Core Viewpoint - Dan Ives from Wedbush Securities maintains a bullish outlook on Tesla Inc., predicting the company will dominate the Robotaxi market in 2023, potentially capturing 80% of the market share [1][2][3]. Group 1: Market Predictions - Ives forecasts a base case stock price of $600 and a bull case of $800 for Tesla, emphasizing that 2026 will be a pivotal year for the company and its autonomous driving initiatives [2]. - The prediction of Tesla owning 80% of the Robotaxi market is contingent on the deployment of Robotaxis in 30 cities within the year [3]. Group 2: Competitive Landscape - While Ives acknowledges Nvidia Corp. as a potential competitor with its Alpamayo technology, he believes Tesla's scale is unmatched in the industry [3][4]. - Waymo, a subsidiary of Alphabet Inc., currently leads the Robotaxi sector in the U.S., having recorded over 14 million paid rides in 2025 and achieving 450,000 rides per week [4]. Group 3: Operational Challenges - Tesla's Robotaxi service has not met the driverless operations target set by Elon Musk for the end of the previous year, although Musk has experienced a driverless ride in a Model Y Robotaxi [5]. - The company is shifting its Full Self-Driving (FSD) technology to a subscription model, which may enhance adoption rates [6]. Group 4: Stock Performance - Tesla's stock price experienced a slight decline of 0.21, trading at $446.24 during pre-market sessions [6].

Group 1 - Tesla will discontinue the one-time payment option for its Full Self-Driving (FSD) service, transitioning to a monthly subscription model starting February 14 [2][3] - The current FSD service is priced at $8,000 for a one-time payment or $99 per month, which translates to an annual cost of $1,188 [3] - The adoption rate for FSD is currently at 15%, and the subscription model may enhance this rate [3] Group 2 - Rivian Automotive has introduced its own autonomous driving technology, which includes a LiDAR-based approach and a subscription model for its Autonomy+ service, priced at $2,500 for a one-time payment or $49.99 monthly [4][5] - Tesla's Model Y has become the best-selling electric vehicle in the U.S., with over 350,528 units sold [6] - A federal framework for self-driving regulations is being promoted by Rep. Brett Guthrie, aimed at accelerating the development of autonomous technologies in the U.S. [7] Group 3 - Tesla's stock experienced a slight decline, closing at $447.20, with a further drop to $446.85 in after-hours trading [8]

Core Viewpoint - Investor Gary Black questions Tesla Inc.'s valuation due to a decline in EV sales, suggesting that a forward P/E ratio of over 200x is not justifiable under these circumstances [1][2]. Group 1: Valuation Concerns - Black emphasizes that Tesla's valuation "doesn't make mathematical sense," particularly since over 72% of the company's profits come from EV sales, which are currently declining [3]. - He notes that both near-term 2026 and long-term 2030 adjusted EPS estimates for Tesla are also on a downward trend [3]. Group 2: Shift in Business Focus - Tesla's Master Plan IV indicates a strategic shift from its core EV business towards autonomous driving and robotics, with CEO Elon Musk predicting that the Optimus humanoid robot could represent 80% of Tesla's future value [4]. Group 3: Sales Performance - Despite Tesla's Model Y SUV being the best-selling EV in the U.S. market in 2025 with over 350,528 units sold, the company's cumulative sales fell to approximately 589,000 units, reflecting a 7% decline [5]. Group 4: Marketing Strategy - Black urges Tesla to enhance its marketing efforts, particularly as the take rate for its Full Self-Driving (FSD) technology is around 15%, warning that insufficient marketing could hinder Tesla's competitiveness in the Robotaxi and autonomous driving sectors [6]. Group 5: Market Performance - Tesla's stock experienced a slight decline, closing at $447.20, down 0.39%, and further dropping to $446.85 in after-hours trading [7].

Group 1 - The rise of artificial intelligence (AI) has been significant in recent years, but recent months have seen a reevaluation of valuations and the effectiveness of AI infrastructure spending [1][3] - The first wave of AI gained momentum with the power of Nvidia's chips and the release of OpenAI's ChatGPT in late 2022, marking a pivotal moment for AI's market presence [2] - The market is currently divided on the future trajectory of AI, with some optimistic about continued growth while others express concerns over rapid stock price increases [3][7] Group 2 - Nvidia's CEO Jensen Huang highlighted the emergence of agentic and physical AI during a keynote speech, suggesting that this technology will soon become mainstream [4][7] - Investment opportunities in agentic AI include companies like Tesla, although concerns about its valuation exist; alternatives such as Uber Technologies and Alphabet are considered less risky [5] - Data center stocks present another investment avenue, though there are concerns regarding high debt levels and the competitive landscape in chip rental, primarily dominated by Nvidia [6]

Core Insights - The transition of autonomous vehicles from pilot programs to commercial deployment marks a significant shift in the industry, indicating that the technology is moving closer to mainstream adoption [1] Group 1 - Autonomous vehicles have faced years of delays but are now beginning to enter the commercial market [1] - The shift from pilot programs to commercial reality suggests increased confidence in the technology and its viability [1] - This transition may lead to new business models and opportunities within the automotive and technology sectors [1]

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Smart driving technology and AI capabilities Key Points 1. Product Development - Management is committed to R&D, developing a BPU (brain processing units) platform for the next chipset, Journey 7, which is expected to enhance AI capabilities - Journey 7 is currently under design, aiming for completion in 1H27, with computing power projected to reach 1,500 to 2,000 TOPS, facilitating the migration of smart driving levels for car OEMs - The company is also working on chipsets that integrate smart cockpits and smart driving, positioning itself as a competitor to Qualcomm, with a launch planned for 2Q26 [2][3] 2. 2026 Outlook - Management is optimistic about growth in 2026, driven by the increasing smart driving trend in China, local car OEMs opting for more local suppliers, and product mix upgrades from ADAS to AD - Revenue growth is expected to outpace shipment growth due to product mix upgrades, with Geely identified as a key customer for growth in 2026E, alongside BYD, Chery, Changan, and FAW - China is anticipated to remain the primary market, with non-China markets expected to contribute by 2028E - Gross margin (GM) is believed to depend on product mix, with software yielding higher GM compared to domain controllers [3][4] 3. Competitive Landscape - Management is confident in their strong R&D capabilities and competitive price-to-performance ratio, which supports car OEMs in achieving smart driving - Transitioning from in-house solutions to third-party solutions may take time for car OEMs due to the longer product life cycle of automobiles compared to smartphones - Car OEMs have better balance sheets than smartphone manufacturers, allowing for sustained R&D investments - NVIDIA is viewed as a market leader, driving the adoption of smart driving across more car models, with Horizon Robotics aiming to be a significant player in this space [4][10] 4. Financial Projections - A 12-month target price of HK$15.30 is derived based on an EV/EBITDA multiple of 28.0x, using estimates of the company's 2029E EBITDA - The target price reflects a potential upside of 57.9% from the current price of HK$9.69 [9][11] 5. Risks - Key downside risks include: - Increased competition or pricing pressure in the auto supply chain amid slow demand - Slower-than-expected product mix upgrades towards AD - Delays in expanding the customer base - Supply chain risks due to geopolitical tensions [10][11] Additional Insights - The company is focused on continuous product mix upgrades to enhance dollar content per vehicle - Management's positive outlook is supported by ongoing trends in smart driving and localization within the automotive industry [1][3]

Core Insights - Mobileye has announced the acquisition of Mentee Robotics, which is a significant development in its growth strategy [2] - The company is collaborating with Volkswagen's MOIA Group to advance autonomous vehicle technology in the U.S. and Europe [2] Company Developments - The acquisition of Mentee Robotics is expected to enhance Mobileye's capabilities in the robotics sector [2] - Mobileye continues to focus on partnerships with major automotive players, exemplified by its work with Volkswagen [2] Industry Context - The automotive industry is increasingly moving towards autonomous vehicle technology, with collaborations between tech companies and traditional automakers becoming more common [2]

Core Viewpoint - Ford Motor Company's stock performance and future prospects are being closely analyzed following an analyst upgrade and a presentation at CES, highlighting its ambitions in electric vehicles (EV) and autonomous driving technology [1][3][6]. Company Performance - Ford's stock closed at $14.40, reflecting a 4.80% increase, with a market capitalization of $55 billion. The trading volume was 145.2 million shares, significantly above the three-month average of 84.6 million shares [2][6]. - The stock has appreciated 563% since its IPO in 1972, and it reached a new 52-week high following the analyst upgrade [2][6]. Analyst Upgrade - Piper Sandler upgraded Ford to a buy rating, raising the price target from $11 to $16, which contributed to the stock surge [6][7]. - The upgrade was influenced by Ford's presentation of its autonomous driving technology plan, aiming for a Level 3 "eyes-off" system by 2028, which is expected to enhance future revenue and profit streams [6][7]. Financial Outlook - Ford has increased its earnings outlook for 2025, despite incurring nearly $20 billion in charges related to its electric vehicle business plan, indicating a focus on profitability that has positively impacted investor sentiment [7].

Core Insights - AT&T has partnered with Mitsubishi Motors North America to integrate advanced 5G connectivity into the Mitsubishi Outlander SUV, enhancing in-car connectivity without relying on a driver's smartphone [1][8] - The 5G network will provide ultra-fast data speeds, lower latency, and higher capacity, enabling real-time navigation, improved infotainment experiences, and remote software updates for vehicles [2][4] Company Developments - Selected upcoming Toyota models will also adopt AT&T's 5G for navigation, remote features, and fast in-car Wi-Fi, while AT&T collaborates with iM Media Labs to create a 5G-powered platform for AI-personalized in-car entertainment [3][8] - AT&T's 5G network positions the company to play a significant role in the rapidly expanding car technology market, providing enhanced digital experiences and a foundation for future innovations [4] Competitive Landscape - AT&T faces competition from Verizon, which is developing V2X technology for real-time vehicle communication, and T-Mobile, which offers 5G connectivity and services like Magenta Drive for BMW [5][6] Financial Performance - AT&T's stock has gained 8.1% over the past year, contrasting with a 0.9% decline in the industry [7] - Earnings estimates for 2025 have increased by 0.5% to $2.06, while estimates for 2026 remain at $2.25 [9] - AT&T trades at a forward price-to-sales ratio of 1.34, below the industry average of 1.79 [11]

Core Insights - Lucid Group (LCID) is currently trading at a discount compared to its peers, with mixed fundamentals following a challenging year [1] - The Gravity SUV is positively impacting the product mix, but issues with margins and cash burn remain significant concerns [1] - Management's ability to execute on deliveries, cost management, and capital allocation will be crucial for narrowing the performance gap with peers by 2026 [1] Stock Performance - LCID stock has declined over 60% in the past year, underperforming the industry and broader market, which saw increases of approximately 15% and 12% respectively [2] - The S&P 500 index rose about 20% during the same period [2] Delivery and Production - Lucid achieved record deliveries of 15,841 vehicles in 2025, marking a 55% year-over-year increase, driven primarily by the Gravity SUV [5][12] - In contrast, competitors like Rivian and Tesla experienced declines in deliveries during the same period [12] Financial Position - A larger delayed-draw term loan facility and a strategic investment have extended the company's cash runway into the first half of 2027, allowing time for the Gravity SUV and midsize program to scale [6] - LCID's valuation stands at approximately 1.57x forward twelve-month sales, significantly lower than the sub-industry average of 3.28x and the S&P 500's 5.25x [7] Profitability and Margins - Despite the increase in deliveries, Lucid continues to face deep negative margins due to supply chain costs and tariffs, which are pressuring profitability [5][14] - The company is expected to see revenue growth through 2026 as the Gravity SUV and other models expand the addressable market [13] Future Outlook - The upcoming Atlas powertrain and collaborations aimed at achieving Level 4 autonomy could enhance unit economics and product appeal if executed on schedule [13] - The focus remains on improving profitability and cash generation, with any progress in cost management or tariff relief being critical for future valuation [14] Investment Sentiment - Lucid currently holds a Zacks Rank of 4 (Sell) and a VGM Score of F, indicating potential underperformance in the near term [9] - The company is set to report Q4'25 results on February 24, 2026, with key areas of focus including the ramp-up of the Gravity SUV and commentary on delivery, production, and capital expenditures [15]