[CC may contain inaccuracies] After years of speculation, high stakes negotiations and more than a few Elon Musk posts, Onex has finally made its moves into India. But if you were expecting a Gigafactory or ,000,000,000 investment, that is not what's happening, at least not yet, for a government that's built its entire industrial push around manufacturing locally. At the Make in India slogan, the decision to import cars may feel a little underwhelming.There's no major manufacturing announcement or capital o ...

Foreign Exchange Risk Management - The company acknowledges the Taiwan dollar's exchange rate as one of six factors impacting profitability, but emphasizes its inability to control it [1] - The company aims to leverage other controllable factors to maintain profitability despite unfavorable exchange rate fluctuations [1][2] - The company has contingency plans in place to address potential rapid appreciation of the Taiwan dollar [1] Hedging Strategies - The company employs multiple strategies to manage US dollar exposure, including spot market sales, forward contracts, and transferring US dollar cash to an offshore holding company [3] - The offshore holding company's financial statements are denominated in US dollars, reducing hedging costs [3] - The company prioritizes a combination of tools, considering market appetite and hedging costs for each [4] - The company has been using capital injection to the offshore company for years as part of its hedging strategy [4]

Company Strategy & Product - The company views its role as re-industrializing the US by creating a "factory system" combining software (powered by Opus) and a new American workforce [1] - The company's "factory system," a combination of people and technology, is considered the core product, focusing on accuracy and on-time delivery for customers [2] - The company is expanding its manufacturing capabilities to include welding, casting, and additive manufacturing, driven by demand, particularly from the Department of Defense (DOD) [7] - The company aims to establish factories in every state, creating millions of new manufacturing jobs [7] Expansion & Investment - The company successfully closed a funding round with investors including Founders Fund, Andreessen, and Lux Capital [2][3] - The capital will be used to expand into Arizona with a new factory four times the size of the existing one and to hire more personnel [4] - Arizona was chosen for expansion due to favorable conditions regarding permitting, workforce availability, and energy access [6] Market & Competition - The company's mission is to strengthen US industrial power to compete with global competitors, particularly China, by restoring domestic manufacturing capabilities [10][12] - The company aims to address the shortage of skilled manufacturing workers in the US by combining technology to enhance workforce efficiency [9] - The company serves a wide range of customers, from defense and space startups to mega-cap public primes [14]

What is it that you're most focused in on in zeroed in on this earnings period. Well, you know, what's interesting when I reflect back on it's been such a busy year, so much news. But one of the things that I think has been maybe appreciated by the market but not appreciated as much by the commentators is what a reinforcing narrative we've seen around.So of course, we're focused on tariffs, we're focused on on everything that's happening at the Fed. But if we roll the clock back to the start of the year and ...

You know what it's like being inside the Fed. You understand the independence of the Fed. But what have you made of this scenario as somebody that's now left the Fed behind and works principally as a private markets investor.Yeah, look, I think the most direct relationship between Fed policy and technology investing and venture capital investing is the path of interest rates. And in particular, what that means is, you know, interest rates have such a huge impact on valuations and returns in the private mark ...

What was not to like with Netflix, right. Luke Lucas This is just like a high bar that's been set by Wall Street, and the company did really well. Yeah, I think you you nailed it with the high bar.Look, this. There was nothing in the results to dislike. It's not like they.They beat on any metric by some huge amount, but they beat on everything. I think it's just. It's a stock that has doubled over the last year. It's a stock that had been up by 40 to 50% so far this year.And it's even though it is now the m ...

Financial Metrics & Outlook - Netflix's operating margin is forecasted at 29% [1] - The company aims to be judged by normal financial metrics [4] - Focus shifts to content spending, efficiency improvements, cash flow, and earnings in place of subscriber numbers [5] Subscriber & Engagement Analysis - Netflix will no longer report subscriber numbers [1] - Engagement, especially with a strong second-half lineup, will be a key metric [1] - Subscriber growth in the US is largely saturated [5] Ad Revenue & Strategy - Netflix is focused on growing ad revenue on its platform [3] - The company is embracing live events like sports to boost the ad business [3] - Netflix is exploring ad-supported tiers, potentially generating more revenue per user than higher-priced, ad-free tiers if viewership is high enough [9] Competition - Competition from newer entrants like YouTube and TikTok is a point of interest [6] Stock Performance - Netflix's stock is up 41% year-to-date in 2025 [4] - There are questions about whether current expectations are already priced into the stock [4]

Age-Based Communication Technology - Roblox is innovating on safety and stability with age-based communication, especially for teens aged 13-17, focusing on trusted connections and age estimation [1][2] - The technology aims to enable freer communication among teens while still monitoring for critical harms, preventing them from migrating to less moderated platforms [2] - AI is used for age estimation, with conservative leaning to enable freer, yet monitored communication [3][4] - Historically, moderation has always been a foundation, including AI and human moderation, and age estimation is used to slightly free up communication [5] Game Performance and User Engagement - "Grow a Garden" had over 20 million concurrent players, believed to be a record for any game in history [8][10][11] - The new technology allows validated trusted connections to communicate more freely within games like "Grow a Garden," enhancing user experience [8][9] - Roblox had over 30 million people playing at the same time across all games [10] Infrastructure and Scalability - Roblox builds its own data centers for better performance, reliability, and cost [12] - Roblox partners with Azure, Amazon, NWC, and GCP to burst into their cloud at peak times [13] Safety and Future Strategy - Roblox prioritizes safety and civility and believes age estimation is the future of communication on social platforms, especially for teens [14][15] - Roblox aims to capture 10% of the market by focusing on safety and technological capabilities [14] - Roblox is proactively addressing safety concerns for the 13-17 age segment, viewing it as equally important as other age groups [16]

Investment & Growth Strategy - The company secured investment from Blackstone, an infrastructure investor, to enhance growth optionality [2] - Warburg Pincus remains interested in further growth with the company after seven years [3] - The company aims to consolidate its market position through mergers and acquisitions to scale up and become a market leader in Asia [4] - Stone Peak provided a solution aligned with the company's objectives, positioning it to capture growth in Asia [4] Market Expansion & Customer Focus - The company prioritizes partners with a proven execution track record and deep capital resources, aligning with the needs of large hyperscalers [7] - The company plans to deepen its presence in existing markets like Japan and India, while also expanding into new markets such as Australia and South Korea [8] - The company aims to be a trusted partner for U S hyperscalers expanding in Asia [9] Supply Chain & Cost Management - The company has secured its supply chain for the next couple of years [10] - A significant portion of the company's supply chain manufacturing is located in Asia, providing a cost advantage [10] - The company is not currently experiencing cost pressures and sees opportunities to build large-scale data centers near sources of excess power at reasonable costs [11] Future Prospects - The company is considering an IPO or a trade sale [12] - The company aims to consolidate the market through acquisitions in the next 3 to 4 years to achieve a larger scale before potentially going public [13]

Partnership & Investment - Uber has invested several hundred million dollars in Nuro, holding a standard equity stake, indicating strong confidence in the partnership and program [2][3] - Lucid is receiving a $300 million investment from Uber [1][2] Technology & Product - Nuro's driver hardware component (sensor and compute) is being integrated into Lucid's vehicles on the production line [1] - Nuro's technology stack, including a sensor suite designed by Nuro using automotive-grade off-the-shelf sensing, is being integrated into Lucid vehicles [11] - Nuro has shifted its focus from vertically integrated delivery services to licensing its AI-driven self-driving technology for passenger transportation [13][14] - NVIDIA's SOC (System on a Chip) powers the compute for Nuro's Robotaxi platform, simplifying compute and reducing costs [6][7][8] Production & Deployment - Lucid is expected to manufacture 20,000 Gravity SUVs for Uber over a six-year period, starting in late 2026 [9] - Nuro has been operating fully driverless vehicles on public roads for over five years [10] - Nuro achieved rapid prototype development with the Lucid platform, completing the first prototype in approximately seven weeks [11]