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Below is Dolphin Research's Trans of the FY26 Q1 earnings call for $Alphabet(GOOGL.US) $Alphabet - C(GOOG.US). For our earnings analysis, please see 'AI Google: No ghost stories, only a bumper harvest'.I. Core highlights recap. 1) Shareholder returns: the BOD announced a 5% increase to the quarterly dividend. 2) Outlook: at spot FX, Q2 consolidated revenue is expected to see an ~1 ppt FX tailwind (vs. 3 ppts in Q1); full-year CapEx guidance was raised to $180-190bn (prior $175-185bn)...

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GOOGL (Trans): ROIC-Disciplined AI Investment to Stay Ahead

Today’s Key News Recap

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Apr 20 ｜ Dolphin Research Focus: 🐬 Macro/Industry. 1) Ibrahim Azizi, chair of Iran's Islamic Consultative Assembly Committee on National Security and Foreign Policy, told Al Jazeera that Iran will continue talks with the U.S., but stressed it is 'not at any cost' and will not accept arbitrary U.S. demands.The current U.S.-Iran temporary ceasefire expires on Apr 22. The two sides held a first round in Oman earlier, and the region sits at an inflection point between war and peace.The restart signals a pragmatic stance by Tehran. Yet core differences remain, leaving limited room for maneuver...

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MU debuts 24Gb GDDR7 memory; DeepSeek's first external round sparks AI capital frenzy | Daily News Recap

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0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

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MiniMax M2.7 open-sourced globally; AAPL's first foldable slated for Fall 2026 | Daily News Recap

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1) Xiaomi Spring Launch: Key Points. $XIAOMI-W(01810.HK) The event's highlights were the SU7 refresh and progress on its AI foundation model. a) New-gen SU7: essentially a mid-cycle refresh. Exterior changes are minor, with the focus on hardware upgrades and a small price bump. On configs, the update favors the Standard and Pro trims. Across the lineup, standard kit now includes the V6s Plus super e-motor, lidar and 4D mmWave radar, NVIDIA Thor-U, the Jiaolong chassis, and front four-piston fixed calipers. Pricing-wise...

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Xiaomi (Spring Launch): SU7 gets a quiet refresh; MiMo free for a limited time to climb the charts

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Financial Analysis

Below is Dolphin Research's Trans from Micron's FY2026 Q2 analyst huddle. For the earnings read-through, cf. 'Micron: AI-fueled memory surge — can it break the cycle?'.Key takeaways from the analyst huddle: 1) Non-HBM carries higher GPM than HBM. The company will not materially rebalance HBM vs. non-HBM on short-term price swings.This is a strategic decision. Customers need a complete product stack to build AI systems, and you cannot sell an AI system that is short on HBM. The market requires a balanced portfolio to drive shipments at scale...

MU (Analyst briefing): Capex may decline after FY2027

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0312 | Dolphin Research Focus: 🐬 Macro/Industry 1) US core CPI for Feb. rose YoY in line with estimates. Inflation pressure eased ahead of the latest Middle East escalation, giving the Fed room to stay on hold for now.This temporarily calms fears of renewed hikes and runaway inflation. However, the Middle East conflict is lifting oil, raising the risk of an inflation rebound.The Fed's cut pace remains bound by geopolitics, and global risk assets may stay volatile. 2) The Trump administration is invoking Section 301 of the US Trade Act of 1974 ...

Apple Group

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NVDA to invest $26bn in in-house AI foundation models; AAPL enters the budget laptop fray | Daily News Recap

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Below is the FY25 Q4 earnings call Trans compiled by Dolphin Research for $Coreweave(CRWV.US). For our earnings take, see 'CoreWeave: Orders Soaring, Profits Plunging—Is the compute unicorn stuck in a profitability trap?'.I. Key financials recap. Cash and marketable securities: $4.2bn as of Dec 31.Financing activities: issued convertible preferred notes in Q4, raising approx. $2.6bn. Expanded the revolving credit facility to $2.5bn. In 2025, secured over $18bn in combined debt and equity financing...

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CoreWeave (Trans): Massive capex fully backed by signed service contracts

DELL

Below is Dolphin Research's Trans of Dell's FY2026 Q4 earnings call. For our earnings analysis, see 'DELL: AI Is Doubling; Can It Ease 'Storage Tightness' Concerns?'Key takeaways from management: 1) Next-quarter guide: revenue of $34.7-35.7bn (midpoint +51% YoY). AI server revenue is expected to contribute ~$13bn, up ~$4bn QoQ. Infrastructure Solutions Group (ISG) revenue is guided to grow over 100% YoY...

Dell Tech

DELL Trans: AI orders exclude Rubin; legacy biz still growing

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Below is Dolphin Research's transcript of NVIDIA's FY2026 Q4 earnings call; for our take, see 'NVIDIA: Earnings Frenzy vs. Cold Stock — Is the No. 1 Stock in the Universe Losing Favor?'$NVIDIA(NVDA.US)Key takeaways: (1) FY2027 guide: full-year non-GAAP GPM to hold around 75% (mid-70s), in line with last quarter's commentary.Maintaining that margin hinges on continued generation-to-generation performance leaps for customers. If perf-per-watt gains meaningfully outpace Moore's Law...

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NVDA (Trans): Compute Spend Linked to Rev.; Supply Chain Security Prioritized

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NVDA FY4Q26 First Take: another strong print.Revenue rose QoQ by $11.1bn, largely driven by Data Center as Blackwell moved into mass production.GPM recovered to 75%. For next quarter, the company guides revenue to $78bn (+/-2%), implying another ~$10bn QoQ increase and beating raised buy-side estimates ($73-76bn).Current flagship products are B300/GB300, and with Rubin launching in 2H, management expects high growth to continue. Jensen Huang has outlined the AI outlook, targeting cumulative Blackwell + Rubin shipments of 20 mn units by end-2026 (roughly $500bn in revenue).As a result, investors are not worried about FY2027 performance. Beyond near-term results, the market is focused on NVDA's mid- to long-term competitiveness in AI chips.As large models shift focus from training to inference, customers weigh compute alongside cost-efficiency, and ASIC competitors present potential risks to NVDA GPUs' high share and margins.Under these concerns, NVDA faces strong growth yet a valuation that has been slow to re-rate.More importantly, management needs to ease investor worries and reinforce mid- to long-term confidence.For more details, follow Dolphin Research's upcoming commentary and management Trans.$NVIDIA(NVDA.US) $GraniteShares 2x Long NVDA Daily ETF(NVDL.US) $Direxion Daily NVDA Bear 1X ETF(NVDD.US)

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NVIDIA's Q4 FY2025 Earnings Report Expected to Show Strong Growth

Nvidia Plans to Reduce GPU Supply to China in Q1 of FY2027

NVIDIA component manufacturer suspends production after H200 import ban in China

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

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Oil prices fell as President Trump paused a planned U.S. attack on Iran to facilitate negotiations for a peace deal. Japan's economy showed growth, supporting potential rate hikes, while Australia's central bank is cautious about the Iran conflict's effects. U.S. home builder sentiment improved despite challenges, and U.K. gilt yields rose due to inflation concerns. Meanwhile, Nvidia's stock is under pressure ahead of earnings, and China's economy is weakening amid the fallout from the Iran war.

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Dow Jones Top Markets Headlines at 11 PM ET: Oil Falls Amid Prospects of Potential U.S.-Iran Peace Deal | Trump ...

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Investor Florian Muller advises caution on Nvidia stock ahead of its earnings report, suggesting that expectations may have caught up with the company's growth. While he acknowledges Nvidia's strong revenue and earnings quality, he believes the potential for significant upside surprises has diminished. Muller maintains a Hold rating on NVDA shares, indicating a neutral stance, despite the stock's recent rally and strong consensus rating from analysts.

- Nvidia is set to announce its first-quarter report, with high investor expectations driven by strong AI infrastructure spending.  
- Investor Florian Muller expresses caution, noting that while Nvidia's growth is robust, expectations may have caught up to its revenue trajectory, particularly with mixed capital spending trends from major clients like Microsoft and Meta.  
- Muller maintains a neutral stance on Nvidia, highlighting that while he views it as a core holding, he perceives the share price rally has priced in optimism, rating it as a Hold.

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'Don't Go All In,' Says Investor About Nvidia Stock Ahead of Earnings

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Q1 earnings season concludes with mixed results as corporate uncertainty rises. Major retailers like Walmart and Target are in focus, with expectations for strong performance from discounters amid high inflation. Nvidia's upcoming earnings are highly anticipated, especially after strong results from peers. Macro data shows consumer spending power eroding due to rising energy costs, leading to concerns about stagflation. The Late Earnings Report Index indicates increased CEO uncertainty, reflecting a cautious outlook for the economy.

- Earnings growth is slowing, with 611 global companies reporting Q1 results amid corporate uncertainty.  
- April saw a spike in energy prices, leading to eroded consumer purchasing power, as retail sales fell short of expectations.  
- Upcoming earnings reports from major retailers and Nvidia will be crucial in determining consumer resilience and the impact of inflation on market stability.

See It Market

Q1 Earnings Recap: Retailers, Nvidia Close Out Season Marked by Robust Growth

Direxion Daily NVDA Bear 1X ETF(NVDD.US)

Dow Jones Top Markets Headlines at 11 PM ET: Oil Falls Amid Prospects of Potential U.S.-Iran Peace Deal | Trump ...

'Don't Go All In,' Says Investor About Nvidia Stock Ahead of Earnings

Q1 Earnings Recap: Retailers, Nvidia Close Out Season Marked by Robust Growth

Nvidia Stock Up Over 500,000% Since IPO: Here's What That Means In Dollars

The S&P 500 and most of its stocks are heading in opposite directions at a record pace. What investors should know.