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Broadcom

Conference Minutes

NVDA

AVGO

COHR

OpenAI

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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...

NVIDIA

C3.AI

Coherent Corp.

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Alphabet

Opendoor Tech

Apple

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AVGO (Trans): Anthropic adds another 10bn;  73bn order is the floor

Financial Analysis

MSFT

BYTED

AMZN

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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...

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AVGO vs. NVDA: Did the challenger blink first?

AVGO First Take: Revenue and GPM were in line with market expectations this quarter, with growth largely driven by AI. AI revenue reached $6.5bn, up $1.3bn QoQ on increased TPU volume ramp. On an operating basis, excluding acquisition-related amortization and restructuring, GPM was 76.6%, down slightly QoQ. The decline reflects a mix shift toward lower-margin ASIC. For next quarter, the company guided revenue to $19.1bn, above Street estimates, driven by AI. AI revenue is expected to reach $8.2bn (vs. Street $7.0–7.5bn), implying a $1.7bn QoQ increase. Despite a solid print and guide, investors are more focused on progress with new customers and orders for next year. Given the previously disclosed large AI wins, the market is watching the company's growth trajectory into next year and beyond, including whether it can secure additional customers and orders. With Google's Gemini performing well, it offers an alternative compute stack beyond NVIDIA. Investors also expect Broadcom to win share in AI chips, a view reflected in its top-tier valuation. As a result, the focus this quarter is on management's updates and outlook for AI order flow next year and beyond. For more, follow Dolphin Research's subsequent notes and management Trans. $Broadcom(AVGO.US)

Today’s Key News Recap

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1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

Morgan Stanley

HKEX

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Hong Kong Exchanges and Clearing (HKEX)

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

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MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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POP MART HK SDR 20to1

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XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

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ASET

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

Interface

Flexshares Real Asset

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

INTC

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1203 | Dolphin Research Key Focus: 🐬 Stock 1, $Amazon(AMZN.US) AWS introduced the 3nm process Trainium 3 at the annual conference, which offers over 4 times performance improvement compared to the previous generation, with memory increased by 4 times and energy efficiency improved by 40%. They also announced the development plan for Trainium 4, which will be compatible with NVIDIA chips, and several customers like Anthropic have already adopted this chip. It precisely addresses the pain points of enterprise AI computing cost and energy consumption, potentially challenging NVIDIA's monopoly in the computing power market...

Intel

Salesforce

Tesla

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INTEL-T

Amazon unveils 3nm AI chip; Intel stock surges｜Today's Important News Recap

Marvell

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...

Marvell Tech

Ategrity Specialty Holdings LLC

Cambria Global Asset Alloc

Outfront Media

Pro Ultra 7-10Yrs

Pampa Energia SA -SPON

Hudbay Minerals

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

MSFY

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%...

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

Marvell Technology Quick Interpretation: The company's performance this quarter and guidance for the next quarter basically met expectations. The quarter-on-quarter performance this quarter was not mainly driven by data centers, but rather by the recovery of enterprise networks and carrier businesses. In the data center business, the company's optical interconnect products achieved double-digit growth quarter-on-quarter, but the custom ASIC business was affected by demand fluctuations (Amazon's product cycle), resulting in a quarter-on-quarter decline, ultimately leading to the company's data center business not showing significant quarter-on-quarter growth this quarter. Compared to this earnings report, the two core &#34;highlights&#34; provided by the company after the meeting are more important: 1) Raising guidance for the next fiscal year: The company's management had previously provided guidance for an 18% growth rate in the data center for the next fiscal year during a small meeting in September, and this time raised the guidance to 25%. With major manufacturers increasing capital expenditures, the company has also raised its expectations for next year; 2) Announcing the strategic acquisition of Celestial AI: This can fill the company's technological gaps and enrich its data center product matrix. Celestial AI's photonic fabric platform provides high bandwidth, low latency, and low power solutions for multi-rack XPU clusters (hundreds of XPUs). Previously, Marvell Technology's stock price was deeply mired in concerns about &#34;Alchip competition.&#34; The definitive guidance provided by the company's management can somewhat alleviate market concerns. Compared to companies like NVIDIA and Broadcom, Marvell is still on the periphery of the AI chip market. The announcement of the strategic acquisition of Celestial AI fills the company's shortcomings in the scale-up interconnect field and conveys the company's determination to continue competing in the data center and AI markets. For more information, please follow Dolphin Research's subsequent commentary and management minutes. $Marvell Tech(MRVL.US) $GraniteShares 2x Long MRVL Daily ETF(MVLL.US)

Optec International, Inc.

Central Garden & Pet

Inter

Lowes

Bandwidth

Matrix

Deep Research

Google

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Marked by the release of ChatGPT at the end of 2022, the AI frenzy over the past three years has swept through every sector, from computing power, storage, networking, manufacturing, power infrastructure, software applications, and even to edge devices. Each direction has been repeatedly hyped. However, by the end of the third anniversary, when the pillars of AI infrastructure announced unprecedented AI mega infrastructure projects around the third-quarter reports, the market suddenly seemed to lose its soul, starting to worry that AI investments might be a bubble. Some in the industry have made a fortune, while others have lost so much that they resort to frantic fundraising. Where exactly is the problem? The financing is dazzling and bizarre, why? This article...

Taiwan Semiconductor

Destiny Tech100

Jiangsu Azure Corporation

GraniteShares 2x Long AMD Daily ETF

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Huang Rensheng States NVIDIA Struggles to Recover Inventory Write-down Losses

Nvidia's Market Cap Surpasses $400 Billion

NVIDIA's Market Cap Surpasses $400 Billion

NVIDIA's Market Cap Approaching $400 Billion

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Backed Launches xStocks to Support Stock Trading on Solana

US stocks hit new highs, Nasdaq and S&P 500 reach new records

NVIDIA Incurs $4.5B Loss Due to Export Restrictions

US major indexes open higher

NVIDIA and TSMC Expand Investment Cooperation in the US

Huang Runchun Warns US Chip Makers May Lose Chinese Market

NVIDIA Launches Video Search and Summarization AI Blueprint

NVIDIA Launches Grace Blackwell Ultra Chipset

Hon Hai to Build Supercomputer with 10,000 Blackwell GPUs

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Huang Renxun Discusses AI Impact on Jobs at Milken Conference

AdvisorShares MSOS 2x Daily ETF

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