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0708 | Dolphin Research Focus: Macro/Sector.

U.S. OFAC revoked the 60-day general license for Iranian oil transactions rolled out in Jun, allowing only wind-down deliveries through Jul 17; Iranian crude exports are fully banned thereafter.

Washington cited Iranian attacks on merchant vessels in the Strait of Hormuz and failure to honor a ceasefire as the drivers of the policy reversal. It concurrently launched military strikes against Iran.

Post-announcement, Brent and WTI jumped over 5% intraday, reinforcing expectations of tighter global crude supply. Near term, this is a positive for E&P and tanker names, while Mideast geopolitical risk is heating up again...

Below is Dolphin Research's Trans of QCOM 2026 Investor Day. Key financial highlights are as follows.

Shareholder returns: $40 bn returned to shareholders over the past five years, and 30% of shares repurchased and retired over the past decade. Looking ahead, dividend growth will stay in the low to mid single digits, with most FCF returned to shareholders.

Financial targets were materially raised. The FY29 non-handset revenue target was lifted to $40 bn from $22 bn set 18 months ago, nearly doubling...