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0109 | Dolphin Research Focus. 🐬 Macro/Industry 1) HKEX announced it will add six stock options effective Jan 19, covering names such as Zijin Gold Intl, Laopu Gold, and Horizon Robotics.The additions broaden derivatives choices and offer more risk management tools. They should also help lift liquidity in the underlying names.🐬 Single Stock 1) $Taiwan Semiconductor(TSM.US) TSMC reported Dec revenue of NT$335.03bn, down 2.5% MoM but up 20.4% YoY. 2025 YTD revenue rose 31.6% YoY...

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Hong Kong Exchanges and Clearing (HKEX)

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Taiwan Semiconductor

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JD HK SDR 10to1

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LAOPU GOLD

Laopu Gld HK SDR 50to1

Direxion Auspice Broad COM

TSM Q4 rev. seen >NT$1 tn; GOOGL integrates Gemini into Gmail | Daily News Recap

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In the previous report, we reviewed Sanhua Intelligent Controls’ growth trajectory and core product lines.In this piece, we look ahead to assess Sanhua’s runway in data-center thermal management and humanoid robotics.

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SANHUA

Sanhua: In the AI robotics era, do cross-industry incumbents laugh last?

Baidu

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Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).BIDU has filed confidentially, and the detailed prospectus is not yet public.Based on available information, Dolphin Research will first outline a few key questions.1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

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Baidu HK SDR 10to1

BIDU ADR US

Kunlun Chip IPO fast-tracks: Is BIDU's Google moment here?

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In our prior coverage of CoreWeave, the new-cloud leader, Dolphin Research summarized the cloud services biz model and the nature of factor inputs, arguing that long-term model risk is non-trivial. Long-term visibility remains low, but that does not preclude mid-term opportunities.In this note we will focus on two things. First, the company's mid-term edges and why it has emerged as the leader in today's NeoCloud landscape.Second, a deep dive into CoreWeave's capital-intensive, highly leveraged model. We will assess its steady-state margin profile and discuss the revenue scale required...

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Coreweave

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

CoreWeave: Cloud rising star or just a 'workhorse'?

Google

Google’s full-stack AI strategy has been unfolding for over a month, and cracks in OpenAI’s circular financing narrative have prompted a seemingly sudden shift in the AI storyline. For Google, this is a build-and-breakthrough arc: incremental upgrades compounded into a step-change, and more importantly, its business positioning has fundamentally shifted. As Anthropic places another 11bn TPU order and Meta advances a collaboration with Google on foundational language models...

GOOGL vs. NVDA: Is the comeback thesis credible?

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In our prior piece 'AI's Original Sin: Is NVIDIA the stimulant AI can’t quit?', Dolphin Research argued that the key shift for the AI supply chain in 2025 is the extreme upstream capture of value, which has thrown the system out of balance. This imbalance is reshaping incentives and risk-taking across the stack.With FOMO running high, AI spend keeps climbing, while rivalry among core players has become more explicit. Capital allocations are increasingly concentrated at the top of the chain.As the internet enters the AI era, regardless of how shifting inputs reshape bargaining power along the value chain, one ultimate question remains. After front-loaded investment in heavy capex, deep tech, and top talent with an approx. five-year depreciation cycle, is this ultimately a bubble?

Destiny Tech100

Amazon

2026's Harsh AI Question: after bns AI Capex, Where will Returns Come From?

Broadcom

Conference Minutes

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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...

Coherent Corp.

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

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

Financial Analysis

BYTED

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...

ByteDance

AVGO vs. NVDA: Did the challenger blink first?

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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1211 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed cut rates by 25bps to 3.50%-3.75%, the third cut this year, in line with market expectations. It also announced $40bn of short-dated Treasury purchases over the next 30 days.Powell ruled out further hikes, saying rates are at the upper end of neutral. The message signals a shift from fighting inflation to supporting growth, even preempting a recession.🐬 Single stocks 1) $Microsoft(MSFT.US). CEO Satya Nadella made public remarks in Bengaluru, India...

Dutch Bros

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Allianzim US Large Cap Buffer10 Mar ETF

Louis Vuitton

Warner Bros. Discovery

SentinelOne

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

POP MART HK SDR 20to1

Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | Daily News Recap

Google Cloud to hold "AI-Driven, Global Victory" developer summit in Beijing

Google Cloud to Host Webinar on AI Innovation

YouTube to Host 1 Billion Fans Summit in Dubai to Empower Content Creators

Google initiates "Sun Catcher" space AI project, plans to send TPUs into orbit

Canaccord Analyst Raises Google's Target Price

Cloud Service Providers Accelerate Adoption of ASIC to Reduce Costs

Google will officially shut down its 'Dark Web Report' service

Google will participate in the National Retail Federation (NRF) 2026 conference

Ongoing global DRAM supply shortage impacts Google and other tech giants

Google's AI spin-off SandboxAQ is involved in a legal dispute with a former executive over allegations of misuse of funds.

Alphabet CEO Pichai Sells Shares Worth $10.4 Million

Analysis indicates that despite regulatory pressure, Google's AI and cloud business fundamentals remain strong.

Google-C options trading is active, with a large unusual put option order detected

Alphabet founders move a company out of California amid proposed wealth tax

Google Cloud Next '26 to be held in Las Vegas, focusing on generative AI

Alphabet Founders Move LLC Out of California

OpenAI secures massive financing from SoftBank, intensifying the AI arms race with Google

Penn Davis Mcfarland Inc. Reduced Holding in Alphabet Inc.

Scotiabank Raises Alphabet Target Price to $375

US ITC launches 337 investigation into wearable devices with fall detection, naming Google as a defendant

Rich Sparkle

Novabay Pharmac

Valens Semiconductor

Greenpower Motor

Alpha Tech

Offerpad Solutions

VCI Global

Tryhard

Tradr 2X Long APLD Daily ETF

ZeZentalis Pharma

Earning Release Date

财报预告

FY2025 Q4 Earning Release 2026.02.04 (EST) After-Market

Google (GOOG.US) Q3 2025 Earnings Conference Call

Google (GOOG.US) Q2 2025 Earnings Conference Call

Google (GOOG.US) Q1 2025 Earnings Conference Call

Google (GOOG.US) Q4 2024 Earnings Conference Call

Google (GOOG.US) 2024 Third Quarter Earnings Conference Call

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Alphabet - C(GOOG.US)

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