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SpaceX IPO filing reveals heavy losses, Elon Musk’s tight grip

Businesstimes News

SpaceX has filed for an IPO aiming for a valuation of up to $75 billion, despite reporting a net loss of $4.28 billion in Q1 2025. Elon Musk retains control through a super-voting share structure. The IPO could set a record, surpassing Saudi Aramco's $29.4 billion. Goldman Sachs and Morgan Stanley are leading the offering, with formal marketing expected to start soon. SpaceX's revenue from its Starlink service has doubled, but its AI operations reported significant losses.

Trump Says US In 'Final Stages' Of Iran Talks, But Prediction Markets Aren't Convinced

benzinga_article

President Trump claims U.S.-Iran talks are in the 'final stages,' but traders on Polymarket assign only a 17% chance for a permanent peace deal by May 31. The average U.S. gas price has risen to $4.55 amid ongoing tensions. Despite optimism from the administration, traders expect a stalemate rather than immediate conflict resolution, with a 47% chance Iran will surrender its enriched uranium by year-end. Diplomatic efforts continue, with a new U.S. proposal being discussed in Tehran.

NVDA (Trans): Vera CPU alone could deliver $20bn in revenue this year

Dolphin Research

Below is Dolphin Research's Trans of $NVIDIA(NVDA.US) FY27 Q1 earnings call.

For the earnings analysis, please see 'NVIDIA: Rising competition, shifting AI bottlenecks — can even a market darling stumble a bit?'

I. Core takeaways from the earnings report

1) Shareholder returns: the company returned a record $20bn to shareholders this quarter. The quarterly dividend was raised to $0.25 per share from $0.01, and an additional $80bn share repurchase authorization was approved.

NVDA: With Big Tech going in-house, can Jensen Huang find new allies?

Dolphin Research

NVDA released FY2027 Q1 results after the US close in the early hours of May 21, 2026 Beijing time (quarter ended Apr 2026). 1) Core operating metrics: $NVIDIA(NVDA.US) delivered revenue of $81.6bn, beating the raised buy-side estimates ($78–80bn).

QoQ revenue increased by $13.5bn, driven almost entirely by the Data Center segment as Blackwell moved into volume production.

GPM was 74.9%, down 10bps QoQ...

BZ (Trans): No signs of white-collar and IT job cuts yet

Dolphin Research

Below is Dolphin Research's Trans of $Kanzhun(BZ.US) 1Q26 earnings call. For the earnings analysis, see 'Kanzhun: The once small-but-refined recruiting platform is now fully mature.' Key takeaways.

1) Q2 outlook: total revenue guided to RMB 2.38-2.42bn (+13.2%-15.1% YoY), well above Q1's 7.6%. Mgmt expects full-year revenue growth to outpace Q1, with cash billings to grow at least double-digit YoY. 2) Capital return: over $200mn of shares repurchased YTD...

Kanzhun: The once niche, boutique recruiting model has fully matured.

Dolphin Research

$Kanzhun(BZ.US) Q1 results were broadly in line. Profit slightly beat as G&A tightened.

With hyper-growth behind it and a tougher operating environment, revenue is unlikely to regain prior growth rates. Until overseas expansion reaches scale, the main near-term lever is to keep unlocking operating leverage.

Specifically: 1) Multiple factors slowed billings. Q1 billings rose 10% YoY, within guidance but slower vs. last quarter. The external environment is one reason...

BABA launches in-house AI chip 'Zhenwu M890'; NVDA invests $2 bn in MRVL | Daily News Recap

Dolphin Research

0520 | Dolphin Research Focus: 🐬 Stock pick 1: $BABA-W(09988.HK) unveiled its in-house AI chip 'Zhenwu' M890 at the recent Alibaba Cloud Summit, offering 3x the prior-gen performance and 144GB of VRAM. It also introduced a 128-card ultra-node server and plans to roll out V900 in 2027.

This high-spec, self-developed compute chip is a major step by a domestic internet platform toward autonomy at the compute infrastructure layer. It should materially reduce reliance on overseas high-end chips for enterprise-grade compute workloads...

Warren Buffett's Successor Greg Abel Just Dumped Amazon Stock: 2 AI Stocks He Is Still Bullish On

Motley Fool

Berkshire Hathaway's new CEO, Greg Abel, has sold the company's stake in Amazon but remains optimistic about two AI stocks: Alphabet and Apple. Abel significantly increased Berkshire's investment in Alphabet, citing its strong growth potential in cloud computing and AI. Apple continues to be a major holding, benefiting from its strong brand and high-margin services segment. Both companies align with Buffett's investment philosophy of durable competitive advantages.

BEKE (Trans): Spring rebound is real; Q2 volumes up

Dolphin Research

Below is Dolphin Research's summary of $KE(BEKE.US) FY26 Q1 earnings call. For our take on the results, see 'BEKE: Real turn or another 'fake' bounce?'.

I. Key highlights — 1) Shareholder returns: repurchased approx. $195 mn in the quarter (+~40% YoY). Since the buyback program launched in Sep 2022, total spend reached approx. $2.7 bn, with repurchased shares equal to about 1% of total shares outstanding at end-2025. As of end-Q1 ...

BEKE: Real reversal or another dead-cat bounce?

Dolphin Research

China’s leading property services platform — $KE(BEKE.US) — released its 2026 Q1 results pre-mkt on May 19. Overall, while the housing market has begun to find a floor, it is still facing headwinds.

With adjustments in the home improvement and rental units, revenue remained sharply down YoY. That said, proactive headcount rationalization, higher GPM, and disciplined opex drove earnings that beat by a wide margin.

Specifically: 1) Existing-home transactions are starting to bottom. Supported by a series of backstop measures announced by top-tier cities in Feb–Mar (easing purchase curbs and raising housing provident fund loan caps), the core existing-home brokerage business showed signs of bottoming and stabilizing this quarter...

BILI (Trans): Capex +RMB 1bn; trim opex to partially offset

Dolphin Research

Below is Dolphin Research's Trans of $Bilibili(BILI.US) 1Q26 earnings call. For our earnings take, cf. 'Bilibili: A False Alarm on Stake Sale, Margin Erosion? Games to the Rescue'.

1) Shareholder returns: the $200mn share repurchase has been fully executed as of today, with 9.3mn shares bought back. The BOD is considering authorizing a new buyback program in due course.

2) Q2 and full-year outlook: Q2 ad revenue is expected to sustain rapid growth, driven by AI initiatives. GPM should improve steadily...

HSAI (Trans): SGI biz to match LiDAR scale in 5 yrs

Dolphin Research

Q2 total revenue is expected at RMB 850–900 mn.

LiDAR shipments are estimated at ~650k units.

BILI: Sell-down False Alarm, Margin Erosion? Games to the Rescue.

Dolphin Research

After the HK market close on May 19 (Beijing time), $Bilibili(BILI.US) released its Q1 2026 results, marking another ads-led quarter. Overall in line with expectations.

1) Ads remain in a clear sweet spot. Q1 ad revenue rose 30%, a slight beat even against a weak industry backdrop.

Buoyed by robust demand from AI and gaming and heightened advertiser competition, Bilibili captured meaningful ad tailwinds. This high-growth phase should persist for a while, supported by sustained sector momentum and competitive intensity...

BILI: Sell-down scare overblown? Gaming to the rescue

Dolphin Research

After the HK close on May 19 (Beijing time), Bilibili reported Q1 2026 results. It was another ad‑led print, broadly in line with expectations.

Advertising was the clear bright spot, with Q1 ad revenue up 30%, a slight beat despite a weak industry backdrop. Benefiting from buoyant AI and gaming demand and fierce competition for users, the company captured meaningful ad budgets.

This high‑growth phase should persist for a while, as those sectors remain hot and competition stays intense. In addition, Bilibili still has ad inventory to open up, providing incremental monetization room...

HSAI: Cut Losses, Hold the Line — Sector Leader Under Pressure?

Dolphin Research

2026 will remain a 'price-for-volume' year for Hesai Group amid high-stakes competition.

JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

Dolphin Research

0519 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced on social media that, at the request of leaders of Qatar, Saudi Arabia and the UAE, the planned strike on Iran set for the 19th has been postponed. He said the US and Iran are in 'serious talks', while the three Gulf states fear an escalation could hit their own energy infrastructure. He also stressed that US forces remain on alert, warning that if talks collapse, a full-scale offensive would follow.

This move keeps a window open for diplomacy while applying military pressure on Tehran. In the near term, it eases risks around Middle East oil prices and shipping, supporting global energy markets and risk appetite. Over the longer run, US-Iran rifts are unlikely to be resolved...

BIDU (Trans): Full-Stack AI Edge—Cost Efficiency & Deployment Stability

Dolphin Research

Below is Dolphin Research's curated Trans of $Baidu(BIDU.US) FQ1 2026 earnings call. For our earnings read-through, please see 'BIDU: Little Else to Rely On, All-in on Kunlun Chip'.

Key takeaways from the results.

1) Shareholder returns: last quarter the company announced a new buyback and introduced its first dividend policy. Management reiterated it will balance long-term AI investment with shareholder returns, committing to deliver sustainable value for shareholders.

2) AI core revenue exceeded 50% of total for the first time. In Q1 2026, BIDU's AI core revenue came in at over RMB 13.6bn...

BIDU: Little Else to Lean On — All in on Kunlun chips

Dolphin Research

$Baidu(BIDU.US) Q1 results were a mixed bag, with sharp contrasts across lines. They reflect a meaningful strategic pivot and business realignment in recent quarters.

By contrast, the structurally weak ads business is no longer the focus. What matters to investors now is execution on the narratives BIDU can sell—AI Cloud, Kunlun chips and buybacks.

Last quarter, the company adopted a new reporting framework. Results are split into 'AI' and 'Legacy' businesses...

China Apr retail sales: Q2 under pressure?

Dolphin Research

As Dolphin Research had warned, consumption pressure in Q2 is significant, and April data confirmed a clear slowdown. Retail sales came in notably weaker.

Overall retail sales rose just 0.2% YoY. Our estimate for online physical goods is also 0.2% YoY, marking the weakest month since 2022.

However, this poor print was not a surprise. After the Feb. peak season, retail momentum had already faded in Mar.

Mar–Jun last year was when state subsidies were most supportive. Leading local players such as JD have guided that Q2 e-commerce growth will deteriorate vs. Q1...

Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

Dolphin Research

0518 | Dolphin Research Focus: Macro/Industry. NBS data show Jan–Apr retail sales at RMB 16.49tn (+1.9% YoY).

Apr alone was RMB 3.72tn, up just 0.2% YoY. Ex-auto retail rose 3.1% YoY, online retail +6.6%, and restaurant revenue +3.8%.

The recovery remains weak, with Apr growth nearly stalling. Auto demand dragged and consumer confidence stayed soft, while online and services held up better, highlighting a clear divergence...

Berkshire’s New CEO Greg Abel Triples Alphabet Stake to $23B: Is It Still a Buy?

Motley Fool

Berkshire Hathaway, under CEO Greg Abel, increased its stake in Alphabet by 224%, now valued at $23 billion. Alphabet's Q1 revenue rose 22%, with significant growth in its cloud segment. Despite rising capital expenditures and a higher stock price, analysts suggest Alphabet remains a reasonable investment, especially for new investors considering a small position.

HTHT (Trans): Mid-to-upscale brands show stronger overall RevPAR recovery

Dolphin Research

Below are Dolphin Research's notes from H World's FY26 Q1 earnings call.

For our full take on the results, please see 'H World: Shedding Burdens, Going Lean—Still a Top Student in Hotels!'

HTHT: Leaner and unburdened, still a top performer in hotels!

Dolphin Research

RevPAR up further YoY

Leapmotor (Trans): Q2 GPM guide at 12–13%; confident to hit 1m units

Dolphin Research

Below is Dolphin Research's Trans of $LEAPMOTOR(09863.HK) Q1 26 earnings call. For our earnings take, see 'Leapmotor: Aiming for 1mn, is GPM slipping first?'. I. Key highlights: 1) Guidance — Q2 26 delivery guidance of 240–250k units (April alone exceeded 70k)...

Leapmotor: Aiming for 1mn Units, Is GPM the First to Slip?

Dolphin Research

$LEAPMOTOR(09863.HK) released its Q1 2026 results after the HK close on May 15 (BJT). The print marked a departure from Leapmotor’s historically steady execution.

Despite a seasonal soft quarter for the industry, volumes were still decent and opex discipline was reasonable. However, both revenue and GP missed, with per-vehicle GP well below street expectations.

On the details: revenue missed as ASP fell further on a shift toward lower-end models. Q1 revenue was RMB 10.82bn (+8% YoY)...

Xiaomi YU7 GT slated for end-May launch; XPeng GX flagship to debut next week | Daily News Recap

Dolphin Research

0515 | Dolphin Research Focus: 🐬 Macro/Industry 1) Today is Jerome Powell's final day as Fed Chair, and Kevin Warsh begins his first term. On the same day, Governor Stephen Miran tendered his resignation and will step down as Warsh takes office.

The leadership change opens a window for a policy shift at the Fed. Warsh, a hawk, advocates QT plus rate cuts and may tweak the inflation framework.

Miran voted against at all six FOMC meetings; his exit weakens the dovish camp. In the near term, this heightens uncertainty around monetary policy, affecting global liquidity and asset pricing...

Prediction: Nvidia Will Deliver Another Blowout Earnings Report on May 20, but It Won't Move the Stock in a Big Way

Motley Fool

Nvidia is expected to report strong fiscal Q1 2027 earnings on May 20, with projected revenue of $78.29 billion and EPS of $1.74. Despite a likely blowout quarter, the stock may not see significant movement due to high expectations. Analysts predict continued growth in AI capital expenditures, benefiting Nvidia. However, retail investors should focus on long-term prospects rather than short-term fluctuations, as Nvidia's stock performance may not reflect immediate earnings results.

AMAT (Trans): Semi equipment up 30%+ for the year; GPM trending higher

Dolphin Research

The following is Dolphin Research's transcript of AMAT FY26 Q2 earnings call. For our takeaways, see 'Capex Boom Underway: Can AMAT Capture the Windfall?'.

I. Key highlights from $Applied Materials(AMAT.US) results.

1) Capital returns: Returned $765 mn to shareholders this quarter, incl. $365 mn in dividends and $400 mn in buybacks. In Mar, the company raised its quarterly dividend by 15%, meeting its prior target of doubling the dividend per share...

SMIC (Trans): Foundry prices edging higher; pricing tailwind to persist

Dolphin Research

The following is Dolphin Research's transcript of SMIC's FY26Q1 earnings call; for our take, see 'Price hikes on one hand, new narratives on the other — is SMIC about to surge?'. I. $SMIC(00981.HK) results highlights.

1) Shareholder returns: No payout for 2025 as FCF remains negative. The company is in a critical capacity expansion phase, prioritizing capacity build-out and R&D.

2) Q2 guidance: revenue up 14%-16% QoQ on stronger shipments and ASP. GPM at 20%-22%...

Capex Boom Ahead: Can AMAT Catch the Windfall?

Dolphin Research

Applied Materials (AMAT) posted its FY26 Q2 results (quarter ended Apr 2026) after hours early May 15 (Beijing time), with the following highlights: 1) Core metrics: revenue of $7.9bn (+11% YoY), beating the Street at $7.7bn, driven by AI compute infrastructure build-out that lifted demand for advanced logic, DRAM, and advanced packaging tools. $Applied Materials(AMAT.US) GPM was 49.9%, up 90bps QoQ...

Price hikes and a fresh story — is SMIC set to rally?

Dolphin Research

SMIC (0981.HK/688981.SH) posted its Q1 2026 results after the HK close on May 14 (Beijing time). The quarter covered the period ended Mar 2026. Key takeaways: 1) Headline results:

$SMIC(00981.HK) reported revenue of $2.5bn, slightly below market est. ($2.52bn). Revenue rose 0.7% QoQ, broadly in line with guidance (flattish QoQ). Growth in industrial and auto end-markets was largely offset by weakness in smartphones...

JD (Trans): Q2 3C & Appliances Under Greater Pressure; Margins Set to Improve Further

Dolphin Research

Below is Dolphin Research's recap of $JD.com(JD.US) FY26 Q1 earnings call.

For our earnings take, see 'State subsidies fading, JD's earnings power intact'.

I. Core financial highlights review

1) Shareholder returns: In Q1, JD repurchased approx. 44.5 mn ordinary shares (equivalent to 22.3 mn ADS) for $631 mn, about 1.6% of shares outstanding.

Remaining buyback authorization stands at $1.4 bn through Aug 2027.

For 2025, the cash dividend is $1 per ADS (~$1.4 bn)...