SpaceX and TSLA speed up a historic tie-up; GOOGL's Gemini 4 Hydrogen enters the AI efficiency race | Daily News Recap

1113 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. Trump said the U.S. controls Iran's hundreds of billions in funds and holds leverage over the Strait of Hormuz, so no deal is needed. Iranian hardliners warned that if U.S. strikes continue, its European bases will be targeted. Brent rose and gold broke below $3,900; the geopolitical premium snapped back, energy inflation tail risks were repriced, and Fed hike odds moved higher.

🐬 Stocks

1.$NVIDIA(NVDA.US)

NVIDIA's BOD announced Jensen Huang stepped down as CEO and director, CFO Colette Kress was named interim CEO, and Jones became the first chairman. Shares fell as much as 14% post-news, with mkt cap slipping below $4tn. AMD and Broadcom rallied, AI compute plays faced pressure, and uncertainty rose around Anthropic's pledged $10bn NVIDIA private deal.

Near term, governance and sentiment shocks dominate, while orders and the supply chain remain intact. The next phase is a valuation reset window.

2.$Alphabet(GOOGL.US)

Alphabet released Gemini 4 Hydrogen, an efficient execution engine delivering 2.5x task speed vs. prior Flash and a >5x drop in hallucinations. A paired Orchestrator tool cuts quota consumption by 24%, now rolled out across Search, Gemini and API. Under pressure from Anthropic and OpenAI, Google is pursuing inference cost-performance to win share, making inference efficiency a new competitive axis for LLMs.

3.$SpaceX(SPCX.US) $Tesla(TSLA.US)

Media reports say SpaceX–Tesla merger talks have accelerated, with a Dec. announcement possible, and discussions include shares to be issued to Tesla holders and a backup timeline to early 2027. SpaceX also plans to invest $74bn to build two supercomputing data centers in Arizona and Texas, and is planning 100GW of solar PV capacity. If executed, this would be the largest M&A ever, integrating rockets, AI compute and energy, but cross-jurisdiction regulation and Musk's concentrated control pose extreme risks.

4.$AMD(AMD.US)

AMD expanded its collaboration with PsiQuantum to co-design underlying infrastructure for fault-tolerant, practical-scale quantum computers. The partnership targets commercial quantum hardware foundations, positioning early for long-term quantum compute, though mass commercialization remains years away.

5.$Arm(ARM.US)

Arm unveiled the Cortex-M42 processor optimized for edge AI. The chip focuses on low-power on-device intelligence for IoT and embedded use, filling out Arm's lightweight edge inference lineup and reinforcing its MCU franchise.

6.$Kanzhun(BZ.US)

Kanzhun held a small investor meeting ahead of earnings, where management cut growth guidance and struck a cautious tone. Shares fell over 20% last night; the guidance downgrade caps near-term expectations and the market will reprice growth optionality. We will track revenue and order data to validate any fundamental change.

7. Dolphin Research on earnings and calls

SMIC:《中芯国际：满产只是前菜，涨价才是重头戏？》、《中芯国际（纪要）：AI 配套芯片紧缺延续至 2027》 Applied Materials:《应用材料：二阶导的二阶导 + 中国国产替代，27 年还跑得动吗？》、《应用材料（纪要）：27 年增长超三成，28 年产能目标翻倍》 Cerebras:《Cerebras（纪要）：Q4 指引全面上调，OpenAI 交付仍滞后》Nebius:《新云 “靓仔” Nebius：光鲜外面下也满是 “虱子”》、《Nebius（纪要）：预付全覆盖资本开支，明年收入翻两番》

🐬 Top Gainers by Sector

A-share: professional financial services, integrated oil & gas, movies & entertainment;

HK: commercial & residential mortgage finance, tobacco, integrated oil & gas;

US: ports & marine operators, oil & gas refining & marketing, integrated oil & gas.

🐬 Watch for Tomorrow

1. BIDU, XPeng, BEKE, H World among those reporting.

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