HSBC analysts say new game launches will drive NetEase's share re-rating, but the timeline has slipped. "Ananta" now launches early 2027, not 4Q this year. The next catalyst is "Sea of Remnants" expected in summer. Gross margins expanded on the back of self-developed PC games and lower mobile channel costs. HSBC cut its target price to US$162 from US$170 as the delay bites. NetEase ADRs fell 2.1% to US$114.34.

Allianz Research warns the Middle East crisis could push semiconductor prices higher. Energy shortages and raw material constraints, especially helium, risk factory shutdowns. Qatar produces a third of global helium, a critical AI supply chain input shipped through Gulf terminals. Potential losses could exceed $10 billion per month.

Uber's increased stake in Delivery Hero to 19.5%, with an option to reach 25.1%, signals possible strategic involvement, a takeover, or a break-up. Berenberg analyst Wolfgang Specht says the holding gives Uber a blocking minority. Delivery Hero shares closed at 32.97 euros, and full control of the German delivery platform could appeal to the US tech giant.