Key Takeaways BYD overtook Tesla in 2025, selling 2.25M EVs and ending Tesla's two-year growth streak.China's CASC plans orbital AI data centers to process Earth-collected data in space.SpaceX, Google, NVIDIA and Blue Origin are racing to deploy solar-powered AI satellites.After Tesla (TSLA) lost its electric vehicle (EV) crown to China’s BYD Co Ltd (BYDDY) , CEO Elon Musk may now be facing an even bigger challenge, and this time in space. As Musk’s SpaceX prepares for a high-profile IPO, China’s growing am ...

Core Insights - Baron Capital has launched five actively managed exchange-traded funds (ETFs), leveraging its long-term investment success to meet growing demand for active strategies in the ETF market [1][2] Group 1: New ETF Launch - The newly launched ETFs include Baron First Principles ETF (RONB), Baron Global Durable Advantage ETF (BCGD), Baron SMID Cap ETF (BCSM), Baron Financials ETF (BCFN), and Baron Technology ETF (BCTK), which began trading on Monday [2] - Each ETF is designed to reflect the investment strategies that Baron Capital has successfully employed over decades in its mutual funds and private accounts [2] Group 2: Investment Focus - SpaceX has become Baron Capital's largest investment at approximately $10 billion, surpassing Tesla, with its expanding Starlink satellite network being a key factor in the long-term investment thesis [3] - The firm is optimistic about the potential of space-based data centers, suggesting that such infrastructure could significantly lower energy and cooling costs [3][4] - Baron Capital has also invested in xAI, another company founded by Elon Musk, which is expected to benefit from the growth of satellite networks and space-based computing for AI services [4] Group 3: Performance and Future Goals - Baron Capital reports that 98% of its assets have outperformed their benchmarks, with around 60% ranking in the top 5% of funds, indicating strong historical performance [4] - The Baron Partners Fund has been recognized as the top-performing U.S. fund since 2003 [4] - Since its inception in 1992 with $100 million in assets, the firm has generated approximately $57 billion in profits and aims to quintuple that amount over the next decade [5]