D
+14
SpaceX: Space Compute — Musk's new hype or real future?
Space-based data centers are not just the linchpin of SpaceX's grand narrative.
They also represent the largest real-option value in its future valuation.+14
SpaceXDeep Research
Deep Research
D
+16
YUMC: How a 'Western chicken' ruled China for 30 years?
On the surface, it sells fried chicken and pizza. In essence, it sells a hard-to-replicate operating system built for low cost, high efficiency, and high repeat purchase.
+16
YMUCDeep Research
D
+15
SpaceX: AI cash burn persists—Is 'space compute supremacy' the ultimate play?
SpaceX is making its costliest bet ever
+15SpaceXDeep Research
D
+14
SOFI Has Plenty of Red Flags — Is the Premium Justified?
In Part I, we unpacked SoFi's business framework and identified its growth engines: expansion of the Loan Platform Biz. (LPB) and the revival of student lending.
In Part II, guided by Muddy Waters' short case, we surfaced several 'hidden wounds' — shifting credit losses on/off balance sheet to manage the NPL ratio, profit inflation from fair value accounting, and equity dilution.Put together, a somewhat contradictory picture emerges: despite inherent flaws under constant market scrutiny, SoFi still spiked to a $42bn market cap in H2 2025...+14SoFiAppraisal valueDeep Research
D
+18
Amazon Fell Behind on AI. Can It Stage a Comeback?
When OpenAI took off, Microsoft enjoyed the limelight. As Gemini gained traction, Google Cloud surged ahead.
That begs the question: with Anthropic now out in front, which cloud provider stands to benefit? In AI, whether in chip R&D or model development...+18
AmazonDeep Research
D
+8
Copper Bull Stays! CPO: real opportunity or mirage?
A clear roadmap and incremental iteration. Don't rush — good things take time.
+8
Deep Research
D
+27
Biren: China's NVDA—How Capable Is It?
On Jan 2, 2026, $BIREN TECH(06082.HK) debuted on HKEX, with the IPO priced at the top end at HK$19.60. The stock opened up 82.14%; intraday mkt cap briefly topped HK$100bn, and it closed at about HK$82.5bn.
The retail tranche was oversubscribed 2,347x, highlighting a strong retail bid. Sentiment was buoyed by its scarcity as the first GPU company listed in Hong Kong.
The 'domestic $NVIDIA(NVDA.US)' label further stoked buying as investors chased a China Nvidia proxy. But setting aside the aura...
+27
BIRENTECHDeep Research
D
+16
Enron redux! Muddy Waters for clicks, or is SOFI just bad?
In the prior piece, after reviewing $SoFi Tech(SOFI.US)'s core biz., we noted that current earnings are largely driven by expansion of the Lending Platform Business (LPB), with a smaller lift from the gradual comeback in student loans.
On Mar 23, Muddy Waters released a short report that squarely targeted these key segments.In its view, SOFI's conduct is comparable to past cases like GE and Enron.Market reaction was muted.
After the CEO swiftly stepped in with share purchases to back the stock, it fell just 2.6% the next day.It even looked restrained vs. the typical impact of a short report...+16
SoFiDeep Research
D
+29
SOFI in Muddy Waters' Crosshairs: Fintech Newcomer or High-Tech Hype?
$SoFi Tech(SOFI.US) has been public for five years. Early on, it was cast as the next LendingClub, a scaling digital bank, and a high-beta fintech meme stock.
Since its 2021 debut, the shares have crashed multiple times. At the 2022 trough, they fell to about 60% of the IPO price.Even after clawing back, turbulence has persisted. In Mar, SoFi was targeted by famed short-seller Muddy Waters.As the short case is not without merit, Dolphin Research will unpack it in the next note. That said, whatever Muddy Waters alleges, in management’s eyes...+29SoFiDeep Research
D
+27
SpaceX: Is Starlink About to Be Unstoppable?
Starlink is the 'super base' underpinning SpaceX's long-term ambitions. It serves as the empire's core platform.
+27
SpaceXDeep Research