December 7, 2025 10:30 PM GMT Tesla Inc | North America Beyond the Wheel – Mapping Tesla's Journey into Physical AI | What's Changed | | | | --- | --- | --- | | Tesla Inc (TSLA.O) | From | To | | Rating | Overweight | Equal-weight | | Price Target | $410.00 | $425.00 | Tesla under Elon Musk's leadership is poised to be a market leader across autonomous mobility, renewable energy, and robotics. However, with the stock trading at 30x 2030 EBITDA (48x on MSe), downside to NTM cons. estimates, and non-auto cata ...

December 7, 2025 09:00 PM GMT The Robot Almanac Vol. 1: AI Gets Physical; Cambrian Explosion of Bots Morgan Stanley Global Embodied AI Team December 2025 The content addressing private companies is being provided for informational purposes only and does not constitute a solicitation or imply future research coverage if the company goes public. Content is based on unaudited information. No investment recommendation is provided as there is limited public information available for private companies. Investors ...

2025年10月，酷哇机器人发布具有双臂操作能力的小型机器人R0，不仅能承担市政作业任务，也为进入物业等更复杂场景。与此同时，酷哇斩获36氪 WISE2025「年度AI 应用场景突破企业」，并在深圳国际人工智能环卫机器人大赛中夺冠，其场景落地与技术创新得到了双重验证。 酷哇机器人选择从环卫场景出发，也是出于这个逻辑。"酷哇选择的路径比较务实，我们以城市服务为核心，以环卫为起点，深耕城市中的Dirty Work（脏活 累活），通过机器人释放劳动力。"酷哇机器人CTO廖文龙说。 这两年，全球的目光都聚焦于生成式AI与人形机器人，前者重塑了人与信息的交互方式，后者被视为通往通用智能的关键载体。 但在热闹的技术叙事之外，真正能够落地、创造现实生产力的机器人，已经悄悄行走在城市的街道上。它们出现在马路牙子边、立交桥下、人行道的盲区， 这些最容易被人忽视却充满灰尘与危险的地方；它们从清晨五点开始作业，替代着千千万万辛苦、繁重甚至存在安全风险的工作。 在中国，环卫是一个规模庞大、痛点突出的行业：劳动密集、招工困难、安全风险高、作业标准严苛。但也恰巧因为这样，并不性感的环卫场景才能够衡量 其智能价值。 酷哇科技在近期的国际环 ...

Core Thesis - Cadence Design Systems, Inc. is positioned strongly within the AI infrastructure ecosystem, showcasing robust financial performance and strategic growth opportunities in the AI sector [2][4][5] Financial Performance - In Q3 2025, Cadence reported a 10% year-over-year revenue increase, exceeding guidance, with non-GAAP EPS rising by 18% and a record backlog of $7 billion [2][5] - The company's trailing and forward P/E ratios were reported at 80.37 and 39.37 respectively as of December 1st [1] Segment Performance - The IP segment is projected to achieve over 20% full-year growth, driven by AI and HPC interconnects, and expanding partnerships with major foundries like Samsung and Intel [3] - The hardware verification business, including Palladium and Protium, had a record quarter, becoming the preferred choice for AI chip designs requiring extensive verification [3] Strategic Initiatives - CEO Anirudh Devgan highlighted a "generational opportunity" in AI, with significant productivity gains reported by key customers such as Samsung, NVIDIA, and Qualcomm using Cadence's AI-powered tools [4] - The company is utilizing half of its free cash flow for accelerated share repurchases, indicating strong management confidence [4] - The acquisition of Hexagon's MSC Software represents a strategic move into System Design & Analysis, positioning Cadence to leverage the emerging "Physical AI" market [4] Market Position and Outlook - Despite geopolitical risks in China affecting Q4 EPS expectations, Cadence's diversified growth drivers and strong execution suggest sustainable momentum [5] - The company is well-positioned to maintain double-digit growth and extend its competitive advantage into 2026, supported by leadership in AI design tools and an expanding IP portfolio [5]

Trend Micro Overview - Trend Micro achieved gross sales of $2.1 billion in 2024 [4] - The company has maintained profitability for 26 consecutive years [5] - Trend Micro blocked over 1147 billion threats in 2024 [5] - Digital Life Protection now accounts for 34% of Trend Micro's total revenue globally [111] VicOne (Physical AI Cybersecurity) - VicOne forecasts $10 million in sales for 2025 [62] - The Artificial Intelligence Robots Market is projected to reach $20.51 billion in 2025, with a CAGR of 21.9% from 2023 to 2033 [64] - VicOne's sales are projected to grow from $3.5 million in 2024 to $10 million in 2025, and further to $19.6 million in 2026 [74] - VicOne is experiencing significant sales growth, with a forecast of 185.7% growth from 2024 to 2025 [75] TrendAI (Enterprise Cybersecurity) - Trend Micro has a total enterprise ARR customer opportunity of $8.6 billion [133] - Vision One platform ARR reached $412 million, showing a 74% year-over-year increase [141] - Vision One attach rate is at 47% [144]

Core Viewpoint - Alistster is positioned as a leader in the perception and sensing industry, particularly in the context of the physical AI revolution, serving a diverse customer base across multiple sectors [2][3][4]. Financial Performance - Alistster reported revenues of $39.5 million for the last quarter, reflecting a 41% year-over-year increase and a 13% sequential growth [5][7]. - The company achieved record deliveries of over 7,200 units, indicating strong operational scale and customer demand [7][8]. Market Segments - The company serves four main industries: industrials, smart infrastructure, robotics, and automotive, with significant growth opportunities identified in each sector [3][9]. - Smart infrastructure saw the largest growth last quarter, driven by applications in warehousing, logistics, and smart city management [10][11]. - Industrial automation is highlighted as a major area for future growth, with a focus on enhancing productivity through smart sensing technologies [12]. Competitive Position - Alistster is recognized as the largest Western LAR company, with a competitive edge in non-automotive segments compared to rivals, particularly in Western markets [15][16]. - The company emphasizes its strong presence in Europe and Asia, with deployments in countries like Germany, France, and South Korea, enhancing its global footprint [18][19].

Core Insights - GlobalFoundries is hosting its inaugural business and strategy webinar focused on opportunities in the physical AI space [2] - The company aims to showcase how its MIPS and ultra-low power solutions are facilitating the development of smart, autonomous, and connected devices in physical AI applications [2] Company Overview - The webinar features key executives including Mike Hogan, Chief Business Officer, Sameer Wasson, CEO of MIPS, and Ed Kaste, Senior Vice President of the Ultra-Low Power Product Line [3] - The presentation and recording of the call will be accessible on the company's Investor Relations webpage [3]

GLOBALFOUNDRIES (NasdaqGS:GFS) Update / Briefing December 03, 2025 10:00 AM ET Company ParticipantsSameer Wasson - CEOMike Hogan - Chief Business OfficerEric Chow - Head of Investor RelationsCJ Muse - Senior Managing DirectorEd Kaste - Senior Vice President of Ultra-low Power Product LineMark Lipacis - Senior Managing DirectorConference Call ParticipantsMark Lipacis - AnalystTristan Gerra - AnalystTristan Gerra - Managing Director, Senior AnalystOperatorThank you for standing by, and welcome to the GlobalFo ...

Physical AI Market Overview - Physical AI is the next major market inflection, following the Internet, online commerce, and mobile phones[14, 16, 17] - Physical AI drives broader workloads by enabling devices to sense, think, act, and communicate in dynamic environments[22, 23] - The serviceable addressable market (SAM) for Physical AI is estimated to be over $18 billion by 2030[69] GF's Position and Strategy - GF (GlobalFoundries) is uniquely positioned to enable the Physical AI transition with its portfolio of platforms and technologies[26, 28] - GF's portfolio includes advanced packaging, silicon photonics, MIPS, RISC-V processor IP, ultra-low power CMOS, FinFET FDX, and feature-rich CMOS[29, 31, 33, 35] - GF's technologies empower the performance, safety, and connectivity essential for next-generation mobility[64] MIPS and GF Collaboration - MIPS, a GlobalFoundries company, is powering the next wave of Physical AI with its RISC-V processor IP, software, and custom silicon[36, 41] - The combination of MIPS and GF brings Physical AI to life through workload-driven IP and design, optimized process technologies, and software-first processor IP design[44, 45] - GF's innovations with FDX technology enable more compute and real-time decision-making in an ultra-low power and secure environment[63] Design Win Growth - GF is experiencing accelerating design win growth, with approximately 400 design wins expected in 2025, nearly 3x the ~150 design wins in 2023[72] - Approximately 95% of 2025 year-to-date design wins were sole-sourced[72] - GF is engaged with leading industry players across various sectors, including industrial, AI, automotive, mobile, hyperscalers, and aerospace & defense[73]

Core Insights - DEEPX, in collaboration with Hyundai Motor and Kia's Robotics LAB, is launching a next-generation robot intelligence platform that has entered the commercial validation stage for real-world deployment, marking a significant step towards the commercialization of Physical AI [1] Group 1: Product Development - The DX-M1 NPU developed by DEEPX has been crucial for the robot development initiatives of Hyundai Motor and Kia's Robotics LAB since 2023, featuring sub-5W power consumption, high-performance inference, and low latency [1] - A new controller architecture was developed in 2024, integrating the DX-M1 with a dual wide- and narrow-angle ISP camera system and proprietary vision AI technology, enabling reliable robot operation in network-restricted environments [1] Group 2: Applications and Capabilities - The DX-M1 powers the LAB's facial recognition system, Facey, which has demonstrated capabilities in recipient authentication, user identification, and guided interaction through the DAL-e Delivery robot [1] - The next-generation robot intelligence platform will be showcased at major global industry events starting in December and publicly at CES 2026 in Las Vegas [1] Group 3: Future Collaboration - DEEPX plans to continue its collaboration with Hyundai Motor and Kia's Robotics LAB to accelerate the development and deployment of Physical AI systems across various sectors, including manufacturing, logistics, mobility, and smart-city applications [1]