Opendoor Tech Series Z - CW26

Unity

Conference Minutes

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Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US). For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...

Unity Software

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

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Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Unity (Trans): Vector up 70% YoY in Jan.

Costco

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Below is Dolphin Research's full earnings call Trans for $Costco Wholesale(COST.US) FY26 Q1. For our First Take, see 'US Gov. shutdown victim? Is Costco's last leg down?'1) Key metrics recap. Headline results: net income of $2.001bn and diluted EPS of $4.50.Excluding tax benefits related to SBC, net income and EPS rose 13.6% YoY. Sales: net sales were $65.98bn (+8.2% YoY), with comps up 6.4%...

Costain Group PLC

Costco Wholesale

Doordash

Uber Tech

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Ameriprise Financial

COST (Trans): Confident on inflation; plans to open 30 warehouses annually.

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Financial Analysis

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Dell Technologies (DELL.N) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) after the U.S. stock market closed on November 26, Beijing time: 1. Core performance: $Dell Tech(DELL.US) reported revenue of $27 billion for the quarter, an increase of 10.8% year-on-year, close to market expectations ($27.3 billion). The company's revenue growth of nearly $2.7 billion this quarter was primarily driven by contributions from AI server shipments. The company's gross margin for the quarter was 20.7%, down 1.1 percentage points year-on-year, slightly better than market expectations (20%). Compared to service revenue...

Bio-Techne

Dell Tech

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GraniteShares 2x Long NVDA Daily ETF

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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

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

SMIC HK SDR 5to1

Dell DELL: Storage Price Increase Adds to Troubles? AI Guidance Provides Support

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The following are the minutes of AMD's Q3 2025 earnings call, compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'AMD: Partnering with Open AI? Not a 'Spare Tire' Lifesaver'.1. Review of AMD's Core Financial DataOverall performance for the third quarter: Revenue increased by 36% year-over-year to $9.2 billion, excluding revenue from MI308 sales to China; net profit increased by 31%; free cash flow grew more than threefold; diluted earnings per share were $1.20, up 30% from $0.92 in the same period last year...

Oracle

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GraniteShares 2x Long AMD Daily ETF

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AMD (Minutes): No new orders disclosed, MI450 focuses on rack-level solutions

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AMD (AMD.O) released its financial results for the third quarter of 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 5, 2025, Beijing time. Key points are as follows: 1. Overall Performance: AMD achieved a revenue of $9.25 billion in the third quarter of 2025, a year-on-year increase of 35.6%, exceeding market expectations ($8.74 billion). The year-on-year growth in revenue was mainly driven by the client and gaming business, as well as the data center business. The company's gross margin (GAAP) for this quarter was 51.7%, an increase of 1.6 percentage points year-on-year...

Ategrity Specialty Holdings LLC

Meta Platforms

Microsoft

Intel

Amazon

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AMD: 'Tied to' Open AI? Not a 'Backup' Lifesaver

AMD Quick Interpretation: The company's revenue and gross margin for this quarter exceeded previous guidance expectations, primarily driven by growth in the data center, client, and gaming businesses.With the recovery of the PC market, the company's client business reached a new high, and the gaming business has clearly rebounded from the bottom.The most watched data center business achieved revenue of $4.34 billion this quarter, an increase of $1.1 billion quarter-on-quarter, better than market expectations ($4.14 billion). This was mainly driven by the increased production of the MI355 series, with Dolphin Research estimating that AI GPUs contributed approximately $800 million of the incremental revenue.Regarding the company's guidance, it expects next quarter's revenue to be between $9.3 billion and $9.9 billion, with the midpoint ($9.6 billion) representing a 3.8% quarter-on-quarter growth, still mainly driven by the MI355. The company's non-GAAP gross margin for the next quarter is expected to be around 54.5%.As Open AI signed a major contract with the company, market focus has completely shifted from gaining CPU market share to the data center field.Meanwhile, the company's stock price has surged from around $150 to over $200, primarily catalyzed by Open AI.Open AI's 6GW major contract is expected to bring the company approximately $100 billion in revenue, providing support for the company's sustained growth in the future.On the other hand, with the help of Open AI, the market is also looking forward to the subsequent MI450 series products and the enhancement of competitiveness in the AI chip market, and the current high valuation has already factored in the expectation of high growth over the next 2-3 years.For this earnings report, the market is more focused on progress in the data center field, such as the status of new orders and the progress of the MI450, which are more attractive than the next quarter's guidance. For more information, please follow Dolphin Research's subsequent detailed commentary and management minutes. $AMD(AMD.US)

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1. Key Points of the GTC Conference 1. NVIDIA has established a strategic partnership with Nokia, investing $1 billion in Nokia's equity. They released a new product series called 'NVIDIA ARC,' which Nokia will use for future base stations to upgrade 6G and AI capabilities; 2. They released the NVQLink interconnect architecture and the CUDAQ platform, which directly connects GPU supercomputers with QPUs (quantum processors), laying the groundwork for quantum computing processors; 3. $NVIDIA(NVDA.US) is collaborating with the U.S. Department of Energy to build the largest AI supercomputer in the United States...

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Nokia

Bluebird Bio

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HEARTBEAM INC C/WTS 31/10/2026 (TO PUR COM)

 GTC Conference: Next Year's Shipment 'Blockbuster', is NVIDIA‘s Limit Really “Sky”？

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