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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...

Destiny Tech100

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GraniteShares 2x Long MSFT Daily ETF

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POP MART HK SDR 20to1

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Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | 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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HSBC HK SDR 5to1

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

Spotify

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$Spotify(SPOT.US) The Q3 2025 earnings report was released before the U.S. stock market opened on November 4th, with mixed performance. However, the market's main concern—profit margin—actually exceeded expectations, leading to a slightly positive market response. Specifically: 1. Profit margin exceeded expectations: Since the third quarter, Spotify has made numerous product changes (nearly 30 updates of various sizes), including lossless audio quality, playlist editing, messaging, personalized audio settings, and collaborations with Amazon Alexa and ChatGPT, etc...

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Can Spotify's new price hike cycle take off again?

Conference Minutes

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The following is the Q3 2025 earnings call minutes for $Amazon(AMZN.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;AWS's Major Reversal: Has Amazon Finally 'Turned the Corner'?&#34; 1. Review of Core Financial Data 2. Detailed Information from the Earnings Call 2.1 Key Executive Statements and Strategic Outlook 1. AWS Business Momentum: AWS growth rate reached its highest level since 2022, with a year-over-year growth rate returning to 20.2%. Achieving a 20% year-over-year growth on an annualized run rate of $132 billion is extraordinary...

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Amazon (Minutes): Computing power supply to double again by 2027

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1022 | Dolphin Research Focus: 🐬 Macro/Industry 1. Recently, gold prices have experienced a significant decline. The French presidential office issued a joint statement with several European countries supporting the U.S. proposal for an immediate ceasefire between Russia and Ukraine. The Ukrainian president also indicated that the conflict is nearing an end, breaking the market's expectation of a prolonged geopolitical conflict. Coupled with recent mild tariff signals, risk aversion sentiment has cooled. Previously, gold prices had been rising continuously and were at a high level. When negative news emerged, the technical adjustment demand was activated, and long positions took profits and exited, leading to a drop in gold prices. 🐬 Individual Stocks 1. $LAOPU GOLD(06181.HK) Lao Pu Gold announced...

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OpenAI showcases 'AI Browser' aiming at Chrome; Laopu Gold plans discounted share placement for financing | Today's Important News Recap

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User engagement is good, and ad sales hit a record high.

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Netflix (Minutes): Programmatic advertising will be an important source of revenue in the future

$Netflix(NFLX.US) released its Q3 2025 financial report after the market closed on October 21st, Eastern Time. The sharp decline in stock price has already reflected the market sentiment, ostensibly as a punishment for missing earnings, but in reality, it replicates the previous quarter's scenario—under short-term high valuations, not exceeding expectations is equivalent to missing them. Specifically: 1. Earnings actually exceeded expectations: An additional cost provision of as much as $619 million impacted the current profit margin by more than 5 points, creating the illusion of missing expectations. This expense mainly involves municipal service taxes levied by Brazil on streaming companies, which have been a subject of ongoing dispute...

Netflix: Another Plunge! Has the 'King of Shows' Really Become Mediocre?

Netflix 3Q25 Earnings Quick Interpretation: The third-quarter performance was generally average, basically in line with expectations (including guidance for the fourth quarter). The operating profit miss was due to a one-time large recognition of expenses related to tax issues in Brazil. Excluding this impact, the actual operating profit exceeded expectations. However, the sharp decline after hours once again replicated the market reaction from the previous quarter—without surprising performance, short-term adjustments are used to release the pressure of high valuations. 1. Additional Cost Recognition, Impacting Profit Margin by 5 Points: This is an additional cost recognition of as much as $619 million, mainly involving municipal service taxes levied by Brazil on streaming companies. This cumulative expense covering from 2022 to the present was recognized in one go under other cost items, impacting the current gross margin by more than 5 points. The guidance provided by the company last quarter did not include this expenditure. Without considering the short-term impact, the actual operating profit reached $3.87 billion, a year-on-year increase of 33%, with a profit margin of 33.6%, exceeding market consensus expectations. Subsequently, the impact of this tax on the company's overall profit is relatively small, so the guidance for Q4 performance is also basically close to expectations. 2. Flat Revenue, No Surprises in Guidance: Although profits can be adjusted, the revenue side, which reflects growth, remains unspectacular, with both the current and next quarter's guidance basically in line with expectations. Third-quarter revenue grew by 17% year-on-year, with exchange rate effects of the dollar in different regions being hedged, and overall did not bring the forex tailwind we expected. The third quarter content was not dull, for example, the finale of the third season of 'Squid Game' and the second season of 'Wednesday' were very popular, with viewership entering Netflix's historical TOP10. However, short-term ARPU may continue to weaken the effect of price increases due to the increased penetration rate of ad-supported plans, and the cancellation of the original low-price Base plan in core regions during price increases has caused dissatisfaction among some users. Meanwhile, the third quarter was the period when the 1P advertising system was fully operational for an entire quarter, but it may still need optimization through data collection. Additionally, the macroeconomic volatility brought by tariffs is not favorable for Netflix's high-priced ads. However, the company's advertising revenue target for this year remains unchanged, still aiming for double growth, and Amazon DSP system will be introduced in Q4. Combined with market expectations, we estimate this year's advertising revenue to be around $1.5 billion. 3. Controlling Investment Scale: The third quarter saw $1.9 billion spent on repurchasing 1.5 million shares, with an average price of about $1,250. Although the annual profit guidance has been adjusted downward accordingly, the free cash flow target has been raised again from $8-8.5 billion to $9 billion for the year. This may be related to the reduced scale of content investment this year. As of Q3, this year's content cash investment was $12.6 billion, and based on the trend, it is expected to be $4.5-5 billion in the fourth quarter, with a total of $17-17.5 billion for the year, below the initial target of $18 billion. However, there are also news reports today that Netflix is interested in participating in the acquisition of Warner Bros. Discovery (WBD), which marks a change from Netflix's consistent business style of 'prioritizing more cost-effective internal production.' Dolphin Research suggests not to speculate too much for now and to continue to monitor subsequent developments. $Netflix(NFLX.US)

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1021 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump and Australian Prime Minister Albanese signed a critical minerals agreement at the White House. The core of the agreement includes each party investing $1 billion within six months to support mining and processing projects, establishing a price floor mechanism, and introducing indirect participation from Japan. The focus is on resources such as rare earths, gallium, and graphite, aiming to counter China's influence in the rare metals sector. This move is a key step for the West in restructuring the resource supply chain, attempting to break China's dominant advantage in the smelting and processing stages. However, Australia's shortcomings in processing technology and high costs are difficult to resolve in the short term...

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Game Boosts Bilibili's Surge; Amazon AWS Services Experience Major Outage | Today's Important News Recap

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0722 | Dolphin Research Focus: 🐬 Stock 1, $JD.com(JD.US) On July 20, JD.com officially opened its first self-operated food delivery outlet under the “Qixian Kitchen” brand in Beijing’s Dongcheng District. Just two days later, on July 22, the company launched its “Dish Partner” program, pledging RMB 1 billion in funding to recruit partners — including restaurant brands and individual chefs nationwide — to co-create 1,000 signature dishes.Leveraging JD’s robust fresh grocery supply chain, Qixian Kitchen is well positioned to lower ingredient procurement costs, giving it a competitive edge for future growth...

JD.com’s “Qixian Kitchen” introduces a new twist; Block surges 7% overnight