, these returning users are likely more engaged with the AI search page, making it difficult for traditional ad models to directly benefit.4. Gross margin declined by 7 percentage points due to changes in the business structure. However, in terms of operating expenses, while sales expenses increased year-on-year due to promotional needs, R&amp;D expenses accelerated their decline. This is likely due to AI's efficiency improvements in internal R&amp;D, effectively replacing some basic R&amp;D staff. As a result, the decline in operating profit margin was less severe than the gross margin drop. From a business perspective, we also estimated through simple breakdowns that Smart Cloud, smart hardware, and other businesses like Robo-taxi showed improved loss reduction.A detailed review will be published later in the community. Key points to focus on during the earnings call: 1) DeepSeek's contribution to cloud growth and its sustainability, as well as the profitability of the cloud business; 2) How AI search commercialization will gradually roll out and the company's phased goals. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

Baidu

BIDU-SWR

BIDU-SW

小红书

Revisiting the Revaluation of Chinese Assets!Yesterday, I talked about Alibaba. Today, let's discuss the revaluation of Chinese assets.In terms of countries that can enter the competition in AI, only the United States and China are on the table. In the face of a worse global competitive environment,a. China can produce Deepseek;b. The explosive popularity of Nezha 2 and Black Myth: Wukong is not only a matter of cultural consumption breaking out but also reflects China's action production level and even the overseas expansion of Chinese games, which has demonstrated that China's animation production level is already top-tier. Based on the technical level, it adds the narrative soul of Chinese elements.c. The success of TikTok and the breakout of Xiaohongshu are the results of the combined promotion of technology and cultural consumption.Moving beyond short-term geopolitical games, the long-term competitiveness of society and enterprises constitutes the core underlying valuation.The competitiveness of Chinese private enterprises demonstrated in a harsh environment is completely comparable to that of Europe and Japan, so the core question is, why are Chinese assets continuously undervalued compared to their overseas counterparts?Therefore, in this round of revaluation of Chinese assets, especially Chinese technology assets, we first need to level the country-specific asset discount.Then, we can discuss whether the fundamentals are facing deflation as a cyclical issue.So here, Dolphin Research reiterates that by 2025, there will be a continuous revaluation of Chinese assets.In 2026, it will connect with the fundamental bottoming rebound.So next, if you look at Chinese assets with colored glasses and do not take them off, your excess returns will be at risk!https://longportapp.com/zh-CN/topics/27088036

中概：值得一场严肃的 “认知重估”！ - LongPort

STEP

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DeepSeek Reaffirms Commitment to Developing Artificial General Intelligence

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DeepSeek Implements AI Generated Content Identification Rules to Protect User Rights

Zoom, Workday, and Palo Alto Networks Record Steady Q2 2025 Growth, AI Products Powering Growth

DeepSeek V3.1 Release with Significant Performance Boost

Depth Quest Launches V3 Model Upgrade, Supports Domestic Chips

Ambassador Jia Guide 发表文章强调中意、中欧在人工智能领域的合作

DeepSeek Delays New Model Release Due to Chip Issues

DeepSeek AI Model Release Delayed