Semiconductors

Micron Tech

应用材料AMAT

Deep Research

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NVDA

AMAT

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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...

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Intel

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

Today’s Key News Recap

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

Vipshops

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Meituan HK SDR 5to1

JD HK SDR 10to1

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

DELL

Conference Minutes

MSFT

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The following are the minutes of Dell's FY2026 Q3 earnings call organized by Dolphin Research. For earnings interpretation, please refer to &#34;Dell DELL: Storage Price Hike Adds Pressure? AI Guidance Provides Support Again.&#34; 1. $Dell Tech(DELL.US) Key Financial Information Review 1. Cash Flow and Capital Return a. Cash Flow: Operating cash flow of $1.2 billion, with an ending cash and investment balance of $11.3 billion (an increase of $1.6 billion quarter-over-quarter). b. Shareholder Return: $1.6 billion returned this quarter (repurchase of 8.9 million shares + dividend distribution)...

Dell Tech

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Dell (Minutes): The company's value lies in the overall solutions at level L11 and above.

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The following are the minutes of the AMAT FY2025 Q4 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'Storage is 'Red Hot', Can Applied Materials (AMAT) Benefit?' 1. $Applied Materials(AMAT.US) Key Financial Data Review Revenue: FY2025 revenue grew by 4% to $28.4 billion; Q4 revenue exceeded the midpoint of expectations. Revenue by business segment: Semiconductor Systems revenue grew by 4%. Applied Global Services (AGS) revenue grew by 3% to $6.4 billion...

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NextDecade

Applied Materials AMAT (Minutes): Stable in the first half of next year, growth concentrated in the second half.

Financial Analysis

Applied Materials (AMAT.O) released its financial report for the fourth quarter of fiscal year 2025 (ending October 2025) after the U.S. stock market closed on the morning of November 14, 2025, Beijing time. The key points are as follows: 1. Core Data: Applied Materials AMAT's revenue for this quarter was $6.8 billion, a year-on-year decrease of 3.5%, slightly better than market expectations ($6.68 billion). This was mainly due to the decline in the semiconductor equipment business, especially the increased proportion of restricted demand for logic-related products in regions such as China. $Applied Materials(AMAT.US) had a gross margin of 48% this quarter, an increase of 0.7 percentage points year-on-year...

Storage is 'red-hot', can Applied Materials (AMAT) still 'benefit'?

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

ASML

HIGH

BASE

BUFF

The following are the Minutes of ASML's Q3 2025 earnings call. For an interpretation of the financial report, please refer to &#34;ASML: AI Capex Adds Buff, The Worst Period is Over!&#34; 1. $ASML(ASML.US) Review of Core Financial Information 1. Shareholder Returns Dividends: The first interim dividend for 2025 has been paid, at EUR 1.60 per share. The second interim dividend, also EUR 1.60 per share, will be paid (Payment Date: November 6, 2025). Stock Repurchase: Approximately EUR 148 million worth of shares were repurchased in the third quarter...

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ASML (Minutes): Maintain 2030 target, next year's expectations will be updated in the next quarter

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ASML released its Q3 2025 financial report (up to September 2025) before the U.S. stock market opened on the afternoon of October 15, 2025, Beijing time. The key points are as follows: 1. Revenue &amp; Gross Margin: a) $ASML(ASML.US) reported a revenue of 7.5 billion euros this quarter, a year-on-year increase of 0.7%, compared to the market expectation of 7.7 billion euros. The company's revenue this quarter mainly came from contributions by TSMC and customers in mainland China. b) The gross margin for this quarter was 51.6%, close to the upper end of the company's guidance range (50-52%), mainly due to an increase in the proportion of service-related revenue...

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ASML: AI Capex adds a buff, the worst period is over!

Micron

The following is the earnings call minutes for Micron MU's Q4 FY2025, organized by Dolphin Research. For earnings interpretation, please refer to the article &#34;Micron: AI Capex Frenzy Continues, Is the Memory Super Cycle Finally Here?&#34;. I. $Micron Tech(MU.US) Key Financial Information Review 1. Q1 Guidance non-GAAP: a. Revenue: Expected to be a record $12.5 billion (±$300 million). b. Gross Margin: Expected to be 51.5% (±100 basis points). c. Operating Expenses: Expected to be approximately $1.34 billion (±$20 million)...

Micron (Minutes): Broad Guidance Lifts, Is AI Finally Boosting Traditional Semiconductors?

Micron (MU.O) released its financial report for the fourth quarter of fiscal year 2025 (ending August 2025) after the U.S. stock market closed on September 24, 2025, Beijing time. Key points are as follows: 1. Overall performance: Micron's revenue for this quarter was $11.3 billion, a quarter-on-quarter increase of 22%, in line with market expectations ($11.2 billion). The revenue growth this quarter was mainly driven by the growth of the DRAM business. $Micron Tech(MU.US) achieved a gross margin of 44.7% this quarter, better than the sell-side expectations (42.4%) and also reached the revised buy-side expectations (44%)...

Micron: AI Capex spending spree continues, is the memory supercycle finally about to start?

Stifel Raises Micron Technology Target Price to $300

Significant Increase in DRAM Particle Spot Prices