ASML posts strong Q2; Tencent Yuanbao links to JD shopping | Daily News Recap

0715 ｜Dolphin Focus:

🐬 Stocks

1.$TENCENT(00700.HK)

Tencent released Hy3 1-bit and 4-bit quantized versions. The original 295B model weights are nearly 600GB, compressed to 85.5GiB at 1-bit, allowing local inference on a single 96GB pro card, while the 4-bit version delivers accuracy close to the full model for enterprise offline inference. Historically, large MoE models required multi-GPU clusters, so this quantization meaningfully lowers hardware barriers for smaller developers and strengthens Tencent's on-device and private deployment capabilities.It fills the lightweight gap in model commercialization and broadens enterprise coverage across industries.

2.$ASML(ASML.US)

ASML reported Q2 net revenue of €9.326bn, well above consensus, with GPM at 54% also beating estimates. The company raised FY revenue guidance to €43–45bn and GPM to 54%–56%, with Q3 revenue guided at €11–12bn. Strength is driven by AI advanced nodes and robust memory equipment orders, with high-end EUV shipments scaling.The print confirms a global semi capacity expansion upcycle, positive for the wafer fab equipment supply chain and reinforcing upward capex expectations. Dolphin Research will publish a detailed take shortly.

3.$DeepSeek(DPSK.NA)

Per foreign media, DeepSeek is engaging new investors to prepare a fresh round less than a month after closing its first large financing, lifting the pre-money valuation to $71bn. Proceeds will mainly fund proprietary compute data centers and iterations of agent models. The first round already brought in Tencent, CATL, and the National AI Big Fund.Continued inflows reflect primary-market recognition of the long-term value of domestic foundation models, with compute infrastructure build-out accelerating.

4.$TENCENT(00700.HK) $JD.com(JD.US)

Tencent announced its AI assistant Yuanbao has integrated with JD's AI Agent ecosystem, enabling users to pull product cards in-chat and jump to mini programs to order, covering full-category retail. It is also in grayscale rollout with Meituan's AI assistant for food delivery and in-store local services. This shifts AI from a Q&A tool to a transaction entry point, linking two high-frequency consumption scenes: e-commerce and local services.It enriches commercialization pathways for Tencent's agents and, leveraging JD and Meituan supply chains, completes the service loop to explore new AI traffic monetization.

5.$Alphabet(GOOGL.US)

Google said Tuesday it signed a partnership with Cypress Creek Energy to build the Steel River Energy Center in Arkansas. The project totals 2.5GW solar + 2.9GWh storage, with full operation in 2029, and Google will procure all clean power from phase one. Storage batteries will be supplied by LG Energy Solution's North America plant, with PV modules sourced domestically, addressing surging AI data center electricity demand.Large-scale solar+storage deployments show Big Tech ramping up green power, supportive for long-term demand across storage and PV equipment supply chains.

🐬 Top Gainers

A-shares: tobacco, consumer retailers, water & soft drinks led. These sectors outperformed.

HK: system software, packaging, biotech led. These were the main gainers.

US: textiles, forest products, drug retailers led. Leadership concentrated here.

🐬 Watch Tomorrow

TSMC to report earnings. Key event to watch.

US Jul Philly Fed Manufacturing Index; US Jun retail sales MoM. Macro prints in focus.

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