Broadline Retail

Amazon

Deep Research

OpenAI

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

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

Financial Analysis

AVGO

BYTED

MSFD

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...

ByteDance

Direxion Daily MSFT Bear 1x Shares

AVGO vs. NVDA: Did the challenger blink first?

Netflix

Hot topic

NFLX

AMZU

BROS

601339

PSKY

PARA

ROKU

MNTN

HSBA

00005

HSBC

WFC-A

WFC-C

WFC-D

WFC-L

WFC-Y

WFC-Z

HSHD

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...

Disney

Warner Bros. Discovery

Direxion Daily AMZN Bull 2X Shares

Dutch Bros

Paramount Skydance Corporation - CL B

MediaAlpha

Paramount Global

Roku

Wells Fargo

HSBC Holdings Plc

HSBC HOLDINGS

WELLS FARGO & COMPANY DEP SHS REP 1/1000TH INT PFD SR AA (CLA)

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A CC

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A DD

WELLS FARGO & COMPANY 7.5% PERP CONV PRF CLS 'A' SERIES 'L'

WELLS FARGO & COMPANY DEP SHS REP 1/1000 INT PER PFD SER Y A

WELLS FARGO & COMPANY 4.75% DEP SHS 1/1000 NCUM PFD CL A SR Z

HSBC HK SDR 5to1

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

Alibaba

LEADING IDEAL

02015

HXXD

01810

81810

XIACY

HUAWEI

09988

89988

BABA

KBAB

HBBD

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

LI AUTO-W

Xiaomi HK SDR 2to1

XIAOMI-W

Li Auto

XIAOMI-WR

Xiaomi Corporation

Huawei

BABA-W

C3.AI

BABA-WR

KraneShares 2x Long BABA Daily ETF

Alibaba HK SDR 5to1

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

Today’s Key News Recap

PLAN

INTC

AAPL

603020

AAPB

AAPD

AAPU

AAPX

AAPY

APLY

04335

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...

Anaplan

Intel

Apple

Apple Group

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

INTEL-T

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

Marvell

TECH

MRVL

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%...

Bio-Techne

Marvell Tech

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

Ategrity Specialty Holdings LLC

MetLife

Bandwidth

NextDecade

Lowes

Matrix

Optec International, Inc.

Two Harbors Investment

Inter

Central Garden & Pet

Google

AMDL

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

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

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

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

HSAI

02525

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...

Hesai

HESAI-W

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

Amazon Pauses Drone Delivery Program in Italy

China Securities Journal analyzes Buffett's investment mistakes, mentioning the rise of new retail channels like Amazon

Amazon US sellers face a final deadline of December 31 to update tax information or risk store restrictions.

Amazon sends Q3 tax-related data to Chinese sellers, with some reporting discrepancies

Analyst sees Amazon's AI capital expenditure as a long-term positive, bullish on dual engines of cloud and advertising

Amazon Japan to Hold Annual 'First Sale' Event

Amazon secures permission to build three data centres in North Dublin

Amazon Blocks North Korean Job Applicants with False Identities

Reuters Reports: San Francisco Outage Raises Doubts Over Robotaxi Readiness, Including Amazon's Zoox

India's NCLT approves merger of Amazon's India logistics and marketplace units

USPS May Open Delivery Network, Prompting Amazon to Threaten Reduced Partnership

Amazon opens its largest logistics center in Western Japan, located in Nagoya

Accessory brand LISEN launches new AI-powered MagSafe car charger on Amazon

Brighton Jones LLC Increases Amazon Holdings to $867 Million