NVDA quietly revises data, slashing its copper consumption forecast; Kuaishou to issue a three-tranche notes offering | Daily News Recap

0116 ｜Dolphin Research Focus:

🐬 Stocks

1、$NVIDIA(NVDA.US)

NVIDIA faced criticism over an error in a technical report on data center copper usage. It quietly revised the data, slashing the copper busbar requirement for a traditional 1‑GW rack from 500,000 tons to 200 tons, a drastic cut.The revision punctures the aggressive narrative that AI compute would trigger a copper supercycle, forcing a reset of supply-demand assumptions across the copper chain. Near term, it deflates the copper-price bubble and eases data center build-out cost pressure.

2、$KUAISHOU-W(01024.HK)

Kuaishou announced dual-currency senior notes: $600 mn due 2031 at 4.125%, $900 mn due 2036 at 4.750%, and RMB 3.5 bn due 2031 at 2.450%. Proceeds will be used for general corporate purposes.This is low-cost, long-dated financing to support its long-term plan. Funds may go to AI R&D and content ecosystem build-out, and could also leave room for buybacks or a special dividend.

3、$东鹏饮料(集团)股份有限公司(25052.HK)

Dongpeng Beverage, known as A-share's No.1 functional drink name, cleared its HKEX listing hearing, moving closer to an A+H dual listing. Proceeds are earmarked for overseas expansion and supply chain build-out, with its overseas business still in the early stage.Dolphin Research has covered it in depth. See:《东鹏：撕红牛、踢怪兽，国货 “续命水” 凭何成逆袭王？》、《东鹏饮料：特饮之后，“下个百亿密码” 路在何方？》

4、 Earnings & calls on our radar

TSMC coverage below.《台积电： AI 界 “真大佬”，谁会拒绝？》、《台积电（纪要）：年增百亿的资本开支，是与下游沟通后的决定》

🐬 Top gainers by sector

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

HK: system software, computer & electronics retailers, roads - freight；

US: semiconductor materials & equipment, electronic components, independent power and renewable IPPs.

🐬 Watch next Mon

1、China retail sales YoY, industrial value-added (above-scale) YoY, GDP annual rate, full-year GDP size, and full-year GDP growth.

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