January 21, 2026 07:18 AM GMT Autos & Shared Mobility | North America 4Q25 Preview: Memory and Commodity Inflation in Focus We highlight 5 key themes for this earnings season: memory shortage, commodity inflation, powertrain mix shift, physical AI, and policy impacts. With all eyes on 2026 guides, we reit. preference for ICE over EV (OW GM, UW RIVN/LCID) and secular growth (OW CVNA). As outlined in our outlook, we entered 2026 with a constructive bias toward ICE oriented OEMs and suppliers, and a more cauti ...