AI compute arms race vs. an e-com war of attrition? The choice isn’t hard; we’re just too slow. Moving too slow comes at a cost.

Marvell announced it issued warrants to Alphabet for the first time, sending its shares up 10%+.

Here, Dolphin Research walks through both companies' deal structures and the implications.

1) Marvell–Alphabet agreement

At the 2026 Investor Day (see Trans here), WDC laid out eye-popping metrics. Management provided the following outlook:

Today (17th), the latest Jul. retail sales print looked soft again. After a tentative pickup last month, growth turned lower this month, weakening Dolphin Research's confidence in a 2H consumption rebound.

Over the past two days, the rally in new cloud platforms such as $Nebius(NBIS.US) and $Coreweave(CRWV.US), together with recent results and earnings calls, underscores that AI cloud demand is clearly outstripping supply.

$Alphabet(GOOGL.US) $Alphabet - C(GOOG.US) delivered a solid Q2 print. Cloud revenue growth and a still-healthy expansion in backlog are key proof that AI spend is being put to work.

Global markets left investors stunned last week as rumors and speculation ran rampant amid the sell-off.

After $Meta Platforms(META.US) began weighing compute leasing, it stoked worries that the compute supply chain may be peaking. While the market debated whether this was a stopgap or a long-term strategy, Meta answered with three concrete moves: it is serious about the compute biz.

Expanding data centers is the most straightforward prep. Mass-producing in-house ASICs aims to cut cost and lift ROI.

The newly launched LLM, Muse Spark 1.1, is the true upside surprise in Dolphin Research's view. These three changes will likely push near-term Capex higher...

Memory is one of the hottest—and most crowded—plays in global tech right now. AI has ignited HBM, DRAM, and NAND all at once, sending shares of SK hynix, Samsung, and Micron up several times over in six months.

$Broadcom(AVGO.US) shares have trended lower recently, pressured by chatter around 'Meta selling compute capacity' and by key downstream customers exploring alternate supply options. The former looks like a market-beta overhang, while the latter stokes company-specific alpha concerns.

Initially, investor interest in AVGO centered on its potential to counterbalance Nvidia's ecosystem. Now Broadcom is facing similar questions itself...