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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

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The following are the minutes of AMD's Q3 2025 earnings call, compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'AMD: Partnering with Open AI? Not a 'Spare Tire' Lifesaver'.1. Review of AMD's Core Financial DataOverall performance for the third quarter: Revenue increased by 36% year-over-year to $9.2 billion, excluding revenue from MI308 sales to China; net profit increased by 31%; free cash flow grew more than threefold; diluted earnings per share were $1.20, up 30% from $0.92 in the same period last year...

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AMD (Minutes): No new orders disclosed, MI450 focuses on rack-level solutions

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AMD (AMD.O) released its financial results for the third quarter of 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 5, 2025, Beijing time. Key points are as follows: 1. Overall Performance: AMD achieved a revenue of $9.25 billion in the third quarter of 2025, a year-on-year increase of 35.6%, exceeding market expectations ($8.74 billion). The year-on-year growth in revenue was mainly driven by the client and gaming business, as well as the data center business. The company's gross margin (GAAP) for this quarter was 51.7%, an increase of 1.6 percentage points year-on-year...

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AMD: 'Tied to' Open AI? Not a 'Backup' Lifesaver

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1. Key Points of the GTC Conference 1. NVIDIA has established a strategic partnership with Nokia, investing $1 billion in Nokia's equity. They released a new product series called 'NVIDIA ARC,' which Nokia will use for future base stations to upgrade 6G and AI capabilities; 2. They released the NVQLink interconnect architecture and the CUDAQ platform, which directly connects GPU supercomputers with QPUs (quantum processors), laying the groundwork for quantum computing processors; 3. $NVIDIA(NVDA.US) is collaborating with the U.S. Department of Energy to build the largest AI supercomputer in the United States...

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 GTC Conference: Next Year's Shipment 'Blockbuster', is NVIDIA‘s Limit Really “Sky”？

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$OpenAI(OpenAI.NA) has been extremely busy recently, sometimes engaging in e-commerce, sometimes in social media, and now launching a browser (Dolphin Research's commentary). Emmmm... it seems like half of the Seven Sisters have become rivals. A trending topic every three days, Dolphin Research can hardly keep up. On the surface, OpenAI is thriving, poised to become the next star to reshape humanity's trajectory. But behind the star's glow, Dolphin Research can already sense OpenAI's anxiety. The greater the responsibility, the greater the pressure. Starting from 2026, OpenAI's commercialization capabilities will no longer be just the demands of the initial investors...

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All in the same boat, is OpenAI a divine pearl or a demonic pill?

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After a strong performance this quarter, Alibaba's recent stock price has been reaching new highs. What are the main driving factors behind this?Firstly, the past quarter's performance was impressive: 1) The core domestic e-commerce business saw a CMR year-on-year growth of 10.1%, maintaining double-digit growth. 2) Although the loss from the food delivery business was approximately 11 billion, which is not small in absolute terms, it is relatively better compared to JD.com and Meituan at the same scale. The conference call was optimistic about the trend of UE improvement. 3) Cloud business revenue growth exceeded expectations, accelerating to 26%, with guidance indicating continued growth, suggesting a huge potential for domestic cloud business driven by AI. Of course, these factors have been largely reflected in Alibaba's more than 10% single-day gain after the earnings report. The continued rise in Alibaba's stock price in recent days is more driven by the following events:1) The main factor is the continuous surge in AI sentiment both domestically and internationally. Overseas, companies like AVGO, NBIS, and Oracle have announced subsequent earnings guidance far exceeding market expectations, implying a huge and yet-to-be-fully-released demand for chips and cloud computing driven by AI applications and inference needs. This has led to a significant rise in the entire AI industry chain in the US stock market, with market sentiment becoming extremely optimistic.2) In this sentiment, Alibaba, as the largest and best cloud computing provider in China, is the best reflection of the US stock logic domestically. Recently, there has been a continuous stream of positive news.For example, core talents from overseas OpenAI have been hired back to China by Alibaba and Tencent.Additionally, there are reports that Alibaba and Baidu have started using self-developed chips for AI inference and training, reducing the risk of being constrained by chip supply and helping to optimize computing power costs. Besides cloud computing, this also gives Alibaba a reflection of the overseas shift from GPU to ASIC chips.Recently, Alibaba also announced the latest Qwen large model, Qwen3-Next technical architecture, with a total of 80B (80 billion) parameters, activating only 3B (3 billion) parameters in the MoE model during inference. It uses fewer parameters but achieves performance close to the previous Qwen-32B model. The training cost is only about 1/10 of the previous generation, with throughput for long texts over 32K increasing by about 10 times. Stronger performance, lower cost.3) These recent positive news have undoubtedly significantly stimulated the market's optimistic attitude towards Alibaba Cloud, which is the main reason for the recent rise. According to our previous calculations, excluding Alibaba Cloud, the price of Alibaba Group's other businesses + Ant + Alibaba Health equity price + net cash is approximately $110 per share. The elasticity mainly depends on the valuation of Alibaba Cloud, currently priced at about $40 per share based on Alibaba Cloud's approximately 140 billion revenue * 5x PS.This means that every 10% increase in Alibaba Cloud's revenue or valuation would bring an additional $4 in stock price space. For example, if Alibaba Cloud's revenue expectation is raised by 20%, and the valuation is increased from 5x PS to 8x, then reaching $190 or higher is possible.For more detailed content, you can refer to Dolphin Research's commentary on Alibaba's past quarter's performance: <a href="https://longportapp.cn/zh-CN/topics/33488217">https://longportapp.cn/zh-CN/topics/33488217</a>, and the conference call minutes: <a href="https://longportapp.cn/zh-CN/topics/33490060">https://longportapp.cn/zh-CN/topics/33490060</a>$Alibaba(BABA.US)

狼性回归！ “迷失” 阿里，从头再来 - LongPort

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After the U.S. stock market closed today, $Oracle(ORCL.US) saw its stock price surge nearly 30% following the earnings announcement. For a giant company with a market capitalization of nearly $680 billion, such a significant single-day increase is the first since the internet bubble of 2000. It is understood that Oracle's performance for this quarter alone is not particularly strong, with overall revenue and profit metrics slightly underperforming expectations. However, the 'explosive' aspect is that the company disclosed a year-on-year increase of 359% in Remaining Performance Obligations (RPO), reaching $455 billion, several times the usual scale of just over $130 billion, far exceeding even the most optimistic investors' expectations...

Oracle (Minutes): What can make a $700 billion giant surge by 30%?

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AI online, $Broadcom(AVGO.US) secured its fourth major client, OpenAI, locking in an incremental $10 billion for next year just a few days ago, and now the truly explosive news has arrived with the financial report!$Oracle(ORCL.US)'s remaining performance obligation value surged by $300 billion in a single quarter, which is both astonishing and somewhat unbelievable!Recall that on June 30, Oracle disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it had signed a cloud services agreement expected to generate $30 billion in annual revenue. And the client for this contract is Oracle itself.Putting this information together, it suggests that Oracle's new major client is still OpenAI, and the contract is for 10 years.Now, the major American companies have truly become AI infrastructure giants.AI is set to continue its celebration.The question arises, will Oracle also need to develop ASIC chips in the future?$Coreweave(CRWV.US)$Nebius(NBIS.US)$Astera Labs(ALAB.US)

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Dolphin Research obtained a post-earnings communication from a certain channel regarding $Microsoft(MSFT.US). Here are the key points shared:1. The main source of Azure's growth exceeding expectations: AI contribution was 'in line with expectations,' with the benefit of new capacity coming online. The remaining growth beyond expectations mainly came from non-AI core businesses.2. Customer sources: This quarter did not mention signing large contracts with OpenAI (in fact, there are rumors that OpenAI is recently migrating some computing power demand to Oracle and CoreWeave). More contracts are from enterprise customers in non-AI fields.3. Capital expenditure: You can use Q1's $300e * 4 = $1200e as a reference value for the full-year Capex budget for fiscal year 2026. In terms of pace, it is expected that the first half of the fiscal year will be higher than the second half. The new expenditure is not entirely invested in short-life assets like GPUs; a considerable portion will still be invested in data centers and energy infrastructure.4. The year-on-year growth rate of M365 enterprise seats is expected to continue to slow down. Currently, Copilot has about 100 million users, including M365 enterprise edition, M365 consumer edition, Github, and Chat Copilot across various business lines. This number includes both paid and non-paid users.5. Depreciation and other factors affecting gross margin: The total depreciation for fiscal year 2026 will continue to increase but may not accelerate. The main factor causing pressure on gross margin decline is the low efficiency of some data centers (insufficient power and space utilization).6. The expected depreciation and factors suppressing gross margin will not lead to significant fluctuations in operating profit margin. The fluctuations in operating profit margin between the first and second halves of the fiscal year and between quarters are expected to be relatively mild and not significantly volatile (declining).

Last week, two major giants released their earnings almost simultaneously: $Microsoft(MSFT.US) and $Amazon(AMZN.US). The former saw a significant rise due to Azure's acceleration exceeding expectations for two consecutive quarters, while the latter experienced a sharp decline post-earnings due to AWS's stagnant growth. It can be said that the performance of cloud business is currently the most crucial indicator for Microsoft, Amazon, and Google among these CSPs (without exception).Regarding AWS's revenue growth failing to accelerate and clearly lagging behind Azure and GCP, Amazon's management avoided addressing competitive issues, explaining that the main bottlenecks remain insufficient computing power, data center space, and power supply.In response to this explanation, Dolphin Research shared an interesting chart. It shows that although AWS is expected to remain the largest player in the IaaS market by revenue size in 2025 (with a 44% share), its share of NVDA GPUs is only about 20%. The ability to secure computing power supply is indeed severely mismatched with its revenue size.In contrast, the proportion of GPU chips obtained by Azure and GCP is basically aligned with their revenue scale. If the data in this chart is accurate, then the computing power bottleneck is indeed one of the important reasons for AWS's underperformance. Additionally, it can be seen that &#34;small players&#34; like Oracle and Corewave are also beneficiaries in the reshuffling of the CSP landscape in the AI era.

Ameriprise Financial Inc. Reduces Oracle Stock in Q2

Oracle's Commitment to OpenAI Contracts Is Not Delayed

Oracle fulfills contract obligations on schedule

Oracle Delays Data Center Development for OpenAI by a Year

Barclays Downgrades Oracle Target Price to $310

Mirae Asset Global ETF Holdings Increases Oracle Holdings

Oracle's lease commitments total $248 billion, with $10 billion related to cloud capacity

Citigroup Downgrades Oracle's Target Price But Maintains Buy Rating

Guggenheim Maintains Oracle's Target Price at $400.00 Per Share

Oracle Launches Oracle Database@Google Cloud in Canada

FactSet: 38 analysts raise Oracle's EPS forecast for 2026 to $7.14

Oracle Recognized as Leader in Global Utility Meter Data Management Systems in IDC MarketScape 2025

Oracle's Credit Default Swaps Surge Due to Underwhelming Earnings

Oracle's 5-year CDS spikes to 139 basis points

TD Cowen lowers Oracle target price to $350

Oracle's Stock Plunge Spurs Tech Sector Concerns, Nasdaq Futures Drop

Oracle's CDS Rises to 126 Basis Points

Citibank 下调 Oracle 目标价至 370 美元

Morgan Stanley Analyst Maintains Oracle's Hold Rating

Scotiabank Downgrades Oracle Target Price to $260

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Ex Date: 2026.01.09 (EST), Cash dividend 0.5 USD

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