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In the early hours of Dec 12 Beijing time, AVGO released its FY2025 Q4 results after the U.S. close. The quarter ended Oct 2025.1) Overall performance: Revenue was $18.0bn, up 28.2% YoY. This beat the Street's $17.5bn.Revenue rose $2.0bn QoQ, driven by AI-related demand. AI remained the key driver.GPM was 68%. Excluding acquisition amortization and restructuring costs, adj. GPM was 76.6%, down 17bps QoQ...

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AVGO vs. NVDA: Did the challenger blink first?

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On Dec. 7, the long-running WBD sale neared the finish line as NFLX emerged as the buyer. The company agreed to acquire WBD's assets excluding cable TV for $72bn and to assume $10.7bn of WBD debt.The deal is still subject to regulatory approval due to antitrust concerns. About this acquisition...

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NFLX breaks its own rules, makes an RMB 80bn bet to become No.1 in film & TV

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AI glasses are regarded as the 'next-generation personal mobile gateway' and are also the most likely mobile terminal to challenge smartphones.

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Alibaba, ByteDance, and Li Auto are rushing into the market; are AI glasses becoming the 'next big thing'? (Minutes)

Today’s Key News Recap

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1203 | Dolphin Research Key Focus: 🐬 Stock 1, $Amazon(AMZN.US) AWS introduced the 3nm process Trainium 3 at the annual conference, which offers over 4 times performance improvement compared to the previous generation, with memory increased by 4 times and energy efficiency improved by 40%. They also announced the development plan for Trainium 4, which will be compatible with NVIDIA chips, and several customers like Anthropic have already adopted this chip. It precisely addresses the pain points of enterprise AI computing cost and energy consumption, potentially challenging NVIDIA's monopoly in the computing power market...

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INTEL-T

Amazon unveils 3nm AI chip; Intel stock surges｜Today's Important News Recap

Marvell

MRVL

NVDD

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Marvell Technology (MRVL.O) released its third-quarter financial report for fiscal year 2026 (ending October 2025) in the early morning of December 3rd, Beijing time, after the U.S. stock market closed: 1. Revenue: $Marvell Tech(MRVL.US) reported revenue of $2.07 billion this quarter, a quarter-on-quarter increase of 3.4%, in line with market expectations ($2.06 billion). The quarter-on-quarter increase of $60 million was mainly driven by enterprise networking and carrier business. 2. Gross Margin: The gross margin for this quarter was 51.6%, a quarter-on-quarter increase of 1.2%...

Marvell Tech

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Marvell: Acquisition to Fill Gaps, Is the NVIDIA 'Alternative' Path Becoming a Reality?

COMP

Marvell Technology Quick Interpretation: The company's performance this quarter and guidance for the next quarter basically met expectations. The quarter-on-quarter performance this quarter was not mainly driven by data centers, but rather by the recovery of enterprise networks and carrier businesses. In the data center business, the company's optical interconnect products achieved double-digit growth quarter-on-quarter, but the custom ASIC business was affected by demand fluctuations (Amazon's product cycle), resulting in a quarter-on-quarter decline, ultimately leading to the company's data center business not showing significant quarter-on-quarter growth this quarter. Compared to this earnings report, the two core &#34;highlights&#34; provided by the company after the meeting are more important: 1) Raising guidance for the next fiscal year: The company's management had previously provided guidance for an 18% growth rate in the data center for the next fiscal year during a small meeting in September, and this time raised the guidance to 25%. With major manufacturers increasing capital expenditures, the company has also raised its expectations for next year; 2) Announcing the strategic acquisition of Celestial AI: This can fill the company's technological gaps and enrich its data center product matrix. Celestial AI's photonic fabric platform provides high bandwidth, low latency, and low power solutions for multi-rack XPU clusters (hundreds of XPUs). Previously, Marvell Technology's stock price was deeply mired in concerns about &#34;Alchip competition.&#34; The definitive guidance provided by the company's management can somewhat alleviate market concerns. Compared to companies like NVIDIA and Broadcom, Marvell is still on the periphery of the AI chip market. The announcement of the strategic acquisition of Celestial AI fills the company's shortcomings in the scale-up interconnect field and conveys the company's determination to continue competing in the data center and AI markets. For more information, please follow Dolphin Research's subsequent commentary and management minutes. $Marvell Tech(MRVL.US) $GraniteShares 2x Long MRVL Daily ETF(MVLL.US)

Compass

Deep Research

Google

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CRUS

DXYZ

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...

Jiangsu Azure Corporation

Cirrus Logic

Taiwan Semiconductor

Destiny Tech100

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

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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...

Synopsys

Apple Group

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Shopify 

KUAISHOU-WR

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

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1125 | Dolphin Research Focus: 🐬 Stock 1, $Alphabet(GOOGL.US) It is reported that Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, and plans to rent chips from Google Cloud next year. Although TPUs are not as flexible as NVIDIA GPUs, they have lower development costs and consume less power when running at full capacity. If TPUs are successfully supplied externally, it marks intensified competition in the AI chip market, potentially impacting NVIDIA's market share and pricing power. For Google...

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NIO Inc. USD OV

Google's TPU Sales Challenge Nvidia Dominance; Xiaomi Rallies on Lei Jun's Stake Boost. ｜Today's Important News Review