Semiconductors

NVIDIA

Sanhua

Robot

GOOGL

002050

GOOG

NVDA

MSFT

02050

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.

Alphabet

Meta Platforms

Alphabet - C

Microsoft

SANHUA

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

Micron

Hot topic

SAND

TECH

SSNGY

SNDK

With AI demand fueling the current memory 'super cycle', the sector rallied again last night. Gainers included $Sandisk(SNDK.US) +27% and $Micron Tech(MU.US) +10%.The surge was largely catalyzed by Jensen Huang's CES 2026 keynote, which poured fuel on an already hot memory market. Source: Longport.appFirst, a quick recap of Jensen Huang's key messages at CES 2026. More below.

Sandstorm GLD

Bio-Techne

Samsung Electronics 

Micron Tech

Sandisk

Jensen Huang unveils Rubin, fueling AI storage.

Today’s Key News Recap

SNOW

09868

XPEV

0106 | Dolphin Research Focus: 🐬 Stock 1, $XPENG-W(09868.HK) XPeng said the 2026 P7+ has completed a pilot build at its Graz, Austria facility. China and Austria teams are coordinating on subsequent R&amp;D and production ramp-up.The model will launch in China on Jan 8, and in Europe on Jan 9. It will come in BEV and EREV trims, optimized for EU regs, featuring an AD stack rated at 2,250 TOPS; the EREV claims a combined range of 1,550 km, targeting both performance and everyday usability...

Snowflake

XPENG-W

XPeng

Jensen Huang steals the show at CES with Rubin; 2026 XPeng P7+ ready for pilot build in Europe | Daily News Recap

AMZN

GPUS

BYTED

GPUS-D

1231 | Dolphin Research Focus: 🐬 Macro/Industry. 1) Dec. manufacturing PMI was 50.1%, up 0.9ppt vs. 49.2, returning to expansion after 4 months.Both production and new orders climbed above the 50% threshold. Equipment manufacturing and consumer goods stood out, with large enterprises showing stronger sentiment.The data confirm a warming in manufacturing sentiment. Policy backstops and a repair in domestic demand are taking effect, lifting cyclicals and consumer names.However, SMEs remain weak and the job market is under strain. The recovery looks moderate.2) Real estate headlines came out last night. ...

Amazon

Hyperscale Data

ByteDance

HYPERSCALE DATA INC 13.00%CUM RED PER PREF STK SER D USD25

ByteDance to spend RMB 14bn on NVDA GPUs; AMZN to invest $50bn in U.S. Gov. AI | Daily News Recap

CoreWeave

Deep Research

NBIS

OpenAI

CRWV

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

GGLS

GGLL

MSFL

MSFO

MSFD

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...

Nebius

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'?

01880

601888

1219 Dolphin Research Focus: 🐬 Macro/Industry.BOJ raised its policy rate by 25bps to 0.75%, in line with market expectations, marking a 30-year high and the second hike within 11 months since Jan 2025, as core inflation has stayed above the 2% target for 44 straight months and a weaker yen is fueling imported price pressures.Twenty-four leading AI firms, including Microsoft, Google, Nvidia and OpenAI, ...

CTG DUTY-FREE

Destiny Tech100

Oracle

MSFT, GOOGL and other giants rally behind US 'Project Genesis'; TikTok US plan finalized | Daily News Recap

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002594

81211

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XIACY

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CRCL

1217 | Dolphin Research Watchlist. 🐬 Stock 1: $XIAOMI-W(01810.HK)On Dec 17, Xiaomi partner and Group President Lu Weibing said at the 2025 Xiaomi 'Human-Car-Home' ecosystem partner conference that the company will invest RMB 200 bn in R&amp;D over the next five years. It expects to spend approx. RMB 40 bn in 2026.Funds will target consumer electronics, smart EVs, on-device AI, and upstream smart manufacturing. This supports its 'Human-Car-Home' strategy and ambition to be a global hard-tech leader...

BYD COMPANY

BYD Company Limited

BYD COMPANY-R

BYD Company

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BYD HK SDR 10to1

Luckin Coffee

Circle

BOYD Gaming

Xiaomi commits RMB 200 bn to R&D; BYD ramps up internal testing for L3 mass production | Daily News Recap

DXYZ

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?

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

RIVN

1215 | Dolphin Research Focus: 🐬 Macro/Sector. MIIT granted the first L3 autonomous driving type approvals to Changan's Deepal SL03 and ARCFOX Alpha S6. The two models, tailored to urban congestion and highway scenarios, will run public-road pilots in designated areas of Beijing and Chongqing, marking a move from tech testing to commercial pilots for L3 in China.NBS data show Nov. retail sales of consumer goods at RMB 4.3898tn (+1.3% YoY). That is the lowest monthly growth since 2023 in the post-Covid period...

Rivian Automotive

First L3 autonomous-driving models approved; retail sales growth retests the lows | Daily News Recap

Broadcom

Conference Minutes

AVGO

AAPL

COHR

AAPB

AAPD

AAPU

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...

Apple

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

Morgan Stanley analyst states Tesla still leads in autonomous driving despite NVIDIA's CES platform launch

NVIDIA Unveils New AI Supercomputing Platform Rubin

South Korea's Science Ministry Discusses Setting Up a Research Center With Nvidia

CES 2026 reveals a global storage chip shortage caused by surging AI computing demand

Alibaba has reportedly expressed its intention to order over 200,000 H200 GPUs from NVIDIA.

Siemens and NVIDIA Collaborate at CES 2026 to Launch Industrial AI Operating System

Red Hat announces day-one support for NVIDIA's next-generation Rubin GPU platform

NVIDIA CEO Jensen Huang states that the US chip export blockade is detrimental to the country and expresses regret over losing the Chinese market.

AI21 Labs Denies Acquisition Talks with NVIDIA

NVIDIA to Host GTC 2026 AI Conference from March 16-19

AI computing power race heats up, Nvidia faces competition from new tracks like reconfigurable chips

Rumors suggest enterprise flash memory chip prices could double, with Nvidia cited as a key driver

Jensen Huang Reveals: NVIDIA Has More Amazing AI-Generated Gaming Technology Than Dynamic 6x Multi-Frame Generation

Analyst Predicts: Nvidia Will Surpass Alphabet to Become the World's Most Profitable Company in 2026

Cailianpress summarizes weekend sentiment, mentioning NVIDIA lists AI4S as one of three major strategic directions

"The Big Short" Michael Burry Expresses Concern Over NVIDIA and AI Bubble

"The Big Short" inspiration Michael Burry is shorting NVIDIA

NVIDIA's market value evaporates in a single day due to fund rotation and policy impacts

NVIDIA Appoints Former Google Cloud Executive Alison Wagonfeld as Chief Marketing Officer

NVIDIA to Participate in J.P. Morgan 2026 Healthcare Conference

Rich Sparkle

Novabay Pharmac

Valens Semiconductor

Greenpower Motor

Alpha Tech

Offerpad Solutions

VCI Global

Tryhard

Tradr 2X Long APLD Daily ETF

ZeZentalis Pharma

NVIDIA Corporation (NVDA.US) Q3 Fiscal Year 2026 Earnings Conference Call

NVIDIA Corporation (NVDA.US) Fiscal Year 2026 Second Quarter Earnings Conference Call

NVIDIA(NVDA.US)