Core Viewpoint - The National Transportation Safety Board (NTSB) has initiated an investigation into Waymo due to multiple incidents of its robotaxis illegally passing stopped school buses in at least two states, with a significant focus on over 20 occurrences in Austin, Texas [1][2]. Investigation Details - This marks the first investigation by the NTSB into Waymo, although it is the second inquiry regarding the company's school bus issues, following a similar probe by the National Highway Traffic Safety Administration (NHTSA) that began in October [2]. - Waymo had previously issued a software recall in December to address the school bus problem, but earlier updates have not resolved the issue, leading the Austin school district to request a suspension of operations during school pickup and drop-off times [3]. Company Operations - The investigation coincides with Waymo's rapid expansion across the United States, including the recent launch of a robotaxi service in Miami, adding to its existing operations in cities like Atlanta, Austin, Los Angeles, Phoenix, and the San Francisco Bay Area [4]. Safety Performance - Waymo's chief safety officer stated that the company safely navigates thousands of school bus encounters weekly and believes its safety performance around school buses is superior to that of human drivers, emphasizing a commitment to transparency with the NTSB [5]. - The NTSB's role differs from the NHTSA as it does not impose fines but conducts in-depth investigations to identify root causes of transportation issues, often leading to hearings and non-binding recommendations [5]. Incident Examples - The first notable incident involving a Waymo vehicle passing a stopped school bus occurred in September in Atlanta, where the vehicle failed to recognize the stop sign and flashing lights, prompting a software update to address this scenario [8][9]. - Despite addressing the Atlanta incident, Waymo vehicles were subsequently recorded making illegal maneuvers around stopped school buses in Austin, as evidenced by videos from school bus cameras [10].

Core Insights - The development of autonomous vehicles is gaining momentum, with multiple players entering the market, indicating increased confidence in the technology [1][4] - Tesla's vision-only platform is now operating on public roads without human supervision, marking a significant milestone in the autonomous vehicle sector [2][3] - Waymo is currently leading in commercial ride-hailing services, aiming to reach one million rides per week by the end of the year, while Tesla's presence remains limited [5][6] Industry Landscape - The regulatory environment has not hindered competitors, and the rapid entry of new players is reshaping the market dynamics [5][6] - Waymo's deployment in multiple cities without human supervision is a key factor in its competitive advantage [6][7] - Consumer acceptance of autonomous vehicles is growing, with data suggesting that users in San Francisco are increasingly comfortable with Waymo's services [8][10] Global Context - The global readiness for autonomous vehicles is on the rise, with various countries allowing more operators to experiment with these technologies [10] - Partnerships between companies like Uber and Waymo in different regions, including Austin and China, indicate a collaborative approach to expanding autonomous ride-hailing services [8][9]

Tempus AI Trade - Ark Invest acquired a total of 13,532 shares of Tempus AI through the ARK Genomic Revolution ETF and ARK Innovation ETF, following a revenue surge of 83% year-over-year for 2025, driven by a 111% increase in diagnostics revenue [2] - The shares closed at $68.36, resulting in an investment of approximately $925,047, with an additional purchase of $5.85 million worth of shares made the previous day [3] WeRide Trade - Ark Invest purchased 166,029 shares of WeRide through the ARK Autonomous Technology & Robotics ETF, as WeRide expanded its global fleet to over 1,000 robotaxis [4] - The shares were acquired at a closing price of $9.05, totaling an investment of approximately $1.5 million [4] Roku Trade - Ark Invest sold 14,885 shares of Roku through the ARK Next Generation Internet ETF at a closing price of $107.23, amounting to approximately $1.6 million [5] - This sale occurred amid mixed analyst forecasts, with Jefferies upgrading Roku to Buy and raising its price target from $100 to $135, indicating an improved outlook for the company [5] Other Key Trades - Ark Invest sold 161,683 shares of Beam Therapeutics Inc. across ARKG and ARKK, 32,227 shares of Unity Software Inc. through ARKW, and 29,533 shares of GitLab Inc. through ARKW [7] - Additionally, the company bought 7,175 shares of Kodiak AI Inc. through ARKQ [7]

Core Insights - Waymo has officially launched its robotaxi service for paid passengers in Miami, marking it as the sixth city in the U.S. to offer fully autonomous ride-hailing services [1] - The company plans to expand into multiple new markets by 2026, aiming to secure user demand and brand loyalty ahead of competitors [1] - Nearly 10,000 Miami residents have already registered to try the autonomous taxi service, with the company continuously inviting new passengers to join [1]

Core Viewpoint - Pony AI Inc. is experiencing a significant stock price increase, attributed to strong market trends and its inclusion in ARK Invest's "Big Ideas 2026" report, which recognizes it as a leading autonomous technology platform [1][2]. Market Performance - Pony AI stock rose by 8.48% to $17.01, reflecting a bullish market trend as the S&P 500 increased by 0.71% [1][10]. - The stock is currently trading 5.4% above its 20-day simple moving average (SMA) and 0.7% above its 100-day SMA, indicating short-term strength and a positive long-term outlook [3]. Technical Analysis - Over the past 12 months, Pony AI shares have increased by 26.97%, positioning them closer to their 52-week highs, which reflects a robust upward trend [3]. - The Relative Strength Index (RSI) is at 49.09, indicating neutral territory, while the MACD is below its signal line, suggesting bearish pressure [4]. Earnings and Analyst Outlook - The upcoming earnings report is expected on March 24, with an estimated loss per share of $0.20, an improvement from a loss of $0.31 year-over-year, and a revenue estimate of $23.69 million, down from $35.52 million year-over-year [6]. - Analyst consensus gives a Buy rating with an average price target of $22.36 [6]. Key Technical Levels - Key resistance level is identified at $17.50, while key support is at $14.00, which will be crucial for maintaining upward momentum [5][8]. ETF Exposure - Pony AI has a 2.34% weight in the SPDR S&P Kensho Smart Mobility ETF, indicating that significant inflows or outflows in these ETFs could impact the stock price [9].

Core Insights - Waymo has launched its robotaxi service for the public in Miami, initially available to nearly 10,000 residents on its waitlist within a 60-square-mile area [1][2] - The company plans to expand its service to Miami International Airport soon, although no specific timeline has been provided [2] - Waymo's phased approach to launching services is becoming more common, having previously opened its robotaxis to the public in Phoenix in 2020 and expanding to other cities [4] Expansion Plans - Waymo aims to bring its robotaxi service to nearly a dozen more cities within the next year, including Dallas, Denver, Detroit, Houston, Las Vegas, Nashville, London, San Diego, Seattle, and Washington, D.C. [6] - The company has started testing in some of these cities using a mix of all-electric Jaguar I-Pace vehicles and newer Zeekr RT vans [6] - By the end of 2026, Waymo expects to offer 1 million trips per week [6] Operational Challenges - The expansion has faced challenges, including incidents in cities like San Francisco where Waymo vehicles have created traffic jams [6] - Federal safety regulators, specifically the National Highway Traffic and Safety Administration, have opened an investigation into Waymo's operations around stopped school buses [7] - Complaints have been raised in Austin regarding Waymo vehicles passing school buses with activated stop signs, leading to a voluntary software recall to address the issue [8]

Financial Data and Key Metrics Changes - Full year 2025 revenue reached $1.9 billion, a 15% increase year-over-year, exceeding prior guidance of 6% growth at the midpoint [13] - Adjusted operating income for 2025 was $280 million, up 45% year-over-year, with a margin of 15%, an increase of approximately 300 basis points compared to 2024 [13][14] - Operating cash flow increased by more than 50% in 2025 [3] Business Line Data and Key Metrics Changes - EyeQ volume for 2025 was 35.6 million units, surpassing the original expectation of 32 to 34 million units, with a consistent demand trend of nine million units per quarter [14] - The fourth quarter saw higher-than-expected SuperVision units, contributing to a modest upside in guidance [15] Market Data and Key Metrics Changes - Demand for Mobileye's products remained strong despite a challenging geopolitical environment, indicating resilience in the auto industry [3] - The company expects about 10 million EyeQ units to be shipped in Q1 2026, supporting an outlook of approximately 19% year-over-year growth in the first quarter [15] Company Strategy and Development Direction - Mobileye is focusing on launching advanced products, including the EyeQ6 chip, and has secured major programs with two of the largest OEMs [4] - The acquisition of Mentee Robotics aims to expand into humanoid robotics, leveraging synergies between autonomous vehicles and robotics technologies [5][11] - The company is implementing a unique "fast-think, slow-think" structure to enhance the precision and scalability of its products [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about volume growth despite expectations of flat global auto production [6] - Positive demand signals from customers have been noted, with expectations for continued growth in 2026 [19] - The company is cautious about the short-term visibility into order flow, particularly with Chinese OEMs, but remains encouraged by growth trends [17] Other Important Information - The company is experiencing foreign exchange headwinds due to the appreciation of the Israeli shekel against the U.S. dollar, impacting headcount costs [19] - Operating expenses for 2025 were slightly above budget at $1.003 billion, with expectations of around $1.1 billion in 2026, driven by normal inflation and Mentee R&D expenses [18] Q&A Session Summary Question: Competitive environment in advanced autonomous solutions - Management believes they are closer to launching advanced products than competitors, with proven technologies and a strong market position [22] Question: Differentiation for Mentee Robotics - Mentee's strength lies in its fully autonomous control, vertical integration, and ability to learn from passive demonstrations, setting it apart from competitors [25][26] Question: Engagement with OEMs for surround data - The company has seen increased interest from multiple OEMs, with two major design wins already secured, indicating a strong market demand [32][33] Question: Near-term pricing dynamics on EyeQ - Pricing is influenced by the mix of EyeQ generations, with no significant changes expected, although a second EyeQ chip at a lower price may impact overall ASP [81] Question: Updates on Porsche and VW programs - The SuperVision program for Porsche and Audi is expected to start in Q1 2027, with no significant volume expected in 2026 [57] Question: Memory supply chain concerns - Management is actively working with Tier 1 customers to ensure supply availability and mitigate cost impacts from memory component fluctuations [50][51] Question: Next steps for Mentee Robotics commercialization - Initial deployments will involve a small number of robots for proof of concept, with plans to scale up based on performance evaluations [62][64]

Trade Summary - Ark Invest executed significant trades involving Broadcom Inc., WeRide Inc., BYD Co. Ltd., and Advanced Micro Devices Inc. across various Ark ETFs [1] Broadcom Trade - ARK Innovation ETF acquired 32,408 shares of Broadcom, valued at approximately $10.8 million based on a closing price of $332.60 [2] - This acquisition follows a downturn in Broadcom's shares due to China's directive against using foreign cybersecurity software, affecting several U.S. firms including VMware [2] WeRide Trade - ARK Autonomous Technology & Robotics ETF added 577,099 shares of WeRide, amounting to about $4.9 million at a closing price of $8.48 [3] - WeRide, a Chinese robotaxi company, has expanded its autonomous fleet to over 1,000 vehicles and operates in cities like Beijing and Guangzhou, aligning with Ark's interest in innovative transportation solutions [3] BYD Trade - ARKQ purchased 205,748 shares of BYD, valued at around $2.53 million at a closing price of $12.31 [4] - BYD recently surpassed Tesla in electric vehicle sales, selling 2.26 million EVs globally in 2025, but faces challenges related to profitability and international expansion [4] AMD Trade - ARK Space & Defense Innovation ETF acquired 3,165 shares of AMD, worth approximately $734,026 at a closing price of $231.92 [5] - AMD is focusing on integrating AI into mainstream PCs and leveraging data center strengths for future growth, with analysts highlighting its efforts to make AI capabilities more accessible [5] Other Key Trades - Kratos Defense and Security Solutions Inc. saw shares sold by ARKK, ARKX, and ARKQ [7] - Trimble Inc. and Deere & Co. were also involved in trades, with shares bought by ARKX [7]

Core Viewpoint - Uber Technologies, Inc. (NYSE:UBER) is positioned as a significant player in the autonomous vehicle (AV) sector, with a Buy rating from BofA Securities and a price target of $119, highlighting its partnership with NVIDIA to advance Level 4 autonomous technology [1][2]. Group 1: Investment Ratings and Market Position - BofA Securities maintains a Buy rating on Uber, emphasizing its strategic role in the AV market and the importance of its collaboration with NVIDIA [1]. - Melius Research has downgraded Uber from Hold to Sell, expressing concerns over increasing competition in the AV industry that could affect Uber's market share [3]. Group 2: Business Operations and Services - Uber is recognized as a leading global provider of ride-hailing, food delivery, and freight services, having transformed urban transportation through its mobile app [4]. Group 3: Future Opportunities and Challenges - The potential for Uber to acquire and rent Level 4 autonomous vehicles is contingent on the production capabilities of various AV manufacturers, which could also allow consumers to monetize their AVs via Uber's platform [2]. - Melius Research warns that competition in the AV sector is expected to intensify from 2026 onwards, which may diminish returns despite Uber's partnership strategies [3].

Core Viewpoint - Cyngn has received a notice of allowance for a new patent related to its autonomous vehicle solutions, indicating ongoing innovation in the field of autonomous technology [1][2]. Group 1: Patent and Innovation - The newly allowed patent is titled "System and Method of Adaptive, Real-Time Vehicle System Identification for Autonomous Driving" and is expected to be issued next month [1]. - Since August 2023, Cyngn has been granted thirteen new patents, bringing its total to 23 U.S. patents, reflecting the company's commitment to protecting its innovative technologies [2]. - The growing intellectual property portfolio supports Cyngn's mission to accelerate the adoption of safe and scalable autonomous systems in industrial environments [2]. Group 2: Product and Market Impact - Cyngn's DriveMod technology allows customers to integrate self-driving technology into their operations without significant upfront costs or infrastructure changes [4]. - The DriveMod Tugger can haul up to 12,000 lbs and has a typical payback period of less than 2 years, showcasing its efficiency and cost-effectiveness [5]. - The DriveMod Forklift is designed to lift heavy loads using non-standard pallets and is currently available to select customers, indicating a targeted approach to market deployment [5].