0423 ｜Dolphin Focus

🐬 Stocks

1.$XIAOMI-W(01810.HK)

Xiaomi unveiled the MiMo-V2.5 series overnight, adding four new models: the flagship reasoning model V2.5 and the all-modality Agent V2.5-Pro entered public beta and will be open-sourced, while V2.5-TTS and V2.5-ASR will follow. The lineup targets agent-centric use cases with materially better token efficiency, and V2.5-Pro is benchmarked against top global models such as GPT-5.4. Faster AI iterations and full-chain coverage across reasoning, multimodal and voice, combined with an open-source strategy, should broaden the ecosystem. Strong performance and cost advantages strengthen the 'phone × AI × auto' synergy, narrow the gap with global leaders, and enhance the competitiveness of domestic LLMs.

2.$Taiwan Semiconductor(TSM.US) $ASML(ASML.US)

TSMC's co-COO said the company will not adopt ASML's High-NA EUV for mass production before 2029 due to the over EUR 350 mn unit price and high costs, purchasing only a small number for R&D. As ASML's largest customer, the comment drove a brief 2% drop in ASML's shares. This delays commercialization of ASML's most advanced tools and helps TSMC optimize capex. It also underscores a new industry trend in advanced nodes where cost-effectiveness takes priority.

3.$HORIZONROBOT-W(09660.HK)

Horizon Robotics launched China's first cockpit-drive fused vehicle agent SoC, the 'Starry Sky' series, featuring the 6P at 650 TOPS on 5nm and the 6H at 500 TOPS. A single chip integrates four domains including intelligent driving and cockpit, cutting costs by RMB 1,500–4,000 vs. traditional dual-chip solutions. It also supports a vehicle agent OS for full-vehicle intelligence.

4.$Microsoft(MSFT.US)

Microsoft joined Anthropic's 'Project Glasswing' as a core partner and will access its cutting-edge Mythos model to detect and fix vulnerabilities across Azure and Windows. The initiative brings together a dozen tech giants including Amazon and Google, focusing on AI-driven cyber defense. This deepens Microsoft-Anthropic collaboration, strengthens Microsoft's AI security posture, and enhances Azure's security capabilities. It also supports the industry's push to set AI security standards, a long-term positive for compliant AI commercialization.

5.$Intel(INTC.US)

Tesla's Terafab project will use Intel's 14A node, making Tesla a first marquee customer for this process. This signals a more diversified chip supply chain for Tesla, reducing dependence on a single vendor. For Intel, the win provides key customer validation to advance its leading-edge node and foundry push, though mass production timing and yields remain uncertain.

6.$Lululemon(LULU.US)

Lululemon named former Nike executive O'Neill as CEO, bringing extensive global brand operations and product management experience. The leadership change aims to end the brand's growth slowdown and internal divisions. His global operations and DTC expertise fit Lululemon's need to revive performance and recalibrate brand positioning. However, the debate over 'de-niching' persists, and tensions with activists and the founder remain, leaving the reform outcome to be seen as he balances growth with brand distinctiveness.

7. Earnings and call highlights from Dolphin Research

Tesla: 'Autos back to positive cash flow, AI roadmap slips again' and 'Q1 2026 Trans: Betting $25 bn, when does AI monetize?'

New Oriental: 'Study-abroad setback, quality education profits, stability regained' and 'Trans: Marketing spend optimization as another lever for margin expansion'

GoerTek reports earnings tonight.

🐬 Top Gainers

A-shares: computer and electronics retailers, distributors, and drug retailers.

HK: office services & supplies, data processing & outsourcing, and energy equipment & services.

US: heavy electrical equipment, coal & consumable fuels, and silver.

🐬 Watch Tomorrow

1. Intel and Kweichow Moutai report earnings.

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