To The Moon

Source: DBS Chief Investment Office, Market Pulse Publication Date: 2 March 2026 This article is based on and adapted from the original report. Hi, Tigers~👋 How’s everyone navigating this week’s volatility? Have you managed to capture any excess returns during the swings — or has risk control been the bigger win? Over the past week, the pricing logic of global risk assets has shifted noticeably. The sudden escalation of U.S.–Iran tensions, the risk of an oil supply shock, a potential rebound in inflation expectations, and growing divergence within the AI theme have converged at once. With multiple variables interacting simultaneously, markets are entering a phase characterized less by clear direction and more by rising volatility. So today, let’s break this down together. In this edition,

👋 Hey Tigers! $Circle Internet Corp.(CRCL)$ just delivered its 4Q25 results, and the headline numbers were strong — especially on margins. The Tiger Research Team has updated its model, and here’s the verdict: 👉 Maintain HOLD rating The big question? Profitability momentum is real, but can revenue diversification keep pace in a rate-cut cycle? Let’s break it down. 👇 1. The Core Beat: Margin Surprise Drives Earnings Upside 📈 CRCL reported total revenue of $770M (+77% YoY) — broadly in line with The Tiger Research Team’s estimate and 4% above Street expectations. But the real surprise came from profitability. 🔥 Adjusted EBITDA: $167M (+412% YoY) 28% above consensus The key driver? A stronger-than-expected RLDC margin of 40.1%, compared with ~36.3% c

By Tiger RearchCoinbase Global, Inc. (COIN, HOLD) - 4Q25: Everything Exchange Progress Continues as Near-Term Crypto Headwinds Emerge; Maintain HOLD but Decrease PT to $170 Coinbase reported 4Q25 net revenue of $1.71B (3%/2% below Tiger/Street), down 5% sequentially, with transaction revenue of $983M, down 6% Q/Q. While trading volumes softened modestly during the quarter, the more notable dynamic was pressure on retail monetization.Consumer transaction revenue declined 13% Q/Q compared to a 6% decline in consumer spot trading volume, reflecting mix shift toward Advanced trading and higher Coinbase One penetration.Adjusted EBITDA was $566M in 4Q (24%/15% below Tiger/Street) versus $801M in 3Q. Subscription and services revenue declined only 3% Q/Q to $727M, supported by record USDC ba

👋 Hey Tigers! The $XPeng Inc.(XPEV)$ 4Q earnings preview is hot off the press! Is the "Smart EV Challenger" hitting a speed bump or gearing up for the next lap? 🏎️ The Tiger Research Team has updated its model, and the verdict is in: 👉 Maintain BUY rating 👉 Price Target $28 (unchanged) 📈 The big story? Delivery headwinds are real, but the product cycle might just be getting started! 💎 XPeng is navigating near-term softness with the MONA lineup gaining traction, while new models like P7+ and G7 are ramping up. Is this the portfolio diversification we've been waiting for? We've broken down the Estimate Revisions, the Model Mix, and the Financials below. Let's dive in! 👇 1. The Core Reality: Delivery Adjustments 📉 The Tiger Research Team believes the

👋 Hey Tigers! The $Baidu(BIDU)$ 4Q earnings preview is hot off the press! Is the "AI All-Star" finally ready to sprint? 🏃 The Tiger Research Team has updated its model, and the verdict is in: 👉 Maintain BUY rating 👉 Price Target RAISED to $150 (previously $135) 📈 The big driver? A hidden gem is getting ready to shine! 💎 Baidu is advancing the IPO of its AI chip subsidiary, Kunlunxin, which could be key to unlocking shareholder value. Is this the catalyst we've been waiting for? We’ve broken down the IPO Valuation, the SOTP Model, and the Financials below. Let's dive in! 👇 1. The Core Catalyst: Kunlunxin IPO 🚀 The Tiger Research Team believes the story right now is less about ad revenue and more about AI optionality. The IPO Plan: Baidu has confide

President Trump confirmed on Jan 29 (US time) that he will announce the next Federal Reserve Chair on the morning of Jan 30. 🗓️ This appointment extends beyond US monetary policy 🇺🇸—it directly impacts global asset allocation frameworks 🌏, particularly for Asia-Pacific markets sensitive to Fed policy trajectories.With Chair Powell’s term ending in May, he’ll still preside over the March and April FOMC meetings, but market attention has already shifted forward—investors are now positioning for the "post-Powell era" policy landscape. 🎯Trump described his pick as "a highly respected figure, well-known throughout financial circles," hinting the choice "won’t be surprising" and comes from the existing shortlist. This statement triggered immediate market repricing 📊, with assets adjusting to shi

👋 Hey Tigers! The highly anticipated 4Q earnings preview for $Coinbase Global, Inc.(COIN)$ is here! 🚀 Current market vibes: Buy the dip or wait on the sidelines? 🤔 Here is the latest take from the Tiger Research Team: 👉 Maintain HOLD rating 👉 Price Target lowered to $220 (previously $300) 📉 While they still believe in COIN’s "Everything Exchange" vision ✨ , the current crypto cycle headwinds are blowing strong. Spot volumes are slipping, and prices are soft—so where exactly is the bottom? ⏳ Tiger Research Team crunched the numbers on the Data, the Cycle, and the Valuation for you. Packed with insights—bookmark this now before reading! 👇 1. 4Q25 Data Check: A Tale of Two Markets 📉🚀 The Tiger Research Team notes a divergence between Coinbase's spot

Cathie Wood, Founder and CEO of ARK Invest, executed a series of contrarian acquisitions this week. $ARK Innovation ETF(ARKK)$ $ARK Autonomous Technology & Robotics ETF(ARKQ)$ $ARK Space Exploration & Innovation ETF(ARKX)$ The following analysis examines the fundamental, financial, and technical rationale behind the six key additions to the portfolio.1. $Broadcom(AVGO)$ – The Unshakeable AI Fortress 🏰The AI Infrastructure Moat: AVGO is not a standard chipmaker; it is an infrastructure monopoly. Its dominance in custom ASICs (networking) combined with the sticky, recurring revenue from the VMware integration, crea

Tiger Research Team is maintaining a HOLD rating on $Circle Internet Corp.(CRCL)$ ahead of its 4Q25 earnings, but we are lowering our Price Target to $85 (previously $100).The key drivers? A combination of soft crypto asset prices and interest rate headwinds is putting pressure on the company's reserve income engine.Here is the team's comprehensive analysis of the data, the macro outlook, and our valuation model. 👇1. 4Q25 Data Check: Circulation & Market Share 📊The Good:According to CoinMarketCap, average USDC circulation reached $76.3B in 4Q25, up 12% q/q (from $67.8B in 3Q).YTD Update: So far, in 1Q26 (Jan 1 – Jan 19), USDC circulation has risen slightly by $0.67B.The Bad:Momentum slowed significantly at the end of the year. Circulation peak

2026 S&P 500 Earnings Preview: A 15% Growth Story—Should Singapore Investors Double Down or Take Profits?The S&P 500 $S&P 500(.SPX)$ is poised to deliver its third consecutive year of double-digit earnings growth in 2026, with analysts forecasting a robust 15% year-over-year increase—well above the 10-year annual average of 8.6%. For Singapore-based investors heavily allocated to US equities, this begs a critical question: is this the time to accumulate or rebalance toward Asian opportunities?The "Magnificent 7" Narrative Frays at the EdgesHere’s the surprise: only two of the top five earnings growth contributors for 2026 belong to the fabled "Magnificent 7"—NVIDIA $NVIDIA(NVDA)$ and Meta