Alphabet Inc Pref Shares GOOGN 6.25 05/15/2029

0721 | Dolphin Research Focus: Macro/Industry — Semis and memory rallied sharply today, delivering an oversold bounce. Flows rotated back into chip and compute plays as liquidity improved.

On the liquidity side, funds locked up by the CXMT IPO were released back into the market, and state-backed stabilization funds have been supporting since yesterday afternoon. Citi and Goldman Sachs raised their views on the onshore semiconductor supply chain, with foreign investors adding positions in tandem.

Following the Kimi K3 launch, expectations diverged between onshore and offshore capital. Domestic opinions are split, while overseas institutions highly endorse China LLMs and show stronger bottom-fishing appetite.

Together with tailwinds from AI memory and compute infrastructure, the sector rebounded broadly. The group saw a synchronized move higher...