Semiconductors

应用材料AMAT

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Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

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Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

Hot topic

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Rumors and media chatter had been building for weeks, including reports that Jensen Huang sparred with White House conservatives and warned that H200 sales to China might still be blocked. President Trump nevertheless announced that the U.S. Gov. will allow Nvidia to sell H200 chips to China.Nvidia's peers may also sell chips with H200-class specs to Chinese customers. The permission covers H200-class products only.The latest Blackwell architecture and the next-gen Rubin are not on the list. The U.S. Gov. will impose a 25% levy on each sale. As for Nvidia in Q4...

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H200 Greenlight: The Breakout Catalyst on NVDA's Path to $6tn?

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Marked by the release of ChatGPT at the end of 2022, the AI frenzy over the past three years has swept through every sector, from computing power, storage, networking, manufacturing, power infrastructure, software applications, and even to edge devices. Each direction has been repeatedly hyped. However, by the end of the third anniversary, when the pillars of AI infrastructure announced unprecedented AI mega infrastructure projects around the third-quarter reports, the market suddenly seemed to lose its soul, starting to worry that AI investments might be a bubble. Some in the industry have made a fortune, while others have lost so much that they resort to frantic fundraising. Where exactly is the problem? The financing is dazzling and bizarre, why? This article...

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The Original Sin of the AI Bubble: Is Nvidia the 'Golden Poison Pill' that AI Can't Quit?

Today’s Key News Recap

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1120 | Dolphin Research Focus: 🐬 Macro/Industry 1. The U.S. September non-farm payrolls are set to be released tonight. This is the first monthly employment report issued by the U.S. Bureau of Labor Statistics since the release of August data in September, filling the gap in official employment data caused by the previous government shutdown. The market generally expects an increase of 54,000 in non-farm payrolls for September, with the unemployment rate remaining at 4.3%. However, this data is significantly lagging, and the U.S. Bureau of Labor Statistics has clearly stated that it will not release the October non-farm report. 2. According to foreign media reports, &#34;China is considering introducing new real estate stimulus policies,&#34; leading to intraday fluctuations in real estate stocks today...

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US Sep. Payroll to Due Tonight, Property “Rumors” Spark Rally | Daily News Recap

Financial Analysis

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NVIDIA (NVDA.O) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) in the early morning of November 20th, Beijing time, after the U.S. stock market closed. The details are as follows: 1. Core Operating Indicators: $NVIDIA(NVDA.US) reported total revenue of $57 billion, exceeding market expectations of $55.1 billion. This includes a quarter-on-quarter increase of $10.3 billion, primarily driven by the increased mass production of Blackwell in the data center business. The gross margin was 73.4%, up 1 percentage point quarter-on-quarter, in line with market expectations...

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More Important than Non-Farm Payrolls! Can NVIDIA Save the U.S. Stock Market Again?

Qualcomm

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The following are the minutes of Qualcomm's Q4 FY2025 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?&#34; 1. $Qualcomm(QCOM.US) Key Financial Information Review 1. Cash Flow and Shareholder Returns: Generated a record $12.8 billion in free cash flow and returned nearly 100% to shareholders through buybacks and dividends. 2. Q1 FY26 Performance Guidance: a. Revenue is expected to be between $11.8 billion and $12.6 billion...

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Qualcomm (Minutes): Details and performance metrics of AI chips will be announced early next year.

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Qualcomm (QCOM.O) released its financial report for the fourth quarter of fiscal year 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 6, 2025, Beijing time. The key points are as follows: 1. Core data: Qualcomm's revenue for this quarter was $11.27 billion, an increase of 10% year-on-year, better than market expectations ($10.75 billion). The company's mobile business accelerated growth driven by new products, while the growth rates of IoT and automotive businesses slowed down. The company's gross margin for this quarter was 55.3%, a year-on-year decrease of 1.1 percentage points, slightly below market expectations (55.6%)...

Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?