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Microsoft

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GOOGL

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MSFT

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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?

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

Alphabet - C

Alphabet

Destiny Tech100

Amazon

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

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

Broadcom

Financial Analysis

AVGO

BYTED

MSFD

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

Direxion Daily MSFT Bear 1x Shares

AVGO vs. NVDA: Did the challenger blink first?

Today’s Key News Recap

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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

POP MART

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

HOOD

ASET

TILE

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...

Robinhood

Flexshares Real Asset

Interface

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

Alibaba

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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.

LI AUTO-W

Xiaomi HK SDR 2to1

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Li Auto

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Xiaomi Corporation

Huawei

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Direxion Daily AMZN Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

Alibaba HK SDR 5to1

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

Marvell

TECH

MRVL

Marvell Technology (MRVL.O) released its third-quarter financial report for fiscal year 2026 (ending October 2025) in the early morning of December 3rd, Beijing time, after the U.S. stock market closed: 1. Revenue: $Marvell Tech(MRVL.US) reported revenue of $2.07 billion this quarter, a quarter-on-quarter increase of 3.4%, in line with market expectations ($2.06 billion). The quarter-on-quarter increase of $60 million was mainly driven by enterprise networking and carrier business. 2. Gross Margin: The gross margin for this quarter was 51.6%, a quarter-on-quarter increase of 1.2%...

Bio-Techne

Marvell Tech

Marvell: Acquisition to Fill Gaps, Is the NVIDIA 'Alternative' Path Becoming a Reality?

Meta/Facebook

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These days, it's rare to see trillion-dollar giants fluctuating by 10% or 20% in a single day, but Meta is an exception. It took Meta just one quarter to fall from grace. After the Q3 earnings report, investors' panic seemed to have just been digested. Recently, with the expectation of interest rate cuts rising, $Meta Platforms(META.US) has rebounded 10% from the bottom. In terms of narrative, first, Meta has the most extensive application scenarios, and the AI investment process will be accompanied by accelerated revenue, the &#34;AI darling&#34; narrative; then came the Q3 combination of increased investment and slowed revenue growth guidance...

TENCENT

Blue Owl Capital

Tencent

Tencent Holdings Limited

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Pathward Fin

Bluebird Bio

Tencent HK SDR 10to1

"AI Darling" Quickly Becomes a "Spendthrift", Can Meta Make a Comeback?

HSAI

02525

1125 | Dolphin Research Focus: 🐬 Stock 1, $Alphabet(GOOGL.US) It is reported that Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, and plans to rent chips from Google Cloud next year. Although TPUs are not as flexible as NVIDIA GPUs, they have lower development costs and consume less power when running at full capacity. If TPUs are successfully supplied externally, it marks intensified competition in the AI chip market, potentially impacting NVIDIA's market share and pricing power. For Google...

Hesai

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Google's TPU Sales Challenge Nvidia Dominance; Xiaomi Rallies on Lei Jun's Stake Boost. ｜Today's Important News Review

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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...

GraniteShares 2x Long AMD Daily ETF

SoftBank

SoftBank Group Corp.

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

Conference Minutes

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The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness.&#34; 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

CHINA LIT

TME-SW

Lotus Tech

Tencent Music

Lovesac

LOTUS TECHNOLOGY INC C/WTS 22/02/2029 (TO PUR COM)

Tencent (Minutes): Emphasizes AI, but Lowers Full-Year Capex Guidance

Security research finds free VPN extensions secretly collected user AI chat logs, including from Meta AI.

Meta's estimated capital expenditure to exceed $100 billion amid regulatory headwinds, causing the stock to close down on heavy volume.

Over 50,000 users petition, claiming Meta wrongly shut down their Facebook and Instagram accounts.

Guojin Securities releases AI weekly observation, pointing out Meta AI glasses sales increased by 393% year-over-year in Q3

Milestone Asset Management LLC Increases Stake in Meta Platforms, Inc.

Hong Kong Media Analysis Suggests Meta's Metaverse Strategy Has Completely Failed

Meta's AI integration in WhatsApp is hindered by European regulatory pressure

New York requires social media platforms to display mental health warning labels

Analysis suggests Meta Platforms could be the first new company to reach a $2 trillion market cap in 2026

Meta Announces Discontinuation of its Paid Subscription Service

Meta's Platforms (Facebook, Instagram, etc.) Suffer Major Global Outage

Analyst notes Meta's momentum is fading after hitting new highs, indicating correction risk

Supply chain report indicates Taiwan's Accton wins large order for Meta's AI server racks

Meta to hold hearing for a fast appeal in a lawsuit over scam ads

Meta plans to cut the budget for its Reality Labs division in 2026

Swedbank AB Increases Stake in Meta Platforms

Analysts discuss the possibility of a Meta stock split in 2026

Meta plans to significantly increase capital expenditures in 2026 to accelerate AI development.

Meta discloses it will face a number of youth-related safety trials in 2026.

DAVENPORT & Co LLC Reduces Holdings in Meta, Meta Reports Strong Q3 Earnings

A SPAC III Acquisition

PicoCELA

Davis Commodities

Society Pass

ECD Automotive Design

Gauzy

Bristol-Myers Squibb Company

A SPAC III ACQUISITION CORP. COM NPV CL A (SUBS/RTS)02/01/2026

Paranovus ENT Tech

Cue BioPharma

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置顶新闻

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