OpenAI

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Conference Minutes

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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

Destiny Tech100

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Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

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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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GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

The Original Sin of the AI Bubble: Is Nvidia the 'Golden Poison Pill' that AI Can't Quit?

Today’s Key News Recap

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1202 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. DeepSeek simultaneously launched two official versions of AI models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale. The former's inference capability is close to GPT-5, with tool invocation reaching the top level of open-source models; the latter won four international competition gold medals, specializing in complex tasks. The models introduce the DSA sparse attention mechanism, significantly reducing inference costs. The dual-model strategy precisely covers different needs, and technological breakthroughs narrow the gap between open-source and closed-source models...

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Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | Today's Important News Recap

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1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

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Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

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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...

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GraniteShares 2x Long NVDA Daily ETF

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

Financial Analysis

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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...

SoftBank

SoftBank Group Corp.

SPIRIT AIRLINES INC

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

Kuaishou

SORA

$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

AsiaStrategy

AMTD Digital

Saratoga Investment Pref Share SAY 8.125 12/31/27

Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

Kuaishou 3Q25 Quick Interpretation: The third-quarter performance slightly exceeded expectations overall, not as poor as recent stock prices suggest. The current valuation corresponds to approximately 15x P/E for this year's core business (13x for next year), indicating that the premium for the Keling segment has not been significantly factored in. Therefore, the price adjustment from HKD 90 to HKD 60 is mainly related to the competitive impact of Sora 2 at the end of September and the overall decline in AI sentiment. 1. Significant internal efficiency improvement: The highlight of the financial report is the profit performance, with the core operating profit margin increasing by nearly 5 percentage points year-on-year, more significantly than in Q1 and Q2. The contraction in selling and administrative expenses deviates from market expectations. 2. Keling slightly exceeds expectations: The company guided Keling's third-quarter revenue to be between 280-300 million, and it is expected to increase in the fourth quarter due to the release of Kling 2.5 Turbo, with actual Keling revenue exceeding 300 million. Currently, Kling 2.5 Turbo remains at the top of the WenSheng video and TuSheng video large model rankings in terms of performance ELO scores. 3. Slowing growth in e-commerce transactions, potential increase in short drama monetization rate: Excluding Keling (calculated at 330 million), other income in Q3 grew by 34% year-on-year, significantly higher than the 20% growth in Q2. However, the year-on-year growth rate of Q3 e-commerce GMV was 15%, showing a slowdown. Considering changes in the year-on-year base, the growth rate is slightly below past levels when viewed from an inter-seasonal perspective. Therefore, the incremental income in other revenue items likely comes from paid short dramas, games, etc., and possibly from an increase in e-commerce commission rates. The actual situation can be monitored in the conference call. 4. Steady recovery in advertising: The growth rate of marketing and advertising revenue in the third quarter was 14%, continuing to recover from the second quarter, mainly benefiting from AI model iterations, new features enhancing ROI, and the penetration of intelligent delivery solutions, with UAX's penetration rate in external circulation ads reaching 70%. Additionally, the prosperity of the short drama industry itself will bring more traffic revenue and IAA revenue sharing. 5. Finally, let's look at the ecosystem: Kuaishou's user metrics have not performed well on third-party platforms in recent years. Although the data is not comprehensive, the pressure is greater compared to peers at least in horizontal comparison. The user metrics disclosed in the Q3 financial report also show low-speed stability, but the average daily user duration reached a new high, possibly related to growth driven by rich content such as short dramas and exclusive galas. The growth bottleneck of the ecosystem is one of the core factors suppressing Kuaishou's valuation. Although there is still room for improvement in current profitability (as shown in Q2 and Q3), the valuation is slightly inferior to the expected profit growth level. $KUAISHOU-W(01024.HK) $KUAISHOU-WR(81024.HK)

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1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...

GEELY AUTO

Alibaba Qianwen App Goes Viral on Launch Day;Google Gemini 3.0 May Arrive This Week | Today's Important News Recap