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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?

Conference Minutes

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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

Today’s Key News Recap

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1119 | Dolphin Research Key Focus: 🐬 Stocks 1, $Microsoft(MSFT.US), $NVIDIA(NVDA.US). Microsoft, NVIDIA, and AI startup Anthropic announced the establishment of a strategic partnership. Microsoft and NVIDIA jointly invested $15 billion in Anthropic, which committed to purchasing $30 billion worth of Azure computing power, forming a capital and technology-bound AI alliance among the three parties. Building a &#34;Capital - Computing Power - Model&#34; closed loop...

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Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news review

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1104 ｜Dolphin Research Focus: 🐬 Stocks 1、$Amazon(AMZN.US) Amazon Web Services (AWS) announced the signing of a $38 billion (approximately RMB 270 billion) computing power contract with OpenAI. OpenAI will immediately utilize hundreds of thousands of NVIDIA GPUs from AWS, which can be expanded to tens of millions of CPUs in the future. AWS will also build dedicated infrastructure to support model training and inference tasks. For AWS, this move is a key response to the rapid growth of Microsoft Azure and Google Cloud...

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AWS & OpenAI Ink Computing Agreement; Ele.me Starts Name Change｜Today's Important News Recap

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$Amazon(AMZN.US) announced its Q3 2025 financial results after the U.S. stock market closed on October 31st, Beijing time. As the current market is almost entirely focused on cloud business, this quarter AWS finally experienced long-awaited accelerated growth beyond expectations, which is the biggest highlight and key signal of this quarter's performance. Aside from this, the company's growth and profit performance in the retail business were generally stable and in line with expectations. Specifically: 1. The long-awaited AWS acceleration has finally arrived: the current growth rate of the cloud business has almost become the single indicator that &#34;determines life and death&#34;...

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AWS major reversal, has Amazon finally 'seen the light at the end of the tunnel'?

Roblox

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The following are the minutes of the FY25Q3 earnings call for $Roblox(RBLX.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Roblox: Record-breaking Ecosystem Prosperity, Why is the Market Not Buying It?&#34; 1. Review of Core Financial Information a. Analysis of Ecosystem Health: a. Diversification of Content Ecosystem (&#34;Long Tail Effect&#34; is significant): The user engagement growth rate for games outside the top ten (long-tail content) accelerated from 47% in Q2 to 58% in Q3. The consumption growth rate for this segment also remained above 40%...

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Roblox (Minutes): Will prudently invest in AI and share profits with developers

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The following are the $Microsoft(MSFT.US) FY26Q1 earnings call minutes. For earnings interpretation, please refer to &#34;After the 'superficial harmony' with OpenAI, is Microsoft still the best choice?&#34; 1. Review of Core Financial Information 1. Key Business Metrics a. Bookings: Increased by 112% year-over-year, far exceeding expectations, primarily driven by OpenAI's large Azure commitment contracts, as well as the continued growth in the number of contracts over $100 million for Azure Cloud and Microsoft 365...

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Microsoft (Minutes): Data centers to double within 2 years, not serving as 'single large customer' steward

Financial Analysis

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On October 30th, after the U.S. stock market closed, $Microsoft(MSFT.US) announced its financial results for the first quarter of fiscal year 2026 ending in September. Overall, Microsoft's performance this quarter was impressive, with almost no shortcomings, and most indicators exceeded expectations. The issue is that as the most unanimously favored target, the market has very high expectations for Microsoft. It can be said that a significant outperformance is needed to surprise the market again. Moreover, the core Azure growth rate this quarter did not exceed the expectations of buyers, resulting in a lukewarm market reaction to Microsoft's performance this quarter...

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After being 'superficially harmonious but actually at odds' with OpenAI, is Microsoft still appealing?

Microsoft 1QF26 Quick Interpretation: Overall, Microsoft's performance this quarter can still be described as impeccable, with various indicators generally positive and better than Bloomberg's consensus expectations. The guidance for the next quarter also remains stable. However, the market reaction after the earnings was a slight decline. Dolphin Research believes the main reason is that Microsoft is the most consistently bullish target in the market, with expectations set very high. For example, the core Azure growth rate this quarter actually met or was slightly below optimistic buy-side expectations. Given the expectation of a perfect score, even a 90 can seem unsatisfactory. 1. In terms of overall performance, this quarter's revenue increased by 18% year-on-year, and operating profit grew by 24%. While revenue growth was roughly flat with a slight increase compared to the previous quarter, operating profit showed a significantly accelerated growth beyond expectations. Contrary to the company's guidance of a year-on-year decline in operating profit margin, the actual margin improved by more than 2 percentage points year-on-year. 2. Behind the counter-trend improvement in operating profit margin, on one hand, the company offset the negative impact of high Capex and depreciation better than expected through price increases and operational efficiency improvements. The actual gross margin only contracted by 0.4 percentage points year-on-year, far less than the market's expected contraction of nearly 2 percentage points. Meanwhile, this quarter's operating expenses only grew by less than 5% year-on-year. With the assistance of AI, Microsoft continues to excel in cost reduction, efficiency improvement, and expense control. 3. In terms of segments, the market's most focused Azure business grew by 40% and 39% year-on-year under variable and constant currency rates, respectively, consistent with the previous quarter when viewed under the latter metric. Although higher than the company's guidance of 37% growth under constant currency rates, considering the significantly exceeded expectations in the previous two quarters, the leading sell-side expectations and actual performance are basically consistent, while buy-side expectations for growth could reach 41% or higher. Compared to the previous two quarters, this time there are not many surprises. 4. In terms of capital expenditure, including lease expenses, this quarter reached a record 34.9 billion, a sequential increase of over 10 billion, significantly exceeding the sell-side's general expectation of about 30 billion. This reflects the CSP and the entire industry chain's increasing investment in computing power. On one hand, it shows Microsoft's optimistic view of AI prospects, and on the other hand, it also means greater pressure on depreciation and gross margin in the future. 5. In terms of forward-looking indicators, the balance of unfulfilled enterprise contracts this quarter increased by 51% year-on-year, and the company disclosed that the amount of new contracts signed in a single quarter surged by over 110%. It is evident that the demand for AI and other enterprise services remains quite strong. The medium-term performance trend remains optimistic. 6. Finally, it is worth noting that this quarter mainly reflects Microsoft's other losses (excluding interest/investment parts) related to OpenAI, reaching 4.9 billion, a sequential increase of 1.6 times from the previous quarter. It can be deduced that OpenAI's single-quarter loss is nearly 15 billion. Although Microsoft confirms that OpenAI's losses have a cap, the net profit in the short to medium term is still under considerable pressure. $Microsoft(MSFT.US)

Jiangsu Azure Corporation released FY2025 9 Months earnings on October 27 After-Market (BJT), actual revenue CNY 5.814 B, actual EPS CNY 0.444

Jiangsu Azure Corporation released FY2025 Q3 earnings on October 27 After-Market BJT, actual revenue CNY 2.088 B, actual EPS CNY 0.1552

Jiangsu Azure Corporation to Release FY2025 Q3 Earnings on October 28 After-Market (BJT)

Jiangsu Azure Corporation released FY2025 Semi-Annual Earnings on August 18 During-Market BJT, actual revenue CNY 3.727 B, actual EPS CNY 0.2888

Jiangsu Azure Corporation released FY2025 Q2 earnings on August 18 During-Market (BJT), actual revenue CNY 1.999 B, actual EPS CNY 0.1657

Jiangsu Azure Corporation to Release FY2025 Semi-Annual Earnings on August 19, 2025 (BJT)

Everbright Lithium Announces Expected YoY Net Profit Growth in H1

Wisenergy Lithium Stock Up, Wu Securities Gives Buy Rating

Ecolightcore Comments on Solid State Battery Development

Everbright Lithium Announces Plans to Reduce Shares by No More Than 5,938,550

C&D Technology's Solid State Battery R&D Progress

Blue Lithium Malaysia Project Now in Operation

Blue Lithium Core Announces 100.56% YoY Q1 2025 Net Profit Growth

Jiangsu Azure Corporation released FY2025 Q1 earnings on April 21 After-Market (BJT), actual revenue CNY 1.728 B, actual EPS CNY 0.123

Jiangsu Azure Corporation to Release FY2025 Q1 Earnings on April 22 After-Market BJT

Response from 蔚蓝锂芯 Secretary on the Impact of U.S. Tariff Policies, 2024 Direct Exports to the U.S. Account for About 2% of Revenue

Weilan Lithium Holds Performance Briefing, Malaysian Project to Commence Production in First Half of This Year

Weilan Lithium conducts product sample validation with multiple clients

Weilan Lithium's 2024 Annual Report Shows Significant Improvement in Profitability

Announcement of 蔚蓝锂芯's 2023 Financial Performance Growth and Cash Dividend Distribution