0326 | Dolphin Focus

🐬 Macro / Sector

1. Data show US import prices rose 1.3% MoM in Feb, vs. the 0.5% consensus, the biggest gain since 2022. The increase was driven by higher fuel and rising import costs for AI-related semis and computers. This points to a renewed pickup in imported inflation, with higher input costs likely to pass through to end demand. Fed Governor Barr said rates will stay on hold until inflation is clearly moving back to 2%.

🐬 Stocks

1.$Alphabet(GOOGL.US) $Alphabet - C(GOOG.US)

Google's research team released the TurboQuant memory compression algorithm to optimize KV cache for LLMs. It cuts memory usage by 6x and boosts performance by 8x with no loss in accuracy. Memory bandwidth and capacity remain the key bottlenecks for edge AI such as AI phones and AI PCs. This move lowers the hardware bar for enterprise LLM deployment and speeds up inference, and US memory stocks saw notable volatility after the announcement.

2. SpaceX

Market chatter suggests Elon Musk's SpaceX may file its prospectus as soon as this week, targeting a Jun listing. The IPO is expected to raise over $75bn, far above prior expectations, and could be the largest in US history. The massive fundraising would further cement its leadership in commercial space and unlock demand across the global aerospace supply chain.

3.$Meta Platforms(META.US) $Alphabet(GOOGL.US)

A US jury found Meta and Google liable and ordered damages to a 20-year-old woman who alleged addiction to their social platforms led to a mental health crisis. Historically, Section 230 has shielded platforms from third-party content claims, but this ruling targets the platforms' own algorithm design. This poses a potential long-term compliance risk for algorithm-driven retention at Meta and Google. If such lawsuits scale, platforms may be forced to reduce algorithmic stickiness, weighing on time spent and ad monetization efficiency.

4.$Arm(ARM.US)

ARM announced new in-house CPUs for data centers and secured orders from social media giant Meta. The stock jumped over 16%, lifting peers like Nvidia and Marvell. This is a major challenge to the traditional x86 architecture from Intel and AMD. Meta's backing validates ARM's advantages in AI model inference and data center energy efficiency, and as cloud vendors roll out in-house chips, ARM's ownership of core IP gives it strong pricing power in a reshaping downstream demand chain.

5. Dolphin earnings and calls to watch

PDD: 'https://longbridge.cn/zh-CN/topics/39520874?channel=WHAB0001'、'https://longbridge.cn/zh-CN/topics/39523628?channel=WHAB0001'

Kuaishou: 'https://longbridge.cn/zh-CN/topics/39514083?channel=WHAB0001'、'https://longbridge.cn/zh-CN/topics/39520890?channel=WHAB0001'

Pop Mart: 'https://longbridge.cn/zh-CN/topics/39517772?channel=WHAB0001'、'https://longbridge.cn/zh-CN/topics/39508834?channel=WHAB0001'

Meituan and China Mobile posted results.

🐬 Top Gainers

A-shares: Tobacco, security & alarm services, rail - freight & passenger.

HK: Residential construction, O&G E&P, security & alarm services.

US: Marine ports - operators, airports - operators, silver.

🐬 Watchlist for Tomorrow

1. BYD, Meitu, and XD Inc. to report earnings.

2. US Mar final 1-yr inflation expectations. Risk disclosure and statement: Dolphin Research Disclaimer and General Disclosure