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The following is Dolphin Research's compiled earnings call Trans for Broadcom (AVGO) FY2025 Q4. For our earnings take, please see 'Broadcom: Calling out NVDA, but did the pioneer blink first?'AVGO fell after-hours as management struck a cautious tone during the discussion. Topics included the AI order outlook and progress with new customers and orders.1) AI orders: The total AI backlog for AI-related components and heterogeneous processors (XPUs) topped $73bn, slated for delivery over the next 18 months (six quarters). They then explained...

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AVGO (Trans): Anthropic adds another 10bn;  73bn order is the floor

Financial Analysis

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In the early hours of Dec 12 Beijing time, AVGO released its FY2025 Q4 results after the U.S. close. The quarter ended Oct 2025.1) Overall performance: Revenue was $18.0bn, up 28.2% YoY. This beat the Street's $17.5bn.Revenue rose $2.0bn QoQ, driven by AI-related demand. AI remained the key driver.GPM was 68%. Excluding acquisition amortization and restructuring costs, adj. GPM was 76.6%, down 17bps QoQ...

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AVGO vs. NVDA: Did the challenger blink first?

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AVGO First Take: Revenue and GPM were in line with market expectations this quarter, with growth largely driven by AI. AI revenue reached $6.5bn, up $1.3bn QoQ on increased TPU volume ramp. On an operating basis, excluding acquisition-related amortization and restructuring, GPM was 76.6%, down slightly QoQ. The decline reflects a mix shift toward lower-margin ASIC. For next quarter, the company guided revenue to $19.1bn, above Street estimates, driven by AI. AI revenue is expected to reach $8.2bn (vs. Street $7.0–7.5bn), implying a $1.7bn QoQ increase. Despite a solid print and guide, investors are more focused on progress with new customers and orders for next year. Given the previously disclosed large AI wins, the market is watching the company's growth trajectory into next year and beyond, including whether it can secure additional customers and orders. With Google's Gemini performing well, it offers an alternative compute stack beyond NVIDIA. Investors also expect Broadcom to win share in AI chips, a view reflected in its top-tier valuation. As a result, the focus this quarter is on management's updates and outlook for AI order flow next year and beyond. For more, follow Dolphin Research's subsequent notes and management Trans. $Broadcom(AVGO.US)

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Today’s Key News Recap

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1210 | Dolphin Research Focus: 🐬 Macro/Industry 1) Market chatter suggests a RMB 400bn mortgage interest-subsidy program has been set. The standard subsidy rate would be 1%, while loans tied to risk regions and distressed developers could get 2%.No official document has been released yet. If implemented, it would directly lower borrowers' mortgage costs.Enhanced subsidies for risk regions and developer-linked loans would precisely ease localized housing-market stress and reduce developers' funding-chain risk. It would also support new-home demand...

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Mortgage subsidy rumors roil markets; Fed decision due tonight | Daily News Recap

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On Dec. 7, the long-running WBD sale neared the finish line as NFLX emerged as the buyer. The company agreed to acquire WBD's assets excluding cable TV for $72bn and to assume $10.7bn of WBD debt.The deal is still subject to regulatory approval due to antitrust concerns. About this acquisition...

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NFLX breaks its own rules, makes an RMB 80bn bet to become No.1 in film & TV

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1208 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) The CPC Politburo met on Dec. 8 to discuss the 2026 economic agenda and reviewed the 'Regulations on the Party's Leadership over Law-Based Governance'. It set the tone for next year: fiscal policy to be more proactive, monetary policy moderately accommodative. 🐬 Single Stocks 1) $Robinhood(HOOD.US) Robinhood said in a Sunday blog post...

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Politburo sets 2026 economic agenda, HOOD pushes into SE Asia crypto | Daily News Recap

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AI glasses are regarded as the 'next-generation personal mobile gateway' and are also the most likely mobile terminal to challenge smartphones.

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Alibaba, ByteDance, and Li Auto are rushing into the market; are AI glasses becoming the 'next big thing'? (Minutes)

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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

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Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

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Dell Technologies (DELL.N) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) after the U.S. stock market closed on November 26, Beijing time: 1. Core performance: $Dell Tech(DELL.US) reported revenue of $27 billion for the quarter, an increase of 10.8% year-on-year, close to market expectations ($27.3 billion). The company's revenue growth of nearly $2.7 billion this quarter was primarily driven by contributions from AI server shipments. The company's gross margin for the quarter was 20.7%, down 1.1 percentage points year-on-year, slightly better than market expectations (20%). Compared to service revenue...

Dell DELL: Storage Price Increase Adds to Troubles? AI Guidance Provides Support