--- title: "Fed decision in focus tonight; POP MART runs a 'deep dip' playbook—can the rebound hold? | Daily News Recap" type: "Topics" locale: "en" url: "https://longbridge.com/en/dolphin/post/44588085.md" description: "1028 | Dolphin Research Focus: 🐬 Macro/Industry 1) An AI-led overnight rally lifted US stocks, with the Nasdaq up 1.18% and the Philadelphia Semiconductor Index +3.60%. The 10Y UST yield hovered near 4.99%, oil fell ~1.8%, and gold saw a V-shaped intraday swing.At 02:00 Beijing time tonight, the Fed will announce its rate decision. The street broadly expects a hold after the 25bps hike in Sep, with focus on the post-meeting remarks..." datetime: "2026-10-28T08:31:40.000Z" locales: - [en](https://longbridge.com/en/dolphin/post/44588085.md) - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/44588085.md) - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/44588085.md) author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)" generator: "portal-rs" --- # Fed decision in focus tonight; POP MART runs a 'deep dip' playbook—can the rebound hold? | Daily News Recap ## Oct 28 | **Dolphin Research Watchlist** ## 🐬 Macro/Industry **1.** An AI-led rally lifted U.S. stocks overnight, with the Nasdaq up 1.18% and the Philadelphia Semiconductor Index up 3.60%. The 10Y UST yield hovered near 4.99%, oil fell about 1.8%, and gold swung in a V-shape intraday. The Fed will announce its rate decision at 02:00 Beijing time, and the market broadly expects a hold after a 25bps hike in Sep. Investors await the post-meeting remarks, creating a short-term window for multiple expansion in tech, but higher-for-longer rates still cap growth stocks. **2.** Reports suggest Alibaba, Tencent and ByteDance are negotiating multi-year server DRAM LTAs with Samsung and SK Hynix, with some tenors extending to 2035. Global tech giants have already locked in substantial Korean capacity, and an estimated 70%-80% of 2025 DRAM output is covered by five-year contracts. The storage cycle’s focus has shifted from price games to capacity capture. ## 🐬 Stocks **1.**$NVIDIA(NVDA.US) Media reports indicate NVIDIA lowered the HBM4 bandwidth spec for its Rubin platform and moved from a planned 12‑high stack to an 8‑high mixed stack to ease HBM supply constraints. This spec reset reflects yield and capacity bottlenecks, broadens the pool of qualified suppliers and accelerates GPU shipments. It also stirs debate about the compute ceiling of next‑gen AI chips, tempering near-term expectations for elevated HBM premiums. **2.**$Meta Platforms(META.US) Meta’s $25bn common stock offering was ~5x oversubscribed, part of its $98bn AI financing plan, with proceeds earmarked for AI compute infrastructure and personal superintelligence R&D. Strong institutional demand underscores long-only confidence in Meta’s AI investments. However, the large equity raise introduces near-term dilution overhang on the stock. **3.**$Qualcomm(QCOM.US) Qualcomm will debut a 6G terminal prototype at the 9th CIIE, alongside AI PC and agent solutions. 6G remains in early tech validation with no near-term commercialization, and this debut is more a roadmap signal to solidify Qualcomm’s position in next‑gen standards. It supports longer-dated expectations for the communications value chain. **4.**$Apple(AAPL.US) Apple is rolling out new products this week, launching a 24‑inch iMac and an entry 14‑inch MacBook Pro powered by the M6 ahead of a touch-screen MacBook Pro. The 2nm M6 emphasizes on-device AI compute, and refreshing entry Macs helps stabilize core consumer electronics demand. The touch Mac is the cycle’s key innovation swing factor. **5.**$Nebius(NBIS.US) Nebius rose about 10% intraday after securing a $3.5bn Citi-guaranteed loan for data centers and GPU purchases, with Anthropic’s filing lifting broader compute sentiment. Musk had warned of a shakeout among AI cloud vendors, and this financing eases near-term liquidity stress. That said, the valuation is tightly tethered to the conversion of long-dated compute orders, keeping execution risk high. **6.**$XPeng(XPEV.US) XPeng announced small-batch mass production of a solid-state battery for the IRON humanoid robot, while the robot itself remains in pre‑SOP validation. The battery is optimized for humanoids with lightweighting and thermal runaway prevention, marking a key breakthrough in physical‑AI hardware. It signals a move from R&D to trial builds for XPeng’s robotics energy solution, with commercialization cadence the key watchpoint. **7.**$MEITUAN(03690.HK) Meituan filed with the HKEX to issue RMB 8bn in senior notes: RMB 4.5bn due 2031 at 2.5% and RMB 3.5bn due 2036 at 3.1%, mainly for offshore debt refinancing. Issuing longer-dated paper extends duration and replaces higher-coupon legacy debt, improving the liability mix. It highlights a low-cost funding window for HK platform companies. **8.**$POP MART(09992.HK) Pop Mart’s Q3 print bombed: overall revenue down 45%–50% YoY, with the Americas down as much as 75%, pointing to broad-based overseas pressure. Goldman Sachs, Citi, JP Morgan and Nomura all cut their TPs. Inventory peaked in May and has been easing, the lone bright spot, and stabilization in Q4 is critical. **9.**$Baidu(BIDU.US) BIDU’s Xiaodu Technology saw leadership changes: former CEO Li Ying departed and VP Ruan Yu took over, folding the Yijian team into Xiaodu and continuing to report to Shen Dou. The reshuffle signals a pivot toward intelligent applications and industry scenarios, reducing the standalone narrative weight of consumer hardware. It aligns with BIDU’s cloud‑plus‑intelligence strategy. **10\. Dolphin Research focus: earnings and calls** **SK Hynix:** '[Big cash returns, shortages prolonged! Is SK Hynix forcing a storage rally single‑handedly?](https://longbridge.cn/zh-CN/dolphin/post/44585164?channel=OWNN00030)', '[SK Hynix (Trans): Revenue tops KRW 100tn, KRW 100tn shareholder return for the year](https://longbridge.cn/zh-CN/dolphin/post/44580891?channel=OWNN00030)' **Seagate:** '[Seagate: Pricing is the only lever left. Has HAMR cost-down stalled?](https://longbridge.cn/zh-CN/dolphin/post/44585575?channel=OWNN00030)', '[Seagate (Trans): GPM hits a record 57.8%, capacity locked through 2028](https://longbridge.cn/zh-CN/dolphin/post/44579285?channel=OWNN00030)' **Coca‑Cola:** '[Coca‑Cola: Post‑World Cup, can the 'happy soda' keep coasting?](https://longbridge.cn/zh-CN/dolphin/post/44568909?channel=OWNN00030)', '[Coca‑Cola (Trans): Volume up 5%, guidance raised](https://longbridge.cn/zh-CN/dolphin/post/44572080?channel=OWNN00030)' **Pop Mart:** '[Pop Mart (Trans): Overseas stabilizing, back to a 'slow biz.'](https://longbridge.cn/zh-CN/dolphin/post/44568550?channel=OWNN00030)' ## 🐬 Top Gainers **A‑shares:** Oil & gas refining and marketing, telecom equipment, electronic components. **HK:** Insurance brokers, telecom equipment, semis. **U.S.:** Heavy electrical equipment, coal & consumable fuels, electronic equipment & services. ## 🐬 Watch Tomorrow 1) Earnings from Google, Microsoft, Geely and BYD, among others. 2) The 5th Plenary Session of the 20th CPC Central Committee convenes in Beijing from Oct 26 to 29. 3) The Fed’s FOMC announces its rate decision; Fed press conference to follow. Risk disclosure and disclaimer: [Dolphin Research Disclaimer and General Disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [KO.US](https://longbridge.com/en/quote/KO.US.md) - [STX.US](https://longbridge.com/en/quote/STX.US.md) - [QCOM.US](https://longbridge.com/en/quote/QCOM.US.md) - [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md) - [07709.HK](https://longbridge.com/en/quote/07709.HK.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [09868.HK](https://longbridge.com/en/quote/09868.HK.md) - [XPEV.US](https://longbridge.com/en/quote/XPEV.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**