Investment Banking and Brokerage

Robinhood

Today’s Key News Recap

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0428 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The CPC Politburo met on Apr 28 to assess the current economy and economic work.It said the economy remains broadly stable with a solid start, and recovery resilience continues to build. However, endogenous momentum still needs consolidation, and the foundation for the upturn is not yet firm.The meeting reaffirmed the principle of seeking progress while maintaining stability. Policy will stay proactive on the fiscal side and prudent on the monetary side, using targeted measures to stabilize the macro backdrop.Priorities include boosting domestic demand and defusing property and local gov. debt risks in an orderly manner. It will also push forward 'AI+' and other industrial upgrade initiatives...

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CATL's discounted equity raise rattles market; Tencent Cloud up for a third straight session YTD | Daily News Recap

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0416 | Dolphin Research Focus: 🐬 Macro/Sector 1) The National Bureau of Statistics released China's Q1 2026 macro data today. Preliminary estimates put GDP at RMB 33.42tn, up 5.0% YoY in real terms, at the upper end of the 4.5%-5.0% annual target range.In Mar, national retail sales rose 1.7% YoY. Retail demand remains soft, with signs of further weakening at the margin. See Dolphin Research's take: 'Mar Retail Sales: A Cold Snap in Consumption? How big is the problem'...

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XPEV GX flagship debuts; TSLA hits AI5 chip tape-out milestone | Daily News Recap

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Below is Dolphin Research's Trans of HOOD FY25 Q4 earnings call; for the earnings read, see 'Robinhood: After the frenzy, what's left for the U.S. retail king?'. Section I: Key metrics — Customers &amp; assets.AUC rose nearly 70% YoY to $324bn. Full-year net deposits hit a record $68bn (+35% YoY).The platform recorded positive net transfers from all major broker peers for eight straight quarters. Robinhood Gold subscribers reached 4.2mn, up nearly 60% YoY...

Global X Blockchain & Bitcoin Strategy ETF

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HOOD: Stock Halved? Let Earnings Speak, Other Notes

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

Financial Analysis

Quadrupled in nine months, then halved in four. From 2025 into 2026, few U.S. 'meme-like' tickers swung as wildly as retail broker platform $Robinhood(HOOD.US).After the U.S. close on Feb. 10, 2026, on Longbridge, the retail king posted its Q4 2025 results as scheduled. But the print dealt a fresh blow to hopes of a rebound.Details: 1) Revenue was $1.28bn (+27% YoY, roughly flat QoQ). Street was at $1.35bn...

HOOD: What's Left After the Frenzy?

ROBN

HOOD 4Q25 First Take: With monthly disclosures, Nov. cash equity and options volumes fell notably, and crypto activity was weak in both Nov. and Dec. The market had already trimmed expectations. In 4Q, the focus shifted to monetization rates across asset classes and net interest yields. Actual revenue came in at $1.28bn vs. the market’s ~$1.35bn, a ~5% miss. Given HOOD’s granular operating disclosures, the shortfall likely stemmed from the Street linearly overestimating securities lending, by nearly $50mn on that line alone. The prior quarter’s spike in securities lending was driven by intense trading in liquidity-dependent retail favorites, which pushed borrow costs higher. In 4Q, liquidity tightened, a headwind for such flows. As a result, securities lending revenue dropped sharply to under $30mn from roughly $90mn. Crypto, a key pillar of HOOD’s valuation premium, also softened. Trading revenue slipped to $220mn, below the ~$250mn the market was looking for. By Feb., after the next Fed chair pick, the 'Warsh shock'—a path of rate cuts alongside tighter money supply—raised liquidity-tightening fears. For HOOD, which is highly leveraged to market liquidity across crypto, meme stocks and its retail platform, the impact is front-loaded. Its premium valuation adds to the sensitivity. After such a pullback, is it an opportunity or a risk? Dolphin Research will share its take in the full note, stay tuned. $Robinhood(HOOD.US) $T-Rex 2X Long HOOD Daily Target ETF(ROBN.US)

T-Rex 2X Long HOOD Daily Target ETF

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0129 | Dolphin Research Focus: 🐬 Macro/Industry 1) Recently, multiple developers confirmed they are no longer required by regulators to submit monthly 'Three Red Lines' metrics, signaling an effective phase-out. The policy began in Aug 2020 to curb the growth of interest-bearing debt at developers.This is not a sudden policy U-turn; some firms reportedly stopped mandatory filings after Jun 2023. It marks the end of a years-long forced deleveraging cycle for developers. Several China property stocks moved higher on the news...

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Three tech giants to pour RMB 60 bn into OpenAI; BABA's T-Head unveils Zhenwu 810E | Daily News Recap

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1208 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) The CPC Politburo met on Dec. 8 to discuss the 2026 economic agenda and reviewed the 'Regulations on the Party's Leadership over Law-Based Governance'. It set the tone for next year: fiscal policy to be more proactive, monetary policy moderately accommodative. 🐬 Single Stocks 1) $Robinhood(HOOD.US) Robinhood said in a Sunday blog post...

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Direxion Daily Googl Bear 1x Shares

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GraniteShares 2x Long NVDA Daily ETF

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YieldMax NVDA Option Income Strategy ETF

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Politburo sets 2026 economic agenda, HOOD pushes into SE Asia crypto | Daily News Recap

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Block 3Q25 Quick Interpretation: Overall, the company's performance this quarter was not bad. Although at first glance, total revenue and GAAP operating profit were below expectations, the former was dragged down by the Bitcoin trading business, which has high revenue but very low profit impact. Core revenue actually exceeded expectations. Similarly, the adjusted operating profit, which is more closely watched by the market and the company, also exceeded expectations. The company's guidance for 4Q, while not particularly outstanding, was generally in line with or slightly better than expectations. Therefore, Dolphin Research believes that the post-earnings plunge was more due to the overall decline in the US stock market. As long as the performance is not perfect and significantly exceeds expectations, the trend is generally downward. As a member of the cryptocurrency/stablecoin concept, the company's elasticity is relatively greater. Similarly, Hood and Circle also experienced similar declines yesterday, despite Hood's strong performance. Specifically: 1) Core revenue, excluding Bitcoin trading, grew by 17% year-on-year this quarter, significantly accelerating from 10% last quarter and better than expected. Adjusted operating profit was $480 million, also better than expected. The downside is that the year-on-year growth rates of revenue, gross profit, and adjusted profit are gradually slowing down, and the company's operating leverage is currently negatively amplifying. 2) In the Square segment, the total payment volume (TPV) grew by 12.2% year-on-year this quarter, accelerating by 2 percentage points from last quarter. The trend is also positive. The downside is that the gross profit of the Square segment grew by 9% year-on-year, which is slower than the TPV growth rate, indicating that the company has not been able to obtain proportional profit from the increased business volume. 3) In the Cash App segment, the gross profit excluding Bitcoin business grew by 25% year-on-year this quarter, accelerating by nearly 10 percentage points from last quarter, also showing strong performance. On the underlying metrics, the number of active users this quarter finally increased to 58 million after staying at 57 million for six quarters. The amount of funds flowing into the app reached $78.8 billion, also setting a new historical high. 4) Although the Bitcoin segment performed poorly despite the industry's recovery, its impact on profit is minimal. $Block(SQ.US)

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Stocks, virtual assets, tokens, private equity, social... all need to be done

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Ameriprise Financial

Robinhood (Minutes): Not only to trade, but also to be the 'origin' of trading ideas

Autonomous Research raises Robinhood's price target to $100

North Dakota State Investment Board Takes Position in Robinhood Markets

US SEC to reportedly unveil regulatory framework for tokenized stocks as soon as this week

Robinhood to Present at the J.P. Morgan Global Technology, Media and Communications Conference

TimesSquare Capital Management LLC Reduces Stake in Robinhood

Analyst Upgrades Robinhood to "Buy", Believes Crypto Headwinds Are Priced In

News Brief: Robinhood Markets stock sees solid user growth and improving profitability in latest quarter

Trump's ethics filings show his accounts purchased Robinhood stock in Q1

Morgan Stanley Lowers Robinhood Price Target to $77.14, Maintains 'Hold' Rating

Institutional investors adjusted their holdings in Robinhood during Q4 2025

OpenAI launches ChatGPT personal finance feature, supporting connection with accounts like Robinhood

Seeking Alpha analyst reiterates Hold rating on Robinhood, citing still-high valuation

Institutional Investors Show Mixed Changes in Robinhood Holdings

US Senate Banking Committee Advances Digital Asset Clarity Act

DNB Asset Management AS Reduces Stake in Robinhood Markets

Institutional investor Qsemble Capital Management significantly increases its stake in Robinhood.

OpenAI Launches Personal Finance Feature, Triggering Selloff in US Fintech Stocks

Robinhood releases April 2026 operating data, showing growth in equity and options DATs

Tiger Global Discloses Holding 400,000 Shares of Robinhood Ventures FD I

Meiwu Tech

Robinhood(HOOD.US)

Why HOOD May Stand To Lose From Congress's Prediction Market Bill Frenzy

North Dakota State Investment Board Takes Position in Robinhood Markets, Inc. $HOOD

US regulator set to unveil plan for trading crypto versions of stocks

SEC Nears Plan for Trading Tokenized Stocks Without Issuer Consent

Assessing Robinhood Markets (HOOD) Valuation As Shares Lose Momentum After Strong Profitability Update

Trending | HOOD Decreases 4% last Friday, Some Put options Soar 400%

OpenAI tests ChatGPT finance tool linking to bank accounts

Robinhood, SoFi, and Webull Are Telling Very Different Stories

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