Core Viewpoint - Huawei emphasizes the importance of open innovation and intellectual property protection to drive technological advancement and societal development, showcasing its significant R&D investments and achievements in the field of patents and technology [1][3][9]. R&D Investment - Huawei has consistently invested over 20% of its annual sales revenue into R&D, with expenditures exceeding RMB 170 billion in 2024, representing 20.8% of total sales [1]. - Over the past decade, Huawei's cumulative R&D investment has surpassed RMB 1.2 trillion, ranking sixth globally in R&D spending according to the 2024 EU Industrial R&D Investment Scoreboard [1]. Intellectual Property Achievements - In 2024, Huawei publicly disclosed a record 37,000 new patents, contributing over 10,000 technical proposals to domestic and international standards organizations, and publishing more than 1,000 academic papers [5]. - As of the end of 2024, Huawei holds over 150,000 valid patents globally, with more than 50,000 in China, approximately 29,000 in the U.S., and around 19,000 in Europe [5]. Patent Licensing Revenue - Huawei's patent licensing revenue reached a historical high of $630 million in 2024, marking an increase from $560 million in 2022 [6]. - Cumulatively, Huawei's patent licensing revenue over the past decade is estimated to exceed $4 billion, despite having paid approximately $12 billion in licensing fees to others [6][7]. Open Source and Collaboration - Huawei promotes open-source initiatives, with over 8,100 contributors in the OpenHarmony community submitting more than 10 million lines of new open-source code in the past year [3]. - The company has launched various open-source and hardware projects, including the CANN computing framework and the Cangjie programming language, aiming to provide developers with comprehensive tools and support [3]. Industry Collaboration - Huawei has signed 233 patent licensing agreements, with 95% achieved through negotiation and mediation, collaborating with major international firms like Nokia, Ericsson, Amazon, and Samsung [9]. - The company advocates for a balanced intellectual property strategy, emphasizing the importance of both incentivizing innovation and facilitating application [7][9]. Public Access to Patents - Over 200,000 Huawei patents have entered the public domain for free use, and the company has launched a patent query tool to assist global researchers [9][10]. - The "Chasi Patent" project has received over 2 million visits since its launch, reflecting its positive reception among the research community [10].

Core Insights - A new signal control method developed by researchers from Rice University in collaboration with Los Alamos and Sandia National Laboratories can determine the direction of signals with an accuracy of 0.1 degrees, improving precision by approximately 10 times compared to existing technologies [1] - This advancement is likened to equipping 6G communication signals with "instant GPS," addressing the challenge of quickly aligning high-frequency signals, which is crucial for ultra-high-speed data communication [1] Summary by Sections Technology Development - The new method allows for almost instantaneous connections between transmitters and receivers, enabling high-precision angle estimation of signals in a very short time [1] - The technology is expected to facilitate low-latency wireless links, allowing devices to automatically identify and align with each other in milliseconds or even picoseconds [1] Application Potential - High-frequency bands are anticipated to be key for future 6G networks, supporting applications such as wireless virtual reality headsets and real-time perception systems that require high data rates [1] - The ability to quickly and accurately lock onto signals will enhance the reliability and intelligence of 6G networks, paving the way for smart cities and applications like wireless VR, holographic communication, and remote precision surgery [3] Methodology - The research team utilized a super-thin electronic surface that scatters signals into unique patterns based on the direction and frequency of the waves, creating distinct "electromagnetic fingerprints" for each direction [2] - Receivers can determine the signal source within a few picoseconds by comparing received patterns with a pre-established signal library [2]

Core Insights - Researchers from Rice University, in collaboration with Los Alamos and Sandia National Laboratories, have developed a new signal control method that can determine the direction of a signal with an accuracy of 0.1 degrees, improving precision by approximately 10 times compared to existing technologies [1] Group 1: Technology Development - The new method acts like an "instant GPS" for 6G communication signals, addressing the challenge of quickly aligning high-frequency signals, which is crucial for ultra-high-speed data communication [1] - High-frequency bands are expected to be key for future 6G networks, catering to high-data applications such as wireless virtual reality headsets and real-time perception systems [1] Group 2: Methodology - The developed method allows for almost instantaneous connections, enabling high-precision angle estimation of signals in a very short time, facilitating low-latency wireless link establishment or recovery [1] - The research team utilized a super-thin electronic surface that scatters signals into unique patterns based on the direction and frequency of the waves, creating distinct "electromagnetic fingerprints" for each direction [2] - The receiver can determine the signal source within a few picoseconds by comparing received signals with a pre-established signal library [2]

Group 1 - The Gabelli Multimedia Trust Inc. (GGT) is a closed-end fund (CEF) focused on long-term growth through investments in telecommunications, media, publishing, and entertainment industries [1] - GGT was established in November 1994 and employs a leverage ratio of approximately 33% [1]

Core Viewpoint - Softbank has divested its entire $5.83 billion stake in Nvidia to focus on a significant investment in OpenAI, indicating a strategic shift in its investment priorities [1][4]. Investment Strategy - Softbank sold all 32.1 million shares of Nvidia in October as part of a broader strategy to allocate resources towards a $22.5 billion investment in OpenAI [1][4]. - The sale of Nvidia shares, along with a partial divestment of its $9.17 billion stake in T-Mobile, is intended to generate cash for funding new opportunities while maintaining financial strength [2][4]. Market Sentiment - The decision to sell Nvidia shares comes amid discussions on Wall Street regarding the potential overvaluation of AI firms, with concerns that significant investments in the sector may not yield immediate returns [5]. - Analysts suggest that the complete divestment from Nvidia indicates a lack of optimism about the company's future share price, especially in light of potential reductions in investment levels from big tech companies [7]. Financial Performance - Softbank's second-quarter profit reached 2.5 trillion yen (approximately $16.6 billion), largely driven by the rising valuation of OpenAI [9].

Group 1 - Nvidia shares experienced a decline of over 2%, trading around $195 in premarket, following a previous increase of 5.7% [1] - SoftBank reported the sale of 32.1 million Nvidia shares in October, amounting to $5.83 billion [1] - SoftBank's CFO indicated that the company plans to make a significant investment exceeding $30 billion in OpenAI, necessitating the divestment of existing portfolio assets [2] Group 2 - SoftBank also disclosed the sale of 40.2 million T-Mobile shares, indicating a broader strategy of portfolio reallocation [1] - The divestment of Nvidia shares is part of a financing strategy to support the large investment in OpenAI [2]

Core Insights - Huawei held its sixth Innovation and Intellectual Property Forum on November 11, announcing the results of the "Top Ten Inventions" awards, which focus on key future business areas such as computing, HarmonyOS, foldable screens, and storage [1] - Since 2015, Huawei has regularly conducted the "Top Ten Inventions" selection to recognize inventions or patented technologies that have the potential to create new product lines and bring significant commercial value to the company and the industry [1] - Huawei's Chief Legal Officer, Song Liuping, stated that the company has invested over 20% of its annual sales revenue in R&D for the past five years, with R&D expenditure exceeding 170 billion yuan in 2024, accounting for 20.8% of total sales revenue [1] - Huawei's Vice President and Head of Intellectual Property, Fan Zhiyong, emphasized that continuous innovation and respect for intellectual property are the driving forces behind Huawei's commercial success and the foundation for building an interconnected intelligent world [1] Summary of Top Ten Inventions - **Scale-up Ultra-large-scale Super-node Computing Platform**: This invention creates a fully peer-to-peer interconnect architecture by integrating heterogeneous processors, CPUs, memory, and storage, allowing flexible resource allocation based on task requirements [2] - **Harmony Full-stack Architecture Innovation Technology**: The Harmony operating system offers a smooth and secure user experience through full-stack architecture innovations, enhancing collaboration between software, hardware, and ecosystem [3] - **New Foldable Form Factor**: This invention introduces a new form factor through innovations in hinge systems, flexible screens, and thermal management, resulting in the world's first commercial triple-fold smartphone and a foldable PC [6] - **Short-distance Optical Interconnection**: This invention addresses traditional electrical interconnection challenges by enhancing reliability threefold, expanding coverage twelvefold, and improving operational efficiency by 40% [8] - **Next-generation High-capacity and Performance SSD**: This invention achieves a fourfold increase in storage density and significant performance breakthroughs, supporting hundreds of terabytes of data recovery in hours [11] - **GigaGreen RAN**: This invention leads the industry in energy efficiency by 30% and integrates multiple frequency bands to enhance user experience by 20% [13] - **New Paradigm of Assisted Driving Based on Real-time Environmental Cognition**: This invention combines navigation maps with real-time perception to enhance the driving experience [15] - **Ascend Affinity Mathematical Reasoning Acceleration**: This invention maximizes the performance of Ascend chips and servers for large model inference [17] - **F5G-A 10G Optical Access: 50G PON Key Technology**: This invention leads the access network industry upgrade with a high-performance, low-cost 50G PON system [18] - **Maple Red Color Imaging**: This invention achieves true color reproduction in mobile photography through a multi-spectral color processing architecture [21]

Core Insights - Ljósleiðarinn has appointed Þuríður Björg Guðnadóttir as the new CEO, succeeding Einar Þórarinsson [1] - The company is a leading telecommunications and infrastructure provider in Iceland, operating a nationwide fiber-optic network [1] Company Overview - Ljósleiðarinn is recognized for its role in connecting homes, businesses, and institutions across Iceland through its fiber-optic network [1] - The company is pivotal in developing secure, high-speed infrastructure for Icelandic society [4] New CEO Profile - Þuríður brings extensive experience from the telecommunications sector, having been a key player in Nova's growth since its founding [2] - She has served on Nova's executive team since 2017 and holds a BSc in Industrial Engineering [2][3] - In addition to her new role, she is currently on the Board of VÍS Insurance and has previously served on the Board of Lyfja [3] Leadership Transition - The Chair of the Board, Dagný Hrönn Pétursdóttir, expressed confidence in Þuríður's ability to strengthen Ljósleiðarinn's position in the telecommunications sector [4] - Þuríður emphasized the importance of Ljósleiðarinn's services and infrastructure to Icelandic society and sees opportunities to enhance relationships with customers and partners [5] - She will formally assume her position at the end of January [5]

Core Insights - SoftBank Group Corp. has raised over $15 billion by selling stakes in T-Mobile US Inc. and Nvidia Corp, as part of its strategy to fund large-scale investments, particularly in artificial intelligence [1][2][4] Group 1: Sales and Financials - The complete sale of Nvidia shares, totaling 32.1 million, generated approximately $5.83 billion [2] - A partial sale of T-Mobile shares, involving 40.2 million shares, yielded $9.17 billion [3] - SoftBank secured an $8.5 billion bridge loan for its initial investment in OpenAI in April 2025 [3] Group 2: Future Investments - A second closing for an additional $22.5 billion investment in OpenAI is scheduled for December 2025 [4] - A $6.5 billion bridge loan has been arranged for the acquisition of Ampere, indicating ongoing financial maneuvers to support AI initiatives [4] Group 3: Stock Performance - Nvidia's stock has increased by 43.92% year-to-date, despite a 37.03% decline over the past year [5] - T-Mobile's stock has decreased by 6.22% year-to-date and 13.62% over the year, reflecting a weaker price trend [6][7]

Financial Data and Key Metrics Changes - Group service revenue growth accelerated to 5.8% in Q2, supported by growth across Europe and Africa [3] - Group EBITDA grew by 6.8% in the first half, with nearly all markets posting EBITDA growth [3][4] - Over EUR 5 billion returned to shareholders via buybacks and dividends over the last 18 months, with a further EUR 1 billion of buybacks expected in the next six months [2][8] Business Line Data and Key Metrics Changes - In Germany, the 5G standalone network covers over 90% of the population, serving over 40 million customers and almost 60 million IoT SIMs [4] - Fixed broadband offers gigabit connectivity to three out of four German households, with continued expansion of gigabit broadband reach [4] - In the U.K., Vodafone serves almost 30 million mobile customers and is the fastest-growing broadband provider, with a gigabit footprint covering about 22 million households [6][7] Market Data and Key Metrics Changes - Strong performance reported in African markets, with another set of results in line with medium-term double-digit EBITDA growth guidance [7][8] - The U.K. market is experiencing good commercial momentum, supported by cross-selling opportunities and a multi-brand approach [7] Company Strategy and Development Direction - The company aims to improve customer experience, simplify operations, and deliver sustainable cash flow growth in fiscal year 2026 and beyond [8] - The focus remains on operational excellence and leveraging unique assets in the market to extend customer experience leadership [7][8] - A progressive dividend policy has been announced, with expectations for growth year after year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook due to the turnaround in Germany, U.K. integration, and strong positions in growing markets [8] - The company expects Germany to continue improving in H2, with a full run rate of wholesale migration expected [15][17] - The management acknowledged potential challenges in the U.K. due to tough comparisons in the B2B business but remains optimistic about future performance [15][16] Other Important Information - The company has completed the reshaping of the group, including the merger of Vodafone Three in the U.K. and the acquisition of Telecom Romania's assets [1][2] - The company is focused on digital and financial services growth beyond traditional connectivity [2] Q&A Session Summary Question: EBITDA run rate for the second half and next year - Management expects Germany to continue improving in H2, with a full run rate of wholesale migration contributing positively [15][16] Question: Turnaround initiatives in Germany - Management anticipates that underlying performance in Germany will stabilize, with improvements in customer experience and churn reduction [30][31] Question: U.K. integration and synergy delivery - Early actions in integration have led to improved churn trends and strong consumer performance, particularly in home broadband [38][40] Question: Proposed changes to legislation in Germany - Management views potential legislative changes as marginally beneficial for fiber build-out, with no significant impact expected [47][49] Question: Performance of Vodafone Turkey - Turkey has shown significant EBITDA and cash flow growth, with a strong digital capabilities model contributing to success [58][60] Question: Future of digital services and acquisitions - Digital services are growing rapidly, and the company sees opportunities for further investment and potential acquisitions in this space [85][87] Question: Dividend policy and shareholder returns - A progressive dividend policy has been established, with expectations for growth year after year, alongside ongoing share buybacks [80][81]