$Ouster(OUST.US) rose nearly 10 points, $WeRide(WRD.US) dipped slightly.
Lidar is rising while Robotaxi operators are falling; upstream hardware and downstream operations have moved in opposite directions. Order visibility for the hardware side comes from OEM design wins, which is certain; however, the valuation of the operational side depends on city expansion progress and per-vehicle economics, with far more variables.
In the autonomous driving industry chain, the certainty premium of 'selling shovels' has once again outperformed that of 'providing services'. Is this the market pushing back its expectations for commercialization timing, or simply avoiding regulatory uncertainty? 😥
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