Dolphin Research

On CPU uplift from Muse, some voices on X take a different view. Let's look at that contrarian take.'In a base case, serving 100 mn DAU needs 1 GW of power, with only about 0.1 GW from the CPU/VM layer. Depending on how many inference-equivalent model calls each Muse DAU generates per day, 3–4 GW is...

In the prior piece, Dolphin Research started from first principles to explain why AI’s demand for memory capacity and bandwidth has 'suddenly' exploded, why HBM has become the default memory for high‑performance GPUs, and outlined the core concepts and logic behind HBM. As AI advances, the question ...

$Lumentum(LITE.US)Dolphin Research previously noted in its optical connectivity review that regardless of where the optical module sits, the optical engine, with high value content and barriers, remains the core and most defensible asset.This time we start with a legacy leader in the lane, Lumentum....

In the previous piece, Dolphin Research compared two 3P GPU vendors, $NVIDIA(NVDA.US) and $AMD(AMD.US), on data center interconnect architecture.NVIDIA hard-launched GB300, while AMD finally leveraged Broadcom switches to scale up from 8 cards to 72 cards with Helios. By the time Helios shipped, the...

The merchant GPU market for external sales is now essentially a duopoly between $NVIDIA(NVDA.US) and $AMD(AMD.US). AMD largely missed the AI compute boom in the MI300 era due to the lack of a system-level solution, namely an interconnect architecture. With Helios arriving, the questions are:1) Has A...

Under the scaling laws of AI foundation models, parameter counts keep ballooning and multi-turn context must be retained for longer. Single-card compute and on-card memory can no longer sustain state-of-the-art training and inference, so AI workloads must run on ultra-large clusters composed of mass...

$Alibaba(BABA.US) reported earnings. The numbers were solid, yet the stock fell, which did not feel great.Dolphin Research has explained the reasons both on the Longbridge community and in its earnings take. Faster cloud growth plus e-com losses bottoming were already known and priced in ahead of th...

$Webull(BULL.US) Q2 results are out, and Dolphin Research has a quick take.I. Rare Alpha DeliveredWebull historically has shown limited alpha, with performance closely tied to U.S. equities. Only in the latest quarter did it generate excess returns vs. the market.The first chart shows Avg. daily tra...

Marvell Technology (MRVL) issues warrants to Google for the first time, driving a 10%+ rally in MRVL shares, while Broadcom (AVGO) sold off. The move signals the market’s view that MRVL could capture Google’s TPU-related orders.Here, Dolphin Research reviews the two parties’ deal structures and impl...

On the 17th, the latest Jul retail sales print again looked soft. After a tentative pickup in Jun, growth turned down in Jul, denting Dolphin Research's confidence in a 2H consumption rebound.Fortunately, online retail remains more resilient. Even amid strong headwinds, online penetration keeps inch...

In Dolphin Research's earlier piece '‘AI Drag’ at Amazon: A Comeback in the Making?', we examined AWS's AI build-out from multiple angles. From in-house silicon to its Anthropic partnership and model capabilities, Amazon's overall AI competency has improved meaningfully. The gap with top-tier peer G...

In China's famously high-volatility F&B market—where survival is a one-in-ten game—very few brands make it past 30 years and keep scaling. KFC, the 'foreign chicken' that entered China in 1987, not only survived but expanded to nearly 13,000 stores, turning fried chicken into a mass-market QSR with ...

In 'From Daydreams to Fortunes: Is SpaceX Really That Sci‑Fi?', Dolphin Research noted that among $SpaceX(SPCX.US)'s three pillars (launch, Starlink, AI), AI is the most cash‑intensive yet offers the biggest valuation upside.It underpins the shift from a hard‑tech space infrastructure giant to a pla...

In Part I we deconstructed SoFi’s business stack and identified today’s growth engines as the expansion of its Loan Platform Biz. (LPB) plus the recovery in student loans. In Part II we followed Muddy Waters’ short thesis and unpacked the hidden bruises: on/off-BS charge-off shifting, FV accounting ...

Under a cloud of regulatory scrutiny, $Trip.com(TCOM.US) finally released its long-delayed Q1 results on Jun 25. In short: the quarter was decent, with both revenue growth and profit slightly beating estimates. The regulatory probe has not been resolved and there is still no official response.Most n...

In 2026, the AI hardware spotlight has shifted from compute to storage capacity. As U.S. AI equities wobble, MU’s print is fast becoming the new bellwether.$Micron Tech(MU.US) posted results after hours on Jun 24 (FQ3 FY26, quarter ended May), delivering in style and taking up the AI infra baton. Th...

When OpenAI took off, it was Microsoft’s moment. With Gemini’s rise, Google Cloud surged. So here is the question: as Anthropic stands out, which cloud vendor will benefit.Amazon, which has been a step slow in chips, model R&D, and GPU procurement, will it finally get its turn in AI. The opportunity...

In the previous piece, we outlined the CPO concept and its value chain. The next questions are: where is the tech today, who is building what, and where are the investable spots? This article breaks down each in turn.I. What are tech giants building?1) High-speed interconnects for AI data centers fa...

Zhipu’s Jun outshone a persistently weak tape. First, the pre-Jun inclusion news (index eligibility) sparked sharp flows on the day. Then from Jun 10 to Jun 18, the stock doubled in roughly a week, and on Jun 22, $KNOWLEDGE ATLAS(02513.HK) broke the HK$1 tn market-cap mark.Such strength beat the mar...

On Jan 2, 2026, $BIREN TECH(06082.HK) debuted on HKEX at the top-end issue price of HKD 19.60. The stock opened +82.14%, with intraday mkt cap briefly topping HKD 100 bn and closing around HKD 82.5 bn. The retail tranche was oversubscribed by 2,347x, underscoring frenzied demand.The rally reflects i...