YieldMax NVDA Option Income Strategy ETF

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

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?

Today’s Key News Recap

RIVN

CRCL

1215 | Dolphin Research Focus: 🐬 Macro/Sector. MIIT granted the first L3 autonomous driving type approvals to Changan's Deepal SL03 and ARCFOX Alpha S6. The two models, tailored to urban congestion and highway scenarios, will run public-road pilots in designated areas of Beijing and Chongqing, marking a move from tech testing to commercial pilots for L3 in China.NBS data show Nov. retail sales of consumer goods at RMB 4.3898tn (+1.3% YoY). That is the lowest monthly growth since 2023 in the post-Covid period...

Rivian Automotive

Circle

First L3 autonomous-driving models approved; retail sales growth retests the lows | Daily News Recap

Broadcom

Conference Minutes

AVGO

AAPL

COHR

AAPB

AAPD

AAPU

The following is Dolphin Research's compiled earnings call Trans for Broadcom (AVGO) FY2025 Q4. For our earnings take, please see 'Broadcom: Calling out NVDA, but did the pioneer blink first?'AVGO fell after-hours as management struck a cautious tone during the discussion. Topics included the AI order outlook and progress with new customers and orders.1) AI orders: The total AI backlog for AI-related components and heterogeneous processors (XPUs) topped $73bn, slated for delivery over the next 18 months (six quarters). They then explained...

Apple

Coherent Corp.

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

AVGO (Trans): Anthropic adds another 10bn;  73bn order is the floor

Financial Analysis

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?

AVGO First Take: Revenue and GPM were in line with market expectations this quarter, with growth largely driven by AI. AI revenue reached $6.5bn, up $1.3bn QoQ on increased TPU volume ramp. On an operating basis, excluding acquisition-related amortization and restructuring, GPM was 76.6%, down slightly QoQ. The decline reflects a mix shift toward lower-margin ASIC. For next quarter, the company guided revenue to $19.1bn, above Street estimates, driven by AI. AI revenue is expected to reach $8.2bn (vs. Street $7.0–7.5bn), implying a $1.7bn QoQ increase. Despite a solid print and guide, investors are more focused on progress with new customers and orders for next year. Given the previously disclosed large AI wins, the market is watching the company's growth trajectory into next year and beyond, including whether it can secure additional customers and orders. With Google's Gemini performing well, it offers an alternative compute stack beyond NVIDIA. Investors also expect Broadcom to win share in AI chips, a view reflected in its top-tier valuation. As a result, the focus this quarter is on management's updates and outlook for AI order flow next year and beyond. For more, follow Dolphin Research's subsequent notes and management Trans. $Broadcom(AVGO.US)

地平线

TSLA

09866

01211

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81211

BYDDY

002594

TSDD

TSLL

HYDD

Horizon Robotics: An NVDA alternative for high-end autonomous driving?

Tesla

NIO-SW

BYD COMPANY

BOYD Gaming

NIO Inc. USD OV

BYD Company Limited

BYD COMPANY-R

BYD Company

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

BYD HK SDR 10to1

HORIZONROBOT-W

Horizon Robotics: Can China’s AD substitute chips unseat NVDA?

应用材料AMAT

AMAT

INTC

SSNGY

00981

04335

HSMD

688981

Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

Applied Materials

First Trust Multi Cap Value Alpha

Intel

Hudbay Minerals

Taiwan Semiconductor

Samsung Electronics 

Outfront Media

Micron Tech

SMIC

United Microelectronics

INTEL-T

SMIC HK SDR 5to1

Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

Hot topic

00700

ARCH

09888

K3SD

TECH

TCEHY

TCTZF

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89888

BIDU

HTCD

GENVR

HBUD

Rumors and media chatter had been building for weeks, including reports that Jensen Huang sparred with White House conservatives and warned that H200 sales to China might still be blocked. President Trump nevertheless announced that the U.S. Gov. will allow Nvidia to sell H200 chips to China.Nvidia's peers may also sell chips with H200-class specs to Chinese customers. The permission covers H200-class products only.The latest Blackwell architecture and the next-gen Rubin are not on the list. The U.S. Gov. will impose a 25% levy on each sale. As for Nvidia in Q4...

TENCENT

Arch Resources

Gen Digital

BIDU-SW

BIDU ADR US

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

Tencent

Tencent Holdings Limited

TENCENT-R

BIDU-SWR

Baidu

Tencent HK SDR 10to1

GEN DIGITAL INC COM USD0.01 CVR (S/RS)

Baidu HK SDR 10to1

H200 Greenlight: The Breakout Catalyst on NVDA's Path to $6tn?

MART

09992

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02015

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XPEV

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

HKEX

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

Morgan Stanley

LEAPMOTOR

LI AUTO-W

XPENG-W

POP MART HK SDR 20to1

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Li Auto

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

HOOD

ASET

TILE

1208 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) The CPC Politburo met on Dec. 8 to discuss the 2026 economic agenda and reviewed the 'Regulations on the Party's Leadership over Law-Based Governance'. It set the tone for next year: fiscal policy to be more proactive, monetary policy moderately accommodative. 🐬 Single Stocks 1) $Robinhood(HOOD.US) Robinhood said in a Sunday blog post...

Robinhood

Flexshares Real Asset

Interface

Politburo sets 2026 economic agenda, HOOD pushes into SE Asia crypto | Daily News Recap

AI Server Contract Manufacturers Report New Highs in November Revenues

NVIDIA Launches NVQLink to Enhance Quantum Computing Capabilities

NVIDIA Surpasses $400 Billion Market Cap, Chinese AI Chip Industry Faces Challenges