OpenAI

Deep Research

NVIDIA

Microsoft

NVDA

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

GOOG

GOOGL

DXYZ

MSFT

AMZN

GGLS

GGLL

MSFL

MSFO

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?

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

Alphabet - C

Alphabet

Meta Platforms

Destiny Tech100

Amazon

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

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

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

Today’s Key News Recap

601339

BROS

09992

MART

LVMUY

MSFD

MSFU

MSFX

MSFY

HPPD

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...

Dutch Bros

POP MART

Allianzim US Large Cap Buffer10 Mar ETF

Louis Vuitton

Warner Bros. Discovery

SentinelOne

Direxion Daily MSFT Bear 1x Shares

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

POP MART HK SDR 20to1

Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | Daily News Recap

Salesforce

INFA

ARR-C

The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

Informatica

Haleon

IRSA Inversiones

NOVARTIS AG

Armour Residential Reit

Gartner

Hasbro

ING Groep

ARMOUR RESIDENTIAL REIT INC 7.00% CUM RED PFD STK SER C

Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

Google

AMDL

AMZU

002245

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...

GraniteShares 2x Long AMD Daily ETF

Direxion Daily AMZN Bull 2X Shares

Jiangsu Azure Corporation

The Original Sin of the AI Bubble: Is Nvidia the 'Golden Poison Pill' that AI Can't Quit?

DPSK

NOVAQ

NOVA

01696

NVMI

603020

1202 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. DeepSeek simultaneously launched two official versions of AI models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale. The former's inference capability is close to GPT-5, with tool invocation reaching the top level of open-source models; the latter won four international competition gold medals, specializing in complex tasks. The models introduce the DSA sparse attention mechanism, significantly reducing inference costs. The dual-model strategy precisely covers different needs, and technological breakthroughs narrow the gap between open-source and closed-source models...

DeepSeek

SUNNOVA ENERGY INTERNATIONAL INC

Sunnova Energy

SISRAM MED

Nova

Apple Group

Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | Today's Important News Recap

Strategy Report

.SPX

SOXS

.IXIC

SQQQ

GLDM

Originally, the market was continuously declining due to liquidity withdrawal caused by the U.S. government shutdown and concerns over supply chain financing surrounding OpenAI. However, now that the U.S. government has reopened and NVIDIA's strong performance has been released, the market still isn't buying it. What exactly is wrong with the U.S. stock market? With only five weeks left in 2025, has it completely turned into garbage time? Is there still hope for AI in 2026? 1. Looking towards 2026, what exactly are Trump's demands? There is one last chance for a rate cut this year—the interest rate meeting on December 10th. From a macro perspective, the current market's short-term nerves seem to be dominated by the prospect of a rate cut...

VanEck Semiconductor ETF

iShares Core S&P Mid Cap

S&P 500

Direxion Semicon Bear 3X

iShares Gold Trust

NASDAQ Composite Index

Proshares UltraPro Short QQQ ETF

SPDR Gold Minishares

SPDR Gold Shares

iShares Core S&P Small Cap

Bubble Talk Rising, Will AI Continue as Hottest Bet in 2026?

09863

HSAI

09988

09626

89988

BABA

BILI

KBAB

BABO

BABX

09866

02525

HBBD

1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

LEAPMOTOR

Hesai

BABA-W

BILIBILI-W

BABA-WR

Alibaba

Bilibili

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

NIO-SW

HESAI-W

Alibaba HK SDR 5to1

NIO Inc. USD OV

Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

VERA

ORCL

GPUS

GPUS-D

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...

ISHRS S Arabia

Target

Vera Therapeutics

Oracle

Hyperscale Data

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

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

Kuaishou

Financial Analysis

01024

81024

SORA

$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

KUAISHOU-W

KUAISHOU-WR

AsiaStrategy

AMTD Digital

Saratoga Investment Pref Share SAY 8.125 12/31/27

Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

Google and OpenAI Release New AI Models, Hinton and Dean Discuss AI Future

OpenAI Plans to Raise $10B Could Drive Up Data Center Sector

SoftBank Completes Investment Commitment to OpenAI Through Asset Sales

Japan Plans to Build Data Center with GigaStream Toyama

Microsoft-backed OpenAI Expected to Exceed $13 Billion in Revenue in 2025

OpenAI Secures Massive Investments from Tech Giants to Accelerate AI Infrastructure

OpenAI Integrates Apple Music, Supporting ChatGPT for Search and Playlist Creation

OpenAI CEO Highlights Risk of Insufficient Investment in Future Compute Resources

OpenAI may achieve an 83B valuation in this funding round

Michigan Regulators Approve DTE Energy to Power Oracle and OpenAI Data Centers

OpenAI Is Deploying Age Prediction Model in ChatGPT Preliminarily

OpenAI updates model guidelines to enhance youth protection

OpenAI Expanding Cooperation with US Department of Energy in AI

Disney Reaches Cooperation Agreement with OpenAI, Authorizing 200 Iconic Characters and Investing $1 Billion