Dolphin Research

NVIDIA (NVDA) released its FY2026 Q4 results (quarter ended Jan 2026) after U.S. market close in the early hours of Feb 26 Beijing time. Specifics as follows:1. Core operating metrics: $NVIDIA(NVDA.US) total revenue of $68.1bn, above the raised buy-side bar ($67.0bn). QoQ revenue rose by $11.1bn, dr...

Pre-market on Feb 25 ET, the USDC stablecoin issuer $Circle(CRCL.US) reported Q4 2025 results.While reserve interest income, its largest revenue component, is fairly transparent given public USDC market cap and Fed rates, and Circle’s share price is not tightly linked to quarterly prints, we can sti...

Musk plays another ace: Can SpaceX remake the economics of space?Since late 2025, commercial space has surged in investor attention. This report traces the drivers and implications to frame investable opportunities in the sector.The immediate catalyst is SpaceX’s plan to tap capital markets, with it...

In Beijing’s early hours on Feb 13 after the U.S. close, $Coinbase(COIN.US) released its Q4 2025 results. The quarter disappointed, missing market expectations. That said, the stock has largely decoupled from the print, as COIN has sold off further with crypto since Feb while most analyst models wer...

$Rivian Automotive(RIVN.US) reported Q4 2025 results after the U.S. market close on Feb 12, 2026. Overall, performance was solid, with a clear recovery from the Q2 trough. Key takeaways:1) Revenue slightly beat: total revenue was $1.29bn, a touch above the $1.26bn consensus despite a weak delivery q...

Applied Materials (AMAT) released Q1 FY26 (to Jan 2026) after the U.S. close on Feb 13 Beijing time. Key takeaways below.1) Headline numbers: $Applied Materials(AMAT.US) revenue was $7.0bn this quarter, -2% YoY, in line with consensus ($7.0bn), pressured by a tough comp in semi equipment a year ago....

Alt. stays leader Airbnb$Airbnb(ABNB.US) released FY2025 Q3 results this morning, coming in ahead of expectations. Contrary to prior guidance calling for a potential slowdown, both GBV and revenue growth accelerated across the board, hitting a 25-year high. The rub: expenses expanded sharply, margin...

Hi everyone, this is Dolphin Research. Welcome back.Before the U.S. open on Feb 11 (ET), game engine leader $Unity Software(U.US) posted Q4 2025 results. After successive hits from Genie, Meta and Cloudx, the stock has dropped ~30% from its peak, leaving confidence in Unity extremely fragile.Investo...

$AppLovin(APP.US) released its Q4 2025 results after market close on Feb. 11 ET. The print was decent: while some sell-side estimates were more upbeat, it broadly tracked the more cautious buy-side setup. That said, the stock still delivered a negative reaction to the print.Specifically:1. Guidance ...

As one of the most closely watched AI-in-commerce plays, $Shopify (SHOP.US) reported Q4 FY2025 before the U.S. market open on Feb 11. Overall, results were strong, with the quarter and next-quarter guide both ahead of expectations. The biggest issue remains valuation.1) Strong GMV growth holding up:...

Quadrupled in nine months, then halved in four. From 2025 into 2026, few 'wild rides' top retail broker Robinhood$Robinhood(HOOD.US). Volatility has been relentless.After Longbridge U.S. session close on Feb 10, 2026, the 'retail king' posted Q4 2025 results as scheduled. But the print was a fresh h...

The 'No.1 consumer stock in the universe' KO released Q4 2025 results (quarter ended Dec 2025) pre-market on Feb 10, 2025 Beijing time. $可口可乐.US1) Pricing underwhelmed. In 4Q25, reported revenue was $11.82bn (+2.4% YoY), missing estimates, while organic revenue rose 5%. Concentrate sales were up 4% ...

$Spotify(SPOT.US) released its Q4 FY2025 results pre‑market on Feb 10. The print was slightly ahead of expectations. After a string of negative narratives drove sentiment to a low and the stock corrected, a 'no‑mistake' report was enough to ease some concerns.Specifically, the details are as follows...

SMIC (0981.HK) released its Q4 2025 results (quarter ended Dec 2025) after Hong Kong market close on Feb 10, 2026 Beijing time. Key takeaways:1) Headline results: Q4 revenue came in at $2.49bn, in line with consensus ($2.42bn), up 4.5% QoQ, above guidance (0–2% QoQ). The sequential growth was mainly...

2025年，AI叙事逻辑剧烈变向：随着$NVIDIA(NVDA.US) Blackwell 架构及后续更高功率算力集群的全面部署，数据中心的能耗密度呈指数级跃升。据高盛预测，到2027年，AI服务器单个机架的功率密度将是五年前普通云服务器的 50倍。这种指数级的功耗飞跃，正迎头撞上一道由水泥、钢铁和老化铜线构成的“北美硬墙”：墙的一侧是每秒万亿次的浮点运算渴求；另一侧，则是平均电网年龄超 40 年、变压器短缺率高达 30%、扩建周期长达 5-10 年的基建泥潭。也因此，海豚君对于北美缺电重点理解：1）缺电背后是是一个中短期的供需差，还是一个长期的结构性问题？2）缺电如何解决，解决的背后对应的...

$Reddit(RDDT.US) posted Q4 results after-hours on Feb 5 ET, with a solid overall print. Despite the bar being raised into the release, the actual numbers still came in slightly ahead, reflecting a social platform benefiting from traffic tailwinds and executing smoothly on early monetization.In addit...

$Amazon(AMZN.US) released Q4 FY2025 results after the U.S. close on Feb 6 Beijing time. Overall, the quarter was solid with a few blemishes, as both total revenue and OP came in slightly above estimates.AWS growth re-accelerated as expected, yet the market reaction was familiar — a selloff despite d...

Roblox (RBLX.US) released its Q4 2025 results pre-market on February 5 (EST). Overall, the performance was positive—though not "explosive," it provided much-needed relief for suppressed market sentiment.1. Top Highlight: Bookings Beat ExpectationsQ4 Bookings surged 63% YoY. While slowing fro...

ARM (ARM.O) released its FY2026 Q3 results (quarter ended Dec 2025) after the U.S. market close on Feb 5 Beijing time. Key takeaways:1) Key metrics:$Arm(ARM.US) delivered revenue of $1.24bn, up 26% YoY and in line with consensus ($1.23bn). The $100mn QoQ uptick was mainly driven by royalties. GPM wa...

After hours on Feb 5 ET, $Alphabet(GOOGL.US) released its Q4 2025 results. On the headline numbers, the mix was uneven but leaned positive overall. What spooked the market was the stunning Capex outlook — a planned doubling in 2026, which inevitably raises the question of whether demand can keep up....