Delphi Founder: China's Hardware Edge Is Unrivaled, AI Bubble Looks Like CryptoOn March 26, Delphi Labs founder José Maria Macedo @ZeMariaMacedosaid in an Empire interview that China's AI market shows strong "crypto bubble" characteristics. He noted that AI firms like Zhipu and MiniMax are valued at $40–50 billion despite generating under $100 million in revenue.With valuation multiples 5 to 10 times higher than OpenAI, this signals a clear bubble.He added that this resembles pre-unlock conditions in the cr ...

How would you grade Apple as a hardware company right now as opposed to kind of its its 50-year arc. >> They are killing it on hardware. I think that Apple's hardware has never been better. I think the fact that they make their own, they design their own chips, that's been a huge advantage for them.It really has taken the Mac places it's never been before. I agree with you that this is the most unassalable success story on the list. the stuff with the networking chips and like all of these things across the ...

Top 5 Initiations: Loop Capital launched coverage of Payments with positive bias but cautions on volatility. In the order of preference, the firm started coverage of Block (XYZ) at Buy with $75 price target, Fiserv (FISV) at Hold with $62 price target, Jack Henry (JKHY) at Buy with $197 price target, Mastercard (MA) at Buy with $631 price target, PayPal (PYPL) at Hold with $46 price target, Toast (TOST) at Hold with $26 price target, and Visa (V) at $Buy with $387 price target. BofA reinstated coverage ...

Core Viewpoint - Hillman Solutions Corp. is set to announce its earnings for the thirteen weeks ended March 28, 2026, during a conference call on April 28, 2026, at 8:30 a.m. Eastern Time [1]. Company Overview - Hillman Solutions Corp., founded in 1964 and headquartered in Cincinnati, is a prominent provider of hardware-related products and merchandising solutions, serving retail, pro distribution, and industrial MRO customers [5]. - The company has established a legacy of service and growth through strategic partnerships with leading home improvement, hardware, and farm and fleet retailers in North America [5]. - Hillman differentiates itself with a dedicated field sales team of over 1,200 associates, direct-to-store distribution capabilities, and expertise in global sourcing and supply chain [5]. - The extensive product portfolio includes more than 111,000 SKUs, covering fasteners, hardware, project gear and supplies, and key and engraving services [5]. - Hillman is recognized for exceptional customer service and innovative products, frequently earning vendor of the year accolades from top customers [5]. Earnings Call Details - The earnings release will be issued after market close on April 27, 2026, and the results presentation will be available via a listen-only webcast [1][4]. - President and CEO Jon Michael Adinolfi and CFO Rocky Kraft will lead the results presentation [2]. - Sell-side analysts must register to participate in the live Q&A session during the call [3].

以下文章来源于深潮 TechFlow ，作者值得关注的 深潮 TechFlow . 革新风气，发现价值 作者 / 深潮 TechFlow 来源 / 深潮 TechFlow （ID：Tech-Flow） 我投过的优秀创始人有一个共同的特征：独立思考、叛逆、极度专注、有执念。他们不听话。他们会一直问「为什么」，拒绝接受二 手智慧。他们做的决定，外人看觉得莫名其妙，但他们自己觉得理所当然。他们身上有一种内在的、不可遏制的强度，通常表现为某 种 长 期 的 痴 迷 和 卓 越 。 做 VC 每 天 见 大 量 聪 明 人 ， 这 类 人 在 人 群 中 一 眼 就 能 认 出 来 ， 因 为 他 们 的 人 生 轨 迹 有 一 种 明 显 的 「 尖 锐 感」。 我在中国见到的很多创始人是另一种类型，这让我意外。 本 文 作 者 J o s é Ma ri a Ma c e d o 是 加 密 行 业 老 牌 研 究 机 构 De l p h i Di g i t a l 的 联 合 创 始 人 ， 也 是 De l p h i Ve n t u r e s 的 创 始 合 伙 人 。 De l p h i 的客户包 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the "Tech-7" group, which includes major companies: Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), NVIDIA (NVDA), and Oracle (ORCL) [2][19][29]. Core Insights and Arguments - **Operating Cash Flow (OCF) Growth**: The Tech-7 is expected to generate USD1.3 trillion in OCF in 2026, an increase of approximately USD300 billion from 2025, driven by nearly USD500 billion in additional revenue [14][39]. - **Capital Expenditure (Capex) Allocation**: In 2026, 62% of non-operating cash expenses will be allocated to capex and investments, up from 52% in 2025. Shareholder returns (buybacks and dividends) are expected to decrease as a percentage but may increase in absolute terms [2][14][27]. - **Revenue Growth**: Tech-7 revenue is projected to grow by 21.5% in 2026, reaching USD2.8 trillion, compared to 16.5% growth in 2025 [30][22]. - **AI Impact**: The AI megacycle is driving demand for compute capacity, benefiting companies like NVIDIA and Microsoft, which are well-positioned due to their infrastructure and compute exposure [4][13][20]. Financial Health and Flexibility - **Cash Reserves**: By the end of 2026, Tech-7 is expected to have a cash balance of USD196 billion, down from USD204 billion in 2025, despite a significant increase in capex [15][39]. - **Debt Management**: The Tech-7 group has identified USD126 billion in off-balance sheet Special Purpose Vehicle (SPV) debt, which provides flexibility in financing [3][20]. - **Shareholder Returns**: Buybacks are still 2.3 times higher than necessary to offset dilution from share-based compensation, indicating strong cash management [3][39]. Company-Specific Insights - **Alphabet (GOOGL)**: Expected OCF of USD186 billion in 2026, driven by cloud and AI revenue growth. Capex is projected to increase significantly, reducing cash available for shareholder distribution [51][52]. - **Amazon (AMZN)**: Anticipated OCF of USD178 billion in 2026, with a capex budget of USD200 billion, primarily for AWS. Amazon does not pay dividends, focusing on long-term growth [57][58][59]. - **Apple (AAPL)**: Expected OCF of USD149 billion in 2026, with a high shareholder return through buybacks and dividends. Capex remains low compared to peers [64][66]. - **Meta (META)**: Projected OCF of USD132 billion in 2026, with a significant increase in capex due to AI investments. Share buybacks are expected to decrease [72][74]. Additional Important Points - **Market Sentiment**: Despite strong performance in 2024 and 2025, there are concerns about rising capex budgets and debt levels, as AI monetization is still in early stages [17][18]. - **Long-term Growth Strategy**: Companies are adopting a "re-invest first" philosophy, focusing on internal growth and capacity expansion rather than immediate shareholder returns [58][60]. This summary encapsulates the key insights and financial projections for the Tech-7 companies, highlighting their strategies and market positioning in the evolving tech landscape.

Core Insights - The article discusses the complexities and nuances of the Chinese AI ecosystem, highlighting a shift in perspective from initial optimism to a more cautious outlook regarding software while maintaining a positive view on hardware [6][7]. Group 1: Observations on Founders - Many founders in China are highly qualified, with impressive educational backgrounds and experience at leading companies like ByteDance and DJI, but they often lack independent thinking and a rebellious spirit [14][17]. - The prevailing educational system in China produces excellent talent but does not encourage unconventional thinking, resulting in founders who are top-notch executors rather than innovative problem solvers [19][20]. - Local VCs tend to reinforce this pattern by favoring candidates from established companies, focusing on pedigree rather than unique vision, which may limit the discovery of truly innovative founders [21][22][25]. Group 2: Hardware Ecosystem in Shenzhen - Shenzhen's underground hardware workshops are notable for their rigorous reverse engineering practices, creating a competitive environment that many Western hardware founders may not fully comprehend [26]. - Over 70% of hardware materials are sourced from the Greater Bay Area, providing a significant supply chain advantage that allows for rapid product iteration [27]. - Companies like Bambu, a 3D printing firm, reportedly achieve annual profits of $500 million and are growing at a doubling rate, showcasing the potential of the hardware sector in China [28]. Group 3: Software Market Concerns - The article expresses skepticism about investment opportunities in the Chinese software sector, noting a significant gap in closed-source models compared to Western counterparts [29]. - Revenue data illustrates this disparity, with companies like Anthropic generating $6 billion in February alone, while the best Chinese models achieve only a few million in annual recurring revenue [30][31]. - There is a noticeable absence of large, rapidly growing private software companies in China, with most notable exceptions opting to expand overseas once they find success [31]. Group 4: Valuation Bubble - The article highlights a valuation bubble in the Chinese market, where early-stage companies are valued similarly to their U.S. counterparts despite lower talent costs [32]. - Pre-seed funding rounds exceeding $30 million are becoming common, and mid-stage companies like MiniMax are valued at $40 billion with revenues under $100 million, indicating unsustainable valuation metrics [33][34]. - The article raises concerns about the ability of the Hong Kong market to absorb numerous high-valuation companies, particularly in the humanoid robotics sector, which may face longer commercialization timelines than anticipated [37][38]. Group 5: Global Market Focus - Many founders prioritize global markets over domestic ones, leveraging China's engineering capabilities and hardware expertise to align with Western market strategies [39]. - This approach could lead to the emergence of remarkable companies if the right entrepreneurial teams are formed [40]. - The search for unconventional founders who do not fit the traditional VC mold is identified as a key objective for future investment opportunities [41].

Core Viewpoint - Immersion Corporation has received an additional delinquency notice from Nasdaq due to its failure to timely file multiple Quarterly Reports, which could lead to delisting from the exchange [1][2]. Group 1: Company Compliance Issues - On March 24, 2026, Immersion Corporation received a Staff Determination Letter from Nasdaq for not filing its Quarterly Report on Form 10-Q for the quarter ended January 31, 2026, along with previous failures for the quarters ended July 31, 2025, and October 31, 2025 [1]. - The Company has requested a hearing before the Nasdaq Hearings Panel to seek additional time for compliance with Nasdaq Listing Rules, which took place on March 26, 2026 [2]. - Immersion Corporation filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2025, and its Quarterly Report on Form 10-Q for the quarter ended July 31, 2025, on March 12, 2026, and March 26, 2026, respectively [3]. Group 2: Company Overview - Immersion Corporation, incorporated in 1993 and reincorporated in Delaware in 1999, is a leading provider of haptic technology, enhancing digital interactions through touch feedback [4][5]. - The Company focuses on various sectors, including mobile devices, wearables, mobile entertainment, console gaming, and automotive, aiming to create immersive experiences [5]. - As of the latest reports, Immersion Corporation has a controlling interest in Barnes & Noble Education, which supports educational institutions and students [6].

Group 1: Market Overview - The overall market sentiment is currently negative, with significant fear affecting investor confidence [3][4] - There is a cyclical pattern where investors tend to sell off on Fridays and return on Mondays, creating volatility [5] - Despite the current market challenges, there is an expectation for potential positive news over the weekend that could attract buyers back [5] Group 2: Smith and Wesson - Smith and Wesson has seen a year-to-date increase of nearly 50%, positioning it as a leader in its sector [7][10] - The company benefits from heightened consumer concern regarding safety and security, leading to increased sales [8] - Technical analysis indicates a bullish trend for Smith and Wesson, with price movements above key moving averages [14][16] Group 3: Apple - Apple is experiencing a narrative shift, with recent announcements regarding its American manufacturing plan and updates to Siri, which may enhance its market position [17][20] - The company is viewed as financially prudent compared to its peers, having avoided excessive spending on AI while still maintaining strong product demand [18][21] - Technical indicators show that Apple is up almost 13% over the past year, with signs of improving momentum [26][28] Group 4: Dell - Dell has demonstrated strong performance, with a year-to-date increase of over 37%, driven by demand for AI servers and data center expansion [29][30] - The company is recognized as a key player in the data center market, providing essential equipment for internet connectivity [32] - Technical analysis suggests a bullish configuration for Dell, although there are signs of potential pullbacks in momentum [35][36]

Market Overview - U.S. equity markets are experiencing a significant pullback due to escalating geopolitical tensions in the Middle East and a resilient labor market suggesting prolonged high interest rates [1] - The S&P 500 is down approximately 0.75%, the Nasdaq Composite has dropped 1.1%, and the Dow Jones Industrial Average is down roughly 0.45% [1] Sector Performance - Energy prices have sharply increased, with Brent crude futures surpassing $106 per barrel and WTI near $94, driven by strikes against energy infrastructure and the closure of the Strait of Hormuz [2] - The Energy sector is performing well, with Valero Energy rising 4.4% as refining margins expand [2] Economic Indicators - Initial jobless claims data from the Department of Labor reported 210,000 claims, matching consensus estimates and indicating a "low-hire, low-fire" environment [3] - The labor market strength supports the Federal Reserve's hawkish stance, with a 93.8% probability of unchanged interest rates at the upcoming April meeting [3] Corporate News - The "Magnificent Seven" tech stocks are facing selling pressure, with Nvidia down 1.8%, Microsoft and Tesla declining over 1.5%, and Meta and Google under pressure due to a jury verdict [4] - Super Micro Computer surged 8.2% following a positive analyst reassessment, while Best Buy rose 6.5% on unusual options activity [5] - Olaplex Holdings skyrocketed 48% after announcing its acquisition by Henkel AG & Co. for approximately $1.4 billion [6] Market Outlook - Investors are focused on the Middle East situation, with potential oil prices reaching $120, raising stagflation concerns [7] - The market is awaiting the first-quarter 2026 earnings season, with major financial institutions set to report in late April [7]