0625 ｜Dolphin Focus:

🐬 Stocks

1.$Qualcomm(QCOM.US)

Qualcomm unveiled the Dragonfly C1000 CPU and AI300 accelerators, targeting mass production in 2028, and secured multi-year orders from several cloud majors including Meta, with 2027 data center revenue guided to $5bn. It is inevitably moving into NVDA’s turf, with power efficiency as the key differentiator — CEO Cristiano Amon stressed that cloud bottlenecks are shifting from chip cost to power delivery, a sweet spot honed over 20 years in mobile SoCs. Meta’s willingness to lock in multi-gen orders through 2028 suggests it is cultivating Qualcomm as a true second source. But the C1000 timeline is late, leaving Qualcomm with limited exposure to the Blackwell→Rubin cycle in between; watch HBC Gen2’s actual share erosion vs. NVDA’s L20/L40 in inference. See our 2026 Investor Day Trans: ‘Qualcomm (Trans): From a chip company to a platform solutions company’.

2.$NVIDIA(NVDA.US)

At NVIDIA’s annual shareholder meeting on Jun 24 (ET), Jensen Huang set the tone: AI is entering the production phase and data centers are becoming ‘token factories’, Vera Rubin is fully in production, and ‘physical AI’ is the next trillion-dollar wave. The board authorized an $80bn buyback, with a commitment to return 50%+ of FCF to shareholders. The most informative update was Vera CPU commercialization — every major model builder/cloud is preparing to build on Vera, deepening the full-stack moat. However, the stock needs catalysts for a re-rate; the market is likely waiting for Q2 Blackwell ramp to lift GPM back to 75%+.

3.$Amazon(AMZN.US)

Amazon’s Zoox unveiled a refreshed ‘toaster’ Robotaxi, with the Hayward plant set for 10k units annual capacity; Las Vegas + San Francisco free pilot rides have reached a cumulative 500k, and it is awaiting NHTSA approval for 2,500 vehicles to commercialize. Six years in the making (acquired in 2020 for $1.3bn), Zoox’s positioning is later than Waymo but ahead of Tesla’s Cybercab. The biggest swing factor is the NHTSA 2,500-vehicle exemption — the public comment period closed in early Apr and review continues; if approved by Q3 2026, Zoox could seize the ‘no steering wheel’ narrative before Tesla scales. Limited P&L elasticity for AMZN near term, but the Robotaxi space (Waymo/Tesla/Zoox paths) is just beginning to form valuation anchors.

4.$XL2CSOPHYNIX(07709.HK)

SK hynix announced a >$29.6bn US listing plan, aiming to debut on Nasdaq via ADRs on Jul 10, potentially ranking among the top-3 IPOs in history; Korea shares jumped 12% on the 25th morning, lifting KOSPI above 8,900 and triggering a circuit breaker. Proceeds will fund EUV purchases and HBM capacity expansion, with ADR pricing likely at a 5–10% premium vs. Seoul. A-share proxies map most directly to HBM packaging and materials, but after ADR listing, Seoul could see ‘sell-the-news’ pullback — the 25th circuit breaker looks like a sentiment peak signal.

Dolphin earnings and calls to watch:

Micron: ‘Micron: On a tear — from ‘winter cycle’ to ‘super growth’?’, ‘Micron (Trans): Tight supply to persist beyond 2027’

Trip.com: ‘Before the regulatory hammer falls, is there one last drop for Trip.com?’, ‘Trip.com (Trans): Target a 10x increase in inbound tourists served within 5 years’

🐬 Top Gainers by Sector

A-shares: exchanges & data, airlines – passenger, P&C insurance.

HK: packaging, system software, communications equipment.

US: cookware, tires & rubber, homebuilders.

🐬 Watch Tomorrow

1. US Jun 1-yr inflation expectations (final).

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure