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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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GraniteShares 2x Long NVDA Daily ETF

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

Today’s Key News Recap

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1120 | Dolphin Research Focus: 🐬 Macro/Industry 1. The U.S. September non-farm payrolls are set to be released tonight. This is the first monthly employment report issued by the U.S. Bureau of Labor Statistics since the release of August data in September, filling the gap in official employment data caused by the previous government shutdown. The market generally expects an increase of 54,000 in non-farm payrolls for September, with the unemployment rate remaining at 4.3%. However, this data is significantly lagging, and the U.S. Bureau of Labor Statistics has clearly stated that it will not release the October non-farm report. 2. According to foreign media reports, &#34;China is considering introducing new real estate stimulus policies,&#34; leading to intraday fluctuations in real estate stocks today...

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US Sep. Payroll to Due Tonight, Property “Rumors” Spark Rally | Daily News Recap

Financial Analysis

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NVIDIA (NVDA.O) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) in the early morning of November 20th, Beijing time, after the U.S. stock market closed. The details are as follows: 1. Core Operating Indicators: $NVIDIA(NVDA.US) reported total revenue of $57 billion, exceeding market expectations of $55.1 billion. This includes a quarter-on-quarter increase of $10.3 billion, primarily driven by the increased mass production of Blackwell in the data center business. The gross margin was 73.4%, up 1 percentage point quarter-on-quarter, in line with market expectations...

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More Important than Non-Farm Payrolls! Can NVIDIA Save the U.S. Stock Market Again?

Qualcomm

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The following are the minutes of Qualcomm's Q4 FY2025 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?&#34; 1. $Qualcomm(QCOM.US) Key Financial Information Review 1. Cash Flow and Shareholder Returns: Generated a record $12.8 billion in free cash flow and returned nearly 100% to shareholders through buybacks and dividends. 2. Q1 FY26 Performance Guidance: a. Revenue is expected to be between $11.8 billion and $12.6 billion...

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Qualcomm (Minutes): Details and performance metrics of AI chips will be announced early next year.

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Qualcomm (QCOM.O) released its financial report for the fourth quarter of fiscal year 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 6, 2025, Beijing time. The key points are as follows: 1. Core data: Qualcomm's revenue for this quarter was $11.27 billion, an increase of 10% year-on-year, better than market expectations ($10.75 billion). The company's mobile business accelerated growth driven by new products, while the growth rates of IoT and automotive businesses slowed down. The company's gross margin for this quarter was 55.3%, a year-on-year decrease of 1.1 percentage points, slightly below market expectations (55.6%)...

Dell Tech

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Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?

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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

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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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AMD Quick Interpretation: The company's revenue and gross margin for this quarter exceeded previous guidance expectations, primarily driven by growth in the data center, client, and gaming businesses.With the recovery of the PC market, the company's client business reached a new high, and the gaming business has clearly rebounded from the bottom.The most watched data center business achieved revenue of $4.34 billion this quarter, an increase of $1.1 billion quarter-on-quarter, better than market expectations ($4.14 billion). This was mainly driven by the increased production of the MI355 series, with Dolphin Research estimating that AI GPUs contributed approximately $800 million of the incremental revenue.Regarding the company's guidance, it expects next quarter's revenue to be between $9.3 billion and $9.9 billion, with the midpoint ($9.6 billion) representing a 3.8% quarter-on-quarter growth, still mainly driven by the MI355. The company's non-GAAP gross margin for the next quarter is expected to be around 54.5%.As Open AI signed a major contract with the company, market focus has completely shifted from gaining CPU market share to the data center field.Meanwhile, the company's stock price has surged from around $150 to over $200, primarily catalyzed by Open AI.Open AI's 6GW major contract is expected to bring the company approximately $100 billion in revenue, providing support for the company's sustained growth in the future.On the other hand, with the help of Open AI, the market is also looking forward to the subsequent MI450 series products and the enhancement of competitiveness in the AI chip market, and the current high valuation has already factored in the expectation of high growth over the next 2-3 years.For this earnings report, the market is more focused on progress in the data center field, such as the status of new orders and the progress of the MI450, which are more attractive than the next quarter's guidance. For more information, please follow Dolphin Research's subsequent detailed commentary and management minutes. $AMD(AMD.US)