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For detailed commentary, see 'NVIDIA GTC: AI’s Spring Gala — High Hopes or Letdown?'.Below is the full transcript of $NVIDIA(NVDA.US) GTC.Jensen Huang, NVIDIA’s founder and CEO, delivered the keynote at GTC 2026.Key topics included the 20th anniversary of the CUDA platform, the inference inflection and a surge in compute demand, the Vera Rubin system architecture, Groq integration, the OpenClaw agent revolution, and physical AI and robotics. CUDA at 20 and the platform flywheel: CUDA has been around for 20 years...

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NVDA (GTC Trans): LPU re-architects AI inference; AI factories aim for space---

Below is Dolphin Research's FY26Q3 earnings call Trans for $Oracle(ORCL.US). For analysis of the print, see 'All-in to survive — did ORCL's AI bet win?'.I. Core info recap1) Financing plan: In Feb, the company announced a plan to raise up to $50bn via debt and equity, and committed not to issue additional bonds in calendar 2026.Within days of the announcement, it raised $30bn through a mix of IG bonds and mandatory convertible preferreds (MCPS), with the book heavily oversubscribed. The ATM equity component has not yet launched...

ORCL (Trans): AI biz. GPM at 32% this quarter

Financial Analysis

As the most debated of the Big Four cloud players, $Oracle(ORCL.US) reported 3QFY26 results (through end-Feb) after hours. Overall, the print was mixed.On the plus side, Oracle Cloud Infrastructure (OCI) — anchored by databases and compute leasing — maintained strong growth and even accelerated. On the flip side, gross margin pressure was worse than expected, while capex and borrowings climbed faster than anticipated.Net-net, the quarter screens neutral with positives offset by negatives. The real after-hours catalyst was management raising its FY27 full-year guidance...

Bet-the-company for survival: Did ORCL's AI bet pay off?---

ORCX

Oracle 3QF26 First Take: Mixed print. OCI-driven acceleration pushed total revenue growth past the 20% mark.The trade-off was faster-than-expected increases in capex and leverage. Cloud &amp; software GPM fell 800bps YoY, with the decline accelerating and worse than market expectations.On cost control, Adj. profit still slightly beat the Street. Net-net, the quarter was broadly neutral.The key highlight was raising FY27 revenue guidance from 85bn to 90bn, while keeping FY26 unchanged.This implies FY27 YoY revenue growth of Approx. 34%, and near-term Q4 guide is largely in-line. In detail: Key points below. 1) Headline revenue appears to slightly beat, but FX tailwinds did most of the lifting.Ex-FX, total revenue grew 18%, matching the top end of prior company guidance and not a true beat. 2) OCI grew 81% YoY in constant currency, a clear acceleration vs. 66% in Q2.That said, it was fully in line with sell-side expectations, so not an upside surprise. (A few top brokers were lower pre-print.) 3) Software &amp; cloud GPM fell 800bps YoY, widening from 590bps in Q2.Dragged by this, company-level GPM came in 250bps below the Street.This implies OCI AI margins in the ramp phase are weaker than expected, a negative signal. 4) Capex reached 18.6bn, up sharply from 12.0bn in Q2 and above market expectations.The company also disclosed new financing of 2.5bn in debt and 0.5bn in preferreds.Per guidance, FY26 Q4 capex should ease to around 11.0bn. 5) RPO rose QoQ by Approx. 29bn.Since the mega deal announced in Q1, new additions have slowed over the past two quarters, a bit of a lull.There has been no recent news of fresh large deals. 6) Q4 guidance upper bounds are near or slightly above current sell-side estimates, so overall in-line.The main surprise is the FY27 revenue uplift, implying execution vs. the previously disclosed long-term plan to FY30 may be ahead of schedule. $Oracle(ORCL.US) $Defiance Daily Target 2X Long ORCL ETF(ORCX.US)

Defiance Daily Target 2X Long ORCL ETF

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0310 | Dolphin Research Focus: 🐬 Macro/Industry1) On Mar 9 (local time), Trump said US military action against Iran would end 'very soon' but not this week. He also indicated the US would ease some oil-related sanctions to cool prices, while warning of tougher strikes if Iran blocks the strait.The remarks briefly soothed energy and financial markets, capping near-term upside in crude. They tempered expectations for a sharp oil spike in the short run.However, the conflict continues and Tehran has issued a hard-line response. Geopolitical risk has not cleared...

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TSM Feb revenue down MoM; Alibaba Qwen management reshuffle finalized | Daily News Recap

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Feb 5 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) Lei Jun announced the next-gen Xiaomi SU7 is slated to go on sale in Apr 2026, with small-deposit preorders opening in parallel. The new model makes LiDAR standard across the lineup and upgrades ADAS, range, and chassis tuning.Low-threshold preorders should quickly lock in intent buyers and build backlog toward the annual delivery target. The iteration also closes gaps from the first-gen model.In the near term, this should lift sales expectations for Xiaomi Auto. We will track the production ramp, order conversion, and rivals' price cuts...

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AAPL plans a low-cost MacBook; Lei Jun says the new SU7 is set for Apr | Daily News Recap

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MSFT F2Q26 First Take. Overall, revenue, GP, and OP were solid, modestly ahead of prior guidance and the Bloomberg sell-side consensus. The key watch was Azure’s unexpected slowdown, with growth at 38% cc. This appears to validate worries that, after the OpenAI partnership became less tight and as Google’s AI stack shows signs of catching up or overtaking, MSFT’s AI lead is eroding. The stock reaction post-print was weak. 1) Headline metrics held up: total revenue grew +17% YoY (cc), slightly ahead of expectations. GPM was pressured by Capex intensity, down 70bps YoY but better than feared. With tight opex control (up just +5.2% YoY), OPM expanded and OP rose +20.9% YoY, ~5ppt above estimates. 2) Azure slowdown matters: Azure grew +38% YoY (cc), above company guidance but below the market’s 39–40% bogey. It also marked the first QoQ deceleration in a year (-1ppt QoQ). Dolphin Research views this as evidence that, as OpenAI shifted part of its compute to Oracle and CoreWeave, and as Google and Amazon rapidly close or surpass the AI gap, investors are questioning Azure’s moat and growth outlook. Concerns on its forward trajectory are rising. 3) Capex kept surging: total Capex incl. leases reached 37.5bn, maintaining the ~15bn YoY step-up. MSFT said 2/3, ~25bn, went to shorter-cycle assets such as GPUs (vs. 1/2, ~17.5bn, last quarter). This is clearly positive for upstream semis. For MSFT, however, heavy Capex—especially on GPUs—has not translated into faster Azure growth; instead, growth slowed, rekindling ROI concerns on whether massive cloud buildout can earn sufficient returns. 4) RPO spike? Mostly OpenAI-related: RPO jumped ~230bn QoQ to 625bn, eye-popping at first glance. But as flagged last quarter by Dolphin Research, MSFT signed a ~250bn mega-deal with OpenAI, so this was not a surprise. MSFT also disclosed that ~45% of total RPO, ~281bn, comes from OpenAI. The remainder from other customers grew just 28% YoY, a normal pace.$Microsoft(MSFT.US)

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0123 | Dolphin Research Focus: 🐬 Stock 1, $BABA-W(09988.HK). After BIDU's Kunlun Chip moved toward an IPO, reports last night said Alibaba is weighing a restructuring of its T-Head semiconductor unit and an independent listing; the company has not commented.T-Head focuses on chip design, offering a full-stack lineup including Xuantie CPUs and Yitian server chips. Its PPU delivers standout performance and is already in large-scale commercial use, with the headlines lifting Alibaba shares by over 2%.Stock 2, $POP MART(09992.HK). Pop Mart has rallied for several consecutive sessions, and on the news side...

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Blind-box craze and buybacks fuel POP MART surge; Musk says 'Robotaxi will be ubiquitous in the US this year' | Daily News Recap

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Previously, Dolphin Research profiled CoreWeave, an emerging AI-era 'new cloud' leader, as an entry point into the U.S. IaaS space. This time we turn to a more pivotal player — $Oracle(ORCL.US), one of OpenAI's primary partners. As the first note in our coverage, Dolphin Research will focus on two questions. 1) A high-level review of the company's history, tracing how a 50+ year incumbent evolved into a new force in cloud services; 2) A clear breakdown of its business and revenue mix...

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ORCL: Picking up scraps, leaning on deep‑pocketed patrons—fighting to survive?

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The following are the minutes of NVIDIA's FY2026 Q3 earnings call, compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article 'More Important Than Non-Farm Payrolls! Can NVIDIA Save the US Stock Market Again?' Compared to the earnings report, the information conveyed in this earnings call is more critical: ① Data Center Revenue: GB300 sales surpassed GB200, contributing about two-thirds of Blackwell's total revenue. Hopper revenue was approximately $2 billion, with H20 accounting for about $50 million; Regarding guidance: the company provided revenue guidance for the next quarter...

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NVIDIA (Minutes): Target gross margin for next year is 75%, collaboration with OpenAI is not blind

Oracle Launches Defense Industrial Base Isolated Cloud Environment

CNBC Reports Oracle's Latest News

Oracle conducts large-scale layoffs to enhance data center infrastructure

Oracle Launches AI Data Platform for US Federal Government

Oracle Launches NetSuite Restaurant Operations Tool

Pallas Capital Advisors LLC Reduces Oracle Holdings, Executives Sell Heavily

Oracle scales up Nashville office to support rapid growth

Oracle Signs New Lease in Nashville, Aims to Position City as Tech Innovation Hub

Veritone Signs Multi-Year Agreement with Oracle to Migrate AI Solutions to Oracle Cloud

Oracle Financial Services Software Reaches Final Agreement with Existing Clients

NVIDIA, Google, and Oracle Host Data Center World Conference on AI Infrastructure Challenges

US sees 90,000 layoffs in February, Amazon and Oracle lead the pack

BofA Resumes Oracle Coverage with 'Buy' Rating

Oracle Launches AI Database Update to Simplify Autonomous Application Development

Oracle Launches Fusion Agentic Applications Enterprise Applications

180 Wealth Advisors LLC Increases Oracle Stock Holdings

Oracle Incorporates AI into Cloud Financial Software to Enhance Business Decision Making

Mizuho Securities Adjusts Oracle's Target Price to $320

Oracle's Options Market Trading Status

Oracle Launches Enhanced Java 26 to Boost Developer Productivity

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Ex Date: 2026.04.09 (EST), Cash dividend 0.5 USD

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