Fund Performance and Strategy - The 1789 Capital Growth Equity Fund has experienced significant growth, with assets increasing from $200 million to $2 billion by December 31, 2025, and is now closed to new investors [1] - The firm has launched a new 1789 Real Estate fund, which has raised $1 billion in a few months, targeting migration from high-tax states to Southern Florida [2] Investment Focus - The fund aims to capitalize on the demand for commercial space, housing, hospitals, and schools due to population shifts from states like New York to Florida [2] - Notable investments include Elon Musk's SpaceX, which may go public this year with a potential valuation of $1 trillion, and AI company Groq, which partnered with Nvidia in a deal valued at approximately $20 billion [3] Defense Technology Investments - The fund holds a position in Anduril, a defense tech company founded by Palmer Luckey, which is set to begin large-scale manufacturing of an autonomous fighter jet for the U.S. Air Force [5][6] - The YFQ-44 is described as an autonomous "loyal wingman" that operates alongside manned pilots, enhancing operational capabilities [6] Other Notable Investments - The fund has invested in GrabAGun, an online gun retailer, which has seen a significant stock price increase of 15.34% recently [8] - Trump Jr. has indicated that the investment in GrabAGun represents a "catalyst for change" amid a cultural shift regarding Second Amendment rights [9]

Meta Platforms Trade - Ark Invest divested 19,316 shares of Meta Platforms across multiple ETFs, totaling approximately $12.7 million at a closing price of $660.62 [2] - The divestment is attributed to challenges faced by Meta in launching its Ray-Ban smart glasses, which have been delayed due to high domestic demand [2][3] - The company's focus on integrating advanced features into its smart glasses indicates a strategic direction, but the delay emphasizes the need to address domestic market demands first [3] Roblox Trade - Ark Invest acquired 169,130 shares of Roblox, valued at approximately $12.8 million based on a closing price of $75.83 [4] - Roblox is expected to capture a significant share of the gaming market, driven by user engagement and innovative content [4] - Analyst Drew Crum from B. Riley Securities expressed optimism about Roblox's potential as a leading entertainment platform, while TD Cowen analyst Doug Creutz lowered the stock's target price from $77 to $70 due to a slowdown in December engagement [5] Kodiak AI Trade - Ark purchased 39,296 shares of Kodiak AI at a closing price of $9.70, totaling approximately $381,171 [6] - Kodiak AI operates in the driverless truck industry and has backing from George Soros [6] - The company had a prior purchase of Kodiak AI stock worth $554,340 made on Monday [6] Other Key Trades - Ark sold 17,613 shares of Guardant Health Inc. and 7,228 shares of Ionis Pharmaceuticals Inc. through its ARKG ETF [7]

Core Insights - Ark Invest's ETFs significantly outperformed the S&P 500 in 2025, with the Autonomous Technology & Robotics ETF leading the gains [1][2] Performance Comparison - The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), had a gain of +16.6% in 2025, while the following Ark Invest ETFs showed the following gains: - Ark Autonomous Technology & Robotics ETF (ARKQ): +49.8% - Ark Space & Defense Innovation ETF (ARKX): +49.2% - Ark Next Generation Internet ETF (ARKW): +35.4% - Ark Innovation ETF (ARKK): +35.2% - Ark Blockchain & Fintech Innovation ETF (ARKF): +27.2% - Ark Genomic Revolution ETF (ARKG): +18.4% [5] Sector Focus - The top-performing Ark Invest ETFs were heavily weighted in sectors such as AI, robotics, and space, which experienced strong returns in 2025 [3] Upcoming Opportunities - A potential SpaceX IPO in 2026 could enhance the visibility and performance of the Ark Space & Defense Innovation ETF and other space-related investments [3] Holdings Analysis - The top 10 holdings of the Ark Autonomous Technology & Robotics ETF (ARKQ) and the Ark Space & Defense Innovation ETF (ARKX) show significant overlap, with both funds sharing nine of the same stocks. The only differences are Tesla as the top holding in ARKQ and L3Harris as the second-largest holding in ARKX [8] Future Trends - AI, autonomous technology, and robotics are expected to remain key trends, potentially benefiting ARKQ in 2026. Increased revenue for defense companies due to global tensions may also position ARKX for strong performance [9]

Core Insights - Waymo is releasing a software update to enhance its robotaxis' ability to navigate through disabled traffic lights during power outages, addressing issues experienced during a recent blackout in San Francisco [1][4]. Group 1: Software Update and Improvements - The new software update will allow Waymo's self-driving system to treat non-functional traffic lights as four-way stops, similar to human drivers, which is expected to improve navigation during outages [2]. - The update will provide the self-driving software with specific context regarding power outages, enabling more decisive navigation [4][5]. - Waymo is refining its confirmation request system, which was initially designed for caution during early deployment, to better suit the current scale of operations [4]. Group 2: Performance During Outage - During the recent power outage, Waymo's robotaxis successfully navigated over 7,000 instances of dark signals, despite some vehicles getting stuck and requesting confirmation checks from the fleet response team [5]. - The company noted a "concentrated spike" in confirmation requests during the outage, which contributed to traffic congestion [3]. Group 3: Ongoing Challenges and Adjustments - The incident highlights ongoing challenges faced by Waymo in developing reliable autonomous vehicle technology, as the company has previously had to implement multiple software updates to address various issues, including those related to school bus stops [8].

Core Insights - General Motors Company (GM) is a leading global automotive manufacturer with a market cap of $77.5 billion, focusing on a diversified portfolio that includes internal combustion vehicles, electric vehicles (EVs), autonomous technology, and mobility services [1] Financial Performance - GM is expected to report an adjusted profit of $2.21 per share for Q4, reflecting a 15.1% increase from $1.92 per share in the same quarter last year [2] - In fiscal 2025, GM's adjusted EPS is projected to decrease by 2.5% to $10.34, but a rebound of 12.7% to $11.65 per share is anticipated in fiscal 2026 [3] Stock Performance - GM's stock has increased by 57.4% over the past 52 weeks, significantly outperforming the S&P 500 Index's 15.7% and the Consumer Discretionary Select Sector SPDR Fund's 6.6% gains during the same period [4] - On December 1, GM reached a new 10-year high in trading, indicating growing investor confidence and a successful transformation since its bankruptcy during the financial crisis [5] Analyst Ratings - GM holds a consensus "Moderate Buy" rating, with 13 "Strong Buys," three "Moderate Buys," nine "Holds," and three "Strong Sells" among 28 analysts [6] - The current trading price is above the mean price target of $74.85, with a Street-high target price of $110 suggesting a potential upside of 32.9% from current levels [6]

Group 1 - Uber Technologies Inc. is considered one of billionaire David Tepper's top stock picks for 2026, despite facing competitive pressures from Waymo and Tesla [1] - Analysts at Citizens have reiterated a Market Perform rating on Uber, indicating a cautious outlook amid competition [1][2] - Citizens believes that Waymo's current autonomous vehicle service does not pose a significant threat to Uber's ride-hailing service due to vehicle supply constraints, although future developments could increase competitive pressure [2][3] Group 2 - The potential acquisition of Lyft by Waymo could enhance its competitive position against Uber, raising concerns for the company [3] - Tesla's advancements in autonomous technology are also viewed as a potential threat, as they could lead to a competitor with scaled manufacturing capabilities [3] - In response to competitive pressures, Uber has launched a robotaxi service in Dallas, allowing users to request rides in autonomous vehicles at no additional cost [3][4] Group 3 - Uber Technologies, Inc. operates a global platform that connects users with drivers and couriers, offering services such as ride-hailing and food delivery, fundamentally transforming urban transportation [5]

Summary of Tesla Inc. (TSLA) Conference Call Company Overview - **Company**: Tesla Inc. (TSLA) - **Market Cap**: $1.7 trillion - **Current Price**: $489.88 - **12-Month Price Target**: $400.00, indicating a downside of 18.3% from the current price [9][5] Key Industry Insights - **California Sales Impact**: Tesla could face a 30-day suspension from sales in California if it does not comply with a state ruling regarding the marketing of its Autopilot system. However, the order is stayed for 90 days to allow compliance [1][3] - **Sales Data**: In 2024, Tesla sold approximately 200,000 vehicles in California, which represents about 11% of its global unit volumes for both 2024 and year-to-date 2025 [4] Core Points and Arguments - **Compliance Requirements**: To comply with the ruling, Tesla must stop using the term "Autopilot" for features that do not meet Level 3 (L3) standards or enhance its Autopilot capabilities to L3 or higher [2] - **Business Continuity**: The expectation is that Tesla's business in California will not be disrupted due to the time allowed for compliance and past adjustments in marketing terminology [3] - **Financial Projections**: Revenue estimates for Tesla are projected at $97.69 billion for 2024, $95.47 billion for 2025, and $107.40 billion for 2026 [9] Risks and Opportunities - **Downside Risks**: Key risks include larger-than-expected vehicle price reductions, increased competition in the EV market, tariff impacts, slower EV demand, and operational risks associated with Tesla's vertical integration [6] - **Upside Opportunities**: Potential for faster EV adoption, share gains by Tesla, a stronger macroeconomic environment, and earlier product launches than anticipated [6][8] Additional Considerations - **Monitoring Costs**: It is important to monitor costs related to Tesla's past marketing of Full Self-Driving (FSD) technology, as there may be financial implications for upgrading existing vehicles [5] - **Analyst Rating**: The current rating for TSLA shares is Neutral, with a price target based on a 150X multiple applied to earnings estimates [5] Conclusion Tesla Inc. is navigating regulatory challenges in California regarding its Autopilot marketing while maintaining a significant sales volume in the state. The company faces various risks but also has opportunities for growth in the evolving EV market. The current analyst rating reflects a cautious outlook with a focus on compliance and market dynamics.

Core Insights - Serve Robotics has achieved its 2025 goal of deploying over 2,000 delivery robots, establishing the largest sidewalk delivery fleet in the U.S. [1][15] - The company has expanded its fleet twentyfold within a year, driven by partnerships with major restaurants, retailers, and delivery platforms like Uber Eats and DoorDash [2][4]. Company Growth and Market Expansion - Serve Robotics has rapidly expanded across key U.S. markets, including Los Angeles, Atlanta, Dallas-Fort Worth, Miami, Fort Lauderdale, Chicago, and Alexandria, with plans to launch in additional cities in early 2026 [2][4]. - In 2025, the company expanded service zones in all existing markets, launched in 110 high-density neighborhoods, and introduced Gen 3 robots for higher-volume operations [5]. Technology and Environmental Impact - The robotic fleet operates with Level 4 autonomy, achieving a 99.8% completion rate in complex urban environments, and produces zero tailpipe emissions [3][5]. - Serve Robotics aims to reduce congestion and carbon output in partner cities by replacing traditional delivery vehicle trips with its autonomous robots [3]. Future Opportunities - The market opportunity for autonomous sidewalk delivery is significant, with potential applications in groceries, convenience items, small parcels, and return logistics [5]. - The company anticipates that its robots will become a common part of local logistics over the next five years, enhancing delivery efficiency for various types of goods [5].

Core Insights - Analog Devices reported a strong fourth quarter with a 26% increase in revenue, driven by growth in industrial and communication segments [2][3] - The company achieved earnings of approximately $160 per share, significantly higher than the $96 reported a year ago, and surpassed estimates of $224 per share [2][3] - Revenue reached around $3.08 billion, exceeding expectations of roughly $3 billion, with notable growth across all segments, particularly a 37% rise in communications and a 34% increase in industrial [3][4] Financial Performance - The adjusted earnings per share forecast for the current quarter is between $2.19 and $2.39, ahead of the midpoint expectation of $216 [4][5] - Revenue expectations for the upcoming quarter are projected between $3 billion and $3.2 billion, again surpassing prior estimates [5] Market Position and Technology - Analog Devices focuses on sensors, signal processors, and power solutions that enhance AI efficiency, with applications in IoT, autonomous vehicles, and industrial automation [6] - The company is well-positioned to benefit from ongoing cyclical recovery and secular growth opportunities despite macroeconomic uncertainties [4][6] Stock Performance - The stock of Analog Devices is up approximately 1.1% following the earnings report, reflecting positive market sentiment [7] - Comparatively, Ksite, another tech company, also saw stock increases due to higher revenue driven by its communication solutions group [8][10]

Core Insights - Kodiak's autonomous technology has been successfully tested with various customers, transporting products like tires, food, and frac sand, which has generated significant interest in driverless deployment [3][4] - The company is focused on long-haul trucking, which presents substantial opportunities for driverless operations, with the domestic long-haul market projected to exceed $900 billion by 2035 and over $4 trillion globally [5][6] - Kodiak reported Q3 revenue of $770,000, marking a 53% increase from the previous quarter, and anticipates further revenue growth as it expands its customer base [6] Company Developments - Kodiak has completed approximately 78% of its safety case reporting for self-driving technology in long-haul trucking [4] - The company aims to fully deploy its autonomous technology in the long-haul trucking segment by the end of next year, having already driven over 3 million miles and delivered more than 10,000 loads [7] - Partnerships with major firms such as J.B. Hunt Transport Services, CR England, Martin Brower, and Atlas Energy Solutions have been instrumental in Kodiak's progress [7] Market Opportunities - The industrial segment is identified as another ideal market for driverless technology, particularly in remote locations where recruiting and retaining drivers is challenging [5][6] - The company is actively seeking additional financing to support its scaling efforts and capitalize on the growing demand for autonomous trucking solutions [6]