Core Insights - Waymo, backed by Alphabet Inc., is expanding its autonomous ride-hailing service, now operating in 10 cities, including the recent addition of Dallas, San Antonio, Houston, and Orlando [2][4] - The company aims to serve over one million rides per week by the end of the year, up from 450,000 rides per week previously reported [2][3] - Waymo has driven over 200 million autonomous miles with its self-driving technology [3] Regulatory Scrutiny - Waymo is under investigation by the National Highway Traffic Safety Administration (NHTSA) due to multiple incidents involving its autonomous vehicles, including a crash into parked cars and a collision with a child in a school zone [4] - NHTSA is currently investigating over 3,000 Waymo autonomous vehicles following these incidents [4] Competitive Landscape - Baidu's Apollo Go has surpassed 20 million lifetime robotaxi rides and reported a significant increase in fully driverless rides, with a 200% year-over-year growth in Q4 [5] - Analysts note that while Waymo's rides are fully autonomous, Tesla's robotaxis still require onboard safety drivers for most of their operations [6] - Waymo has faced challenges, including instances requiring human intervention and taking longer routes [6]

China's Baidu tops quarterly revenue estimates | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A sign of Baidu is pictured at the company's headquarters in Beijing, China March 16, 2023. REUTERS/Tingshu Wang/File Photo [Purchase Licensing Rights, opens new tab]Feb 26 (Reuters) - China's largest search engine operator Baidu [(9888.HK), opens new tab] topped market estimates for quarterly revenue on Thursday, as strong growth in its ...

What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, HHLR Advisors, Ltd. reported the complete sale of its Baidu position during the fourth quarter. The fund reduced its holdings by 1,641,000 shares, with an estimated transaction value of $216.23 million based on average pricing for the period. The quarter-end valuation of the Baidu stake dropped by $216.23 million, reflecting this divestiture and share price movement. What else to know HHLR Advisors, Ltd ...

>> IT IS 9:00 A. M. IN SHANGHAI.YOU ARE WATCHING "THE CHINA SHOW" DAVID: GOOD MORNING. WE ARE COUNTING DOWN TO THE OPENS IN HONG KONG. OUR TOP STORIES TODAY.OIL IS STEADYING, NEAR A SIX-MONTH HEIGHT. WHILE STOCKS ARE UNDER PRESSURE AND GROWING FEARS OF A U.S. STRIKE ON IRAN. >> AS TRUMP SAYS TEHRAN HAS 15 DAYS TO STRIKE A DEAL OVER ITS NUCLEAR PROGRAM AS THE U.S. MS IS AN ARRAY OF FORCES IN THE MIDDLE EAST.DAVID: -- RESTRICTING, RAISING FRESH CONCERNS OVER RISK CONCERNS AND THE $1.8% TRILLION MARKET. >> HOW ...

>> THIS IS "BALANCE OF POWER" LIVE FROM WASHINGTON. TONIGHT, WASHINGTON WALKS AWAY. LAWMAKERS HAVE ALREADY LEFT WASHINGTON.THEY ARE DUG IN OVER IMMIGRATION ENFORCEMENT. HOW LONG COULD THIS PARTIAL SHUTDOWN LAST. KAILEY: CONSTANT CHAOS IS HOW A NEW REPORT DESCRIBES THE DEPARTMENT OF HOMELAND SECURITY.AS DEMOCRATS PRESSED FOR ICE REFORMS, IS HER TUMULTUOUS TIME IN WASHINGTON NEARING END. JOE: THE PENTAGON LISTS AN UPDATED LIST OF COMPANIES THEY SAY ARE TIED TO THE CHINESE MILITARY ONLY TO PULL IT LATER. KAILE ...

Summary of China Internet Sector Conference Call Industry Overview - The China Internet sector has had a lackluster start to 2026, with KWEB remaining flat year-to-date. AI advancements continue to influence investor preferences within the sector, particularly with Alibaba outperforming due to its Qwen agentic services, while Tencent has lagged behind [1][2]. Key Companies Discussed Tencent - Tencent's share price reflects investor concerns regarding its AI model and chatbot development. The company has shown solid returns on investment (ROI) from AI in its advertising and gaming sectors, trading at a projected 14-15x PE for 2027, indicating a favorable risk-reward scenario as earnings compound [3][8]. - Recent issues with the Yuanbao Party highlight challenges in AI development within WeChat, which faces higher quality standards compared to other platforms. Despite this, Tencent's advertising business remains robust, with strong growth in Video Accounts and digital ads [3][85]. - The company is perceived to be behind in AI model development, which has negatively impacted its valuation multiples. However, the potential for recovery exists as the company continues to innovate and improve its AI capabilities [57][59]. Alibaba - Alibaba's sentiment peaked during the launch of Qwen agentic services, which positions the company favorably in the domestic market. The use of red packet promotions to stimulate online shopping behavior is seen as a more logical strategy compared to incentivizing information retrieval [4][9]. - Concerns remain regarding Alibaba's ability to demonstrate that its AI initiatives can drive significant growth in gross merchandise volume (GMV) and customer retention. The combination of a top-tier AI model, strong growth in Alicloud revenues (30-40%), and a solid GPU development program makes Alibaba an attractive investment [4][9]. - The regulatory environment remains a concern, with ongoing investigations into other companies in the sector contributing to cautious sentiment among investors [4][55]. AI and Chatbot Wars - The competition among major Chinese internet platforms, including Tencent, Alibaba, Bytedance, and Baidu, has intensified with the introduction of red packet promotions aimed at boosting AI chatbot adoption. This strategy indicates that AI capabilities alone are insufficient for consumer-facing applications [2][19]. - Recent data suggests that while user acquisition for AI chatbots has increased due to promotional efforts, daily engagement metrics have not shown significant improvement, raising questions about long-term user retention and behavior change [17][24]. - The effectiveness of cash incentives in driving user engagement with AI chatbots is debated, with comparisons drawn to past successes in online payment adoption [20][21]. Regulatory Environment - The regulatory landscape for the China Internet sector has shifted, with increased scrutiny and investigations affecting investor sentiment. The potential for stricter enforcement of e-commerce taxes and other regulations has raised concerns about future growth prospects [4][55]. - Despite these challenges, recent stock pullbacks may improve the risk-reward profile for investors in the sector, particularly for Tencent and Alibaba [56]. Investment Implications - Both Tencent and Alibaba present distinct investment opportunities, with Tencent focusing on steady earnings and AI ROI, while Alibaba emphasizes faster model development and long-term AI optionality. The current market environment favors companies that can demonstrate tangible AI success and consumer engagement [7][28]. - The ongoing debate among investors regarding the costs and benefits of AI investments will likely influence stock performance in the near term, with a shift towards favoring companies that can deliver visible earnings impacts [28][100].

Summary of Baidu.com (BIDU.O) Conference Call Company Overview - **Company**: Baidu.com (BIDU.O) - **Industry**: Autonomous Driving and Ride-Hailing Services Key Points Partnership and Expansion - Baidu and Uber, in collaboration with Dubai's Roads and Transport Authority (RTA), are launching the Apollo Go autonomous ride-hailing service on the Uber platform in Dubai, specifically in the Jumeirah area, expected to be available within the coming month [2][3] - The service will allow users to book an Apollo Go vehicle through Uber Comfort or UberX by selecting the "Autonomous" option [2] - This marks the first fully driverless ride-hailing service in Dubai, with plans to expand to more cities based on operational learnings and regulatory approvals [2][3] Global Ecosystem and Collaborations - Apollo Go has partnered with AutoGo to launch a fully driverless commercial ride-hailing service in Abu Dhabi, allowing users to hail rides directly through the AutoGo app [3] - The global ecosystem of Apollo Go has extended to Europe, with plans to initiate autonomous driving tests and ride-hailing services in London, UK, starting in 2026, and testing in Switzerland through a partnership with Swiss PostBus [3] Performance Metrics - Apollo Go has logged over 240 million autonomous kilometers, with more than 140 million kilometers completed in fully driverless mode [4] - The service operates in 22 cities globally, with a weekly ride count surpassing 250,000 and a cumulative total of over 17 million rides completed as of October 31, 2025 [4] Financial Outlook - Baidu's target price is set at US$186, reflecting a potential upside of 26.6% from the current price of US$146.97 [5] - The market capitalization of Baidu is approximately US$50.524 billion [5] Valuation Breakdown - The target price is derived from several components: 1. **Baidu Core (search only)**: P/E of 5x on 2026E non-GAAP estimated core search net profit of US$1.68 billion, assuming 21.0% net margins [8] 2. **Baidu AI Cloud**: P/S of 5x on 2026E AI Cloud revenues of US$2.72 billion, leading to a valuation of US$13.6 billion or US$39.9 per share [8] 3. **Kunlunxin**: Forecasted revenues of US$1.77 billion in 2026, applying a 20x P/S multiple for a valuation of US$35.4 billion [9] 4. **Autonomous Driving**: Valuation based on current market comparisons, estimating US$5.25 billion or US$15.4 per share [10] Risks - Potential risks that could impede Baidu's share price from reaching the target include: 1. Slower recovery of the search business and loss of ad budget share to competitors [12] 2. Increased competition in news feed ads [12] 3. Economic slowdown in China affecting advertising sentiment [12] 4. Regulatory actions leading to adjustments in search results inventory [12] Additional Insights - The Apollo Go service is positioned to demonstrate Baidu's AI capabilities in real-world applications, enhancing its value proposition in the autonomous driving sector [1] - The strategic partnerships with global players like Uber and Lyft are crucial for expanding Baidu's market presence and operational capabilities in the autonomous vehicle space [1][3]

Investment Rating - The report assigns a "BUY" rating to RoboSense (02498.HK) with a target price of HK$ 48.50 per share [2][7]. Core Insights - RoboSense reported strong Q4 2025 operating metrics, achieving breakeven in the quarter due to significant increases in LiDAR shipments for both ADAS and robotics [3][7]. - The robotics segment, particularly lawn mower robots, was a key driver of growth, supported by product upgrades and new customer additions [4]. - Demand for new digital LiDAR products, EMX and EM4, is expected to exceed expectations, contributing significantly to revenue in 2026 [5]. - Technological advancements showcased at CES, including a Delivery Assistant robot, highlight RoboSense's innovation capabilities [6]. - The upward revision of sales volume forecasts and revenue assumptions reflects stronger-than-expected demand, leading to improved gross margin forecasts [7]. Financial Overview - For 2025, RoboSense is projected to generate revenue of RMB 2,019.6 million, with a gross profit of RMB 557.9 million and a gross margin of 27.6% [8]. - The company anticipates a significant increase in revenue to RMB 4,002.8 million by 2026, with a gross profit of RMB 1,142.1 million [8]. - The financial metrics indicate a path to profitability, with net profit expected to turn positive by 2026, reaching RMB 221.6 million [8].

Market Overview - Wall Street's three main equity benchmarks closed mixed, with Advanced Micro Devices (AMD) dropping over -17% after disappointing Q1 revenue guidance, while Super Micro Computer (SMCI) surged more than +13% following strong FQ2 results and an increased full-year revenue outlook [2] - The ADP National Employment report indicated that U.S. private nonfarm payrolls rose by +22K in January, below the expected +46K, while the ISM services index remained unchanged at 53.8, exceeding expectations [6] - U.S. rate futures show an 88.0% probability of no rate change and a 12.0% chance of a 25 basis point rate cut at the upcoming Fed meeting [8] Corporate Earnings - The fourth-quarter corporate earnings season is ongoing, with S&P 500 companies expected to report an average +8.4% increase in quarterly earnings for Q4 compared to the previous year [9] - Notable companies reporting earnings include Amazon.com (AMZN), ConocoPhillips (COP), and Bristol-Myers Squibb Company (BMY) [9] Economic Data - Investors are focused on upcoming U.S. Initial Jobless Claims data, expected to be 212K, and JOLTs Job Openings figures anticipated at 7.200 million [10] - Germany's December Factory Orders rose +7.8% m/m, while France's Industrial Production fell -0.7% m/m, and Eurozone's Retail Sales decreased -0.5% m/m [14] International Markets - The Euro Stoxx 50 Index is down -0.15% as investors await monetary policy decisions from the Bank of England and the European Central Bank [13] - Asian stock markets closed lower, with China's Shanghai Composite Index down -0.64% and Japan's Nikkei 225 down -0.88%, primarily due to weakness in technology stocks [15][17]

9 a. m. in Shanghai, Shenzhen, and here in Hong Kong, you're watching the China show.I'm Yvonne Man with Annabel Jewelers. We're counting down to the opening of markets in Greater China and our top stories this morning. Asian stocks sliding as a rotation out of tech shares continues to gather pace on Wall Street.Fears of disruption for many still rippling through markets. We speak exclusively this hour with Taiwan silicon motion about their latest results and outlook when it comes to the memory chip busines ...