$微软(MSFT)$   This wasn’t a “one-quarter surprise” story. Azure and Copilot demand stayed strong, supply is the real constraint. The target price was trimmed for one reason: AI capex is higher than expected. But the conclusion didn’t change — more spending doesn’t mean weaker business, it means AI is moving deeper into the core.

$阿里巴巴-W(09988)$  $阿里巴巴(BABA)$   This research note focuses on Alibaba’s latest AI progress, but the real story sits underneath. As Qwen moves from a standalone model into Alibaba’s cloud, maps, and core apps, AI is starting to translate into actual workload demand. The report is less about short-term numbers, and more about whether AI can structurally lift cloud margins over time.

$亚马逊(AMZN)$   This quarter wasn’t about retail. AWS growth re-accelerated above 23%, with backlog rising alongside it. Retail supports margins, but AWS is driving growth again.

The quarter itself was clean. Growth, margins and cash flow stayed on track. The real variable now is the WBD acquisition — not growth, but whether the deal reshapes the structure.$奈飞(NFLX)$  

$百度(BIDU)$   $百度集团-SW(09888)$   Many international investors still associate Baidu mainly with search and online advertising. Today, the company operates a much broader full-stack AI platform, spanning AI cloud infrastructure, in-house AI chips, large language models, and robotaxi operations. AI cloud demand is accelerating, internal chips are helping lower inference costs, and Baidu’s robotaxi service has surpassed 10 million rides, with improving unit economics.

$Adobe(ADBE)$   FY26E op margin is guided down to 45%, the lowest in years. Is this a sign of real AI monetization… or just heavy spending masked as innovation? (One Chart to Understand below 👇)

$LMS Compliance(LMS.SI)$   The base case is simple: compliance demand is mandatory, not cyclical. What stands out in this initiation note: Testing is the base: high repeat business (85%+), lab testing dominates revenue (FY24: 93.6%) ESG is the growth layer: Singapore’s mandatory climate disclosures (from FY2025) and Malaysia’s phased rollout expand third-party assurance demand Financials are clean: FY24 net margin 20.5%, EBITDA ma

$小鹏汽车-W(09868)$  $小鹏汽车(XPEV)$   XPeng securing L3 road-testing approval, crossing a 20% gross margin, and doubling annual volume all point to one thing — technology is starting to translate into scale.