1211 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. The Fed cut rates by 25bps to 3.50%-3.75%, the third cut this year, in line with market expectations. It also announced $40bn in T-bill purchases over the next 30 days, while Chair Powell ruled out further hikes, noting rates sit at the upper end of neutral.This signals a shift from fighting inflation to supporting growth, and even guarding against recession.

🐬 Single Stocks

1.$Microsoft(MSFT.US)

Microsoft CEO Satya Nadella said in Bengaluru, India, that the company plans to launch a new agentic AI model this Fri. The model emphasizes strong learning and adaptability, leveraging deep learning and NLP to better parse and handle complex user needs.Initial deployment will target verticals such as finance, healthcare, and education.

2.$Meta Platforms(META.US)

Media reports suggest Meta is training a new AI model codenamed 'Avocado', using Alibaba's Qwen for distillation and referencing Google Gemma and OpenAI's gpt-oss. The model is expected to be released as closed-source in spring 2026, as Meta aims to monetize its AI efforts.The move highlights cross-border convergence in AI and underscores Qwen's technical credentials with recognition from top global tech firms, boosting the global voice of China's open-source LLMs.

3.$Netflix(NFLX.US)

Netflix's proposed $72bn acquisition of Warner Bros. Discovery (WBD) assets faces a consumer class action alleging reduced streaming choices, alongside U.S. antitrust scrutiny. Trump has indicated he may get involved, while the Paramount-Skydance Group made a $108bn all-cash hostile offer for WBD, challenging Netflix's deal.If it falls through, Netflix could owe a sizable breakup fee and miss a key content window, putting near-term pressure on the stock.

4.$POP MART(09992.HK)

POP MART announced BOD changes: Wu Yue, President of LVMH Greater China, was appointed as a non-executive director, while He Yu of Ant Capital resigned due to other work arrangements. With nearly 30 years in luxury, Wu led the China scale-up of 70+ LVMH brands, and POP MART has previously collaborated with LVMH on cross-over collections.His appointment marks a push toward premiumization and globalization. His luxury ops experience, insight into high-end consumers, and global network could help address POP MART's current IP oversupply and product quality trust issues.

5.$Apple(AAPL.US)

Market chatter indicates Apple's first lightweight AppleGlass could debut in 2026, likely at WWDC, with mass production and sales starting in 2027. Positioned as a light smart wearable accessory within the Apple ecosystem, it will rely on iPhone for processing and include basic hardware such as cameras and microphones.Features may include photo capture and voice interaction.

🐬 Top Gainers by Sector

A-shares: Heavy electrical equipment, diversified banks, gold.

HK: Tobacco, forest products, computer & electronics retailers.

US: Heavy electrical equipment, tires & rubber, industrial chemicals.

🐬 Watch for Tomorrow

1. Earnings from Broadcom, Lululemon, and Costco. Dolphin Research will track and provide a First Take.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure