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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...

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

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$AppLovin(APP.US) released its Q3 2025 financial report after the U.S. stock market closed on November 6th, Eastern Time. The performance slightly exceeded consensus expectations, including current revenue growth and margin optimization, as well as guidance for Q4. The Q4 guidance implies a slowdown in AppLovin's advertising growth, seemingly partially confirming the speculation that the initial response to the self-service advertising platform has been mediocre. Dolphin Research believes that considering the current self-service advertising is still in the testing phase in specific regions, the Q4 guidance alone cannot fully demonstrate the driving effect of self-service advertising...

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Without the high-growth violent aesthetics, is Applovin still appealing?

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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...

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

Today’s Key News Recap

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1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

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The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

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The following are the minutes of the 3Q25 earnings call for $Meta Platforms(META.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Meta: AI Investment 'Risky Racing,' Is the Financial Faith Running Out?&#34; 1. Financial and Supplemental Operations 1. Global daily active users exceed 3.5 billion, Instagram monthly active users exceed 3 billion, Threads daily active users reach 150 million. 2. Strong growth in video content, with Instagram video watch time increasing by 30% year-over-year...

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Meta (Minutes): Computing power is ready to use, no worries about excess

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Hello everyone, I am Dolphin Research! $Meta Platforms(META.US) released its Q3 2025 financial report after the market closed on October 30th, Eastern Time. Although the 'horrifying' net profit of 2.7 billion is 'noise', this performance, especially the underlying trends implied by the revenue and expenditure guidance combination, is definitely not something to celebrate. Specifically: 1. Strong acceleration in advertising: Advertising revenue grew by 26%, further accelerating growth. According to advertiser research..

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Meta: AI investment in 'reckless driving', is the faith in capital going to be exhausted?

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Meta3Q25 Quick Interpretation: At first glance, a company with a market value of $2 trillion having a quarterly profit of only $2.7 billion seems like a major flop! However, the net profit was mainly affected by a one-time provision of $15.9 billion due to the OBBB Act in the third quarter. Excluding this factor, Meta's overall performance from revenue to expenditure is in a &#34;high revenue, high expenditure&#34; state. The 26% year-on-year revenue growth is quite impressive, but it did not exceed the current buy-side expectation range of approximately $51-52 billion. On the expenditure side, due to high increases in R&amp;D and administrative expenses, the operating profit of $20.5 billion, with an 18% year-on-year growth, is not particularly outstanding compared to the revenue growth rate. Of course, these are minor issues. The main concern is the upcoming guidance, which hits the market's &#34;nightmare&#34;—Opex &amp; Capex. Whether for 2025 or 2026, both quantitative and qualitative aspects are generally being raised: a. The 2025 Opex baseline is raised by $2 billion, reaching $116-118 billion. Based on the new midpoint estimate, the year-on-year growth in operating expenses for the fourth quarter will reach 37%. b. In comparison, the 2025 fourth-quarter revenue guidance is $56-59 billion, with a year-on-year growth of only 16-22% (versus the buy-side expectation of approximately $58-60 billion). Clearly, fourth-quarter revenue growth is slowing. Based on this revenue and expenditure guidance, even if the highest revenue guidance of $59 billion is achieved, with the midpoint expenditure guidance, operating profit growth is likely to slow to around 10%+. c. The 2025 Capex baseline is raised by $4 billion, with new guidance at $70-72 billion. Fourth-quarter capital expenditure will further increase to $20 billion from the third quarter's $19.4 billion. d. The growth opportunities in 2026 are too tempting. Although specific data for 2026 capital expenditure has not been finalized, it is expected to &#34;invest aggressively&#34; through self-built and third-party co-built data centers, with the absolute value of capital expenditure &#34;notably larger.&#34; e. 2026 operating expenses: The growth rate in 2026 will be significantly higher than in 2025, mainly due to higher cloud expenses and amortization of infrastructure costs. This is actually because of the substantial recruitment of AI and technical talent in 2025, leading to a significant increase in employee expenses. In this context, a market value of $1.89 trillion matching a full-year post-tax operating profit of less than $70 billion in 2025 results in a valuation of around 28X. When these numbers are put together, it becomes apparent: if revenue growth in 2026 cannot accelerate but investment increases, performance will clearly be in a mismatch period of input and output, causing EPS growth to slow to the low-teens or high single-digit growth range. Moreover, in 2026, due to increased capital and operating expenditures, the space for shareholder returns will be squeezed. In this situation, if the valuation continues to hover in the 25-30X range, it is clearly inappropriate, and Meta is very likely to experience a valuation correction. $Meta Platforms(META.US)

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1029 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. On October 28th, Eastern US time, the Federal Reserve began its two-day FOMC meeting, with the latest interest rate decision to be announced on the afternoon of the 29th local time (early morning of the 30th Beijing time). The market generally expects a 25 basis point rate cut, with the focus on whether the balance sheet reduction will end and the policy signals for December. Due to the government shutdown, the absence of key data such as employment, and significant internal disagreements on inflation risks and the pace of easing, some officials are concerned that a rate cut may exacerbate price pressures. 2. The spokesperson of the Ministry of Foreign Affairs announced: As agreed by both China and the US...

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The meeting between China and the U.S. is approaching; focus on tonight's Federal Reserve interest rate decision | Today's Important News Recap

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$OpenAI(OpenAI.NA) has been extremely busy recently, sometimes engaging in e-commerce, sometimes in social media, and now launching a browser (Dolphin Research's commentary). Emmmm... it seems like half of the Seven Sisters have become rivals. A trending topic every three days, Dolphin Research can hardly keep up. On the surface, OpenAI is thriving, poised to become the next star to reshape humanity's trajectory. But behind the star's glow, Dolphin Research can already sense OpenAI's anxiety. The greater the responsibility, the greater the pressure. Starting from 2026, OpenAI's commercialization capabilities will no longer be just the demands of the initial investors...

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All in the same boat, is OpenAI a divine pearl or a demonic pill?

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GoerTek Inc. released its Q3 2025 financial report (up to September 2025) after the A-share market closed on the evening of October 24, 2025, Beijing time. The key points are as follows: 1. Overall performance: revenue &amp; gross margin, both have rebounded. ① GoerTek Inc.'s total revenue for the third quarter of 2025 was 30.6 billion yuan, a year-on-year increase of 4.4%, better than the market expectation (28 billion yuan). The growth in the company's revenue was mainly driven by downstream customers' stocking, partly in preparation for the release of new products such as iPhone, AirPods, and MR in September; ② The company's gross margin for this quarter was 12.8%...

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GoerTek: Steady Stocking, Meta's Flat Performance, When Will VR/AR 'Make a Big Move'?

Wincap Financial LLC Substantially Increases Holdings in Meta Platforms, Inc.

Tech Giants' Layoff 潮: Optimizing Talent Structure for AI Development

Malaysian Communications and Multimedia Commission warns Meta over scam advertisements

Chan Zuckerberg Initiative to leverage AI for disease treatment research

Meta Platforms to invest over 60 billion dollars in AI development in the next five years

European Human Rights Body Rules Meta Algorithm in Recruitment Ads Gender Biased

WhatsApp Testing Cross-Platform Messaging Function

Nisa and Kingstone Increased Holdings in Meta

Ashton Thomas Private Wealth LLC Increases Stake in Meta Platforms

Court rules Meta and other social media giants must face trial over youth addiction claims

PyTorch co-founder Soumith Chintala is leaving Meta

Meta's Chief Legal Officer sold approximately $326,000 worth of stock under a pre-arranged plan

Meta Launches AI Short Video Streaming Service Vibes in Europe

Indonesian Government Reports Handling Over 106,000 Pieces of Online Gambling Content on Meta Platforms

Meta and Alphabet failed to avoid US regulation

Meta reveals when the new WhatsApp username privacy feature will launch