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应用材料AMAT

Deep Research

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AMAT

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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...

GlobalFoundries

Intel

Applied Materials

SMIC

United Microelectronics

NVIDIA

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Taiwan Semiconductor

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INTEL-T

SMIC HK SDR 5to1

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

Financial Analysis

Applied Materials (AMAT.O) released its financial report for the fourth quarter of fiscal year 2025 (ending October 2025) after the U.S. stock market closed on the morning of November 14, 2025, Beijing time. The key points are as follows: 1. Core Data: Applied Materials AMAT's revenue for this quarter was $6.8 billion, a year-on-year decrease of 3.5%, slightly better than market expectations ($6.68 billion). This was mainly due to the decline in the semiconductor equipment business, especially the increased proportion of restricted demand for logic-related products in regions such as China. $Applied Materials(AMAT.US) had a gross margin of 48% this quarter, an increase of 0.7 percentage points year-on-year...

Storage is 'red-hot', can Applied Materials (AMAT) still 'benefit'?

Conference Minutes

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The following are the minutes of the ARM FY2026 Q2 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled &#34;ARM: With SoftBank as a Backer, the 'Hot Commodity' in the AI Chain?&#34;.1. $Arm(ARM.US) Key Financial Data ReviewOverall Performance: Second-quarter revenue reached $1.14 billion, up 34% year-on-year, surpassing the $1 billion mark for three consecutive quarters.Segment Revenue: Royalty income (patent usage fees) hit a record high of $620 million, up 21% year-on-year, primarily driven by growth in all major markets including data centers, smartphones, automotive, and IoT...

Microsoft

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Amazon

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ARM (Minutes): All new computing power is based on Arm architecture

Qualcomm

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The following are the minutes of Qualcomm's Q4 FY2025 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?&#34; 1. $Qualcomm(QCOM.US) Key Financial Information Review 1. Cash Flow and Shareholder Returns: Generated a record $12.8 billion in free cash flow and returned nearly 100% to shareholders through buybacks and dividends. 2. Q1 FY26 Performance Guidance: a. Revenue is expected to be between $11.8 billion and $12.6 billion...

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

NextDecade

Samsara

Gen Digital

Sable Offshore

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

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Xiaomi HK SDR 2to1

Xiaomi Corporation

Dragon

Qualcomm (Minutes): Details and performance metrics of AI chips will be announced early next year.

Unity

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Below is a summary of the FY25Q3 earnings call for $Unity Software(U.US), compiled by Dolphin. For a detailed analysis of the financial results, please refer to ‘Unity: Patience Pays Off as Transformation Gains Momentum’. I. Key Financial Data Review 1. Third-quarter performance overview: Grow business revenue reached $318 million, up 11% quarter-on-quarter and 6% year-on-year. Create business revenue reached $152 million, up 3% year-on-year; excluding non-strategic revenue impacts, this represents 13% year-on-year growth. Adjusted EBITDA stood at $109 million, with a margin of 23%...

Unity Software

VASTDATA

Koda

U.S. Global Investors

TENCENT

Tencent Holdings Limited

Tencent

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Ameriprise Financial

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Unity (Minutes): Its unique runtime data possesses monetisation growth value.

Today’s Key News Recap

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

AppLovin

CTG DUTY-FREE

Spotify

Robinhood

Uber Tech

Duolingo

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

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The following are the minutes of the FY25Q3 earnings call for $Tesla(TSLA.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;Tesla: Relying on the Stars and the Sea, It's Time to Pay for Faith Again.&#34; Summary of Tesla Minutes: 1. Automotive Business: Existing capacity will reach an annualized production rate of 3 million units within 24 months (possibly sooner), with the core increment coming from the Cybercab model, which will be launched in the second quarter of 2026. This model is optimized for full autonomous driving, with no steering wheel or pedals, focusing on minimizing operational costs. On the demand side, no additional stimulus is needed...

Optec International, Inc.

Tesla (3Q25 Minutes): The release and mass production of Optimus 3 have been delayed to 2026.

ASML

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ASML released its Q3 2025 financial report (up to September 2025) before the U.S. stock market opened on the afternoon of October 15, 2025, Beijing time. The key points are as follows: 1. Revenue &amp; Gross Margin: a) $ASML(ASML.US) reported a revenue of 7.5 billion euros this quarter, a year-on-year increase of 0.7%, compared to the market expectation of 7.7 billion euros. The company's revenue this quarter mainly came from contributions by TSMC and customers in mainland China. b) The gross margin for this quarter was 51.6%, close to the upper end of the company's guidance range (50-52%), mainly due to an increase in the proportion of service-related revenue...

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ASML: AI Capex adds a buff, the worst period is over!

ASML Quick Interpretation: Although the company's revenue and gross margin for this quarter met the guidance expectations, they did not significantly exceed them. The company's R&amp;D and sales expenses remained stable, resulting in a moderate profit for the quarter. Compared to this quarter's data, the market is more focused on ASML's order metrics and next quarter's guidance, as these two aspects better reflect the company's operational trend changes. ① Order Metrics: ASML's net orders for this quarter remained at 5.4 billion euros, better than the market expectation of 4.9 billion euros. After experiencing a 'flash crash' in order data at the beginning of the year, the company's orders have returned above 5 billion euros, mainly due to the weakening impact of tariffs and the recovery of downstream confidence; ② Next Quarter Guidance: The company expects fourth-quarter revenue to reach 9.2-9.8 billion euros, better than the market expectation of 9.2 billion euros. The fourth quarter is often a peak season for the company's product deliveries, and from the guidance, the company is likely to continue the momentum of year-on-year revenue growth. Although AI semiconductors remain hot, ASML has been under multiple pressures in the first half of the year, especially from the capital expenditure contraction of major clients Samsung and Intel, which has put significant pressure on the company's operations. However, with the recovery of the memory cycle, Intel's 'rebirth expectations,' and the progress in Samsung's HBM certification, ASML's pressure is gradually being released. As the absolute leader in the lithography market, ASML will also benefit from the current AI Capex boom.

Hudbay Minerals

Qualcomm (QCOM.O) released its Q2 2025 fiscal year earnings report (as of March 2025) after the U.S. market close on May 1, 2025, Beijing time. Key points are as follows: 1. Overall performance: Revenue continues to grow, but gross margin remains sluggish. In Q2 2025 (i.e., 25Q1), Qualcomm achieved revenue of $10.98 billion, up 16.9% YoY, beating market expectations ($10.63 billion). The company's revenue growth rate continues to rise...

Qualcomm: Samsung's 'blood transfusion' struggles to sustain momentum, Apple's 'sabotage' hides potential pitfalls

SEMIFIVE Establishes New AI Semiconductor Design Subsidiary in Tokyo

US Imports of Vietnam's Phones and Components Drop to Lowest Since May 2020

KT and Samsung Validate AI-RAN Technology for Significant Network Performance Improvement

Apple Orders 22 Million OLED Panels from Samsung for First Foldable iPhone

DNP Develops 1.4-nm NIL Technology

Korea's Top 500 Listed Companies See Significant Increase in Free Cash Flow

Samsung tipped to launch world's first 2nm GAA chipset Exynos 2600

SK Hynix forecasts HBM shortage until 2027, AI demand surge to fuel memory market boom

Samsung Electronics Expected to Return to Top in Global DRAM Market in Q4

India Plans Mandatory Permanent GPS on Phones, Apple, Google, and Samsung Strongly Oppose

Apple's iPhone 16 Leads in Global Smartphone Sales in Q3 2025

Samsung's HBM4 Passes Production Readiness Review, Exceeds NVIDIA Standards

TrendForce Releases Q3 2025 Global Smartphone Production Data and Annual Forecast