Core Insights - Arm Holdings has reorganized to create a Physical AI unit aimed at expanding its presence in the robotics market, coinciding with a significant focus on robotics at CES [1][2] Business Structure - Arm will now operate three main lines of business: Cloud and AI, Edge (including mobile devices and PCs), and Physical AI, which will encompass its automotive business [3] - The Physical AI unit combines robotics and automotive sectors due to similar customer requirements such as power constraints, safety, and reliability [7] Market Potential - The company views robotics as a market with immense long-term growth potential, with expectations that physical AI solutions could significantly enhance labor efficiency and impact GDP [6] - Arm's strategy includes increasing licensing fees and considering full chip design to boost its business [5] Partnerships and Collaborations - Arm collaborates with various automakers globally, including Tesla, and robotics companies like Boston Dynamics, which is owned by Hyundai [7] - A production-ready Atlas humanoid robot was unveiled by Hyundai and Boston Dynamics, set to be deployed in U.S. factories by 2028 [8]

Core Viewpoint - Arm Holdings has reorganized its structure and established a Physical AI unit to enhance its involvement in the robotics sector [1] Group 1 - The formation of the Physical AI unit is aimed at expanding Arm's presence in the robotics market [1]

Core Insights - Mobileye Global Inc. announced a $900 million acquisition of Mentee Robotics, expanding its focus into "physical AI" for industrial fleets [1][3] - The company is positioning robotaxis as a key growth area, with plans for a Level 4-ready vehicle by February 2026 and a driverless launch in the U.S. in the second half of 2026 [1][6] Robotics Deal - The acquisition of Mentee Robotics is seen as a strategic move into "physical AI," building on existing autonomous driving technology [3] - Mobileye aims for near-term robotics deployments in structured environments like factories, with production expected by 2028, and plans to enter unstructured environments by the end of the decade [4] Core Automotive Business - Mobileye reported strong progress in its core Advanced Driver Assistance Systems (ADAS) business, winning approximately 95% of RFQs with its top-10 automaker customers in 2025 [5] - The company has a design pipeline valued at $24.5 billion through 2033, with most contracts awarded in the last three years [5] - Mobileye's chips currently power around 230 million vehicles globally [5] Robotaxis and Autonomy Programs - The company is advancing its robotaxi initiatives through partnerships with Volkswagen and MOIA, targeting a Level-4-ready vehicle in early 2026 [6] - Plans include launching driverless services in the U.S. later in 2026, with subsequent expansions to multiple cities [6] Cost Reduction and Autonomy - Mobileye is focused on reducing system costs for advanced driver assistance while enhancing higher-level autonomy towards near-zero human intervention, supported by its simulation-driven autonomy stack [7]

Labor Market - The U.S. job market is expected to show slow expansion, with an addition of 73,000 jobs in December and a decrease in the unemployment rate to 4.5% from 4.6% in the previous month [2] - Job growth in December is slightly higher than the 64,000 jobs added in November, which had the highest unemployment rate since 2021 [2] - Over the past months, tariffs have negatively impacted hiring, with an average addition of only 17,000 jobs per month from May to November, compared to 147,000 jobs per month in the year leading up to April 2025 [3] - Some experts believe the Bureau of Labor Statistics may be overestimating job growth, with Federal Reserve Chair Jerome Powell suggesting an average loss of 20,000 jobs per month since April [4] Albertsons - Albertsons Cos. reported weaker-than-expected Q3 net sales of $19.12 billion, slightly below the $19.16 billion consensus, leading to a 6% drop in shares [5][6] - Identical sales growth for Q3 was 2.4%, missing estimates due to delayed SNAP funding, which impacted sales by 10 to 20 basis points [6] - The company has lowered its full-year identical sales growth forecast to a range of 2.2% to 2.5%, down from 2.2% to 2.75%, citing impacts from the Inflation Reduction Act's Medicare Drug Price Negotiation Program [6] Apogee Enterprises - Apogee Enterprises has cut its fiscal 2026 outlook again, resulting in an 11% drop in stock price after lowering its full-year net sales and profit forecasts for the second consecutive quarter [16][17] - The company now expects fiscal 2026 net sales of $1.39 billion and adjusted earnings per share of $3.40 to $3.50, down from previous guidance of $1.39 billion to $1.42 billion and adjusted EPS of $3.60 to $3.90 [17] - CFO Matthew Osberg has resigned, and Mark Augdahl has been named interim CFO, following a recent change in CEO [18]

Core Insights - Caterpillar is enhancing its construction machinery with AI and automation through a partnership with Nvidia, piloting an AI assistive system called "Cat AI" in its Cat 306 CR Mini Excavator [1][2] - The Cat AI system utilizes Nvidia's Jetson Thor platform and is designed to assist machine operators by answering questions, providing resources, safety tips, and scheduling services [2] - Caterpillar is also exploring digital twins of construction sites using Nvidia's Omniverse to optimize scheduling and material calculations, leveraging data from machines that send approximately 2,000 messages per second back to the company [3] Group 1 - The integration of AI technology aims to address real challenges faced by customers in the construction industry, providing actionable insights while they work [3][6] - Caterpillar's existing autonomous vehicles in the mining sector serve as a foundation for expanding automation in its construction machinery portfolio [4] - Nvidia's strategy aligns with its vision of physical AI, which encompasses a broader definition beyond robotics, indicating a significant shift in the industry [8][9] Group 2 - Nvidia is positioning itself as a leader in physical AI, emphasizing the importance of its powerful GPUs in training, simulating, and deploying AI models across various applications, including construction machinery [7][9] - The collaboration between Caterpillar and Nvidia represents a merging of traditional manufacturing with cutting-edge technology, highlighting the evolving landscape of the construction equipment industry [6][8]

Core Insights - Mobileye Global Inc is acquiring humanoid robot startup Mentee in a cash and stock deal valued at approximately $900 million, marking its first foray into physical AI [1] - The stock price of Mobileye has shown a rebound from its record low of $10.04 on December 18, with a 17.4% increase since the beginning of 2026 [2] - The trading volume of call options has surged, with 44,000 calls exchanged, significantly higher than the average, indicating bullish sentiment among options traders [3] Stock Performance - Mobileye's stock was last trading near breakeven at $12.18, having previously surged to $14.33 following the acquisition news [1] - The stock has faced resistance at the 200-day moving average, which has limited further gains [2] Short Interest and Trading Activity - Short interest in Mobileye remains at 13.5% of the stock's available float, although it has been unwinding, indicating some short covering activity [4] - It would take over four days for short sellers to cover their positions based on the average trading pace of Mobileye [4]

Core Insights - The semiconductor industry is transitioning towards multi-die and chiplet-based architectures due to increasing chip complexity in AI, data centers, and high-performance computing workloads [2] - Cadence Design Systems Inc. (CDNS) has launched the Chiplet Spec-to-Packaged Parts ecosystem, aiming to mainstream chiplet designs and address engineering complexity and integration risks [2][9] - The ecosystem includes partnerships with major companies like Arm and Samsung Foundry, indicating readiness for real-world production [3][9] Industry Trends - There is a broad demand for AI-driven solutions, influenced by trends such as 5G, hyperscale computing, and autonomous driving, leading to increased design activity in the semiconductor sector [5] - The focus on Generative AI, Agentic AI, and Physical AI is driving exponential growth in computing demand and semiconductor innovation [5] Company Developments - Cadence's AI-focused portfolio includes the JedAI platform, leveraging NVIDIA's compute capacity, and aims to enter new markets like Life Sciences with its OpenEye software [6] - The company is expanding partnerships with foundries like Taiwan Semiconductor Manufacturing, Intel, and Arm Holdings, positioning itself to benefit from increased R&D spending in AI automation [6] Competitive Landscape - Cadence faces stiff competition from other EDA companies such as Synopsys and Siemens AG, which may impact pricing power and margins [7] - Increased R&D spending is necessary for Cadence to remain competitive, particularly in verification and digital design products, but this may hinder operating margin expansion [7] Financial Performance - CDNS has a Zacks Rank of 2 (Buy), with shares gaining 3.9% over the past year, compared to the Zacks Computer-Software industry's growth of 7.6% [10]

Core Insights - The auto industry is rapidly evolving, with a shift towards humanoid robotics and physical AI, exemplified by Mobileye Global Inc.'s acquisition of Mentee Robotics for approximately $900 million [2][3][4] Group 1: Mobileye's Acquisition - Mobileye is acquiring Mentee Robotics to enter the humanoid robotics sector, paying around $612 million in cash and the remainder in stock [3] - The acquisition aims to leverage Mobileye's expertise in AI and large-scale production with Mentee's robotics platform [4] - The first proof-of-concept deployments are expected by 2026, with full-scale commercialization targeted for 2028 [5] Group 2: Industry Trends - Major automakers like Mercedes-Benz, Hyundai, BMW, and Tesla are exploring humanoid and autonomous robots to enhance manufacturing efficiency and flexibility [6][10] - The motivation for this shift includes improving operational efficiency, reducing repetitive strain on workers, and enhancing precision in production [7] Group 3: Hyundai's Robotics Strategy - Hyundai is integrating humanoid robots into its operations, planning to deploy the Atlas robot in factories by 2028, targeting an annual production of around 30,000 robots [8][9] - Initially, Atlas will focus on parts sequencing, with plans to expand its role to more advanced assembly tasks by 2030 [9] Group 4: Mercedes-Benz's Initiatives - Mercedes-Benz is implementing a structured approach to robotics as part of its digitalization strategy, including the use of a robotic dog for security [10][12] - The company is collaborating with Apptronik to integrate Apollo humanoid robots into production systems, with a focus on achieving fully autonomous operations [12] Group 5: Tesla's Robot Production - Tesla is advancing its humanoid robot program, Optimus, with plans to reveal a production-intent model in early 2026 and target annual production of up to one million units [13][14] Group 6: BMW's Deployment - BMW has transitioned from testing to active deployment of humanoid robots, utilizing them in physically demanding tasks at its Spartanburg plant [15][16] - The F.02 humanoid robots have contributed to the production of over 30,000 BMW X3 vehicles, providing insights for future robot generations [16] Conclusion - Humanoid robotics is emerging as a critical frontier for automakers, promising significant advancements in efficiency and technological leadership as the industry undergoes transformative changes [17]

证券研究报告 科技 英伟达 2026 CES：重申 Rubin 平台，以 Physical AI 为基，迈向 Agentic AI 时代 华泰研究 2026 年 1 月 07 日│美国 动态点评 科技 增持 (维持) | 美西时间 CEO 黄仁勋在 2026 CES 举行演讲。继去年 | 1 月 | 5 日，英伟达 | | | 何翩翩 | 研究员 | | --- | --- | --- | --- | --- | --- | --- | | GTC 发布 CES 披露更多细节。该平台将涵盖六款核 | Rubin 平台以来，本次 | | | | SAC No. S0570523020002 | purdyho@htsc.com | | SFC No. ASI353 | | | | | | +(852) 3658 6000 | | 心芯片：Vera CPU、Rubin GPU、NVLink 6 Switch、ConnectX-9 SuperNIC、 | | | | | | | | Spectrum-6 以太网交换芯片。鉴于英伟达通常于 | BlueField-4 DPU 与 | | | 3 月 | 黄乐平，PhD ...

Core Insights - The article highlights the successful IPOs of two companies, Minglue Technology and 51WORLD, in late 2025, marking significant milestones in the fields of Agentic AI and Physical AI respectively [1][5][9] - Both companies faced substantial challenges prior to their IPOs, which they overcame through participation in the Chaos Black Innovation Enterprise Alliance, emphasizing the importance of strategic support and collaboration in entrepreneurship [9][45] Group 1: Minglue Technology - Minglue Technology became the first publicly listed company in the Agentic AI sector, achieving a market capitalization exceeding HKD 40 billion on its listing day [3] - The company has established itself as a leader in data intelligence, providing marketing data support to over 135 Fortune 500 companies and holding more than 2,300 patents [3] - Founder Wu Minghui's journey reflects a transition from a focus on mathematical logic to a broader understanding of trust and human connection in business, which he articulated as a key to his company's future direction [19][28] Group 2: 51WORLD - 51WORLD, recognized as the first Physical AI company to go public, achieved a market valuation of over HKD 15 billion, focusing on creating a digital twin of Earth to address real-world challenges [5][7] - The company has developed capabilities to replicate urban, transportation, and energy systems, serving over 1,000 clients across 19 countries [36] - Founder Li Yi's vision of "cloning the Earth" began with a personal mission to protect the planet, showcasing the blend of ambition and technological innovation in his entrepreneurial approach [34][35] Group 3: Challenges and Support - Both founders faced significant crises in early 2024, which led them to seek support from the Chaos Black Innovation Enterprise Alliance, highlighting the value of mentorship and strategic collaboration in overcoming adversity [9][45] - The article emphasizes the importance of community and shared experiences among entrepreneurs, as both Wu and Li found solace and guidance in their interactions with like-minded peers [40][41] - The strategic co-creation process facilitated by the alliance helped both companies align their visions with actionable steps, reinforcing the idea that collaboration can bridge gaps in understanding and execution [38][45]