OpenAI

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Conference Minutes

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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...

NVIDIA

Apple

Alphabet - C

Alphabet

Coherent Corp.

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

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

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

Today’s Key News Recap

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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...

One Stop

Paramount Global

Microsoft

Netflix

Costco Wholesale

Louis Vuitton

POP MART

Destiny Tech100

Meta Platforms

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Warner Bros. Discovery

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Alibaba

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

POP MART HK SDR 20to1

Alibaba HK SDR 5to1

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

Hot topic

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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...

Ategrity Specialty Holdings LLC

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Hudbay Minerals

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Tencent Holdings Limited

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Tencent HK SDR 10to1

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

Salesforce

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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...

Haleon

IRSA Inversiones

NOVARTIS AG

Informatica

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

ING Groep

Hasbro

Armour Residential Reit

Gartner

ARMOUR RESIDENTIAL REIT INC 7.00% CUM RED PFD STK SER C

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

Deep Research

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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...

Amazon

C3.AI

Jiangsu Azure Corporation

Taiwan Semiconductor

Direxion Daily AMZN Bull 2X Shares

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

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

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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...

Apple Group

Synopsys

Shopify 

Sirius XM

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Nova

SUNNOVA ENERGY INTERNATIONAL INC

Sunnova Energy

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KUAISHOU-WR

Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | 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...

Oracle

ISHRS S Arabia

Coreweave

Vera Therapeutics

Opendoor Tech

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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.

GraniteShares 2x Long AMD Daily ETF

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

INTR

COMM

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)