J P M O R G A N Asia Pacific Equity Research 08 September 2025 Asian MLCC Industry Entering a new phase of growth: demystifying the next five years' demand drivers In this report, we introduce the long-term MLCC industry demand forecast and provide a comprehensive comparative analysis of Asian MLCC peers. We view the MLCC industry's long-term growth profile in a re-acceleration phase thanks to emerging new demand drivers related to AI/Auto/Robotics. This is likely to result in tighter S-D in coming years an ...

Core Viewpoint - Greebo (301260.SZ) is collaborating with Zhiyuan Innovation to jointly explore the global robotics market, aiming for industrial synergy through complementary advantages [1] Group 1 - The partnership involves capital increase in Zhiyuan Innovation's subsidiaries, Zhejiang Zhidong and Annu Intelligent [1] - The collaboration is expected to leverage the advantages of the industrial chain and global market network to empower the partnership [1]

Core Insights - The article discusses three AI-focused ETFs that provide diversified investment opportunities in the artificial intelligence sector, catering to investors who prefer not to select individual stocks [1][2][3] Group 1: Global X Artificial Intelligence and Technology ETF - The Global X Artificial Intelligence and Technology ETF (AIQ) includes around 90 stocks across semiconductors, data infrastructure, and software, featuring major companies like Nvidia, Microsoft, and Alphabet [5] - AIQ has a global investment approach, covering both U.S. and international companies, which enhances diversification [6] - Over the past three years, AIQ has achieved a return of 117%, outperforming the S&P 500's 63% return during the same period [7] Group 2: Global X Robotics and Artificial Intelligence ETF - The Global X Robotics and Artificial Intelligence ETF (BOTZ) focuses on robotics and AI companies, including key holdings like Pegasystems and Intuitive Surgical, while also providing exposure to top AI stocks like Nvidia [8][10] - UBS projects that the workforce will include 2 million humanoid robots within the next decade, potentially reaching 300 million by 2050, with a market size estimated at $1.7 trillion [9] - BOTZ has gained about 68% over the past three years, slightly outperforming the broader market [11] Group 3: iShares Future AI and Tech ETF - The iShares Future AI and Tech ETF (ARTY) offers exposure to 48 global companies involved in AI infrastructure, cloud computing, and machine learning [12] - Key holdings include Advanced Micro Devices, Arista Networks, and Broadcom, which recently secured a $10 billion semiconductor deal [13] - ARTY has a lower expense ratio of 0.47% and has gained about 61% over the past three years, slightly underperforming the S&P 500 [14]

Core Insights - The Average Transaction Price (ATP) for new vehicles in the U.S. increased by over 2.6% year-over-year in August, reaching $49,077, as new 2026 models became available [1][2] - The Manufacturer Suggested Retail Price (MSRP) also saw a significant rise of 3.3% year-over-year, now at $51,099, indicating a broader trend of increasing vehicle prices [2] - Electric Vehicle (EV) sales surged to a record 146,332 units in August, capturing 9.9% of the total market share, largely influenced by the impending end of the $7,500 Federal EV Credit [3] Vehicle Pricing Trends - The increase in vehicle prices reflects a market adjusting to new production realities and consumer preferences, without leading to volatility [3] - Tesla's ATP rose by 2.9% to $54,468, but this figure is still down 5.5% compared to the previous year, indicating challenges for the company [4] Tesla's Market Position - Tesla's market share has declined below 40% for the first time since 2017, currently standing at 38%, as sales contracted in the U.S. [4] - Speculation exists regarding Tesla's future strategy, including the potential introduction of a more affordable model, as an unknown compact Tesla was spotted at the Gigafactory in Texas [5] Future Innovations - Elon Musk emphasized the importance of artificial intelligence and robotics for Tesla's future, stating that the Optimus version 3 could be "the biggest product, ever," potentially representing over 80% of Tesla's future value [6] - Musk's artificial intelligence company, xAI, has invested over $40 billion in its Memphis data center, showcasing a significant commitment to AI development [6]

Robotics Challenges - Designing dexterous robot hands is a difficult problem [1] - Manufacturing these hands at scale is 100 times more challenging [1] - A human hand has 27 degrees of freedom (4 per finger, 5 for the thumb, and 6 for the wrist), making robotic replication complex [1] - Building a robot to manipulate objects like picking up a coin is a non-trivial task [1]

Cat bought a tank, but the robots are cheaper.Anyone bought a humanoid robot?https://t.co/n8BjVe9FSys4mmy (@S4mmyEth):Would you rather have:1) 1 x 1st edition PSA 10 shadowless Charizard, or;2) 3 x Unitree Robotics H1-2 Humanoid Robots https://t.co/cg3nCXaYPm ...

Would you rather have:1) 1 x 1st edition PSA 10 shadowless Charizard, or;2) 3 x Unitree Robotics H1-2 Humanoid Robots https://t.co/cg3nCXaYPmAndrew Kang (@Rewkang):The total market cap of private robotics companies (~$70-$100B) is not much larger than the market cap of Pokemon cards ($20-50B)You cannot be allocated enough to robotics sector growth ...

Anyone working on insectoid robots? ...

Group 1: Optimus Robot Updates - Tesla is finalizing the design of the Optimus version 3 robot, which will feature human-like manual dexterity and an AI mind to understand reality [2] - The company faces challenges in scaling Optimus, having to create a supply chain from scratch, but Musk believes it could become "the biggest product ever" [3] - When production reaches one million units per year, the cost to produce each Optimus unit is estimated to be between $20,000 and $25,000 [3] - Musk previously stated that Optimus could represent over 80% of Tesla's future value, aligning with the company's latest Master Plan IV focused on AI and robotics [4] Group 2: AI Developments - The next-generation AI5 self-driving chipset is expected to be a significant upgrade over the current AI4, with improvements of forty times better performance, nine times more memory, and eight times more computing power [5] - Current AI4 chips are projected to achieve 2-3 times better self-driving safety than humans, enhancing the perception of cars as "sentient" [5] - Tesla has discontinued its Dojo program for in-house chip development and signed a $16.5 billion deal with Samsung Electronics for AI6 chipsets [5] Group 3: Starlink and SpaceX Updates - SpaceX acquired Echostar Corporation's SATS AWS-4 and H-block spectrum licenses for approximately $17 billion, and Musk discussed the potential for a Starlink-enabled smartphone [6] - Hardware changes are necessary for smartphones to connect with Starlink frequencies, and the company is collaborating with smartphone manufacturers [7] - SpaceX's Starship Version 3 is expected to demonstrate full reusability next year, following successful launch tests [8] Group 4: AI Initiatives - Musk's xAI is training its model Grok to correct mistakes and remove falsehoods from training data, with potential developments like Grokipedia being considered [9]

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