WeRide

Market attention is turning to Grab's upcoming quarterly results after the company achieved its first full year of profitability.Latest market data indicates that short interest in Grab shares rose by about 4.8% toward the end of June, even as the stock price appreciated. This suggests some investors remain cautious about Grab's valuation and future growth, while others continue to buy into the company's improving fundamentals.Grab continues to expand its autonomous mobility initiatives in Singapore through partnerships with companies such as WeRide, supporting its longer-term strategy to improve operating efficiency and reduce transportation costs.The key catalyst over the next few months will be its next earnings report, where investors will be looking for evidence that profitability, revenue growth, and cash generation continue to improve.

I expect $Tesla(TSLA.US) 2Q deliveries on Thursday morning to be ~410,000 (+7% YoY) and ahead of WS consensus of 406K after gas prices surged during the quarter. This could be TSLA’s 2nd consecutive YoY deliveries advance of >+5% after declining -9% in 2025 and -1% in 2024. We remain cautious on TSLA longer term as 2026-30 earnings ests continue to decline and as other manufacturers roll out unsupervised autonomy over the next 12 months. $Alphabet - C(GOOG.US) $Baidu(BIDU.US) $WeRide(WRD.US) $Pony AI(PONY.US) and $Amazon(AMZN.US) are now completing 1.0M paid unsupervised autonomous rides per week without safety monitors. We have no position in TSLA due to its extended valuation (2026 P/E 200x vs +35% long-term EPS growth, 6.0x PEG).

$WeRide(WRD.US)

When going to increase 🤣

$WeRide(WRD.US) | 𝐖𝐞𝐑𝐢𝐝𝐞: Macquarie maintains 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦, raises 𝐏𝐓 𝐭𝐨 $𝟏𝟓.𝟗𝟎

$WeRide(WRD.US) | 𝐖𝐞𝐑𝐢𝐝𝐞: BofA reiterates 𝐁𝐮𝐲, raises 𝐏𝐓 𝐭𝐨 $𝟏𝟏.𝟖𝟎

From my pre-mkt summary for Subscribers this morning: $Tesla(TSLA.US) +1.1% again this morning to $416 after rising +5.7% the past two days after showing significant year-over-year gains in April in China and several European countries, as global oil prices have surged.

There’s no question in my mind that unsupervised autonomy will become the dominant ride-hailing form within a few years. Ride hailing platforms with drivers will likely become extinct within 5 years. By extension, autonomous driving will become one of the most popular add-on options when buying or leasing new vehicles. Where I have always disagreed with bulls is about the level of competitive intensity in unsupervised autonomy. Unsupervised autonomy will become table stakes to survive; those that can’t master it will not stay in business. But to think $Tesla(TSLA.US) will be the only one to master and scale unsupervised autonomy when $Alphabet - C(GOOG.US) $Baidu(BIDU.US) $Pony AI(PONY.US) $WeRide(WRD.US) and $Amazon(AMZN.US) are already completing 1.0M paid unsupervised autonomous trips per week without safety monitors is borderline head-in-the-sand delusional.

Highlights from today’s pre-mkt summary for Subscribers: Stocks extended yesterday’s big gains after President Trump signaled the US-Iran conflict could end in 2-3 weeks, noting America had largely met its military goals and would leave the job of opening the Strait of Hormuz to other nations. Brent crude extended yesterday’s decline to $102/bbl. 10yr yields fell to 4.27% in front of today’s ADP March private payrolls (+40K est). Gold rose, silver fell, and BTC inched higher. $Tesla(TSLA.US) rose in front of tomorrow’s 1Q deliveries (consensus 366K, my est 377K +12% YoY reflecting higher energy prices and an easy compare vs last year’s Model Y Juniper transition). We expect equities to hit new highs once the Iran conflict ends, oil retreats, and slowing jobs accelerate Fed rate cuts. 2026 S&P earnings estimates rose to $323 (+17% YoY vs 2025’s $276) on higher profits for AI data centers and energy, implying 20.2x P/E (4.9% yield, +60bp premium to 10yr TY, within historical norms). We remain cautious on $Tesla(TSLA.US) due to declining 2026-30 estimates and rising unsupervised autonomy competition from $Alphabet - C(GOOG.US)/ $Baidu(BIDU.US)/ $WeRide(WRD.US)/ $Pony AI(PONY.US)/ $Amazon(AMZN.US) (900K paid rides/week) plus NVDA’s open AI stack in 2026; no position (2026 P/E ~185x, 5x PEG).

Today’s pre-market summary: Equities fell as President Trump’s 48-hour ultimatum to Iran to reopen the Strait of Hormuz or face U.S. strikes on Iranian power plants expires Monday at 7:44pm ET. Brent crude rose to $113/bbl and is now +61% since the Feb 28 conflict began. 10y TYs rose to 4.42%, and gold and silver both fell by -5%. #btc rose modestly. $Tesla(TSLA.US) fell amid TSLA/SpaceX merger speculation that could dilute TSLA’s valuation. We believe equities could reclaim new highs post-conflict as oil retreats and sharply decelerating jobs growth accelerates Fed rate cuts; 2026 S&P EPS $310 implies a 21x P/E and 4.8% earnings yield ~40bp above 10y yields, in line with non-recession norms. We remain cautious on $Tesla(TSLA.US) as earnings estimates fall further, as other players (GOOG, BIDU, WRD, PONY, AMZN) ramp up paid unsupervised autonomous ride hailing and NVDA democratizes its AI stack for OEMs, and due to TSLA’s extended 200x 2026 P/E vs +40% LT growth (5x PEG).

In today’s pre-market summary for Subscribers: Stocks retreated as Brent crude rebounded above $103/bbl amid renewed attacks on Middle East energy infrastructure, now in day 18 of the conflict with the Strait of Hormuz still near standstill. Trump's request to delay his Xi China summit gives Beijing breathing room to assess Iran war dynamics, while his call for allied warships from European allies to escort tankers has so far been met with silence. With the two-day FOMC starting today (decision Wed 2pm ET + dot plot/Powell at 2:30), higher oil is tempering rate cut expectations: Money markets now price just one 2026 rate cut in Sept vs prior expectations of two, despite the weak Feb non-farm payrolls (-92K). We see three conditions needed to end the war: removal of Mojtaba Khamenei as Supreme Leader, permanent Hormuz reopening, and verified Iranian nuclear abandonment. Equities should reclaim highs once oil retreats and softer jobs boost quicker Fed easing; 2026 S&P EPS $310 (+12% YoY) implies 21.6x P/E and ~40bp equity premium to TYs, consistent with non-recession history. We remain cautious on $Tesla(TSLA.US) amid falling 2026-2030 estimates, accelerating competition in unsupervised autonomy (GOOG, BIDU, WRD, PONY, AMZN already at 850K paid rides/week with no safety monitors), and TSLA’s extended ~200x 2026 P/E vs +40% LT growth (5x PEG).

In today’s pre-mkt summary for Subscribers: Stocks declined amid uncertainty over new 15% global tariffs following the Supreme Court's invalidation of President Trump’s emergency levies, with added pressures from Trump’s Middle East military buildup against Iran and a severe blizzard impacting the NYC area. Gold and silver advanced and #btc stabilized after dipping below $65K. This is a pivotal week featuring Trump’s State of the Union Tuesday and $NVIDIA(NVDA.US) earnings Wednesday.

In today’s pre-mkt summary for Subscribers: Stocks rose as sentiment improved after yesterday’s volatile session, with traders awaiting today’s release of minutes from the Jan 27-28 Fed meeting for clues in the Fed’s forward rate path. 10yr Treasury yields rose and precious metals recovered. We continue to expect equities to reach new highs as cooling inflation and slowing employment growth raise the odds of earlier Fed rate cuts, with money markets pricing in two cuts by year-end. We see stocks as neither under- or over-valued: 2026 S&P 500 EPS growth of +12% implies a forward P/E of 22.1x (4.5% earnings yield) and a ~50bp premium to 10-year Treasuries, consistent with historical non-recessionary norms. We remain cautious on $Tesla(TSLA.US) as the bull case for TSLA being the only one to solve for general unsupervised autonomy continues to weaken with $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $WeRide(WRD.US), $Pony AI(PONY.US), and $Amazon(AMZN.US) completing 750K paid unsupervised rides per week, and $NVIDIA(NVDA.US) about to offer its full autonomy stack to OEMs starting 1H 2026, which we believe will democratize unsupervised autonomy.

In today’s pre-mkt summary for Subscribers: Stocks fluctuated as the recent AI-driven selloff lost steam while traders awaited today’s Jan CPI data; 10yr Treasury yields rose and precious metals and bitcoin rebounded; Detroit’s Big Three have announced over $50B in combined EV write-downs while scaling back future EV investments amid a 30% drop in 4Q U.S. EV sales following the Sept 30 expiration of the $7,500 federal EV tax credit. We remain bullish on equities extending their run to new highs as cooling inflation and slowing employment growth raise odds of quicker Fed rate cuts, with money markets pricing two cuts by year-end, starting in July. Consensus 2026 S&P 500 EPS growth of +12% to $310 implies a reasonable 22.4x P/E, 4.5% earnings yield, and +40bp premium to 10yr yields, in line with historic non-recessionary spreads. $Tesla(TSLA.US) bull narrative around exclusive unsupervised autonomy continues to weaken as $Alphabet - C(GOOG.US) $Baidu(BIDU.US) $WeRide(WRD.US) $Pony AI(PONY.US) $Amazon(AMZN.US) scale to 750K paid unsupervised rides per week, and $NVIDIA(NVDA.US) democratizes its AI stack to OEMs in 1H26. With 2026 EPS ests continuing to decline, we remain cautious on TSLA (no position) due to its extended valuation (2026 P/E ~200x vs +40% LT growth, 5x PEG).

In today’s pre-mkt summary for Subscribers: Stocks headed for a third day of losses in front of today’s Nov jobs report; Brent crude fell below $60/bbl to its lowest level in five years as ample global supply continued to outstrip demand, against the backdrop of a potential Russia/Ukraine peace deal; #btc dropped -4.1% to $86.3K over the past 24 hours. 10yrTYs were stable as central bankers likely welcomed the drop in crude prices, which supports further int rate cuts.

$Pony AI(PONY.US) +9.4% and $WeRide(WRD.US) +7.0% on

$WeRide(WRD.US) previously had a 30-point increase, but I bought the dip too early, and it fell back by 12 points. Now it feels like a good time to buy the dip again, given the significant pullback. $Pony AI(PONY.US) should rebound more aggressively.

$Tesla(TSLA.US) has been granted a permit to operate a taxi service in California driven by Tesla employees for Tesla employees, according to the California Public Utilities Commission (CPUC). Despite the permit, Tesla’s driverless taxi future still seems far off in California since it hasn’t yet applied for the more important driverless testing permit, for which only six firms (BIDU’s Apollo, AutoX, Nuro, Google’s Waymo, WeRide, Amazon’s Zoox) have been approved.

$NVIDIA(NVDA.US) Follow Nvidia's stock moves:

Nvidia's latest investment revealed: $390 million layout!  According to the latest 13F report, Nvidia adjusted its stock holdings, here are the major changes:  Arm: 44.6% (43% reduction)  Applied Digital: 19.36% (no change)  RxRx: 17.11% (no change)  Yandex: 10.85% (no change)  WeRide: 5.23% (new addition)  Nebius: 4.12% (new addition)  Analysis: Arm: Global semiconductor IP giant, core to Nvidia's chip strategy APLD: High-performance computing infrastructure perfectly aligned with AI needs RxRx: AI-driven drug discovery, great partner for Nvidia's healthcare expansion Yandex: Russian tech giant eyeing international markets WeRide: Rising star in Chinese autonomous driving, perfectly integrated with Nvidia's platform Nebius: AI-driven cloud computing company, former Yandex members, full of futuristic tech vibes Nvidia's investment portfolio not only consolidates its dominance in chips and AI but also expands into biotech, autonomous driving and other emerging fields! Any stocks you're watching here?

$MINIEYE(02431.HK)

Youjia Innovation is set to become the fourth "smart driving unicorn company" to enter the capital market within two months, following Horizon Robotics, WeRide, and Pony.ai, and will also be the last smart driving IPO project of the year.

Youjia Innovation plans to issue 39,190,000 H shares in this IPO, with a subscription range of HKD 17.00 to HKD 20.20 per share. Based on the upper limit of the subscription range, Youjia Innovation could raise approximately HKD 790 million through this IPO.

It is worth noting that Youjia Innovation has introduced two cornerstone investors in this issuance: Kang Cheng Heng International Investment Co., Ltd. and Horizon Together Holding Ltd., with a total subscription exceeding HKD 540 million. Among them, Horizon Together Holding Ltd. is actually Horizon Robotics (9660.HK).

Prior to the IPO, Youjia Innovation had already received investments from well-known institutions such as NavInfo, Zeyi Investment, National Development Fund for Manufacturing Transformation, CICC Capital, Yuanjing Capital, Harvest Investment, PwC Capital, Dongfang Fuhai, Cathay Capital, and Boyuan Capital.

Founded in 2014, Youjia Innovation is a Chinese supplier of smart driving and smart cockpit solutions, covering key aspects of the driving experience, including navigation, parking, and in-cabin functions, and gradually developing smart driving solutions with increasing automation levels from L0 to L4.

As of June 30, 2024, Youjia Innovation has engaged in mass production with 29 automakers for 94 vehicle models, including seven of the top ten domestic automakers by sales; as of December 10, 2024, Youjia Innovation has cumulatively engaged in mass production for 35 automakers.

According to data from ZhiShi Consulting, based on revenue from L0 to L2+ solutions in 2023, Youjia Innovation ranks fourth among all emerging technology companies in China. Additionally, Youjia Innovation is also developing and testing L4 autonomous driving capabilities, which are expected to deliver the iRobo solution in the first quarter of 2025.

It should be noted that Youjia Innovation's progressive development route from L0 to L4 provides it with a differentiated competitive advantage, allowing it to quickly meet customer needs and effectively achieve the scalability and mass production of solutions—for example, Youjia Innovation obtained the point of contact for an L2+ solution for a high-end coupe from an automaker in 2021, which went into production in 2023. Subsequently, Youjia Innovation obtained a new point of contact for L2 and L2+ solutions for a medium SUV model from the same automaker, with the L2 solution going into production in 2024. In addition, Youjia Innovation obtained points of contact for four models in an automaker's product line, first providing an L2+ solution for its compact crossover in 2022, followed by L2 and L2+ solutions for its medium SUV and compact SUV models in 2023, and recently providing L2 and L2+ solutions for its new SUV model in 2024.

It is noteworthy that while continuously strengthening its domestic market efforts, Youjia Innovation's globalization strategy is also advancing—as of June 30, 2024, Youjia Innovation's solutions have been selected by six automakers for 15 export models under development, and have achieved SOP for 21 export models for four automakers, with these export models being sold to regions including the EU, Australia, the UK, and Southeast Asia.

In fact, since its inception, Youjia Innovation has focused on the forefront development of overseas laws and regulations and proactively carried out R&D activities. It is also the only smart driving solution supplier in mainland China to be awarded the "2023 Supplier Innovation Award" by ZF Group. In November of this year, Youjia Innovation assisted one of its automaker clients in obtaining EU General Safety Regulation (GSR) Advanced Driver Distraction Warning (ADDW) system certification and Driver Fatigue and Attention Warning System (DDAW) certification. According to data from ZhiShi Consulting, Youjia Innovation is one of the first suppliers of Driver Monitoring System (DMS) solutions in China to successfully help automakers obtain EU GSR ADDW and DDAW certifications.

In terms of financial data, from 2021 to 2023, Youjia Innovation's revenue was RMB 175 million, RMB 279 million, and RMB 476 million, with a compound annual growth rate of 64.9%. In the first half of this year, Youjia Innovation's revenue increased by 44.5% from RMB 164 million in the same period of 2023 to RMB 237 million.

From 2021 to 2023, Youjia Innovation's gross margin was 9.7%, 12.0%, and 14.3%; in the first half of this year, Youjia Innovation's gross margin increased nearly 6 percentage points from 8.3% in the same period of 2023 to 14.1%.

Additionally, thanks to the synergistic development of its three major businesses—smart driving, smart cockpit, and vehicle-road collaboration—and the improvement of gross margins in its core business, Youjia Innovation's adjusted net loss rate significantly decreased from 74.8% and 73.7% in 2021 and 2022 to 38.8% in 2023, and narrowed by about 40 percentage points from 74.2% in the same period of 2023 to 34.8%.

In fact, the smart driving solution industry in China is rapidly growing, and domestic suppliers are gaining market share through rapid product iteration and strong product adaptability. According to data from ZhiShi Consulting, the market share of domestic smart driving solution suppliers increased from 6% in 2019 to 18% in 2023.