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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)

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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%...

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

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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?

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These days, it's rare to see trillion-dollar giants fluctuating by 10% or 20% in a single day, but Meta is an exception. It took Meta just one quarter to fall from grace. After the Q3 earnings report, investors' panic seemed to have just been digested. Recently, with the expectation of interest rate cuts rising, $Meta Platforms(META.US) has rebounded 10% from the bottom. In terms of narrative, first, Meta has the most extensive application scenarios, and the AI investment process will be accompanied by accelerated revenue, the &#34;AI darling&#34; narrative; then came the Q3 combination of increased investment and slowed revenue growth guidance...

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"AI Darling" Quickly Becomes a "Spendthrift", Can Meta Make a Comeback?

Today’s Key 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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Dell Tech

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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

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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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SoftBank Group Corp.

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

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The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness.&#34; 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

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LOTUS TECHNOLOGY INC C/WTS 22/02/2029 (TO PUR COM)

Tencent (Minutes): Emphasizes AI, but Lowers Full-Year Capex Guidance

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After the Hong Kong stock market closed on November 13, Beijing time, $TENCENT(00700.HK) released its third-quarter 2025 results. Overall, while there were not many surprises compared to expectations, stability remains the key theme, with no significant weaknesses in the three major business lines. Since the beginning of this year, Tencent has entered a new investment cycle, yet traces of the management's refined operations and effective capital allocation can still be observed. Specifically: 1. Gaming remains the standout: Tencent Games maintained high growth of 23% in the third quarter, driven by the product cycle. Overseas, under the leadership of Supercell's 'Clash Royale,' it continued to surge (with favorable exchange rate contributions)...

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SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

Tencent: Not playing heartbeats with Meta, just seeking stable happiness

Tencent 3Q25 Quick Interpretation: Tencent's third-quarter performance remains stable, slightly exceeding expectations overall. The revenue highlight is overseas games, while the net profit beat is due to investment income and share of profits outside the main business. The operating profit of the main business alone is actually inline. It is worth mentioning that the significant deviation from market expectations is in capital expenditure, where Tencent's Capex has significantly decreased quarter-on-quarter. Dolphin Research believes this reflects Tencent management's careful consideration of input-output (in contrast to Meta), but also suspects it may be influenced by the restrictions on overseas chips like H20, temporarily slowing down the procurement pace.Looking at the performance of individual business segments:1. Games exceeded expectations: Overall game growth in Q3 was 23%, with a slight acceleration on a high base. Overseas games performed exceptionally well, with a year-on-year growth rate of 43%, mainly benefiting from Supercell's 'Clash Royale'. Domestic performance was also strong. Although the growth rate of 14% slowed compared to the previous quarter, last year's high base effect from 'DnFm' makes this growth impressive. The core drivers were new games like 'Delta Force' and 'Valorant' mobile games.2. Advertising remains strong: Advertising growth in Q3 was 21%, with a slight acceleration quarter-on-quarter, mainly driven by increased ad load rates and AI's improvement in ROI (launching the intelligent delivery product AIM+, enhancing ad targeting and driving eCPM up). In terms of specific ad types, contributions mainly came from Video Accounts, Search, and Mini Programs. Looking back, Tencent has maintained a strong and stable growth trend of over 15% each quarter for two consecutive years.3. Fintech continues to recover: The combined revenue growth of Fintech and Business Services was close to 10%, in line with expectations. Fintech's high single-digit growth was mainly due to the recovery in payments and consumer loans. Cloud business grew 10-20% year-on-year driven by AI demand, which is not high. Dolphin Research speculates the main reason is the strategic requirement to prioritize internal supply of computing resources.4. Gross margin stable: The group's gross margin increased by more than 1 percentage point year-on-year, with a slight decline quarter-on-quarter. The gross margin of self-developed games, Video Accounts, and Search offset the low-margin cloud business, while continuous AI investment has also started to increase depreciation and amortization (accelerating year-on-year growth by 23%, increasing the revenue ratio by 0.5 percentage points).5. Expense growth: Operating expenses continued to accelerate by 19% in Q3, mainly from R&amp;D expenses, with significant increases in R&amp;D personnel and server costs. Secondly, promotional expenses in sales expenses, possibly related to the promotion of Yuanbao, the public testing of two major new games in the third quarter, and the tenth anniversary of Honor of Kings.6. Initial signs of the impact of the investment cycle: The part of revenue exceeding expectations was basically offset by the expansion of costs and expenses. Core operating profit met expectations, but the profit margin weakened by nearly 2 percentage points quarter-on-quarter. The final Non-IFRS net profit exceeded expectations due to investment income and share of profits.7. Capital expenditure temporarily slowed: Q3 capital expenditure was only 13 billion, significantly decreasing quarter-on-quarter and below the market's significant growth expectations. Q3 repurchased HKD 21.1 billion, continuing to increase slightly quarter-on-quarter, with the trend in the first three quarters being exactly opposite to capital expenditure. $TENCENT(00700.HK) $Tencent(TCEHY.US)

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap