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Good morning. Artificial intelligence is stepping out of the virtual world and into the real one — and that shift is called physical AI.What does that mean? Instead of working only on computers or digital data, it enables machines to sense, think, and act in the real world. Physical AI was a key topic of discussion during a Fortune Brainstorm Tech dinner on Monday at CES 2026 in Las Vegas. Andrew Nusca, editorial director of Fortune‘s Brainstorm series and author of the Fortune Tech newsletter, hosted a fir ...

Group 1: Manufacturing Investment and Economic Drivers - A combination of policy incentives and sustained demand for semiconductors and components related to the data center boom is expected to drive manufacturing investment growth in the upcoming year [1] - The Trump administration's AI Action Plan aims to facilitate the construction of data centers and semiconductor fabrication sites by removing regulatory barriers and expediting permits [8] - The National Defense Authorization Act has approved billions for defense-related manufacturing and emerging technologies, indicating strong government support for the sector [9] Group 2: Tariff Impact and Legal Uncertainty - Ongoing tariff uncertainty has led to decreased U.S. manufacturing activity, reaching its lowest point in December 2025, as reported by the Institute for Supply Management [5] - The U.S. Supreme Court is set to make a decision regarding the legality of tariffs imposed under the International Emergency Economic Powers Act, which could significantly impact manufacturers [3][2] - Manufacturers have been forced to raise prices, modify operations, and implement layoffs due to the pressures of tariffs and trade uncertainty [4] Group 3: Workforce Development and Skills Gap - The manufacturing industry faces a significant talent skills gap, with projections indicating a need for up to 3.8 million new workers by 2033 [17] - The Department of Labor is investing millions into state workforce development programs focused on advanced manufacturing, with $98 million recently announced for education and training [15] - Companies like GE Aerospace Foundation and others are committing funds to training programs aimed at increasing the number of skilled workers in the U.S. [16] Group 4: Technological Advancements and AI Adoption - U.S. manufacturers are increasingly turning to artificial intelligence to reduce costs and enhance production efficiency amid ongoing trade uncertainties [6][19] - The adoption of agentic AI is expected to generate up to $650 billion in additional revenue across industries by 2030, with automation potentially yielding up to 50% in cost savings [22] - A survey indicates that about 22% of manufacturers plan to utilize physical AI by 2027, highlighting a trend towards advanced robotics in manufacturing [23] Group 5: Mergers and Acquisitions Activity - Two-thirds of U.S. business leaders are planning to engage in more mergers and acquisitions in the coming year, driven by interest rate cuts and lower taxes [12] - Despite uncertainties from tariffs and government actions, dealmakers are adapting to the "new normal" and proceeding with M&A activities [13]

Core Insights - Iveco Group has achieved an 'A' rating in the climate change category of the 2025 CDP assessment, recognizing its leadership in corporate transparency and climate action [1] - The company also received an 'A-' rating in water security, indicating improvements over the previous year's scores [2] Group Performance - The 2025 assessment shows that Iveco Group is committed to reducing its carbon footprint and improving the accuracy and transparency of its climate-related disclosures [2] - The company integrates climate risk analysis into its business decisions, ensuring measurable and accountable decarbonization efforts [3] Company Overview - Iveco Group operates under seven major brands, including IVECO, FPT Industrial, IVECO BUS, HEULIEZ, IDV, ASTRA, and IVECO CAPITAL, employing 36,000 people globally [4] - The company has 19 industrial sites and 30 R&D centers, focusing on sustainable business practices and setting ambitious ESG targets [3][4]

Company Performance - AZZ Inc reported adjusted earnings of $1.52 per share, exceeding market estimates of $1.47 per share [1] - The company's sales reached $425.746 million, surpassing expectations of $418.164 million [1] - AZZ shares increased by 2.1% to $112.09 in pre-market trading following the earnings report [1] Notable Stock Movements - CIMG Inc gained 33.3% to $1.44 after securing approximately $124 million in commercial contracts [4] - ECD Automotive Design Inc rose 26.4% to $0.59 due to talks for strategic deals valued between $2 million and $10 million [4] - Acrivon Therapeutics Inc increased by 22.1% to $3.60, announcing a clinical update on its ongoing studies [4] - Nuvve Holding Corp gained 17.1% to $4.11 after a previous 60% rise [4] - RenovoRx Inc surged 16.8% to $1.18 in pre-market trading [4] - Serina Therapeutics Inc rose 16.4% to $2.82 after a 15% increase on Wednesday [4] - Super League Enterprise Inc increased by 11.2% to $0.68 following an asset purchase agreement [4] - Northrop Grumman Corp gained 6.8% to $616.26, influenced by a potential increase in the military budget [4] Declining Stocks - Immuneering Corp fell 20.7% to $6.61 after announcing updated trial data [4] - Erasca Inc decreased by 14% to $4.45 after a previous 42% rise [4] - Phathom Pharmaceuticals Inc dropped 13.7% to $15.60 following a $130 million public offering announcement [4] - United Microelectronics Corp fell 6.3% to $8.37 after a previous 10% increase [4]

上海2025年市重大工程完成情况出炉：全年完成投资首破2500亿元，达2510.1亿元，再上新台阶。 重大工程再上新台阶 去年上海完成投资首破2500亿元 "十四五"总投资额超1.12万亿元 围绕国家战略，一批重点项目取得突破。聚焦建设国际经济中心，格科半导体、长电科技等三大先导产 业项目建设如火如荼，特斯拉储能超级工厂建成投用，雷克萨斯项目开工建设。美的第二总部等产业项 目建成投用，支撑带动区域高质量发展。围绕建设国际航运中心，罗泾港二期工程开工建设，小洋山北 作业区全面铺开，东方枢纽上海东站主体结构全面封顶，浦东机场四期顺利推进。C919总装一体化厂 房结构封顶。围绕建设国际科创中心，磁-惯性约束聚变能源系统关键物理技术项目完成实物工作量， 同济大学张江基地建成投用。LNG新站线投产、海上风电场并网发电，促进全市能源结构转型。 （来源：解放日报 记者 戚颖璞） 过去五年，近半投资额涌向基础设施。从上海市住建委（市重大办）获悉，"十四五"期间，上海市重大 工程总投资额超1.12万亿元，年度投资额逐年增长，推动经济稳步回升向好。自2022年起，连续4年超 2000亿元。其中，城市基础设施完成投资占比44%，包 ...

Core Insights - TomTom and Visteon have successfully integrated TomTom's Automotive Navigation Application with Visteon's cognitoAI™ platform, enhancing the in-vehicle navigation experience through advanced AI voice interaction [1][4]. Group 1: Technology Integration - Visteon's cognitoAI™ platform utilizes a hybrid architecture powered by a custom multimodal Vision Language Model (VLM), allowing seamless operation in both offline and online modes, ensuring reliability in various driving conditions [2]. - The integration allows drivers to use natural, conversational language for navigation tasks, moving beyond rigid command structures to perform complex requests [2]. Group 2: Product Features - TomTom's Automotive Navigation Application serves as a robust foundation for Visteon's innovations, enabling rapid market delivery and maintaining high-quality standards [3]. - The collaboration aims to provide a premium navigation experience that adapts to evolving driver expectations, ensuring the application remains current and user-friendly [3]. Group 3: Industry Impact - The partnership sets a new benchmark for in-vehicle navigation, demonstrating that advanced AI can be effectively implemented in a secure, on-device architecture [4]. - By combining TomTom's mapping expertise with Visteon's AI capabilities, the collaboration establishes a new industry standard focused on privacy-first, onboard AI navigation solutions [4]. Group 4: Company Background - TomTom specializes in location data and technology, providing solutions for drivers, carmakers, and developers, with a focus on building advanced mapping systems [5]. - Visteon, with a 2024 annual sales figure of approximately $3.87 billion and $6.1 billion in new business secured, is advancing mobility through innovative technology solutions [6][7].

Core Insights - Hyundai Mobis has formed a strategic collaboration with Boston Dynamics to supply actuators for the next-generation humanoid robot, Atlas, as part of a $26 billion U.S. investment plan [2][11] - This partnership marks Hyundai Mobis's entry into the global robot components market, securing its first official customer in the robotics sector [3][11] - The collaboration is expected to enhance both companies' positions in the emerging robotics components industry, which currently lacks a dominant global player [8] Company Strategy - Hyundai Mobis is expanding beyond the automotive industry into high-value-added fields such as robotics, aligning with its mid- to long-term strategy to adapt to the evolving mobility landscape [4] - The company aims to establish a large-scale actuator manufacturing system and strengthen its design capabilities for high-performance robotics components [7] Market Potential - Actuators are a critical subsystem for humanoid robots, representing over 60% of their material cost, and Hyundai Mobis plans to leverage its automotive component development expertise to enter this market [5] - Hyundai Motor Group announced plans to build a robot factory capable of producing 30,000 units annually, positioning Hyundai Mobis to play a significant role in the robotics ecosystem [9]

Core Insights - Black Sesame Intelligence showcased its latest achievements in assisted driving, embodied intelligence, and consumer electronics at CES 2026, marking its strategic shift from "driving assisted driving" to "promoting intelligent evolution" [1] Group 1: Assisted Driving Technology - The A2000 all-scenario general-purpose assisted driving demonstration platform made its debut, focusing on providing high-performance, reliable full-stack solutions for the smart automotive industry [3] - The Huashan A2000 chip has gained widespread recognition in the industry, with collaborations established with major automotive companies like Dongfeng, Geely, Hongqi, and JAC, successfully integrating assisted driving technology into mass-produced vehicles [4] - The Huashan A2000 chip, featuring a large-core architecture and algorithmic collaboration design, has been optimized for performance, comparable to the highest-performing smart driving chips globally [4] Group 2: Cross-Domain Integration - The Wudang C1296 integrated cockpit solution made its overseas debut, developed in collaboration with Dongfeng Motor and Junlian Smart, utilizing a single C1296 chip for digital dashboards, smart cockpits, and assisted driving functions [6] - The Wudang series chips are pivotal in advancing automotive electronic and electrical architecture towards cross-domain integration, with high-integration mass production solutions launched by partners like Dongfeng, Continental Group, and Zebra Smart Mobility [6] Group 3: Embodied Intelligence - The SesameX multidimensional embodied intelligence computing platform made its first overseas appearance, aimed at providing an open, scalable, and mass-producible intelligent computing foundation for robots [7] - The SesameX platform includes three series—Kalos, Aura, and Liora—catering to various complexities and forms of robotic needs, promoting the large-scale industrial deployment of embodied intelligence [7] Group 4: Consumer Electronics - Black Sesame's AI imaging solutions have been widely adopted in consumer electronics, with over 500 million devices globally equipped with these technologies [10] - The recent strategic acquisition of Yizhi Electronics enhances Black Sesame's capabilities in low-power, cost-effective AI SoC chips, showcased at CES [10] - The AI imaging solutions cover a range of products, including smartphones, tablets, cameras, and AI glasses, providing enhanced user experiences through deep integration of chips and algorithms [10]

Core Viewpoint - The Shandong Provincial Departments of Industry and Information Technology, Public Security, and Transportation have jointly issued the "Shandong Province Intelligent Connected Vehicle Road Testing and Demonstration Application Management Measures (Trial)" to regulate road testing and demonstration of intelligent connected vehicles, supporting large-scale testing and commercial applications of these vehicles [1][2]. Group 1: Management Framework - The Provincial Department of Industry and Information Technology will lead the development of the intelligent connected vehicle industry and hold regular meetings to coordinate daily affairs [1]. - The Public Security Department is responsible for traffic safety management related to intelligent connected vehicles [1]. - The Transportation Department will manage road transportation related to intelligent connected vehicles [1]. Group 2: Testing and Demonstration Stages - The management measures outline three main stages for road testing and demonstration applications: 1. **Road Testing Stage**: Vehicles conduct automated driving function tests on designated roads, with city roads confirmed by local departments and inter-city roads confirmed by provincial departments [2]. 2. **Demonstration Application Stage**: After a minimum of 240 hours or 1,000 kilometers of road testing in automated driving mode, vehicles can apply for passenger and cargo operations on testing roads [2]. 3. **Demonstration Operation Stage**: Vehicles must complete at least 240 hours or 1,000 kilometers of demonstration applications, and the operation entity must have conducted a total of at least 100,000 kilometers of demonstration applications or road tests nationwide, or at least 50,000 kilometers within the province to apply for market-based charging for passenger and cargo operations [2]. Group 3: Compliance and Management Requirements - The measures specify requirements for the management of road testing, demonstration applications, and demonstration operations, including compliance regulations for testing entities and vehicles, penalties for violations, and principles for handling traffic violations or accidents [2].