Ategrity Specialty Insurance Company Holdings Receives Positive Outlook and Affirmed Ratings from AM Best

AM Best has revised the outlook for Ategrity Specialty Insurance Company Holdings and its subsidiaries to positive from stable. The Long-Term Issuer Credit Rating of “bbb-” for the holding company and the Financial Strength Rating of A- for Ategrity Specialty Insurance Company and its affiliate were affirmed. The ratings reflect Ategrity’s strong balance sheet, adequate performance, limited business profile, and appropriate risk management.

Marvell (Minutes): AWS is the first to become Celestial AI's 'core leading customer'

The following are the minutes of Marvell Technology's Q3 2026 earnings call. For an interpretation of the earnings report, please refer to "Marvell: Acquisition to Fill Gaps, Is the NVIDIA Alternative Route Almost Complete?" 1. $Marvell Tech(MRVL.US) Key Financial Data Review Revenue: Achieved a record $2.075 billion in the third quarter, a quarter-over-quarter increase of 3% and a year-over-year increase of 37%. Excluding the divested automotive Ethernet business, core business revenue grew approximately 6% quarter-over-quarter and 41% year-over-year...

Marvell Technology Quick Interpretation: The company's performance this quarter and guidance for the next quarter basically met expectations. The quarter-on-quarter performance this quarter was not mainly driven by data centers, but rather by the recovery of enterprise networks and carrier businesses. In the data center business, the company's optical interconnect products achieved double-digit growth quarter-on-quarter, but the custom ASIC business was affected by demand fluctuations (Amazon's product cycle), resulting in a quarter-on-quarter decline, ultimately leading to the company's data center business not showing significant quarter-on-quarter growth this quarter. Compared to this earnings report, the two core "highlights" provided by the company after the meeting are more important: 1) Raising guidance for the next fiscal year: The company's management had previously provided guidance for an 18% growth rate in the data center for the next fiscal year during a small meeting in September, and this time raised the guidance to 25%. With major manufacturers increasing capital expenditures, the company has also raised its expectations for next year; 2) Announcing the strategic acquisition of Celestial AI: This can fill the company's technological gaps and enrich its data center product matrix. Celestial AI's photonic fabric platform provides high bandwidth, low latency, and low power solutions for multi-rack XPU clusters (hundreds of XPUs). Previously, Marvell Technology's stock price was deeply mired in concerns about "Alchip competition." The definitive guidance provided by the company's management can somewhat alleviate market concerns. Compared to companies like NVIDIA and Broadcom, Marvell is still on the periphery of the AI chip market. The announcement of the strategic acquisition of Celestial AI fills the company's shortcomings in the scale-up interconnect field and conveys the company's determination to continue competing in the data center and AI markets. For more information, please follow Dolphin Research's subsequent commentary and management minutes. $Marvell Tech(MRVL.US) $GraniteShares 2x Long MRVL Daily ETF(MVLL.US)

NVIDIA Quick Interpretation: The company once again delivered better-than-expected results this quarter, especially with a $10 billion quarter-over-quarter increase in revenue, which is quite impressive. The growth in revenue this quarter was primarily driven by the increased mass production of the Blackwell series.Additionally, the company provided guidance for the next quarter, expecting revenue to reach $65 billion, an $8 billion quarter-over-quarter increase, still better than the market expectations (ranging from $63 billion to $64.5 billion) that had been revised upwards by buyers. The company's gross margin for the next quarter is expected to rise to 74.8%, still driven by the Blackwell product cycle.Since the company had previously disclosed its AI business outlook at the GTC conference, projecting cumulative shipments of Blackwell+Rubin to reach 20 million units by the end of 2026 (roughly corresponding to $500 billion in revenue), the market is relatively certain about the company's high growth next year. The recent performance shown in the financial report and guidance mainly provides short-term support.Recently, institutions like SoftBank and Bridgewater have been reported to be selling off or reducing their holdings of NVIDIA stock, reflecting market concerns about the company. Compared to the financial report data, there is actually more concern about how the company's management will reassure the market, including the impact of ASIC competition and customer self-development, whether the gross margin can be maintained above 75% by the end of 2026 and beyond, and the sustainability of downstream customers' AI Capex.Therefore, in this financial report, the market is more looking forward to specific explanations from the company's management and more certain information beyond next year, which can truly boost market confidence. For more content, please follow Dolphin Research's subsequent comments and related content from the management minutes. $NVIDIA(NVDA.US)

Ategrity Specialty Holdings LLC | 10-Q: FY2025 Q3 Revenue: USD 116.1 M