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XPEV (1Q26 Trans): Humanoid robot to begin mass production by year-end

Dolphin Research

Q2 overall GPM is expected to be roughly flat vs. Q1. Approx. 20.6%.

Is Nvidia the Next Apple?

Motley Fool

The article compares Nvidia to Apple, suggesting Nvidia may be entering a phase of maturity similar to Apple's post-hypergrowth era. While Nvidia has seen explosive growth from AI, its stock performance has recently stabilized, leading to perceptions of it as a maturing business. Despite share buybacks and strong data center sales, Nvidia's future growth potential remains tied to various emerging markets, indicating it is not merely a data center company. The author believes Nvidia's diverse opportunities set it apart from Apple's trajectory.

Could a SpaceX-Tesla Merger Happen Earlier Than Expected?

Motley Fool

There is increasing speculation about a potential merger between SpaceX and Tesla, possibly occurring as early as next year. While both companies operate in different sectors, they collaborate on projects like the Terafab chip-building initiative. A merger could provide Tesla with a broader growth narrative and give SpaceX access to Tesla's capital, enhancing investor interest. Analysts suggest that the merger timeline could be aggressive, with some predicting it may happen by 2027, presenting both opportunities and risks for investors.

XPEV: Inflection Point in Sight — Does the 'Eastern Tesla' Story Still Have Legs?

Dolphin Research

New-vehicle Cycle: Early Inflection

CRM (Trans): What Do 28.6T Tokens and 3.8bn AWUs Buy?

Dolphin Research

Below is Dolphin Research’s Trans of the $Salesforce(CRM.US) FY27 Q1 earnings call. For our analysis, see 'Salesforce: neither growth nor profit — can the AI story still hold?'

I) Key takeaways: 1) Record shareholder returns. The company executed a $25bn accelerated share repurchase (ASR), the largest in its history and half of the $50bn buyback authorization. The ASR reduced diluted shares outstanding in Q1 by 10% YoY...

NIO launches flagship SUV ES9; META rolls out AI subscription | Daily News Recap

Dolphin Research

0528 | Dolphin Research Focus 🐬 Stock 1, $Taiwan Semiconductor(TSM.US) — Supply chain checks indicate that, on surging AI compute demand and fully loaded 3nm lines, TSMC plans to raise 3nm foundry pricing by up to 15% in H2, with a further 5–10% hike likely in 2027. Current 3nm capacity is approx. 160–175k wafers per month and remains in shortage.

AI is flipping the supply-demand balance for advanced nodes, strengthening TSMC's pricing power and directly lifting costs for customers such as Apple and Nvidia. Positive for TSMC's GPM...

CRM: No growth, no profit — is the 'AI story' still compelling?

Dolphin Research

As the legacy SaaS bellwether under pressure from the 'AI replacement' narrative, $Salesforce(CRM.US) reported FY27 Q1 (ended Apr.) after the U.S. close on May 28. Overall, the print was muted.

The quarter was fine, with most metrics roughly in line with the Street. There was little to flip the narrative.

Forward guide skewed soft. With no clear sign of revenue re-acceleration, management trimmed the margin outlook.

Specifically: 1) Growth remains uneventful. Core subscription revenue was approx. $10.6bn, up 12% YoY on a CC basis...

MRVL (Trans): FY2028 guide $16.5bn; upside ahead

Dolphin Research

Below is Dolphin Research's Trans of Marvell's FY27 Q1 (FQ1 2027; period ended May 2, 2026) earnings call. For our earnings analysis, see 'Marvell: AI mega-interconnects bring another opportunity — can it support the Little Broadcom dream?'.

I. $Marvell Tech(MRVL.US) Core highlights recap. 1) Shareholder returns: repurchased $200mn of stock under the ongoing capital return program, and returned $54mn to shareholders via cash dividends...

SpaceX Could Be Worth More Than Tesla the Moment It Goes Public. Here's Why.

Motley Fool

SpaceX is preparing for a potential record IPO, aiming for a valuation between $1.75 trillion and $2 trillion, surpassing Tesla's current market cap of $1.65 trillion. The company's revenue is driven by its Starlink segment, which generated $11.4 billion in 2025. Despite a net loss due to its AI segment, SpaceX's growth contrasts with Tesla's recent revenue decline and high capital expenditures. The IPO is expected to debut on Nasdaq under the ticker SPCX on June 12.

MRVL: In the AI inference era, is connectivity more valuable than compute?

Dolphin Research

Marvell Technology (MRVL) released its FY2027 Q1 results (quarter ended Apr 2026) after-hours on May 28 Beijing time. Revenue was $2.42bn, up 9% QoQ and in line with consensus at $2.41bn.

The ~$200mn QoQ uplift was essentially all driven by the Data Center business. GPM was 52.1%, up 40bps QoQ, and is affected by amortization of acquired intangibles and other factors...

PDD (Trans): New 10-Yr Starting Line; 'New Pinmu' to Reinvent PDD

Dolphin Research

Below is Dolphin Research's Trans of $PDD(PDD.US) FY1Q26 earnings call (qtr ended Mar 31, 2026). For our take, see 'PDD: Old and arrogant, disliked by everyone'.

I. Core earnings takeaways: 1) Shareholder returns: management mentioned no dividend or buyback plans this quarter.

2) Guidance: management gave no specific revenue/profit guidance for next qtr or the full year. They repeatedly cited seasonality and the pace of investment.

PDD: Dated, 'Arrogant', and Universally Disliked

Dolphin Research

$PDD(PDD.US) Pre-mkt on May 27, released Q1 2026 results, with both revenue and profit missing expectations, making it the worst performer in the e-com group.

1) Growth weakened against the trend: unlike the sector and peers that showed QoQ improvement, PDD’s revenue growth slowed vs. last quarter. Total revenue rose 11% YoY, below the 13.5% consensus and lower than Q4’s 12%.

More notably, the shortfall was in ad revenue, up only 2.5%...

Kuaishou (Trans): Bullish on Kling outlook; shareholder yield lifted to 4% this year

Dolphin Research

The following is Dolphin Research's Trans of the $Kuaishou-W(01024.HK) 1Q26 earnings call. For our earnings analysis, cf. 'Kuaishou: Comeback rides on Keling'.

I. Key earnings highlights recap

1) Shareholder returns: In 2026 YTD, the company has repurchased approx. HKD 854 mn (about 17.96 mn shares, ~0.42% of shares outstanding). It maintains a full-year HKD 3 bn annual dividend plan. Total shareholder returns in 2026 (dividends + buybacks) are expected to increase vs. 2025, implying an overall shareholder yield of ~4%...

Kuaishou: Turnaround Hinges on 'Keling'

Dolphin Research

$KUAISHOU-W(01024.HK) released its Q1 results after the Hong Kong close on May 27 (Beijing time). Overall, the quarter was broadly in line. The operating profit beat was driven by non-core other gains, which are unlikely to be sustainable.

In short, the core biz remains under heavy pressure, leaving little to highlight. The key focus now is 'Kling', including its monetization and the progress toward a spin-off and listing.

Specifically: 1) Kling was the only bright spot. Q1 Kling revenue reached RMB 650 mn (+330% YoY), above guidance of RMB 500 mn...

CATL lands a large-scale ESS project in Europe; MU tops RMB 1tn mkt cap as memory rally continues | Daily News Recap

Dolphin Research

0527 | Dolphin Research Focus: 🐬 Macro/Industry

1) Per the National Bureau of Statistics (NBS), profits at industrial enterprises above designated size rose 24.7% in Apr., accelerating from 15.8% in Mar. This is the fastest pace since Nov-2023.

Earnings recovery was evident, led by equipment manufacturing and high-tech manufacturing. AI-driven demand and a rebound in PPI were the main drivers.

However, upstream-downstream divergence persists and the domestic-demand repair is not yet firm, so earnings sustainability bears watching. This is supportive for a repair in A-share manufacturing and cyclical sectors...

Xiaomi (Trans): Paid tokens >30%; confident of hitting 550k vehicles target

Dolphin Research

Below is Dolphin Research's Trans of Xiaomi Corp.'s FY26 Q1 earnings call. For our take on the results, cf. 'Xiaomi: Questioning Life? The worst is behind us'.

I. $XIAOMI-W(01810.HK) core takeaways recap. 1) Shareholder returns: YTD 2026, the company has repurchased approx. HK$8.4bn in the open market, already exceeding last year's total buybacks. 2) Overall performance: Q1 revenue of RMB 99.1bn, Adj. net profit of RMB 6.1bn; overall GPM at 22%...

Xiaomi: Rock bottom? The worst is over

Dolphin Research

$XIAOMI-W(1810.HK) released its Q1 2026 results after the HK close on May 26 (Beijing time), covering the quarter ended Mar 2026. Key takeaways: 1) Overall performance.

Revenue was RMB 99.1bn (-11% YoY). The decline was mainly dragged by smartphones and autos, with legacy businesses (smartphones and AIoT) down 14.5% YoY.

GPM was 22% (-80bps YoY). The YoY contraction mainly reflected lower smartphone and auto margins...

MNSO (Trans): Expects high-teens YoY revenue growth in 2026

Dolphin Research

Below is Dolphin Research's Trans of MINISO's FY26 Q1 earnings call. For our take on the results, see 'MINISO: AI investment in overdrive, but growth still paid for'.

MNSO: AI Spend Turbocharged, But Still Buying Growth

Dolphin Research

Same old problem. Revenue is outpacing profits.

BEKE rolls out HK buyback shield; Xiaomi faces earnings test tonight | Daily News Recap

Dolphin Research

0526 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The US and Iran reached a framework for an MoU; Iran would reopen the Strait of Hormuz within 30 days of signing, the US would unfreeze $12bn of Iranian assets, and both sides would implement a ceasefire.

This would significantly ease near-term Middle East tensions and stabilize the global energy supply chain (about 30% of crude flows through the strait). It supports a pullback in oil and a rebound in energy stocks.

However, the arrangement is temporary and does not address core issues such as Iran's nuclear program. Longer-term execution remains uncertain.

2) Hang Seng Indexes Company announced the results of its regular quarterly index rebalancing. ...

WMT (Trans): High oil costs weigh on quarterly profit; cautious guide

Dolphin Research

Below is Dolphin Research's Trans of Walmart's FY2027 Q1 earnings call. For our take on the results, please see 'Walmart: Rising oil prices — can the retail king still hold up?'

WMT: Gas Price Spike — Can the Retail King Hold Up?

Dolphin Research

Revenue beat expectations.

However, surging fuel costs weighed on margins.

NTES (Trans): High bar for 'Ananta', willing to delay for quality

Dolphin Research

Below is Dolphin Research's transcript of $NetEase(NTES.US) $NTES-S(09999.HK) 1Q26 earnings call.

For our earnings take, see 'NetEase: Making money through the lull; the evergreen franchise keeps gaining value'.

I. Key results recap. 1) Shareholder returns. The BOD approved a 1Q26 cash dividend of $0.144 per ordinary share. As of Mar 31, 2026, under the $5bn share repurchase plan, the company had bought back approx. 23.2 mn shares for about $2.1bn...

NIO (Trans): Q2 & FY vehicle margin target at 17-18%

Dolphin Research

For FY2026, the full-year financial target is positive non-GAAP OP. The goal is to deliver a profit on a non-GAAP operating basis.

NTES: Profitable Through the Lull; Franchise Quality Still Rising

Dolphin Research

$NetEase(NTES.US) released its Q1 2026 results after the Hong Kong close on May 21 (Beijing time).

Results were above expectations, with the upside driven by game revenue, GPM, and tight opex discipline.

Details: 1) Game revenue beat conservative Street expectations. Q1 game revenue (ex-CC Live) was RMB 25.1bn (+7% YoY), above consensus. The Street had modeled sub-5% growth given no new titles this quarter and a high base last year...

After weathering the worst, how close is NIO to a full turnaround?

Dolphin Research

The premium ES8 saw strong volume.

This effectively underpinned GPM.

VIPS (Trans): Q2 under pressure; expect H2 improvement

Dolphin Research

Below is Dolphin Research's Trans of the FY26 Q1 earnings call for $Vipshops(VIPS.US).

For our earnings take, please see 'Vipshop: Profit Without Topline Growth, but 2Q Could Be a Hurdle'.

I. Key financial takeaways recap.

1) Shareholder returns: the company reiterates its 2026 shareholder return plan to return a cumulative amount approx. 75% of FY25 non-GAAP net income via dividends and buybacks.

It paid about $300 mn as the annual dividend in Apr, with the remaining authorization to be executed over subsequent quarters.

FCF remains ample...

VIPS: Profit Up Despite Flat Rev.; Q2 Looks Tough

Dolphin Research

Domestic lean, curated e-com platform -- $Vipshops(VIPS.US) -- released its Q1 2026 results on the evening of May 21. Overall, the print was solid, modestly beating a low bar, with GMV and GPM ahead of expectations.

Less encouraging, management guided Q2 revenue growth back to -5% to 0%, implying a return to negative growth. That said, Q2 softness vs. Q1 is now sector consensus, so this is not a surprise.

1) Core operating metric — GMV rose nearly 9% YoY. That was a sharp improvement from 0.6% last quarter and topped the street's ~5% expectation...

SpaceX Files Prospectus; TSLA's Supervised FSD to Enter China | Daily News Recap

Dolphin Research

0521 | Dolphin Research Focus: Stock 1, $SpaceX(SpaceX.NA). SpaceX has formally filed an S-1 with the SEC to list on Nasdaq (ticker SPCX).

The implied valuation range is $1.75–2.0tn, and the deal could raise up to $75bn, potentially the largest IPO on record. Q1 2026 revenue was $4.69bn, with a net loss of $4.28bn.

Its AI biz remains in the investment phase. The company will adopt a dual-class share structure, with Elon Musk holding Class B shares...

Prediction: Tesla Stock Could Go Parabolic After June 12. Here's Why.

Motley Fool

The Wall Street Journal reports that SpaceX is set for an IPO on June 12, potentially boosting Tesla's stock due to Elon Musk's influence. While excitement may drive short-term gains for Tesla, its core business faces challenges, including increased competition and declining profit margins. Investors are cautioned against chasing momentum, as both companies' valuations are heavily reliant on optimistic narratives rather than sustainable performance.