Core Viewpoint - Joby and Archer are leading companies in the global eVTOL industry, with their growth paths significantly influenced by the mature aviation ecosystem in the United States, making it challenging to replicate their success in the domestic market. However, key experiences from their development are valuable for domestic eVTOL operators and investors to study and learn from [1]. Global eVTOL Industry Development - From 2017 to 2024, the number of global eVTOL companies surged to over 400, with more than 1,000 concept models. Joby and Archer have raised over $5 billion through SPAC listings, marking the beginning of a high-speed development phase in the industry. Key factors for their growth include strong financing capabilities, support from industry stakeholders, progress in airworthiness certification, and a global commercial layout. Joby has raised a total of $2.7 billion, with shareholders including Toyota, SK Telecom, and Delta Airlines, and has over $900 million in cash and short-term investments as of Q1 2025. Joby has completed over 50% of the fourth phase of FAA airworthiness certification and is expanding its market presence in the US, UK, Japan, South Korea, and the UAE. Archer has raised $4.4 billion, backed by Stellantis, Boeing, and United Airlines, with cash reserves exceeding $1 billion as of Q1 2025. Archer's airworthiness progress closely follows Joby, and it plans to launch its "Launch Edition" in 2025, with initial customers in Abu Dhabi, Ethiopia, and Indonesia, while accelerating the mass production of its ARC factory and military collaborations to achieve commercialization quickly [2]. Domestic eVTOL Industry Comparison - Domestic eVTOL manufacturers can be categorized into four types: startup companies (founders typically have aviation backgrounds), traditional general aviation companies (aircraft manufacturers entering eVTOL development), automotive companies (automakers entering eVTOL development), and academic institutions (industry incubation based on university technology). There is a significant gap between domestic and international leading companies. The differences include: - Technological lag: International technologies have converged on tilt-rotor designs, with Joby being the only full tilt-rotor model, while domestic tilt-rotor designs are mostly semi-tilt-rotor. International companies predominantly use piloted modes, while domestic companies are pursuing a dual-track approach of "manned + unmanned," primarily focusing on unmanned operations. Transitioning from "scenic trial" to true "commercial aviation" for unmanned eVTOLs requires not only policy support but also a broad increase in social acceptance, which is approached with cautious optimism. - Resource endowment: Although domestic eVTOL companies are frequently raising funds, their overall scale is significantly smaller than that of international leaders like Joby and Archer. Most domestic companies are startups, characterized by "dispersed, shallow, and phased" industrial resource endowments, with relatively weak integration capabilities in the supply chain, except for automotive manufacturers [3]. Business Logic Divergence - Joby and Archer have rapidly certified and established global standards, while domestic companies primarily focus on CAAC certification. Global commercialization is closely tied to international airworthiness certification, and domestic eVTOL companies are still in the early stages of catching up to Joby and Archer. Key experiences from Joby and Archer's growth paths that are worth emulating for the domestic eVTOL industry include: - Strengthening vertical integration of the industry chain to build a "technology + manufacturing + scenario" collaborative ecosystem - Accelerating mutual recognition of international airworthiness standards - Gradually advancing multi-rotor, compound wing, and tilt-rotor routes - Promoting military-civilian integration [4].

Core Viewpoint - U.S. stocks have underperformed expectations in 2025 due to President Trump's return to protectionist policies, impacting leading tech companies that have driven S&P 500 performance since October 2022 [1] Group 1: AI Stocks Opportunity - AI stocks present valuable investment opportunities despite recent corrections, with a focus on long-term potential [2] - Archer Aviation, with a market cap of $4.4 billion, is positioned as a compelling investment due to its strategic partnerships and AI integration for aviation systems [3][4] - Archer has secured its first customer, Abu Dhabi Aviation, for its commercialization program, indicating strong commercial potential in defense and aviation markets [4] - With over $1 billion in liquidity, Archer has a robust balance sheet to support its AI-driven vision for future flight [5] - The projected market for AI and electric aviation could reach $1 trillion by 2040, enhancing Archer's growth prospects [6][7] Group 2: Serve Robotics Innovation - Serve Robotics, despite a 46% decline year-to-date, is innovating last-mile delivery with AI-powered robots, showcasing a 773% year-over-year revenue growth to $1.8 million in 2024 [8] - The company is expanding its operational footprint and has designed third-generation robots with enhanced capabilities and reduced manufacturing costs [9][10] - Serve has secured partnerships with major companies, expanding its reach to over 1,000 restaurants and 300,000 households, and has significant cash reserves to support its growth plans [10] - The combination of revenue growth potential and decreasing unit costs positions Serve for a clear path to profitability as its robot fleet scales [11] Group 3: Risk and Reward Considerations - Both Archer and Serve face regulatory and operational challenges that could impact their growth trajectories, despite their strong cash positions [12] - Current market valuations may reflect these risks, presenting a potential entry point for investors willing to navigate volatility [13] - The ongoing uncertainty in the market is viewed as an opportunity to accumulate shares in these innovative AI companies [14]