Semiconductors

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应用材料AMAT

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Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

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Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

Today’s Key News Recap

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1210 | Dolphin Research Focus: 🐬 Macro/Industry 1) Market chatter suggests a RMB 400bn mortgage interest-subsidy program has been set. The standard subsidy rate would be 1%, while loans tied to risk regions and distressed developers could get 2%.No official document has been released yet. If implemented, it would directly lower borrowers' mortgage costs.Enhanced subsidies for risk regions and developer-linked loans would precisely ease localized housing-market stress and reduce developers' funding-chain risk. It would also support new-home demand...

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Mortgage subsidy rumors roil markets; Fed decision due tonight | Daily News Recap

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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...

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

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1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

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Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important News Recap

Financial Analysis

Applied Materials (AMAT.O) released its financial report for the fourth quarter of fiscal year 2025 (ending October 2025) after the U.S. stock market closed on the morning of November 14, 2025, Beijing time. The key points are as follows: 1. Core Data: Applied Materials AMAT's revenue for this quarter was $6.8 billion, a year-on-year decrease of 3.5%, slightly better than market expectations ($6.68 billion). This was mainly due to the decline in the semiconductor equipment business, especially the increased proportion of restricted demand for logic-related products in regions such as China. $Applied Materials(AMAT.US) had a gross margin of 48% this quarter, an increase of 0.7 percentage points year-on-year...

Storage is 'red-hot', can Applied Materials (AMAT) still 'benefit'?

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

Conference Minutes

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The following are the minutes of the Q3 2025 earnings call for $Intel(INTC.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Intel: Stopping Losses and Recovering! Can the 'American SMIC' Poach TSMC?&#34; 1. Core Financial Data of Intel's Earnings Report Q3 Financial Data: Revenue: $13.7 billion, exceeding the upper limit of the expected range, with a quarter-on-quarter growth of 6%. Gross Margin: (Non-GAAP) Gross margin was 40%, 4 percentage points higher than the performance guidance. This performance was attributed to revenue growth, improved product mix, and reduced inventory write-downs...

SoftBank

SoftBank Group Corp.

Cheche

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Ategrity Specialty Holdings LLC

Lakeland Industries

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SUNNOVA ENERGY INTERNATIONAL INC

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Intel (Minutes): 18A is expected to contribute to profits by the end of 2026

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Intel released its Q3 2025 financial report (as of September 2025) after the U.S. stock market closed on the morning of October 24, 2025, Beijing time. The key points are as follows: 1. Core data: $Intel(INTC.US) achieved revenue of $13.65 billion this quarter, a slight year-on-year increase of 2.8%, slightly exceeding the upper limit of the company's guidance, mainly driven by the recovery of the client business. The gross margin for this quarter rebounded significantly to 38.2% from the previous quarter, which was significantly better than the guidance expectation (34.1%). The sharp decline in gross profit margin last quarter was primarily driven by non-operating expenses.The

ING Groep

Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?

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The following are the minutes of the FY25Q3 earnings call for $Tesla(TSLA.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;Tesla: Relying on the Stars and the Sea, It's Time to Pay for Faith Again.&#34; Summary of Tesla Minutes: 1. Automotive Business: Existing capacity will reach an annualized production rate of 3 million units within 24 months (possibly sooner), with the core increment coming from the Cybercab model, which will be launched in the second quarter of 2026. This model is optimized for full autonomous driving, with no steering wheel or pedals, focusing on minimizing operational costs. On the demand side, no additional stimulus is needed...

Tesla (3Q25 Minutes): The release and mass production of Optimus 3 have been delayed to 2026.