TSM Feb revenue down MoM; Alibaba Qwen management reshuffle finalized | Daily News Recap ---

0310 | Dolphin Research: Key Focus

🐬 Macro / Sector

1. On Mar 9 (local time), Trump said U.S. military action against Iran will end 'soon' but not this week, adding that some oil-related sanctions will be eased to cap prices while warning of stronger strikes if Iran blocks the strait. The remarks helped calm energy and financial markets and tempered expectations for a near-term spike in oil. However, the conflict continues and Iran has responded firmly, so geopolitical risk remains elevated. Expect recurring volatility in oil and global risk assets, and watch subsequent military moves and strait navigation closely.

🐬 Stocks

1.$Taiwan Semiconductor(TSM.US)

TSMC reported Feb sales of NT$317.657bn, up 22.2% YoY and down MoM. Aggregate Jan–Feb revenue rose nearly 30% YoY, with AI chip demand continuing to support results. The strong YoY growth underscores the resilience of the AI compute cycle, while the MoM dip is seasonal. Ongoing strength reflects full order books for advanced nodes and AI chips, a positive for the semi supply chain and a capacity backstop for Nvidia and other AI vendors.

2.$NVIDIA(NVDA.US)

Nvidia plans to launch the open-source 'NemoClaw' AI agent platform to rival OpenClaw, designed to be hardware-agnostic and help enterprises rapidly deploy autonomous AI agents, with release expected around GTC. Big Tech entry should accelerate AI agent adoption, further igniting interest in the 'Claw' ecosystem and lifting compute demand.

3.$BABA-W(09988.HK)

Qwen leadership changes are set: Alibaba Cloud CTO Jingren Zhou will serve as interim head of the Qwen model. Liu Dayiheng will lead pre-training and also take over post-training and the Coding team, improving R&D coordination. This should cushion near-term personnel volatility. Longer term, the focus is on whether iteration can speed up and open-source competitiveness can be maintained.

4. Dolphin Research on earnings and call transcripts

CATL: 'Capacity maxed out! Back in the AI infra era', 'CATL (4Q25 Trans): Optimistic on steady unit net profit into 2026'

Nio reports tonight. Dolphin Research will track and publish an analysis.

🐬 Top Gainers

Onshore A-shares: leaders included communication equipment, electronic components, and kitchen appliances. Kitchen appliances also outperformed.

HK: leaders included system software, IT consulting, and communication equipment. Communication equipment was among the top movers.

U.S.: leaders included heavy electrical equipment, semiconductor materials & equipment, and coal & consumable fuels. Semiconductor equipment names were notable.

🐬 Watch for Tomorrow

1. Oracle is set to report. Earnings on deck.

Risk disclosure and statement for this piece: Dolphin Research Disclaimer and General Disclosure.