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$Alibaba(BABA.US)reports its June quarter — FY2027 Q1 — before the US open on Thursday, 20 August, landing around 19:30 SGT.If you follow China tech, this is the one you have been waiting for. The who...
$KUAISHOU-W(01024.HK) Q2 results were muted. While the print was broadly in line, core segments disappointed with ads missing. The numbers alone are unlikely to lift a valuation that has been under pressure.
The key is management's outlook for Keling's growth. This is especially important amid intensifying competition in video models, with peers rolling out new models that could add pressure.1) Keling delivered high growth as expected, but the sustainability of the next leg remains to be confirmed. Q2 Keling revenue was over RMB 850 mn (+30% QoQ), slightly above the ~RMB 840 mn guide provided after the Q1 print...Aug 19 | Dolphin Research Focus: 🐬 Macro/Industry
1) Market chatter suggests China may ease import curbs on Nvidia H200 chips, lifting sentiment across compute plays. If enacted, the policy would ease the domestic compute crunch, enabling cloud vendors and LLM developers to scale, and would be positive for Nvidia's China shipments. For now it's only market chatter with no official documentation, so expectations may miss; watch for the final rules and quota sizes.2) The Zhuque-3 Y2 launch vehicle ignited at the Dongfeng Commercial Space Innovation Test Zone. It then lifted off...$Alibaba(BABA.US)reports its June quarter — FY2027 Q1 — before the US open on Thursday, 20 August, landing around 19:30 SGT.If you follow China tech, this is the one you have been waiting for. The who...
Watching $Tesla(TSLA.US) bulls on X is like watching a table of college students at a bar whooping it up as they down Tequila shots. As my wife observing them recently said to me: “They think they’re doing something.”
And so it is with $Tesla(TSLA.US) bulls. Despite no evidence the new Cybercab can drive itself flawlessly without safety monitors, bulls are again whooping it up as if TSLA has alone solved for unsupervised autonomy and the Cybercab now drives itself at 99.999% efficacy (1 critical disengagement per 10,000 miles). I fully believe TSLA will be one of the first to solve for generalized (go anywhere) unsupervised autonomy, but so will others ($Alphabet - C(GOOG.US), $Baidu(BIDU.US), $Amazon(AMZN.US), $WeRide(WRD.US), $NVIDIA(NVDA.US)).As anyone with an X account can clearly see from the videos where autonomous Teslas still require supervision and disengagement, until @elonmusk puts on the road Cybercabs without safety monitors and scales it to cities not already mapped out TSLA stock will remain moribund as it has been for the past five years ($Tesla(TSLA.US) +51%, NDX +98%) despite bulls cheering it on every chance they get.Key Takeaways from Baidu’s Q2 2026 Earnings Call
However, the ad biz is being dragged by the AI search overhaul and the company's deliberate restraint on monetization. It is likely to remain under pressure in 2H.
The company is focusing resources on three pillars: iterating Kunlun Chip M100/M300 and restoring ERNIE to the first tier. It also plans to take Apollo Go overseas.
$Baidu(BIDU.US) Q2 results remained a mixed bag. Overall, performance was underwhelming.
Dolphin Research has repeatedly argued that BIDU offers only range‑trading setups this year, with catalysts tied to the planned IPOs of Rutong and Kunlun Chip, both expected within the year. Details at the end. Since the start of this year, BIDU has adopted a new disclosure framework, splitting results into 'AI' and 'legacy' businesses...BIDU 2Q26 First Take: results were a tale of two halves, and overall underwhelmed.
Dolphin Research has long argued BIDU is a trading-range story this year. Catalysts are Stock Connect inclusion and the Kunlun Chip IPO (both targeted within the year), with updates to watch on the earnings call.1) Legacy ads show no turn yet: traditional advertising fell 19% YoY, a drag on the group.
While slightly better than expected, the QoQ downtrend has not eased meaningfully. Momentum remains weak.2) AI growth cooled: overall AI revenue growth slowed to 27% YoY.
AI apps and AI-native marketing have yet to see a clear rebound, though management guided last quarter for continued improvement in H2. AI cloud infrastructure revenue was RMB 7.3bn, with YoY growth slowing to 50%.Only the GPU cloud that sells raw compute kept strong traction, up 283% YoY, effectively stepping on the gas vs. Q1.
Other sub-segments were likely flat to down, potentially affected by private-cloud delivery timing. The Street has cut fresh estimates, now below the BBG figures shown in the chart.Taken together, AI performance mostly confirms capacity is tight in compute.
But BIDU’s LLM and agent offerings face heavy competition and lack a clear edge.3) Profit improved, but new spend is coming: Q2 beat on the bottom line.
Higher compute pricing and tight opex control (notably sales and G&A) helped, and the YoY decline narrowed visibly. Margins benefited from mix and discipline.However, BIDU is still reshaping its AI org and hiring, notably changing leadership on the base LLM.
Capex more than doubled and beat expectations, reaching RMB 11.4bn in the quarter (45% of revenue), and may reflect procurement bunching and forward build-out. This underscores commitment to model development, and we expect higher personnel and R&D spend in H2, so the pace of profit recovery may need to be tempered.4) Buybacks slowed: BIDU repurchased $90mn in Q2, down from $170mn in Q1.
Under the 3-year $5bn plan, H1 buybacks totaled $260mn, implying sluggish execution. Management typically adjusts pace with market cap swings, and the recent selloff could present a good window post-blackout.Net cash reserves are sufficient to sustain the original buyback plan.
But the sharp Q2 Capex step-up suggests a balance between investment and repurchase. For more, follow Dolphin Research’s follow-up take and Trans. $Baidu(BIDU.US) $BIDU-SW(09888.HK)
$BIDU-SW(09888.HK)
Baidu’s Q2 results show a company undergoing a major transformation.
AI-powered Business revenue grew 25% YoY and now represents 50% of Baidu General Business. The standout was AI Cloud, up 50% and GPU Cloud surged 283% YoY.
Traditional online marketing revenue fell 19%, AI Applications grew only 3% and free cash flow was negative as Baidu invested heavily in AI infrastructure.
The positive?
Baidu still has RMB283.1bn in cash and investments, a huge user ecosystem and growing global ambitions for Apollo Go.
So is Baidu a declining search company or an undervalued AI company in transition?🤔
The numbers suggest the answer is still being written.
👉 Refer to the infographic for the key metrics, opportunities and risks behind Baidu’s Q2 2026 results.
Not financial advice. Please do your own DD. Cheers Bai Du 🚀
0818 | Dolphin Research Focus: 🐬 Macro/Industry
1) The 30Y UST yield climbed to 5.32%, the highest since 2007, with the 10Y nearing 5%. The breakdown in U.S.-Iran talks fueled a 3-day oil rally, while global stocks and bonds weakened in tandem and Japan fell over 2%.Large fiscal deficits, oil-driven inflation, and heavy AI infra issuance are pushing up the long end. Equity multiples and risk appetite are under pressure.Higher long-end yields compress valuations for long-duration tech growth. Geopolitics are supporting oil and reinforcing sticky inflation, leaving risk assets under near-term pressure. Financing demand for compute and AI infrastructure continues to ramp...$BIDU-SW(09888.HK)
Baidu Earnings Today: Deeply Discounted or Facing an AI Make Or Break Moment?
All eyes are on Baidu ahead of its Q2 earnings release later today after HK market close. The stock has been heavily depressed, trading at just 1.9× PS, far below the 4.3× average of its peers.
The main reason is its core advertising business that is shrinking, as more users turn to AI chatbots instead of traditional search.
Option markets are pricing in high volatility because investors are waiting to see if AI infrastructure growth (projected up 51%) can offset the 22% drop in ad revenue.
Even as its legacy business struggles, big-name institutional investors like David Tepper have boosted their stakes, betting on Baidu’s pivot from search giant to AI and cloud leader. 🚀
Not financial advice. Do your own DD☺️.
Today marks earnings day for Xiaomi (1810), Baidu (9888) and Fuyao Glass (3606).
I am watching these stocks closely, as I have keen interest in them.
Xiaomi and Baidu are two of China’s biggest tech giants while Fuyao Glass is a leading supplier of automotive glass for electric vehicles.
In addition, yesterday 30 years US treasury hit highest level since 2007, 5.311% on inflation fears. Investors should be aware that 30-year yield is not just a bond number it is the global discount rate. Do watch it closely, especially for tech, growth, and REITs. they’re the most sensitive to moves in long-term rates.
FYI, latest news from CNA, Investors price 30% chance of Fed increase interest rates.
Happy trading to everyone.😁
Chips rallied hard against a falling US market Monday: SanDisk, Western Digital, and Micron all jumped after Elon Musk called memory the binding constraint on AI, even as the S&P 500, Nasdaq, and Dow ...
This week is packed with major market catalysts, from China’s activity data and the World Robot Conference to Reddit joining the S&P 500 and earnings from Home Depot, Xiaomi, Baidu, Lowe’s, Target, Walmart and Alibaba. I’m especially watching consumer demand, China’s tech outlook, FOMC minutes, and whether these events trigger meaningful volatility across U.S., Hong Kong, and mainland markets.
Nvidia is scaling back a massive AI bet: the Wall Street Journal reported the chipmaker is cutting its financing guarantee for OpenAI's Ohio data center from $250B to under $120B, even as it disclosed...
0813 | Dolphin Research Focus: 🐬 Macro/Industry. 1) US Jul CPI rose 3.4% YoY vs. 3.5% prior, with core CPI at 2.5% YoY vs. 2.6%. MoM prints were in line with consensus, and shelter remained the primary driver of inflation.
Inflation cooled modestly, trimming the market-implied odds of a Sep hike and pulling UST yields lower. However, with core inflation still well above the 2% target, the Fed’s tightening bias remains, and near-term valuation pressure on growth stocks eased only at the margin.2) MSCI released its quarterly index review for Aug 2026. Results...Inventec, the AI server maker, said July sales rose 65.75 year-on-year to NT$90.2 billion (US$2.8B), its 2nd best level ever, media report, and management said its server business will see strong double-digit % growth in the 3rd quarter over the 2nd. $Alibaba(BABA.US) $Baidu(BIDU.US) $Tencent(TCEHY.US) #AIservers
Source: Dan Nystedt
0724 | Dolphin Research Focus: 🐬 Macro/Industry 1) At 00:01 ET Fri (12:00 BJT on Jul 24), the U.S. rolled out a new import tariff schedule with rates of 10%–12.5% across ~60 economies, replacing the expiring global temporary tariffs. Based on Section 301, rates vary by economy, with exemptions for food, fuel, and certain industrial goods. Heightened unilateral trade barriers could exacerbate global trade frictions, weigh on profit expectations for export-oriented manufacturing supply chains, and near term dampen market risk appetite...
0717 | Dolphin Focus: Daily News Recap | Dolphin Research 🐬 Macro/Industry 1: APAC equities weakened across the board by midday, marking the worst showing in months as heavy selling in AI and semis triggered outflows. Japan and Taiwan led declines, with TSM's results falling short of lofty expectations and dragging the broader chip supply chain lower.
A-shares fell for a third straight session, the STAR 50 is tracking for its worst week on record, and chip names corrected early after stretched valuations. Hong Kong stocks weakened in tandem...
📈 Covered Call Case Study – KWEB China Internet ETFDisclaimer: This article is for educational purposes only and is not financial advice. Options involve risk and may not be suitable for all investors...
Hahayhahaah$LionGlobal Korea USD(SG9999002364.FD)
Jun 29 | Dolphin Research Focus: 🐬 Macro/Industry
1) Per U.S. officials, the U.S. and Iran agreed to pause reciprocal strikes, with talks to resume on 6/30 in Doha, Qatar, shifting the focus from the nuclear file to safe passage through the Strait of Hormuz. The session originally slated for Switzerland was relocated amid an escalation.Recent attacks on merchant shipping in the strait had pushed up oil prices and inflation expectations. The current pause should ease the geopolitical risk premium near term, a positive for global growth stocks.That said, core disputes over the nuclear issue and U.S. troop deployments in the Middle East remain unresolved, leaving any truce fragile. If the Doha talks reach a transit consensus, the energy sector likely stays under pressure while consumer and tech valuation recovery continues; if talks break down...Jun 29 | Dolphin Research Focus: 🐬 Macro/Industry
1) Per U.S. officials, the U.S. and Iran agreed to pause reciprocal strikes, with talks to resume on 6/30 in Doha, Qatar, shifting the focus from the nuclear file to safe passage through the Strait of Hormuz. The session originally slated for Switzerland was relocated amid an escalation.Recent attacks on merchant shipping in the strait had pushed up oil prices and inflation expectations. The current pause should ease the geopolitical risk premium near term, a positive for global growth stocks.That said, core disputes over the nuclear issue and U.S. troop deployments in the Middle East remain unresolved, leaving any truce fragile. If the Doha talks reach a transit consensus, the energy sector likely stays under pressure while consumer and tech valuation recovery continues; if talks break down...