Systems Software

Microsoft

Deep Research

OpenAI

NVIDIA

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

Amazon

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?

Today’s Key News Recap

601339

BROS

09992

MART

LVMUY

MSFU

MSFX

MSFY

HPPD

1211 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed cut rates by 25bps to 3.50%-3.75%, the third cut this year, in line with market expectations. It also announced $40bn of short-dated Treasury purchases over the next 30 days.Powell ruled out further hikes, saying rates are at the upper end of neutral. The message signals a shift from fighting inflation to supporting growth, even preempting a recession.🐬 Single stocks 1) $Microsoft(MSFT.US). CEO Satya Nadella made public remarks in Bengaluru, India...

Dutch Bros

POP MART

Allianzim US Large Cap Buffer10 Mar ETF

Louis Vuitton

Warner Bros. Discovery

SentinelOne

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

POP MART HK SDR 20to1

Microsoft's Agent AI Debuts Friday; LVMH Greater China Head Joins Pop Mart | Daily News Recap

07299

02202

TECH

PLTR

000002

1210 | Dolphin Research Focus: 🐬 Macro/Industry 1) Market chatter suggests a RMB 400bn mortgage interest-subsidy program has been set. The standard subsidy rate would be 1%, while loans tied to risk regions and distressed developers could get 2%.No official document has been released yet. If implemented, it would directly lower borrowers' mortgage costs.Enhanced subsidies for risk regions and developer-linked loans would precisely ease localized housing-market stress and reduce developers' funding-chain risk. It would also support new-home demand...

FL2CSOPGOLD

SPDR Gold Shares

CHINA VANKE

Taiwan Semiconductor

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

Palantir Tech

Pro Ultr Silver

iShares Silver Tr

Vanke

Mortgage subsidy rumors roil markets; Fed decision due tonight | Daily News Recap

Marvell

MRVL

AMZU

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

Direxion Daily AMZN Bull 2X Shares

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

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?

LEADING IDEAL

02015

MBGYY

BMWYY

AAPL

TSLA

Plan to make Li Auto the best-performing company in the embodied intelligence field within the next 3 to 5 years

LI AUTO-W

Li Auto

Mercedes-Benz Group AG

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

Apple

Tesla

Li Auto (3Q25 Minutes): Transforming Cars into Embodied Intelligence in the Physical World

DELL

Conference Minutes

COMP

The following are the minutes of Dell's FY2026 Q3 earnings call organized by Dolphin Research. For earnings interpretation, please refer to &#34;Dell DELL: Storage Price Hike Adds Pressure? AI Guidance Provides Support Again.&#34; 1. $Dell Tech(DELL.US) Key Financial Information Review 1. Cash Flow and Capital Return a. Cash Flow: Operating cash flow of $1.2 billion, with an ending cash and investment balance of $11.3 billion (an increase of $1.6 billion quarter-over-quarter). b. Shareholder Return: $1.6 billion returned this quarter (repurchase of 8.9 million shares + dividend distribution)...

Dell Tech

Micron Tech

C3.AI

Compass

Ameriprise Financial

Dell (Minutes): The company's value lies in the overall solutions at level L11 and above.

VERA

ORCL

GPUS

GPUS-D

The following are the minutes of NVIDIA's FY2026 Q3 earnings call, compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article 'More Important Than Non-Farm Payrolls! Can NVIDIA Save the US Stock Market Again?' Compared to the earnings report, the information conveyed in this earnings call is more critical: ① Data Center Revenue: GB300 sales surpassed GB200, contributing about two-thirds of Blackwell's total revenue. Hopper revenue was approximately $2 billion, with H20 accounting for about $50 million; Regarding guidance: the company provided revenue guidance for the next quarter...

ISHRS S Arabia

Target

Vera Therapeutics

Oracle

Hyperscale Data

HYPERSCALE DATA INC 13.00%CUM RED PER PREF STK SER D USD25

NVIDIA (Minutes): Target gross margin for next year is 75%, collaboration with OpenAI is not blind

SFTBY

9984

SOBKY

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...

SoftBank

SoftBank Group Corp.

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

Microsoft plans a "Copilot Chronicles" webcast on January 9, 2026, focusing on transforming data into value with Microsoft Fabric.

Microsoft Corporation is expected to go ex-dividend on February 18, 2026

Profitability of AI Giants Questioned, but Nvidia Remains AI Investment Focus

Microsoft reportedly plans to move most new product manufacturing out of China starting in 2026

Windows Secure Boot certificates are set to expire, potentially affecting some devices

Microsoft's Blizzard Establishes New Rule: Will Deepen Classic IPs Like 'World of Warcraft' with an 'Annual Update' Cadence

Analysis indicates Microsoft faces fierce competition from Google Cloud and Alibaba Cloud in the AI cloud market.

Analysis Indicates AI Investment Focus is Shifting from 'Storytelling' to 'Delivering Returns'

Microsoft Plans Public Preview of Auto SR Feature in Early 2026

Microsoft to Increase Prices for Microsoft 365 Commercial and Government Suites

Microsoft to Host Webinar on Building Custom Agents with Azure AI Foundry

Microsoft has reportedly begun preparations to reduce its reliance on OpenAI in response to the latter's rising operating costs and collapsing technological moat.

European Collaboration Summit to Take Place in May 2026, Focusing on Microsoft 365, AI, and Azure

Microsoft to discontinue 'Phone Link' app, will display Android phone photos in File Explorer instead

A new cyberattack named 'ConsentFix' is reportedly targeting Microsoft accounts

Microsoft fixes File Explorer 'flashbang' issue in Windows 11 Insider Preview

Microsoft Copilot adds real-time voice editing feature

Analysts see 33% upside to Microsoft stock, reiterate Buy rating

Microsoft rolls out real-time text editing feature for Copilot in Windows 11

Windows 11 to natively support NVMe storage, theoretically boosting performance by about 80%

Luminar Tech

Novabay Pharmac

Mint Incorporation

Autozi Internet Tech Global

GD Culture

Impact BioMedical

Tradr 2X Long FLY Daily ETF

Leverage Shares 2X Long CRWV Daily ETF

T-REX 2X Long CRWV Daily Target ETF

Microsoft Corporation (MSFT.US) Fiscal Year 2026 First Quarter Earnings Conference Call

Microsoft Corporation (MSFT.US) Q4 Fiscal Year 2025 Earnings Conference Call

Microsoft Corporation (MSFT.US) Fiscal Year 2025 Third Quarter Earnings Conference Call

Microsoft Corporation (MSFT.US) Fiscal Year 2025 Second Quarter Earnings Conference Call