19 March 2026 Future of Tech: VLA as the next AI frontier in autonomous driving Masahiro Akita +81 3 6777 6998 masahiro.akita@bernsteinsg.com Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Tomohiro Kashimoto +81 3 6777 6975 tomohiro.kashimoto@bernsteinsg.com Seunghyeok Kim +81 3 6777 6974 seunghyeok.kim@bernsteinsg.com Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com AD levels and penetration: Global L2+/L2++ penetration is projected to reach 36% by ...

马斯克，要建芯片工厂了！ 就在刚刚，特斯拉CEO马斯克在社交平台上宣布，SpaceX与特斯拉将于美国中部时间晚8点左右在X平台直 播，正式公布自建芯片工厂"Terafab"项目。特斯拉也发文称，公司正携手SpaceX与人工智能公司xAI，建造史 上规模最大的芯片制造工厂。 据悉，"Terafab"项目的目标是每年生产超过1太瓦的计算能力（逻辑、内存和封装），其中约80%用于太空， 约20%用于地面。 马斯克拟建全球最大芯片厂 特斯拉自建芯片工厂"Terafab"项目即将启动。 当地时间3月21日，马斯克在X平台上宣布："SpaceX与特斯拉将于今日美国中部时间晚8点左右，在X平台直播 正式公布'Terafab'项目。该项目目标为每年产出超过1太瓦量级的算力（含逻辑芯片、存储芯片及封装产 能），其中约80%算力用于太空领域，20%用于地面应用。" 与此同时，特斯拉发文称："携手SpaceX与人工智能公司xAI，我们正在建造史上规模最大的芯片制造工厂 （年产能1太瓦），将逻辑芯片、存储芯片与先进封装技术集于一体。" 特斯拉称，"为尽可能充分利用太阳能，我们每年需要向太空发射1亿吨用于捕获太阳能的设备。这需要实现超 ...

Tesla Inc. (NASDAQ:TSLA) is facing a critical regulatory hurdle. The National Highway Traffic Safety Administration (NHTSA) escalated its investigation into Full Self-Driving (FSD) on Wednesday.The probe now moves from a Preliminary Evaluation (PE) to an Engineering Analysis (EA). This move impacts approximately 2.4 million vehicles.Analyst Warns of Robotaxi Narrative CollapseGordon Johnson, an analyst at GLJ Research, said on X (formerly Twitter) on Thursday, that an EA represents a confirmed pattern and a ...

Core Viewpoint - There is skepticism regarding the enactment of a ban on congressional stock trading this year, despite ongoing debates about conflicts of interest [1]. Group 1: Market Sentiment - A Kalshi market indicates only a 15% chance that members of Congress will be banned from trading stocks before 2027, while the odds for a ban before January 21, 2029, are at 57% [2]. - A similar market on Polymarket shows a 22% chance of a ban occurring this year [3]. Group 2: Legislative Proposals - Several proposals have emerged to ban congressional stock trading, including the HONEST Act, which aims to address ethical concerns [4]. - Former House Speaker Nancy Pelosi has supported legislation previously named after her, known as the PELOSI Act [4]. Group 3: Notable Trades and Violations - Pelosi is among the most monitored members of Congress for her stock trades, which have been notable for their performance and scale [5]. - Republican lawmakers, including Marjorie Taylor Greene, have also faced scrutiny for their trading activities during market declines [5]. - The 2012 STOCK Act mandates that members disclose stock trades within 45 days, but violations have occurred across both political parties [6].

Core Insights - UiPath (PATH) is advancing into agentic automation, focusing on systems that can reason, plan, and execute across workflows, rather than just task-level robotic process automation [1] - The strategy involves positioning the platform around emerging standards, expanding automation across enterprise systems, and leveraging partnerships and acquisitions for quicker value realization [1] Adoption and Revenue - The success of UiPath's strategy hinges on how quickly adoption translates into repeatable monetization [2] - Management does not expect agentic capabilities to significantly impact fiscal 2026 revenues, emphasizing that the focus is on proving adoption patterns and platform fit rather than immediate revenue generation [5] - Near-term monetization is anticipated mainly through pull-through, where customers adopting agentic capabilities are likely to expand usage of existing platform components [6] Product Development - There is a growing demand for a "unified platform" that allows automation across systems, data, and user interfaces without relying on fragmented tools [7] - Key elements of UiPath's product stack include Maestro for orchestration and case management, API-centric automation, and Intelligent Extraction and Processing with Autopilot [8][9] Strategic Partnerships - Partnerships are crucial for UiPath's go-to-market strategy, particularly in reducing the time from pilot to production [11] - Collaborations with major companies like Microsoft, OpenAI, Google, NVIDIA, and Snowflake enhance integration options and support broader transformation programs [11] - The strategic intent is to create a durable pipeline that leads to sustained expansions beyond fiscal 2026 [13] Acquisition and Market Focus - UiPath's acquisition of WorkFusion aims to deepen automation in financial services, where automation value is linked to regulated processes and measurable outcomes [14] - This acquisition is expected to strengthen agentic solutions in financial services, facilitating clearer pathways from automation to business outcomes [15] Pricing Models - There is uncertainty regarding pricing models for agentic outcomes, as consumption and outcome-based pricing are still being evaluated [16] - The lack of a predictable pricing framework may delay revenue timing despite operational benefits being recognized by customers [16] - The transition to agentic-driven revenue may extend beyond fiscal 2026, with a focus on adoption proof and clearer packaging decisions [17]

Core Insights - The Macrohard project by xAI, initially pitched as a potential competitor to Microsoft, is now reportedly stalled and lacks leadership [1][2][3] Group 1: Project Status - Macrohard has faced significant setbacks, including leadership departures, a hiring freeze, and the suspension of a major data project that employed 600 contractors [2] - Over 20 engineers have left Macrohard, and the project currently has no leader or job postings, indicating a lack of momentum [3] Group 2: Company Dynamics - xAI has lost six of its 12 original co-founders, with former staff describing the company as being in a "catch-up" phase against competitors like OpenAI and Anthropic [3] - Tesla is reportedly reallocating resources from Macrohard to its own AI initiatives, such as "Digital Optimus," which aims to operate computers autonomously [4] Group 3: Financial Implications - Tesla disclosed a $2 billion investment in xAI as part of its Master Plan Part IV, which now represents a stake in the merged SpaceX-xAI entity [5] - The future trajectory of Digital Optimus remains uncertain, especially with recent leadership losses in Tesla's AI teams [5] Group 4: Market Predictions - Prediction markets indicate a low probability of xAI's Grok model shipping by the end of March, with only 4% odds, and a mere 8% chance of it being the best AI model by the end of June [6] - Traders assign only 33% odds for the Cybercab to sell for under $30,000 this year, and just 18% for Optimus to reach consumers by year-end [7]

🚨Tesla is quietly building “Digital Optimus," report saysThe internal AI agent is designed to perform tasks on a computer, from software interaction to code generation and real-time decision making.Some compute and work from xAI’s Macrohard project have reportedly shifted to Tesla’s Autopilot team as development ramps.Unlike Macrohard, which relied more on static screenshots, Tesla is using a real-time control approach, similar to how FSD processes live video. $TSLA ...

Core Insights - UiPath has achieved AIUC-1 certification, becoming the first enterprise automation platform to meet the world's reference standard for AI agent security and reliability [1] - The certification validates that UiPath's AI agents operate safely and securely in real-world business environments, focusing on critical areas such as data protection and attack resistance [1] - UiPath's commitment to responsible AI deployment is demonstrated through over 2,000 technical evaluations and a comprehensive audit of their AI policies [1] Group 1: Certification Details - AIUC-1 certification was created by the Artificial Intelligence Underwriting Company in partnership with security and legal experts [1] - The certification includes ongoing quarterly evaluations to ensure that safeguards evolve alongside AI capabilities and emerging threats [1] - UiPath's AI products, including Intelligent Extraction Processing, Agents, and Autopilot, underwent comprehensive testing across more than 2,000 enterprise risk scenarios [1] Group 2: Industry Impact - The achievement of AIUC-1 certification reflects a growing market trend towards responsible AI governance and security standards [1] - Organizations investing in strong governance are expected to lead in the future, with UiPath setting a benchmark for the industry [1] - UiPath is also a Founding Technical Contributor to AIUC-1, actively shaping standards for safe AI agent deployment [1]

Core Viewpoint - The next company to reach a market value of $1 trillion will be a software company disguised as a service company, as per Sequoia's analysis. This indicates a shift in how companies leverage AI, focusing on delivering results rather than just tools [2]. Group 1: AI Company Classification - AI companies are categorized into two types: Copilot, which sells efficiency tools, and Autopilot, which sells completed tasks. The former competes with models, while the latter benefits from model advancements [2][5]. - The transition from Copilot to Autopilot is already occurring in various fields, with the starting point being crucial for determining where Autopilot systems can win customers [6]. Group 2: Market Insights - Software engineering accounts for 49.7% of AI tool usage, indicating a significant penetration of AI in this domain. Other sectors like back-office automation and marketing have much lower usage rates [4]. - The potential market for Autopilot systems encompasses all labor expenditures, including both internal and outsourced costs, with a focus on existing outsourced areas [8]. Group 3: Strategic Recommendations - Companies should initially target outsourced tasks that require substantial intelligent analysis, ensuring smooth distribution channels. As AI evolves, they can gradually expand to internal tasks that require significant judgment [10]. - The insurance brokerage market is the largest, with a total addressable market (TAM) of $1400-2000 billion, highlighting the potential for AI-driven automation in this sector [12]. Group 4: Specific Market Opportunities - The accounting and auditing outsourcing market in the U.S. is valued at $50-80 billion, with a structural talent shortage driving faster adoption of AI [12]. - The healthcare revenue cycle outsourcing market is also significant, with a potential of $50-80 billion, as many tasks can be automated due to their rule-based nature [13]. - The IT management services market exceeds $100 billion, with most small and medium enterprises outsourcing IT functions, presenting opportunities for AI automation [15]. Group 5: Future Projections - By 2025, the fastest-growing AI companies will be those operating as Copilots, while many will attempt to transition to Autopilot by 2026, facing the innovator's dilemma of potentially losing direct customer relationships [16].

Important to order Model S or Model X before production stops to make way for the Optimus factory in a few monthsX Freeze (@XFreeze):Sean Hannity just shared why he bought two Tesla Model S PlaidsHe calls it the greatest car he has ever owned in his life.He uses both normal driving and Autopilot. People with him freak out every time because the technology is that goodHe already owned a Tesla, but when https://t.co/20hq6w7JN3 ...