Diversified Metals and Mining

Hudbay Minerals

应用材料AMAT

Deep Research

AMAT

INTC

NVDA

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

SSNGY

00981

AVGO

04335

HSMD

688981

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...

Applied Materials

First Trust Multi Cap Value Alpha

Intel

NVIDIA

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

Taiwan Semiconductor

Samsung Electronics 

Outfront Media

Micron Tech

SMIC

Broadcom

United Microelectronics

INTEL-T

SMIC HK SDR 5to1

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

Marvell

Conference Minutes

TECH

MRVL

ASIC

The following are the minutes of Marvell Technology's Q3 2026 earnings call. For an interpretation of the earnings report, please refer to &#34;Marvell: Acquisition to Fill Gaps, Is the NVIDIA Alternative Route Almost Complete?&#34; 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...

Bio-Techne

Marvell Tech

Pampa Energia SA -SPON

Ategrity Specialty Holdings LLC

Cambria Global Asset Alloc

Pro Ultra 7-10Yrs

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

Xiaomi

HXXD

01810

81810

XIACY

The following are the minutes of Xiaomi's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Xiaomi: Without Subsidies, Can Cars Really Hold Up the Front?&#34; 1. $XIAOMI-W(01810.HK) Core Data Review Performance Overview: Total Revenue: Reached RMB 113.1 billion, a year-on-year increase of 22.3%. This marks the fourth consecutive quarter that the group's revenue has exceeded RMB 100 billion. Group Gross Margin: 22.9%, an increase of 2.5 percentage points year-on-year, setting a new historical high. Adjusted Net Profit: RMB 11.3 billion, a year-on-year increase of 81%...

Xiaomi HK SDR 2to1

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

MediaAlpha

Pros

Ameriprise Financial

Xiaomi (Minutes): Rising storage costs have a greater impact on manufacturers with lower ASP.

ASML

ASML Quick Interpretation: Although the company's revenue and gross margin for this quarter met the guidance expectations, they did not significantly exceed them. The company's R&amp;D and sales expenses remained stable, resulting in a moderate profit for the quarter. Compared to this quarter's data, the market is more focused on ASML's order metrics and next quarter's guidance, as these two aspects better reflect the company's operational trend changes. ① Order Metrics: ASML's net orders for this quarter remained at 5.4 billion euros, better than the market expectation of 4.9 billion euros. After experiencing a 'flash crash' in order data at the beginning of the year, the company's orders have returned above 5 billion euros, mainly due to the weakening impact of tariffs and the recovery of downstream confidence; ② Next Quarter Guidance: The company expects fourth-quarter revenue to reach 9.2-9.8 billion euros, better than the market expectation of 9.2 billion euros. The fourth quarter is often a peak season for the company's product deliveries, and from the guidance, the company is likely to continue the momentum of year-on-year revenue growth. Although AI semiconductors remain hot, ASML has been under multiple pressures in the first half of the year, especially from the capital expenditure contraction of major clients Samsung and Intel, which has put significant pressure on the company's operations. However, with the recovery of the memory cycle, Intel's 'rebirth expectations,' and the progress in Samsung's HBM certification, ASML's pressure is gradually being released. As the absolute leader in the lithography market, ASML will also benefit from the current AI Capex boom.

Micron

Financial Analysis

Micron (MU.O) released its financial report for the third quarter of fiscal year 2025 (ending May 2025) after the U.S. stock market closed on June 26, 2025, Beijing time. Key points are as follows: 1. Overall performance: $Micron Tech(MU.US) reported revenue of $9.3 billion for the quarter, a quarter-on-quarter increase of 15.5%, exceeding market expectations ($8.85 billion). The positive variance was mainly driven by increased NAND shipments and HBM growth. Although the average prices of DRAM and NAND continued to decline this quarter, the shipment volumes of both increased by more than 20% quarter-on-quarter...

HBM is about to expand, can Micron seize the opportunity?

$Micron Tech(MU.US)Quick Interpretation: The company's revenue and gross margin continued to grow this quarter, with the gross margin slightly below market expectations. Although HBM still contributes incremental growth, the company was affected by traditional downstream markets such as smartphones, leading to price declines for some products, which in turn impacted gross margin performance.By business segment, the company's DRAM business still achieved a 20% quarter-on-quarter growth, with both volume and prices rising driven by HBM. However, the NAND business was significantly impacted by inventory adjustments in downstream markets such as smartphones, automotive, and industrial sectors, resulting in slight quarter-on-quarter declines in both shipment volume and average prices.Compared to this quarter's earnings report, the company's outlook for the next quarter is more pessimistic. The company expects next quarter's revenue to be between $7.9 billion and $8.1 billion (a 9% quarter-on-quarter decline), below the market consensus of $9 billion. The quarterly gross margin (GAAP) is projected to be between 36.5% and 38.5% (a quarter-on-quarter decline), also below the market consensus of 41.3%. Such guidance will directly affect market confidence in the company's continued recovery in this earnings cycle. For detailed earnings analysis and conference call highlights, stay tuned for follow-up content from Dolphin Research.

HudBay Minerals stock reaches new 52-week high

Arizona Sonoran Copper Completes $10.4M Private Placement with Hudbay Minerals

HudBay Minerals Inc Receives Multiple Buy Ratings from Analysts

Jefferies Analyst Reiterates Buy Rating on Hudbay Minerals Stock

HudBay Minerals Inc. Outlines Copper Growth Strategy and Sustainability Initiatives

HudBay advancing copper mine expansion project faces opposition from indigenous communities

Osisko Metals Secures $32.5 Million Strategic Investment from Hudbay Minerals and Agnico Eagle Mines to Advance Gaspé Copper Project

Cormark Raises Hudbay Minerals’ Q4 2026 EPS Estimate to $0.46

HudBay Minerals Inc Receives Consensus 'Buy' Rating from Brokers

Stifel Nicolaus Analyst Maintains Buy Rating on Hudbay Minerals

Hudbay Minerals Reaffirms Annual Guidance and Cuts Cost Projections Despite Production Interruptions

Hudbay Minerals released FY2025 9-month earnings on November 12 Pre-Market EST, actual revenue USD 1.478 B, actual EPS USD 1.1079

Hudbay Minerals released FY2025 Q3 earnings on November 12 Pre-Market (EST), actual revenue USD 346.8 M (forecast USD 392.38 M), actual EPS USD 0.5599 (forecast USD 0.11)

Hudbay Minerals Reports Q3 Adjusted EBITDA and Earnings Per Share

Hudbay Minerals stock breaks above 200-day moving average

BMO Reduces Stake in HudBay Minerals

Hudbay Minerals to Release FY2025 Q3 Earnings on November 12, Pre-Market EST; Forecast Revenue USD 417.55M, EPS USD 0.128

Crittenden and Goldman Sachs Recommend Buy on Hudbay Minerals

Stifel Raises Hudbay Minerals Target Price to 28 Canadian Dollars

HudBay Minerals Inc sees significant short position decline, beats earnings expectations