Passenger Ground Transportation

Uber Tech

Today’s Key News Recap

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0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.Production and new orders both stayed in expansion, while SME sentiment improved notably. This points to a rapid post-CNY rebound in manufacturing.2) Trump told aides he would be willing to halt military ops against Iran even if the Strait of Hormuz is not fully reopened. He would prioritize the goal of 'degrading Iran's naval and missile capabilities'...

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Tencent HK SDR 10to1

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Tencent ramps up AI agents; BABA unveils Qwen3.5-Omni | Daily News Recap

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0312 | Dolphin Research Focus: 🐬 Macro/Industry 1) US core CPI for Feb. rose YoY in line with estimates. Inflation pressure eased ahead of the latest Middle East escalation, giving the Fed room to stay on hold for now.This temporarily calms fears of renewed hikes and runaway inflation. However, the Middle East conflict is lifting oil, raising the risk of an inflation rebound.The Fed's cut pace remains bound by geopolitics, and global risk assets may stay volatile. 2) The Trump administration is invoking Section 301 of the US Trade Act of 1974 ...

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GraniteShares 2x Long NVDA Daily ETF

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Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

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NVDA to invest $26bn in in-house AI foundation models; AAPL enters the budget laptop fray | Daily News Recap

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Conference Minutes

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Below is Dolphin Research's compiled transcript of $Baidu(BIDU.US) FY25 Q4 earnings call. For our analysis, see 'BIDU: Buybacks set a floor, but the comeback still hinges on the narrative.'I. Key financials recap. Core AI business metrics (Q4 2025) include:Baidu General Business revenue: RMB 26.1bn. Core AI-powered Business revenue: over RMB 11.0bn...

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BIDU (Trans): Focus on shareholder returns, stronger mgmt. execution

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Financial Analysis

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$Baidu(BIDU.US) released Q4 results after the HK close on Feb 26, 2026, and the print was lackluster. That said, with a prolonged pullback already priced in, buybacks and dividends providing a floor, and year-ahead narratives such as Kunlun Chip's IPO and potential Stock Connect inclusion, the market is unlikely to impose a sustained penalty.This quarter the company adopted a new reporting structure, splitting into AI and legacy businesses. The AI segment includes AI infrastructure, AI applications, and AI-native marketing, while most institutions are still modeling estimates under the prior framework...

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BIDU: Ad Engine Falters; Is Kunlunxin the Lifeline?

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Feb 5 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) Lei Jun announced the next-gen Xiaomi SU7 is slated to go on sale in Apr 2026, with small-deposit preorders opening in parallel. The new model makes LiDAR standard across the lineup and upgrades ADAS, range, and chassis tuning.Low-threshold preorders should quickly lock in intent buyers and build backlog toward the annual delivery target. The iteration also closes gaps from the first-gen model.In the near term, this should lift sales expectations for Xiaomi Auto. We will track the production ramp, order conversion, and rivals' price cuts...

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AAPL plans a low-cost MacBook; Lei Jun says the new SU7 is set for Apr | Daily News Recap

UBER Q4 FY25 First Take: Overall results were solid. Core Rides &amp; Delivery GB continued to grow at a fast clip, with momentum still improving. Dolphin Research believes the near-9% post-print plunge was mainly driven by an almost $1.6bn non-operating loss. That dragged GAAP net income below $300mn, making profits look sharply lower at first glance. After the market digested the print, shares still closed down ~5%. In our view, the main blemish was Rides adj. EBITDA margin (as % of GB) down 10bps QoQ, a touch below expectations. Guidance also implies flat QoQ adj. EBITDA margin at the group level for next quarter, below the Street. Taken together, it rekindled concerns that UBER is handing back more 'potential profits' to users to spur growth, pausing the margin expansion trend. On the prints alone, a 5% drop on this minor miss looks excessive. Dolphin Research also sees heightened anxiety over autonomous driving as a key overhang. Quick take on the quarter: key metrics below. Highlights focus on growth, engagement, and profitability. 1) Rides GB grew 19% YoY at cc, matching last quarter and remaining brisk. Delivery GB rose 26% YoY at cc, with a 2ppt sequential acceleration despite a tough base (some brokers estimate the Trendyol delivery acquisition contributed 2–3ppts). Overall growth was strong. 2) The key driver was MAUs up 18% YoY this quarter, accelerating from 17% and beating Bloomberg consensus of &lt;15%. Drivers include Delivery expanding into non-food, Rides promotions and deeper penetration into lower-tier markets and products, and Robotaxi adding new users. 3) Margins were slightly below expectations this quarter. That said, segment margins still expanded YoY, with overall adj. EBITDA margin up &gt;40bps YoY and adj. EBITDA up 35% YoY. Not as good as hoped, but far from weak. All in, there is little to fault in this quarter's numbers. But just as investors fret about AI displacing software regardless of prints, the potential substitution risk from autonomous driving hangs over ridesharing. That overhang persists no matter how good a single quarter looks.$Uber Tech(UBER.US)

Feb 4 | Dolphin Research Focus: 🐬 Macro/Industry — Anthropic launched a productivity tool for in-house counsel, integrated into the Claude suite. It automates contract review, NDA triage, legal-brief drafting, and templated responses, and can be tailored to a company's risk appetite. The company emphasized it is assistive only and should be used after review by a licensed attorney.On the headline, legal software and data-service stocks plunged. Sentiment quickly spread to broader software names, triggering a market selloff...

New AI tools trigger software selloff; WeChat cracks down on Yuanbao violating links | Daily News Recap

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0203 | Dolphin Research Focus: Macro/Industry. In early trading, Hong Kong stocks plunged on unverified tax rumors about revising the High-Tech Enterprise qualification and raising tax rates for internet and gaming. Against the backdrop that VAT changes for the telecom sector have already taken effect, the chatter quickly spread.It triggered a broad selloff across HK tech, internet, and gaming. Valuations were hit in the short term, risk aversion spiked, and funds rotated to safety.Dolphin Research has issued a First Take on this. See 'China ADRs: Tax Hike Rumor — The rationale behind the false alarm'...

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WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

Tax-hike rumors rattled the market; Dongpeng Beverage's debut was 'lukewarm' | Daily News Recap

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TSLA at $1.5tn: priced for the future, or still undervalued as an AI crown jewel?

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From Cars to Dreams: Is AI TSLA at RMB 1.5tn overvalued?

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Can Robotaxis turn ride-hailing from a low-margin business into a cash cow?

EVe Mobility Acquisition

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Pro Ultra 7-10Yrs

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Robotaxi Empire: Can It Create the Next TSLA?

WeRide and Uber Launch Fully Autonomous Robotaxi Commercial Operations in Dubai

Uber Discloses Holding 5.82% Stake in WeRide Through Wholly-Owned Subsidiary

Uber Announces Acquisition of German Car Service Company Blacklane

Uber Expands Fuel Assistance Program to Combat Rising Gas Prices

Uber and Others to Launch Europe's First Commercial Robotaxi Service in Zagreb

Uber Plans to Acquire German Mobility Service Provider BlaBlaCar

Uber India Enhances Safety with AI and Launches 'Uber Youth' Service

Rivian Revises Financial Outlook and Partners with Uber on Autonomous Vehicles

Nvidia and Uber Plan to Launch Global Level 4 Autonomous Taxi Fleets in 2027

Uber and Rivian Collaborate on a 50,000-Robotaxi Deployment Amid Legal Controversy

Uber to Invest $1.25 Billion in RIVIAN for Robotaxi Partnership

Uber to Purchase 10,000 Autonomous R2 Taxis with Fleet Partners

Uber CTO Announces Significant Investment in AI Coding

Uber Pushes Legislation to Limit Accident Victim Claims

Uber to Invest 500 Million USD in Argentina

UBER Shares Surge 4.5% Following Partnership with NVIDIA

NVIDIA to Launch L4 Autonomous Robotaxis in Partnership with Uber

Uber and NVIDIA Collaboration to Advance Autonomous Driving Technology Commercialization

Nissan, Wayve, and Uber Plan to Launch Robotic Taxis Pilot in Tokyo

NVIDIA and Uber Plan to Launch Global Fleet of Fully Autonomous Vehicles in H1 2027

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