MRVL outlook ignites rally; SpaceX plans to borrow $40bn to bulk-buy NVDA | Daily News Recap

1007 ｜Dolphin Focus:

🐬 Macro / Sector

1. UST 10Y yield hit 5.3% intraday, the highest since 2002. European bonds sold off in tandem, with France at the epicenter, as long-end rates globally pressed to new highs, while the S&P 500 still hovers near an ATH, highlighting a sharp equity-bond divergence. Ray Dalio warned the U.S. debt cycle is nearing its limit, with earnings (not multiple expansion) currently supporting stocks; if rates rise further, high-multiple tech would likely be hit first.

🐬 Single Stocks

1.$Marvell Tech(MRVL.US)

At Investor Day, MRVL raised its FY2028 revenue target to $20bn (prev. $18bn) and guided FY2031 to $70–90bn, driven by stronger demand for AI data-center and custom interconnect chips. Shares jumped as much as ~9% intraday after the update. The uplift reflects robust AI infra demand and custom silicon as a growth engine, but the stock already prices in optimism; sustained high growth will hinge on cloud capex actually materializing, and Dolphin Research will post a brief note shortly.

2.$SpaceX(SPCX.US)

Media reports say SpaceX plans to raise $40bn led by Apollo, via a $10bn bank loan plus $30bn IG bonds, to fund large-scale procurement of NVIDIA AI chips, with the deal expected to close in 2027. The build-out fully bets on NVIDIA's Vera Rubin architecture, underscoring unprecedented AI compute capex and a shift from aerospace to compute operator. Heavy leverage adds debt pressure and benefits NVIDIA's order outlook, but execution on financing remains uncertain.

3.$Alphabet(GOOGL.US)

Google open-sourced EmbeddingGemma 2, a multimodal embedding model with 740mn parameters that unifies text, image, audio and video into vectors, released under Apache 2.0 for commercial use. It targets on-device local inference and privacy RAG use cases, with benchmarks showing clear gains over the prior gen. This fills on-device multimodal embedding capability, lowers the bar for developers building retrieval-augmented apps, and strengthens the Gemma ecosystem amid open-source competition.

4.$Apple(AAPL.US)

Media reports that Apple and LG are deepening collaboration on smart-home hardware, co-developing smart locks, indoor/outdoor security cameras, doorbells and thermostats. LG will build and sell the devices under its brand, integrated with Apple Home and paired with HomePod mini and the set-top box, with launches in the coming months. Apple is opting not to make its own hardware, using partnerships to rapidly round out the Home hardware matrix in an asset-light way to counter Google Home, a positive for the broader HomeKit supply chain.

🐬 Top-Performing Sectors

A-share: life science tools & services, biotech. Food distributors.

HK: insurance brokers, stadiums and other leisure facilities. Furniture/home/DIY retailers.

U.S.: independent power and renewable IPPs, coal & consumable fuels. Communication equipment.

🐬 Watch for Tomorrow

U.S. Aug wholesale sales MoM.

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