To The Moon

$JD.com(JD)$ Q1 results overall exceeded expectations, but growth relies on policy dividends and new business investment increases uncertainty.High shareholder returns provide a safety cushion, but need to be wary of takeaway & logistics drag.Neutral rating, awaiting clearer medium to long term guidance. $JD-SW(09618)$ $JD LOGISTICS(02618)$ Performance and Market FeedbackCore performance overviewKey Operating MetricsSelf-operated e-commerce growth driven:E-commerce products (home appliances/3C): revenue +17% yoy (~50% share), benefiting from the "national subsidy" policy stimulus.General merchandise (supermarket category): revenue +15% yoy, cross-selling effe

$Tencent Music(TME)$ has risen from -7% back to +4% after announcing its Q1 earnings, with investors relatively anything but concerned about its Q1 performance in the current environment.Earnings situation and market feedbackA quick look at the core numbers:Total Revenue: $2.1B (+6% yoy, in line with guidance)Online Music Subscription Revenue: $0.8B (+12% yoy, pay rate 22%/-)Social Entertainment Revenue: $1.1B (+2% yoy, continuation of low growth)Adjusted net income: $0.4B (+8% yoy, margin 19%/+1% yoy)Profit Margin: Adjusted Net Margin 19% (+1% yoy)Cash Flow: $0.5B in operating cash flow (covers dividend rate of 30%)Market Reaction:Performance on May 13 after the earnings release ranged from -7.5% to a high of +4%, a sharp swing that also reflected

TSMC( $Taiwan Semiconductor Manufacturing(TSM)$ ) just delivered a jaw-dropping Q1 net profit of NT$361.6 billion ($10.99 billion), smashing market estimates of NT$354.644 billion and signaling a potential semiconductor resurgence. Meanwhile, ASML’s latest quarter painted a gloomier picture, with orders falling short of expectations due to a sluggish chip market and looming U.S. tariff threats. As these two titans navigate choppy waters, investors are left wondering: How will tariffs shake up their businesses? Can semiconductor margins weather the storm? And is TSMC’s rebound a golden opportunity—or a risky gamble? Let’s unpack it all. Tariffs: A Storm Brewing for TSMC and ASML $ASML Holding NV(ASML)$ TSMC