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Rumors and media chatter had been building for weeks, including reports that Jensen Huang sparred with White House conservatives and warned that H200 sales to China might still be blocked. President Trump nevertheless announced that the U.S. Gov. will allow Nvidia to sell H200 chips to China.Nvidia's peers may also sell chips with H200-class specs to Chinese customers. The permission covers H200-class products only.The latest Blackwell architecture and the next-gen Rubin are not on the list. The U.S. Gov. will impose a 25% levy on each sale. As for Nvidia in Q4...

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GraniteShares 2x Long NVDA Daily ETF

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H200 Greenlight: The Breakout Catalyst on NVDA's Path to $6tn?

Today’s Key News Recap

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1202 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. DeepSeek simultaneously launched two official versions of AI models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale. The former's inference capability is close to GPT-5, with tool invocation reaching the top level of open-source models; the latter won four international competition gold medals, specializing in complex tasks. The models introduce the DSA sparse attention mechanism, significantly reducing inference costs. The dual-model strategy precisely covers different needs, and technological breakthroughs narrow the gap between open-source and closed-source models...

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Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | Today's Important News Recap

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These days, it's rare to see trillion-dollar giants fluctuating by 10% or 20% in a single day, but Meta is an exception. It took Meta just one quarter to fall from grace. After the Q3 earnings report, investors' panic seemed to have just been digested. Recently, with the expectation of interest rate cuts rising, $Meta Platforms(META.US) has rebounded 10% from the bottom. In terms of narrative, first, Meta has the most extensive application scenarios, and the AI investment process will be accompanied by accelerated revenue, the &#34;AI darling&#34; narrative; then came the Q3 combination of increased investment and slowed revenue growth guidance...

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"AI Darling" Quickly Becomes a "Spendthrift", Can Meta Make a Comeback?

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1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

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Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

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$Alibaba(BABA.US) released its Q2 FY2026 results during US pre-market trading on 25 November. The two key market concerns this quarter centred on investments driven by its food delivery business and the growth trajectory of its cloud operations: Regarding the former, food delivery losses this quarter are estimated at approximately ¥36 billion, falling within the lower end of the company's prior guidance range. Meanwhile, cloud services revenue growth accelerated beyond expectations to 34.5%, with profit margins remaining stable year-on-year – outperforming already robust projections. Bloomberg's consensus estimates were not updated in time for this quarter, rendering them of limited reference value...

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AI shapes the soul, consumption shapes the roots, has Alibaba finally stood up?

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$NTES-S(09999.HK) $NetEase(NTES.US) released its Q3 2025 financial report for the Hong Kong stock market after hours on November 20th, Beijing time. Similar to Q2, it was another miss under full expectations. Considering that some institutions mentioned the risk of overly high expectations at the beginning of the month, some funds may have taken precautions. In the current emotional environment, the market is certainly dissatisfied with this performance. However, considering that the stock price has been adjusted for a long time, it may improve due to the resilience of the gaming sector and the expected improvement in the pipeline next year...

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NetEase: The Last Kneel Before the 'Pig Cycle'?

Kuaishou

Conference Minutes

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The following is the content of the 3Q25 earnings call minutes for $KUAISHOU-W(01024.HK) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Kuaishou: Saying Goodbye to 'Rustic' Valuation, Still Relying on KOLs.&#34; 1. Review of Core Financial Information: Total revenue for the third quarter increased by 14.2% year-on-year to RMB 35.6 billion, with core commercial business (online marketing services and other services, mainly e-commerce) revenue growing by 19.2% year-on-year. Driven by stable revenue performance, operating profit increased by 69.9% year-on-year to RMB 5.3 billion...

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Kuaishou (Minutes): Impact of Competition? Kuaishou's short-term growth may slow down more than expected.

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以下为海豚君整理的 $Baidu(BIDU.US) 2025 财年第三季度财报电话会议纪要， $BIDU-SW(09888.HK) 财报解读请移步《 百度，猛贴 AI 讲故事，真能救活自己吗？》一、财报核心信息回顾 1. $BIDU-SWR(89888.HK) AI 收入占比已达 40%：三季度，直接与 AI 相关的收入实现近 100 亿，这已达到总营收的 40%...

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Baidu (Minutes): AI native marketing is the future second curve

$Baidu(BIDU.US) released its Q3 results after Hong Kong market hours on 18 November 2025. Overall, the performance met expectations. The detailed disclosure of AI revenue demonstrates the company's eagerness to shed its traditional label and fully embrace its new AI narrative. Specifically (focusing solely on Baidu's core operations): 1. AI revenue contribution reaches 40%: During Q3, revenue directly attributable to AI activities amounted to nearly RMB10 billion, constituting 40% of total revenue...

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Can the new Baidu, aspiring to AI, successfully shed its old advertising label?

Baidu 3Q25 Quick Interpretation: Third-quarter results basically met guidance and market expectations. This earnings report provides detailed disclosure of AI revenue, aiming to shift market focus from weak advertising to new growth point AI. In the previous preview, the company mentioned spin-off financing, increasing shareholder returns, and future dual listing and inclusion plans, which were not mentioned in the earnings report. The conference call can be watched for any incremental information. 1. AI revenue contribution accounts for 40%. Baidu's AI revenue is divided into three categories: AI cloud infrastructure, AI applications, and AI native marketing services. Specifically: (1) AI cloud infrastructure 4.3 billion, year-on-year growth rate of 33%, mainly including API, large models, and GPU leasing, with GPU leasing subscription growth rate of 128%, compared to only 50% last quarter. On one hand, it reflects the acceleration of AI empowerment in the industry. On the other hand, combined with Tencent's earnings report mentioning that some computing power comes from external leasing, it is not ruled out that the leading giants who previously supplied their own computing power also contributed to the demand this quarter. The overall smart cloud revenue announced in the conference call, Dolphin Research estimates a growth rate of about 25% (approximately 6.1 billion), which means that the vast majority of revenue is related to AI demand. (2) AI applications 2.6 billion, year-on-year growth rate of 6%, mainly including Baidu Library, Baidu Netdisk, digital employees, etc. Although it also belongs to AI+, the growth rate is relatively low. Dolphin Research estimates it is mainly due to Baidu Netdisk (promotional discounts this quarter) and other miscellaneous items dragging down. Meanwhile, competition also has an impact, with Quark and WeChat Netdisk recently enhancing functions or services. (3) AI native marketing services 2.8 billion, year-on-year growth rate of 262%, mainly including Agent and digital humans, with digital humans already reaching 500 million in revenue last quarter. Agent is the intelligent entity for merchants, and this part of the revenue has been positioned by the company as the second growth curve of marketing services business. 2. User loss, advertising pressure remains high. Q3 overall marketing revenue declined by 18%, slightly better than guidance. However, excluding the AI part, the implied traditional advertising part declined by 27% year-on-year. The company mainly attributes it to the impact of AI-generated content, with 70% of mobile search results containing AI-generated content in the third quarter. But this level of decline, Dolphin Research believes, still cannot exclude the factor of traffic migration to peer ecosystems, including other in-app searches and AI native applications. In the third quarter, Baidu's mobile app MAU decreased by 27 million users quarter-on-quarter, and the product experience improvement effect after AI integration search weakened, reflecting some signs of migration. 3. Other income highlights are mainly Roborun, with order volume accelerating this quarter as internationalization progresses. Overall non-marketing business growth rate of 21% meets market expectations (BBG expectations lagging behind in the chart below). 4. Profit margin significantly declined: Due to multiple factors, Baidu's core operating profit margin fell to 5% in the third quarter. 1) Changes in business structure: With AI revenue recognition, related costs bring significant increments. Currently, the profit margin level of AI business is obviously not comparable to mature advertising business. In the third quarter, Baidu made a one-time impairment of servers and other basic equipment to be eliminated (about 16 billion), and the cost pressure caused by server depreciation in the short term is expected to be partially alleviated in the future. 2) Increase in marketing expenses: The weakening of profit margin in the third quarter is also related to the increase in marketing promotion, which should mainly be related to AI business, including the expansion of cloud service sales teams and the promotion of AI native applications. 5. Capital expenditure slightly expanded: Baidu's capital expenditure in the third quarter was 3.4 billion, year-on-year growth rate of 106%, which can echo the aforementioned action of eliminating traditional servers. With the old ones eliminated, new server-related expenditures also need to increase. Additionally, considering Baidu also has Kunlun chip business, the expansion of capital expenditure may not be external GPU procurement, but possibly related to the procurement of supporting facilities for Kunlun chip. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

Tencent's Tanyuan Project upgrades to focus on 'AI Archaeology' and 'Activation for Utilization'

Driven by AI boom, Asian investors actively purchase structured products linked to Tencent

Hong Kong tech stocks broadly suffer setbacks on December 15, with Tencent's stock price falling over 1.5%

Tencent Holdings submitted a Next Day Disclosure Report on share repurchases

Multiple companies repurchased their stocks on December 12, 2025

Southbound Stock Connect Investors Net Sold HKD 504 Million of Tencent Holdings Shares on December 12

Tencent's Hands-On Global Games Strategy Drives $10B Revenue

Kaitai Capital Securities releases a research report, believing that the approval of Nvidia's H200 chip for export to China will benefit companies like Tencent

Tencent reportedly poaches talent from ByteDance to strengthen its AI team

Tencent's 'Teamfight Tactics' apologizes and offers compensation to players for an error in event rules

Tencent withdraws from financing Paramount's acquisition of Warner Bros. Discovery to avoid US national security review

Market analysis indicates Tencent's strategy in the short-drama market is relatively conservative

Bambu Lab's 'Print You' figure generator goes online, integrating with Tencent's Hunyuan 3D large model

Tencent-Invested Games Shine at The Game Awards (TGA) 2025

After a service disruption on WeChat, the Tencent team apologized and announced that services have been restored

Tencent Yuanbao and Tencent Meeting awarded Microsoft Store's Best Apps of 2025

Tencent's 'Tarisland' announces shutdown of its national server in China

Southbound funds record net outflow for the week, with holdings in Tencent reduced.

Tencent Holdings repurchased 1.044 million shares for HKD636 million

Tencent repurchased 1 million shares on December 12

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