As we head into the final stretch of 2025, it’s worthwhile for investors to take a deep look at our portfolios and consider allocations for 2026. Large cap U.S. growth stocks have been the core driver of gains this year, but with valuations stretched, thisWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has b ...

Core Insights - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] Group 1: Investment Focus - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - Grab (GRAB) is experiencing significant pressure from rising expenses, tariff-related issues, and increased competition, making it less appealing for investors [1][6][7] Financial Performance - The Zacks Consensus Estimate for Grab's current quarter earnings has been revised downward by more than 100% over the past 60 days, with a 20% downward revision for 2025 [2] - Grab's shares have declined by 18.6% in the current quarter, underperforming the Internet-Software industry's decline of 16.2% [3][7] - The company's total operating expenses rose by 1.14% year over year, reaching an elevated level of $355 million in Q3 2025 [6] Competitive Landscape - Increased competition from regional players such as Foodpanda, ShopeeFood, and Gojek, as well as strong single-market rivals like Deliveroo, is challenging Grab's delivery segment [7][8] Earnings Surprise History - Grab has a weak earnings surprise history, underperforming the Zacks Consensus Estimate in two of the last four quarters and meeting expectations in the other two, with an average miss of 29.17% [5] Market Position - Grab currently holds a Zacks Rank of 4 (Sell), indicating a lack of confidence from brokers regarding the stock [5]

Core Insights - WeRide and Grab have received official approval from Singapore's Land Transport Authority (LTA) to conduct autonomous driving tests in the Punggol area, marking a significant step in their collaboration for the Ai.R (Autonomously Intelligent Ride) project [1] - The Ai.R project aims to provide a public autonomous ride-hailing service, with plans to increase testing frequency by four times by the end of 2025 [1] - The project will feature a fleet of 11 autonomous vehicles, including 10 Robotaxi GXR and 1 Robobus, with public service expected to begin in early 2026 [1] Testing and Technology - During the road testing phase, autonomous vehicles will analyze real-time road data to localize their AI driving models, adapting to local infrastructure, traffic flow, and driver behavior [2] - Vehicles will be trained to handle various weather conditions to ensure reliable operation at all times, optimizing driving performance for safety and efficiency [2] - The Robotaxi GXR and Robobus are equipped with a perception system that provides 360° awareness, capable of detecting obstacles up to 200 meters away, even in adverse weather [2] Strategic Implications - The ongoing testing and technology optimization are foundational for the Ai.R project to launch publicly in early 2026, indicating a substantial advancement in the partnership between WeRide and Grab in Southeast Asia's autonomous mobility sector [5] - The collaboration aims to enhance local traffic conditions and travel demands through technological innovation, ultimately providing users with a safer and more efficient autonomous travel experience [5]

Core Insights - Grab (GRAB) reported disappointing third-quarter 2025 results, with both earnings and revenues missing the Zacks Consensus Estimate, leading to a 2.8% decline in share price since the earnings release on November 4 [1][8] Financial Performance - Quarterly earnings were 1 cent per share, missing the consensus estimate by 67% but remained flat year-over-year [1] - Revenues totaled $873 million, missing the consensus estimate by 1% but increasing by 21.9% year-over-year [1] - On-Demand Gross Merchandise Value (GMV) grew 24% year-over-year to $5.77 billion, with monthly transacting users (MTUs) and total transactions increasing by 16% and 27%, respectively [2] - Adjusted EBITDA reached $136 million, reflecting a 51% year-over-year improvement due to growth in On-Demand GMV and revenues [2] Segment Performance - Deliveries segment revenues grew 23% year-over-year to $465 million, driven by growth in Deliveries GMV and advertising revenue [3] - Mobility segment revenues increased 17% year-over-year to $317 million, supported by growth in Mobility MTUs and transactions [3] - Financial Services segment revenues improved 39% year-over-year to $90 million, primarily due to increased lending contributions [4] Liquidity and Cash Flow - Grab ended Q3 2025 with cash liquidity of $7.4 billion, down from $7.6 billion in the previous quarter [5] - The company generated $127 million in net cash from operating activities, with capital expenditures totaling $45 million and adjusted free cash flow at $203 million [5] Future Guidance - Grab raised its 2025 revenue guidance to between $3.38 billion and $3.40 billion, indicating a year-over-year growth of 21-22% [6] - Adjusted EBITDA for 2025 is now expected to be between $490 million and $500 million, suggesting a year-over-year growth of 57-60% [6]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority (LTA) to conduct autonomous vehicle (AV) testing with the Ai.R fleet in the Punggol district [1][8] - The partners began AV testing in Punggol in mid-October 2025 and plan to increase the number of test runs by up to four times by the end of the year [2][8] - The Ai.R fleet consists of 11 AVs, including 10 GXRs and one Robobus, aimed at launching a public autonomous ride service in early 2026 [3][8] Company and Industry Overview - WeRide is recognized as a global leader in autonomous driving technology, having tested or operated vehicles in over 30 cities across 11 countries, and is the first publicly traded Robotaxi company [11] - Grab operates as a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial sectors, serving over 800 cities in eight countries [12] - The Ai.R service will connect residents to key amenities in Punggol, enhancing local transportation options [6][8] Testing and Development - The AVs are gathering real-world data to improve their AI driving models, focusing on local road infrastructure, traffic flows, and pedestrian behaviors [9] - The AVs are equipped with advanced sensors, including LiDARs and cameras, providing 360-degree vision and the ability to detect objects up to 200 meters away [9] - Safety Operators will be present during the testing phase to ensure real-time supervision and safety [5][10] Training and Talent Development - Grab and WeRide are training a cohort of over 10 experienced Grab driver-partners for Safety Operator roles, progressing from theory lessons to on-road training [10][8] - The training aims to build local talent for AV operations, supporting the rollout of the Ai.R service [10][8]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority (LTA) to conduct autonomous vehicle (AV) testing with the Ai.R fleet in the Punggol district [1][7] - The AV testing program commenced in mid-October 2025 and aims to increase the number of test runs by up to four times by the end of the year [2][7] - The Ai.R service will be Singapore's first residential autonomous shuttle service, expected to begin public operations in early 2026 [3][6] Company Overview - WeRide is a global leader in autonomous driving technology, having tested or operated vehicles in over 30 cities across 11 countries, and is the first publicly traded Robotaxi company [11] - Grab operates as a superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial sectors, serving over 800 cities in eight countries [12][15] Testing and Operations - The Ai.R fleet consists of 11 AVs, including 10 GXRs and one Robobus, designed to serve two dedicated shuttle routes in Punggol [3][6] - During testing, AVs gather real-world data to enhance AI driving models, focusing on local road conditions and user behaviors [8] - The AVs are equipped with a sensor suite for 360-degree vision, capable of detecting objects up to 200 meters away, even in adverse weather [9] Safety and Training - Safety Operators will be present on all AVs during testing and initial public rides to ensure real-time supervision [5][10] - GrabAcademy and WeRide are training over 10 experienced Grab driver-partners as Safety Operators, with the first cohort now in on-road training [10][11] Service Connectivity - The autonomous shuttle service will connect residents to key amenities, including the Punggol Coast MRT station and local malls [6]

Core Insights - WeRide and Grab have received approval from Singapore's Land Transport Authority to conduct autonomous driving tests in Punggol, marking a significant step in their Ai.R project [1][2] - The Ai.R project aims to provide a public autonomous ride-hailing service, with plans to increase testing frequency by four times by the end of 2025 [1][2] - The initial phase of the project will involve 11 autonomous vehicles, including 10 Robotaxi GXR and 1 Robobus, with public service expected to begin in early 2026 [2] Group 1 - The Ai.R project is designed to offer autonomous transportation services to residents in Punggol, connecting them to key public facilities [2] - The autonomous vehicles will undergo rigorous testing to ensure reliability, including real-time analysis of road conditions and localized AI training [3] - The vehicles are equipped with advanced perception systems, enabling 360° awareness and obstacle detection even in adverse weather conditions [3] Group 2 - Training for safety operators is underway, with the first cohort consisting of former Grab drivers who are transitioning to this new role [4] - The safety operators will monitor vehicle performance in real-time during the testing and initial operational phases [4] - Feedback from safety operators will play a crucial role in optimizing the performance of the autonomous vehicles [4]

Core Insights - Ride-hailing companies Grab and GoTo are negotiating with Indonesia's sovereign wealth fund to grant "golden shares" in exchange for approval of a potential merger deal [1] Group 1 - Grab and GoTo are seeking to secure a merger by involving Indonesia's sovereign wealth fund in the negotiations [1] - The concept of "golden shares" is being utilized as a strategic move to gain regulatory approval for the merger [1]

Group 1 - SoftBank Group and key shareholders of GoTo Group are seeking to remove CEO Patrick Walujo, which may accelerate acquisition talks with Grab Holdings [1] - A memorandum has been signed by several GoTo shareholders to convene an extraordinary general meeting to vote on multiple core issues, including the removal of Walujo, who has overseen a decline of over 40% in GoTo's market value during his tenure [1] - Walujo is viewed by shareholders as a significant opposition force against the acquisition by Grab [1] Group 2 - Grab has been in intermittent negotiations with GoTo for a potential merger, but concerns over antitrust issues have hindered formal agreements [2] - Grab has been evaluating GoTo's accounts, contracts, and operational specifics throughout the year, aiming to reduce competition and operational costs through a merger [2] - Both Grab and GoTo are among the largest ride-hailing service providers in Southeast Asia, and their merger could help alleviate financial losses and enhance competitiveness [2][3] Group 3 - Despite potential antitrust regulatory challenges, both companies aim to improve their financial fundamentals through integration [3] - The business portfolios of Grab and GoTo are highly overlapping, and acquiring GoTo could lead to resource sharing and cost synergies in technology development, platform operations, and marketing [3] - The merger would allow Grab to integrate resources from the largest internet platform in Indonesia and Southeast Asia, expanding its user base and market share [3]