FUTURE OF TECH 15 May 2025 India Technology, Media & Internet Future of Tech - Agentic AI & LLMs - Takeaways from our conference Rahul Malhotra +65 6326 7642 rahul.malhotra@bernsteinsg.com Bernstein hosted its Future of Tech conference in Singapore on 14th May 2025 with a panel discussion on Agentic AI and LLM capabilities. We had COO & Co- Founder of AI Rudder (private, voice AI platform) and Head of AI at Straive (private, AI analytics) to discuss Agentic AI & LLMs and how they will impact the future of T ...

Summary of ACV Auctions (ACVA) FY Conference Call - May 13, 2025 Company Overview - **Company**: ACV Auctions (ACVA) - **Industry**: Automotive auction and technology services Key Points and Arguments Financial Performance - **Record Revenues**: The company reported a 25% year-on-year revenue growth for the quarter, with adjusted EBITDA growing over 200% year-on-year, indicating strong leverage in the business model [6][7][8] - **Guidance Maintenance**: The company maintained its full-year guidance, indicating confidence in its operational performance despite market noise [7][15] Market Share and Growth - **Consistent Market Share Gains**: ACV Auctions has been consistently gaining market share, attributed to a strong core marketplace and growing interest in value-added services [6][10] - **Annual Perspective on Share Gains**: The management emphasized that evaluating share gains on an annual basis is more meaningful than quarterly fluctuations [10][12] Industry Context - **Wholesale Market Outlook**: The company expects the wholesale market to remain flat or slightly up/down, which is reflected in their guidance [14][15] - **Impact of Tariffs**: Management expressed comfort with their guidance range despite potential tariff impacts, citing flexibility in their business model [13][15] Network Effects and Data Utilization - **Network Effects**: The company highlighted the importance of network effects, where increased supply and demand lead to better data, which in turn enhances product offerings [16][18] - **Data-Driven Products**: ACV Auctions is leveraging data from over a million inspections annually to predict vehicle values, which is a significant competitive advantage [17][32] Product Development and Innovations - **Key Product Offerings**: The company is excited about its ability to predict vehicle prices, which is central to several product offerings like ClearCar and ACV Max [28][30] - **Guaranteed Sales Model**: The introduction of guaranteed sales is expected to enhance revenue and margins, with a significant percentage of cars sold through this model [35][39] Commercial Strategy - **Expansion into Commercial Sector**: The company is working on expanding its commercial business, with plans to open new locations and enhance reconditioning capabilities [58][60] - **Partnerships with OEMs**: ACV Auctions is exploring partnerships with OEMs for trade-in platforms, indicating potential growth in off-lease vehicle transactions [47][50] Challenges and Future Outlook - **Trust Building**: The management identified building trust with dealers as a key challenge for growth, emphasizing the need for a reliable supply and demand balance [19][20] - **Adoption of New Models**: The company is focused on changing dealer perceptions regarding auction processes to drive adoption of their new models [65][66] Conclusion - **Long-Term Vision**: ACV Auctions is positioned to leverage its data and technology to enhance its marketplace, with a focus on delivering superior experiences for both buyers and sellers [71][72]

Core Insights - Microsoft is renegotiating its agreement with OpenAI to safeguard its $13 billion investment and ensure access to future technologies as OpenAI considers a potential IPO [1][2] - OpenAI is transitioning from a nonprofit to a for-profit public benefit corporation, which allows for greater flexibility and potential for an IPO [3][6] - The partnership restructuring is a strategic move for Microsoft, allowing it to maintain access to OpenAI's innovations without full control [9][10] Company Developments - OpenAI has evolved into a competitor to Microsoft, launching consumer tools, APIs, and enterprise deals that overlap with Microsoft's offerings [1][8] - The initial investment from Microsoft in OpenAI was $1 billion, which has since grown to approximately $13 billion, reflecting the increasing value of OpenAI's technologies [4][5] - OpenAI's shift to a for-profit model is driven by the need for more funding, as venture capitalists are hesitant to invest in capped-profit structures [5][6] Market Implications - An IPO for OpenAI could provide retail investors with opportunities to invest in AI innovations, potentially leading to new investment capital for growth [3] - The competition between OpenAI and Microsoft includes direct overlaps in product offerings, such as ChatGPT versus Microsoft Copilot and OpenAI's API versus Azure's OpenAI services [11] - OpenAI's hiring of Instacart CEO Fidji Sumo indicates a stronger commercial focus, further intensifying competition with Microsoft [8]

Core Viewpoint - The stock market, particularly the S&P 500, is generally efficient in pricing future economic expectations, but certain stocks may disconnect from broader market trends, presenting investment opportunities [1][2] Group 1: Cleveland-Cliffs Inc. (NYSE: CLF) - Cleveland-Cliffs stock is currently priced at $7.37, representing a 39% drop from its 52-week high, indicating that worst-case scenarios for the U.S. industrial sector may already be priced in [3][4] - Analysts project a 12-month price forecast of $15.49 for Cleveland-Cliffs, suggesting a potential upside of 110.29% from current levels, with a consensus indicating a moderate buy rating [3][5] - The stock's risk-to-reward ratio is favorable for bullish investors, with a consensus price target of $15.5 per share, indicating a significant rebound potential [5] Group 2: Wayfair Inc. (NYSE: W) - Wayfair's current stock price is $39.59, with a 12-month price forecast of $46.46, indicating a 17.36% upside potential [6][7] - The stock trades at 43% of its 52-week high, attracting capital as investors anticipate a rebound in the home furnishing market as real estate stabilizes [7][8] - Analysts from Mizuho have set a price target of $50 per share for Wayfair, suggesting a potential upside of 53% from current levels [10] Group 3: Reddit Inc. (NYSE: RDDT) - Reddit's stock is currently priced at $111.30, with a 12-month price forecast of $140.35, indicating a 26.10% upside potential [11] - The stock has fallen to 47% of its 52-week high, and recent quarterly earnings results suggest that the current price does not reflect the company's financial performance [11][12] - Institutional investors, such as the Vanguard Group, have increased their holdings in Reddit, showcasing confidence in its future, with Citigroup analysts maintaining a buy rating and a valuation of $158, indicating a 46% upside [13]

Uber (UBER) Q1 2025 Earnings Call May 07, 2025 12:00 PM ET Speaker0 and welcome to the Uber First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Balaji Krishnamurti, Vice President, Strategic Finance and Investor Relations. You may begin. Speaker1 Thank you, operator. Thank you for joining us today, and welcome to ...

从上海到纽约，世界各地的餐厅里都能看到机器人在烹饪食物。它们会制作汉堡、印度薄饼、披萨和炒菜。它们的原理与过去50年机器人制造其他产品的 方式如出一辙：精准执行指令，一遍又一遍地重复相同的操作步骤。 但Ishika Singh想要的不是这种"流水线"式的机器人，而是真正能"做晚饭"的机器人。它应该能走进厨房，翻找冰箱和橱柜，拿出各种食材搭配组合，烹调 出美味的菜肴，然后摆好餐具。对孩子而言，这也许很简单，但没有任何机器人能做到这一点。这需要太多关于厨房的知识，更需要常识、灵活性和应变 能力，但这些能力都超出了传统机器人编程的范畴。 南加州大学计算机科学博士生Singh指出，问题的症结在于机器人学家使用的经典规划流程。"他们需要把每一个动作，以及它的前提条件和预期效果都定 义清楚，"她解释道，"这要求事先设定环境中所有可能发生的情况。"可即使经过无数次试错，编写数千行代码，这样的机器人仍无法应对程序之外的突 发状况。 一个晚餐服务机器人在制定"策略"（执行指令的行动计划）时，不仅要知道当地的饮食文化（当地所谓的"辛辣"究竟指什么），还要熟悉具体厨房环境 （电饭煲是否放在高层的架子上）、服务对象的特殊情况（Hec ...

Uxin Limited (UXIN) Q4 2025 Earnings Call April 30, 2025 08:00 AM ET Company Participants Jack Wang - Managing DirectorDai Kun - Founder, Chairman & CEOFeng Lin - Chief Financial Officer Conference Call Participants Fei Dai - Analyst Operator and welcome to the Yixin Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time, all participants are in listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorde ...

机器之心报道 编辑：陈萍、+0 大型语言模型（LLMs）在广泛的自然语言处理（NLP）任务中展现出了卓越的能力。然而，它们迅速增长的规模给高效部署和推理带来了巨大障碍，特别是在计 算或内存资源有限的环境中。 例如，Llama-3.1-405B 在 BFloat16（16-bit Brain Float）格式下拥有 4050 亿个参数，需要大约 810GB 的内存进行完整推理，超过了典型高端 GPU 服务器（例如， DGX A100/H100，配备 8 个 80GB GPU）的能力。因此，部署该模型需要多个节点，这使得它昂贵且难以获取。 本文，来自莱斯大学等机构的研究者提出了一种解决方案， 可以 将任何 BFloat16 模型压缩到原始大小的 70%，同时还能在任务上保持 100% 的准 确性。 论文标题： 70% Size, 100% Accuracy: Lossless LLM Compression for Efficient GPU Inference via Dynamic-Length Float 为了应对 LLM 不断增长的模型尺寸，通常会采用量化技术，将高精度权重转换为低位表示。这显著减少了内存 ...

Core Insights - Treasure Global Inc. (TGL) is launching a strategic initiative to develop an advanced AI cloud infrastructure in Malaysia, capable of supporting AI models with up to one trillion parameters, making it one of the most powerful AI computing environments in Southeast Asia [1][2][3] Group 1: Strategic Initiative - The initiative marks a significant milestone in TGL's expansion into enterprise-grade AI infrastructure, facilitating the development of large language models, computer vision systems, and generative AI applications [2] - The AI cloud platform's development has begun, with phased deployment planned throughout 2025 [2] Group 2: Technological Capabilities - The platform will utilize advanced GPU clusters optimized for large-scale, multi-modal AI workloads, built on DeepSeek's technology, providing high-performance computing for training trillion-parameter models [3] - The global AI infrastructure market is projected to reach USD 60.23 billion in 2025, with a compound annual growth rate (CAGR) of 26.60% from 2025 to 2034 [4] Group 3: Market Demand and Applications - Malaysia is emerging as a regional hub for digital innovation, addressing the growing demand for scalable computing infrastructure across various sectors, including finance, healthcare, education, and logistics [4][11] - TGL's AI cloud platform aims to enhance access to high-performance AI capabilities across multiple sectors [5] Group 4: Partnerships and Agreements - TGL has secured a USD 16 million service agreement with V Gallant Sdn Bhd, redirecting a significant portion of the capital commitment towards the AI cloud platform's design and deployment [5][6] - The agreement is effective through December 2025, with both parties focused on accelerating TGL's role in Southeast Asia's AI infrastructure landscape [6] Group 5: Company Vision - The CEO of TGL emphasized the commitment to building world-class infrastructure to support the shift toward AI-native enterprises, aiming to create long-term value for customers and shareholders [7] - TGL is recognized as a key player in Malaysia's digital economy, with its flagship product, the ZCITY Super App, attracting over 2.9 million registered users as of November 2024 [8]