Conference Minutes

Dolphin ResearchOct 7, 2026 at 09:31 AM

MRVL (Trans): Data center capex to exceed RMB 3 tn; the company has secured 5-year capacity.

Below is the meeting Trans of MRVL 2026 Investor Day (covering FY27), compiled by Dolphin Research. For in-depth analysis, cf. 'Marvell: Long-term guidance surges — confidence or just painting a rosy picture?'

I. Core highlights. 1) Shareholder returns & capital allocation: From FY21–FY26, the co. invested approx. $8 bn in organic R&D and about $11 bn in M&A.

It also returned about $4 bn to shareholders via dividends and buybacks. Looking ahead, with structurally stronger cash flow...

Marvell Tech

USMRVL

Dolphin ResearchOct 1, 2026 at 07:31 AM

MU (Analyst huddle): SCA covers 35% of revenue; at least two nodes ahead of Chinese peers

Below is Dolphin Research's Trans of MU's FY26 Q4 post-earnings analyst call. For our earnings read-through, please see 'Micron: Without the melt-up, can long-term agreements really support a memory revival?'.

I. $Micron Tech(MU.US) Key Earnings Recap: 1) FQ1 modeling assumptions: guidance implies DRAM and NAND bit shipments up low single-digit QoQ, with unit costs showing double-digit change. 2) FY27 R&D raised: excluding incentive comp., ...

Micron Tech

USMU

Dolphin ResearchSep 30, 2026 at 10:47 PM

MU Trans: Supply-demand tight through 2028; bigger capital returns from Dec.

FQ4 revenue was $54.2bn and GPM reached 87%, both beating the top end of guidance.

FQ1 revenue guidance set a new high at $61.5bn.

About $1bn of incentive comp and other costs will pull FQ1 GPM back to ~86.25%, which management views as the FY27 full-year trough.

The company also expects supply-demand to be tighter in 2027–2028 vs. 2026 and has raised FY27 capex.

It will step up capital returns starting Dec 9.

Micron Tech

USMU

Dolphin ResearchSep 24, 2026 at 11:45 PM

COST (Trans): comps steady at 6.7%, membership growth slowed

FY26 Q4 net sales were $93.87bn (+11.2% YoY). Ex fuel and FX, comps held at 6.7%, while growth in total paid memberships slowed to 3.8%, and the YoY lift from the U.S./Canada fee hike rolled off by quarter-end.

For FY27, capex was raised to approx. $7.5bn, with a target to open net 30 warehouses per year. Most of the tariff refunds received will be reinvested into membership fees.

Uber Tech

USUBER

Dolphin ResearchSep 16, 2026 at 02:28 AM

TCOM (Trans): Antitrust in Force, Intl Expansion Takes the Lead

Intl OTA platform revenue grew over 50% YoY, and inbound travel posted high double-digit growth.

However, a one-off antitrust penalty was booked, with RMB 5.18 bn expensed and RMB 122 mn offset against revenue. Adj. EBITDA fell from RMB 4.9 bn to RMB 4.6 bn.

Domestic biz will remain volatile during the rectification period. The company is betting incremental growth on globalization and AI.

TRIP.COM-S

HK09961

Dolphin ResearchSep 11, 2026 at 03:00 AM

ORCL (Trans): OCI +121%, cash flow still -$5bn

OCI revenue was $7.4bn (+121% YoY). Alongside RPO rising another $26bn QoQ, this drove full-year revenue guidance up to at least $90bn.

However, Q1 CapEx of $28bn kept FCF at -$5bn. GPM declined as expected, and management offered no timeline for a return to positive FCF.

Meanwhile, nearly all new contracts skew to prepayments. They also require customers to supply their own hardware.

Oracle

USORCL

Dolphin ResearchSep 3, 2026 at 10:31 PM

LULU (Trans): Cuts FY guidance; China the key shortfall

In Q2, tariff refunds lifted GPM by 200bps YoY and OPM reached 18.8%.

However, North America revenue fell 8%, while Mainland China grew just 4% with comps down 8%.

The company cut its FY revenue guide to $10.35–10.5bn and EPS to $9.48–9.73.

It is betting on larger orders for winning SKUs, stepping up brand marketing in 2H, and more aggressive cost discipline.

Lululemon

USLULU

Dolphin ResearchSep 2, 2026 at 10:57 PM

AVGO (Trans): AI to add 30GW over two years; Anthropic accounts for half.

Q3 AI semi revenue reached $16.7bn (+221% YoY). FY27 and FY28 AI revenue guidance was set at $115bn and $230bn, with supply already locked in.

However, higher memory content per XPU will push Q4 GPM down to ~73%, 500bps lower YoY. Management asked the market to focus on OPM instead.

Meta Platforms

USMETA

Dolphin ResearchSep 1, 2026 at 10:17 PM

DELL (Trans): AI backlog of 95 bn; no growth guidance for next year for now.

Q2 AI orders reached $60.9bn and ending backlog stood at $95.0bn, both record highs. Full-year revenue guidance was raised by $25.0bn to $192.0bn.

However, demand continues to outstrip supply, with DRAM and NAND remaining the tightest constraints. CSG OPM is expected to slip from 7.6% to around 6% in Q3.

Dell Tech

USDELL

Dolphin ResearchSep 1, 2026 at 02:08 PM

NIO (Trans): GPM held at 18.5%, Q4 monthly deliveries topped 40k

Q2 deliveries reached 107,658 units, with vehicle-level GPM at 18.5%, and non-GAAP profitability for a third straight quarter. Per-unit cost has risen by approx. RMB 14,000 vs. Q4 last year, and is set to increase a further RMB 2,000–3,000 in H2. The company only guides GPM to be flat in Q3 and Q4, while targeting average monthly deliveries of 40,000+ units in Q4.

NIO-SW

HK09866