Alpha Coverage #138
AI, Robotics, Space, Quantum Computing, Climate Change/Energy Transition, Biotech/Genomics
Weekly newsletter bringing you a summary of unbiased, critical, thesis changing stock market news with long term impact. We cover news articles, opinion pieces and all forms of media to help you stay ahead of the curve.
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Editor’s Pick:
[News] Elon Musk aims to dominate AI chip production
“Our goal is to bring a new AI chip design to volume production every 12 months,” he posted on X. “We expect to build chips at higher volumes ultimately than all other AI chips combined.”
“These chips will profoundly change the world in positive ways, saving millions of lives due to safer driving and providing advanced medical care to all people via Optimus,” Musk said.
He added his team has been instrumental in designing and deploying several million AI chips in Tesla vehicles and data centers.
The company’s current AI chip iteration, AI4, is already integrated into Tesla vehicles, with AI5 on the brink of deployment and work on AI6 already in progress.
Link to Seeking Alpha News Article - Nov. 23, 2025
[News] Amazon Leo debuts new gigabit-speed ‘Ultra’ antenna, begins enterprise preview
With more than 150 satellites in orbit and initial network testing underway, Amazon (AMZN) said it is launching a preview program for select enterprise customers for the testing of its Leo satellite Internet service ahead of a broader commercial rollout.
Leo, formerly known as Project Kuiper, is aimed at organizations, businesses, and government agencies that operate in places without reliable Internet connectivity, such as airplanes or geographically remote locations. Current customers include JetBlue (BLU), Vanu Inc., Hunt Energy Network, Connected Farms, and Crane Worldwide Logistics.
“The service is designed to support critical business applications, including real-time data processing, remote operations management, and secure communications for teams working in field locations,” Amazon said in a statement.
“It also connects directly to Amazon Web Services, as well as other cloud and on-premise networks, allowing customers to securely move data from remote assets to private networks without touching the public internet,” Amazon added.
Amazon claims Leo Ultra is the fastest customer terminal in production, with download speeds up to 1 Gbps and upload speeds up to 400 Mbps.
Link to Seeking Alpha News Article - Nov. 24, 2025
Link to Amazon Blog - Nov. 24, 2025
IBM 0.00%↑ TSM 0.00%↑ #Rapidus #SSNLF
[News] Japan’s Rapidus plans to build 1.4-nm chip facility as race with TSM heats up: report
Japan’s Rapidus is set to start construction on a second plant in Hokkaido in fiscal 2027, while the production of 1.4-nanometer chips is slated to begin as early as 2029, Nikkei Asia reported.
At its first facility in Chitose, the company plans to start mass production of 2-nm chips in the latter half of fiscal 2027. In addition, even before mass production of the 2-nm chips is fully mature, Rapidus plans to move ahead with construction of the second plant, which may produce 1-nm chips besides 1.4-nm products, the report noted.
Beginning in fiscal 2026, Rapidus intends to start full-scale research and development, or R&D, on 1.4-nm products while continuing its collaboration with IBM (IBM), which provides technology for 2-nm chips.
IBM and Rapidus had entered a partnership in December 2022 to build semiconductor technology aimed at developing IBM’s breakthrough 2-nm technology for implementation by Rapidus at its fab in Japan.
Rapidus noted in July that a 2-nm device was functioning, but it has yet to set a path to mass production.
TSM plans to mass-manufacture 2-nm chips this year and 1.4-nm chips in 2028. South Korean tech giant Samsung Electronics (OTCPK:SSNLF) intends to mass-produce 1.4-nm chips in 2027, the report noted.
Rapidus’ CEO Atsuyoshi Koike reportedly said in April that the company was in discussions with Apple (AAPL), Alphabet’s (GOOG) (GOOGL) Google, and several others about mass-producing processors for their respective needs.
Link to Seeking Alpha News Article - Nov. 25, 2025
NVDA 0.00%↑ GOOGL 0.00%↑ META 0.00%↑ AVGO 0.00%↑
[News] Nvidia stock drops after report of Meta considering multi-billion-dollar deal for Google AI chips
Meta is in discussions to use the Google chips — known as tensor processing units, or TPUs — in data centers in 2027, The Information reported. Meta may also rent chips from Google’s cloud division next year, the news outlet said.
Nvidia issued a statement saying it was “delighted by Google’s success,” but that it is still the leader in the industry. “NVIDIA is a generation ahead of the industry — it’s the only platform that runs every AI model and does it everywhere computing is done,” Nvidia said. “NVIDIA offers greater performance, versatility, and fungibility than ASICs, which are designed for specific AI frameworks or functions.”
“Late yesterday, media reports indicated the possibility of Google renting out the TPUs to Meta next year, potentially followed by on-premise deployments (with Meta and maybe others) in 2027,” Bank of America analyst Vivek Arya wrote in a note to clients. “Neither company has made any official comments regarding any such transaction, but if true, it can intensify the competitive landscape for Meta’s current GPU suppliers NVDA and AMD.”
Arya sees the AI accelerator race as a rising tide, lifting all boats. He expects the total addressable market for the AI data center to grow roughly five times by the end of the decade, reaching roughly $1.2T, up from $242B this year. As it does now, Nvidia is still expected to dominate the market, though it may only have a 75% market share, down from the estimated 85% it currently holds, Arya explained.
“There are advantages to a merchant GPU chip – off the shelf availability, multi-cloud portability, NVDA’s full-stack of software and developers, as well as a larger [total addressable market] with sovereign and enterprise on-premise customers who don’t have the expertise to build custom chips,” Arya added. “In addition, the tight supply chain and NVDA’s scale advantages make it tougher to ‘steal’ too much share since not enough components are available in the near/medium term and hence share changes if any are likely to be gradual in nature. Custom chips can be lower-cost for a specific range of internal workloads that might suit customers with large internal workloads such as Google and perhaps Meta. However, they are less useful in a public cloud such as at Microsoft Azure or Amazon Web Services or the 100+ neoclouds where intense levels of flexibility are required which is why even Google uses GPUs in its public cloud.”
Link to Seeking Alpha News Article - Nov. 25, 2025
Link to Seeking Alpha News Article - Nov. 25, 2025
GOOGL 0.00%↑ AVGO 0.00%↑ LITE 0.00%↑ MU 0.00%↑
[News] Google’s chips for Meta a positive for Broadcom; bullish on Lumentum and Micron: Mizuho
Mizuho raised the price target on Lumentum’s (LITE) stock to $325 from $290, noting that Google’s Tensor Processing Units, or TPUs, ramp-up is positive for Lumentum.
The analysts believe a move to TPUs is positive for Broadcom (AVGO), and could be a modest challenge for GPU suppliers.
The analysts said they continue to like Nvidia as an over $500B Blackwell and Rubin pipeline remains intact with upside.
Rakesh and his team noted that key supply chain beneficiaries for TPU are Micron Technology (MU) in memory, and Lumentum in optical networking.
Near term, the analysts also see Micron’s earnings coming up with potential for significant upside (February quarter guidance with DRAM/NAND pricing tailwinds).
“We also see LITE as a key beneficiary of any TPU ramps with OCS still in early stages. AVGO remains our TOP PICK as we raise our LITE PT to $325 (prior $290) with GOOG TPU ramps positive for LITE’s OCS [Optical Compute Switch],” said Rakesh and his team.
Link to Seeking Alpha News Article - Nov. 26, 2025
[News] Chinese tech firms said to train AI models abroad to tap Nvidia chips
Chinese tech companies are training their artificial intelligence models overseas to access Nvidia’s (NVDA) chips, the Financial Times reported, citing two people with direct knowledge of the matter.
Companies such as Alibaba (BABA) and ByteDance (BDNCE) are said to be training their latest AI models in Southeast Asian data centers. The companies rely on lease agreements for data centers owned and operated by non-Chinese entities.
The shift in AI training is aimed at bypassing U.S. measures to restrict sales of Nvidia’s (NVDA) chips, like the H20, in China.
Notably, DeepSeek’s (DEEPSEEK) model is being trained in China as the AI startup reportedly secured a large stock of Nvidia (NVDA) chips before the U.S. imposed export controls.
DeepSeek (DEEPSEEK) is also working with local chipmakers like Huawei to develop the next generation of Chinese AI chips.
The report comes as China has been discouraging local tech companies from buying advanced Nvidia (NVDA) chips, and recently banned the use of foreign AI chips in state-funded data centers.
Link to Seeking Alpha News Article - Nov. 27, 2025
[YouTube | The Compound] Why oil could be next year’s gold | TCAF 219
On episode 219 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Peter Boockvar to discuss: why talk of the AI bubble is overblown, inflation expectations, the housing market, Thanksgiving food, and much more!
Link to YouTube Video (Timestamped)
The risk of too many rate cuts - Link to YouTube Video (Timestamped)
Link to Full Video (01:05 Hours) - Nov. 28, 2025
[YouTube | The Real Eisman Playbook] Google Surges Past OpenAI and AI Faces a Bigger Crisis That Could Break the Boom
On this episode of The Weekly Wrap, Steve Eisman breaks down a wild week in the market as Google’s Gemini 3 passes OpenAI. Steve discusses how the AI battle compares to the railroad revolution, Dell’s earnings, Michael Burry’s warnings, and the emerging power crisis that could break the AI boom.
Link to Full Video (22:30 Mins) - Nov. 28, 2025
News, Facts, Analyst & Market Commentary - Short Reads:
NVDA 0.00%↑ AMD 0.00%↑ ARM 0.00%↑ ALAB 0.00%↑ MRVL 0.00%↑
Nvidia, AMD, other chip stocks still have room to run, Raymond James says
The firm, which reinstated coverage on the sector this week, has an Outperform rating on AMD and Broadcom, a Market Perform rating on ARM (ARM), Astera Labs (ALAB), and Intel, and Strong Buy ratings on Marvell (MRVL) and Nvidia.
Regarding Nvidia, the analyst noted the company is the leader in AI and should be a “core holding” for investors. “Nvidia retains significant competitive moats with an extensive and mature software stack resulting from over a decade head start, a strong community supported by the leading developers, and its full-stack systems approach and platform cadence.”
For Marvell, the analysts acknowledged that the company faces more skepticism as the secondary custom silicon supplier. However, they believe it has the “right ingredients” with its application specific integrated circuit business and optics segment.
“Data center products account for ~75% of sales now, and we see it as a share gainer in the custom ASIC and data center optical DSP markets; management targets roughly 20% market share ($8B+) in data-center ASICs by 2028,” the analysts wrote.
Broadcom is seen gaining share in the AI world, given that hyperscalers may want customized alternatives to general purpose processors.
“Continued upward estimate revisions remain a key element of our thesis,” Raymond James analysts wrote. “Non-AI semis and software will constrain growth, but we expect improvement. We model only 50% content for TPU Ironwood. Margin and cash generation from software are not fully appreciated.”
AMD is seen as the company best positioned to compete with Nvidia in the GPU market, and the analysts are expecting “continued momentum” in accelerators and AI rack systems. “Shares have attracted a broader audience post the recently announced OpenAI award (6 GW over several years),” the analysts wrote.
“We model just 190K MI350 chips and 915K MI450 chips in FY27. AMD appears poised for continued server and PC share gains,” the analysts added. “The AI [total addressable market] is large enough to support multiple chip suppliers.”
ARM is focused more on moving towards the data center and other AI-linked opportunities, including building chips itself. “Within the last two years, data centers have neared 20% of sales, which has resulted in increased exposure to hyperscale operators,” Raymond James’ analysts wrote.
Asters Labs focuses on high-speed connectivity offerings, and is seen as the “dominant supplier” in the retimer market with its PCIe5 and 6 offerings.
“Tremendous growth in compute intensity has fueled the increased traffic managed by chips, boards, and racks,” the analysts wrote. “This in turn necessitates higher demand for the high-speed interconnects that are Astera’s core competency.”
Link to Seeking Alpha News Article - Nov. 22, 2025
NVDA 0.00%↑ AMD 0.00%↑ ARM 0.00%↑
Nvidia shines at SC25: Wedbush
Wedbush looked at the processors utilized in the Top 500 at 2025 International Conference for High-Performance Computing, Networking, Storage, and Analysis, which is a list of the best-performing supercomputers in the world. This year’s list featured 45 new entrants, but interestingly, none of them cracked the existing top 10. However, with several new U.S. Department of Energy projects featuring AMD (AMD) and Nvidia (NVDA) based systems currently under development, this should change next year.
Of the new systems to make the list, AMD, Intel and Nvidia were featured the most. Arm (ARM) accounted for 10% of the new processors.
“NVDA once again represented the single leading supplier into supercomputing sockets with 30 GPU sockets as well as 6 CPU sockets,” Bryson said. “Intel garnered 25 total sockets (all CPU), while AMD received 18 sockets (14 CPUs and 4 GPUs).”
Link to Seeking Alpha News Article - Nov. 23, 2025
WeRide revenue swells on robotaxi growth
Shares of WeRide (WRD) are trending higher ahead of Monday’s open as an expansion of its global robotaxi fleet resulted in a triple-digit increase in revenue and significant reduction to its net loss for the third quarter.
Q3 GAAP EPADS of -$0.15, Revenue of $24M, grew 144.3% year-over-year.
The 144% surge in revenue -- consisted of a 428% increase in product and service revenue and 761% increase in robotaxi revenue
WeRide (WRD) reported a loss of $0.15 per ADS versus a loss of $2.08 per ADS in the same quarter last year.
Additionally, as operating expenses were cut in half and certain R&D service project costs from 2024 were not realized in the current quarter, the Guangzhou, China-based company realized a 2,640-basis point increase to its gross profit margin to 32.9%.
As of the end of September, WeRide (WRD) had aggregate balances of $764.1M in cash, cash equivalents, time deposits, restricted cash, and investments.
And as of the end of October, WeRide (WRD) operates an autonomous vehicle fleet of over 1,600 vehicles, of which nearly 750 are robotaxis. With the latest regulatory win in Switzerland, the company’s AVs are now licensed in eight countries.
Link to Seeking Alpha News Article - Nov. 24, 2025
Link to Seeking Alpha News Article - Nov. 24, 2025
[Newsletter Exclusive] Pony.ai joins hands with Sunlight Mobility to adopt an asset-light model for robotaxi fleet rollout
Pony.ai (PONY) expanded its partnership with Sunlight Mobility, a mobility service platform operator in China, to roll out its Gen-7 robotaxis under an “asset-light” model.
The collaboration will see Sunlight funding the Gen-7 Robotaxi vehicles and Pony.ai (PONY) providing the autonomous driving technology and operations software.
The initial fleet will launch in Guangzhou by year-end 2025, with the goal of scaling across Sunlight’s mobility network that spans more than 180 cities in China.
Pony.ai (PONY) will integrate its “Virtual Driver” autonomous driving stack and fleet management into vehicles that operate on both the Pony.ai (PONY) and Sunlight Mobility platforms.
Link to Seeking Alpha News Article - Nov. 24, 2025
IonQ extends strength in U.S. defense and networking projects with Heven Aerotech partnership
IonQ (IONQ) announced on Monday a strategic partnership with Heven Aerotech, a developer of Unmanned Aerial System solutions for defense and aerospace missions.
The current agreement enables Heven AeroTech to integrate IonQ’s quantum computing, quantum networking, quantum sensing, and quantum security technologies into its autonomous aerial systems.
The College Park, MD-based quantum computing company said the partnership extends its strength in defense and networking projects with its four ~$100M U.S. Air Force Research Lab contracts in 2022, 2023, 2024, and 2025.
Link to Seeking Alpha News Article - Nov. 24, 2025
Lumentum rises as Needham ups target on ‘insatiable laser demand’
Lumentum (LITE) shares rose 3.5% in premarket trading on Monday as Needham upped its price target on the telecom equipment company, citing “insatiable laser demand.”
“LITE is confident its aggressive capacity expansion investments will enable it to remain the largest commercial laser supplier to the cloud industry,” Needham analyst Ryan Koontz, who raised his price target to $290 from $235, wrote in a note to clients. “Its [Indium Phosphide, Electro-absorption Modulated Lasers, and continuous-wave] products continue to see global shortages and the gap in 2026 appears even larger than 2025. InP fabrication skills are considered highly specialized globally, with few suppliers at scale. Importantly, LITE production capacity is fungible, so the company can easily adapt to demand for both EML or SiPho transceiver designs, which appear to be gaining share [versus] VCSEL designs.”
Koontz, who also reiterated his Buy rating on Lumentum, said the company is on track to be a “key supplier” in the AI optical race.
“Within its Datacom segment, EML chip production for the global XCVR market has been capacity-constrained and on allocation through CY25,” Koontz explained. “Management has pointed to industry estimates for the high-speed (400G to 1.6T) XCVR market sustaining 30%+ CAGR from 2023 to 2028. Its acquired Cloud Light XCVR products are now shipping to all 3 hyperscaler customers, and LITE plans to eventually integrate its in-house CW lasers.”
He continued: “We expect Lumentum will deliver improved results across top line, margins, income, and cash flow, and shares should continue to trend higher as major segments hit stride.”
Link to Seeking Alpha News Article - Nov. 24, 2025
MRVL 0.00%↑ AMZN 0.00%↑ MSFT 0.00%↑
Marvell Technology initiated with a Hold rating at HSBC
Analysts led by Frank Lee said that Marvell is emerging as an important AI player, driven by its ASIC and optical business.
The analysts noted that the capital expenditure of hyperscal is a good proxy for demand for ASIC. “Given the big increases in hyperscalers’ capex forecasts, we think that ASIC’s share of this capex will rise from 2% in 2023 to 13% in 2027e. While Marvell is bullish about its ASIC strategy, we don’t share its optimism. We expect Marvell’s key rival Broadcom (AVGO) to benefit the most as its ASIC roadmap has greater visibility,” said Lee and his team.
“While we believe Amazon (AMZN) remains Marvell’s biggest ASIC customer, we think Marvell does not have a significant share of the current-generation Trainium 2/ Trainium 2.5 chips, which Amazon is mostly designing in-house. For the latest-gen Trainium-3, we believe Marvell will lose more share as Al chip has won the majority of the business,” said the analysts.
The analysts added that Marvell’s next big ASIC project is with Microsoft (MSFT) but they expect this to be delayed until at least 2027, as they do not see Marvell procuring enough chip on wafer on substrate, or CoWoS, for 2026. HSBC noted that its fiscal year 2027 ASIC revenue estimate of $2B (up 12% year-over-year) is 10% below consensus ($2.3B, 26% year-over-year growth).
“While ASIC moves the share price, Marvell’s market-leading AI optical segment, driven by digital signal processor (DSP) chips, is still the main source of revenue. We believe the launch of Broadcom’s 800G and 1.6T DSP solutions will intensify competition with Marvell,” said Lee and his team.
The analysts added that despite this, their fiscal 2027 optical revenue estimates of $2.5B (+38% year-over-year) are 14% above consensus of $2.2B (+20% year-over-year) on more bullish DSP momentum from the expansion of the total addressable market, or TAM, for 800G and the ramp-up of 1.6T.
The analysts noted that thus, their total fiscal 2027 data center revenue estimate of $7.1B (18% year-over-year) is in line with consensus and aligned with the company’s management’s recent reiteration of expectations of 18% year-over-year growth, which is in line with its estimate for hyperscalers’ capex growth.
Link to Seeking Alpha News Article - Nov. 24, 2025
Cadence and Synopsys initiated at Buy due to EDA’s role in AI: Citi
Citi also applied price targets of $385 to Cadence and $580 to Synopsys.
“Given two years of underperformance vs the S&P 500 (SP500), we believe EDA valuations and expectations have reset, creating favorable setups for fundamentals to drive outperformances,” Chia said.
Cadence and Synopsys combined hold about 70% of the global EDA market and exhibit durable 15% to 20% revenue growth.
Citi also points out acquisitions by Cadence and Synopsys to expand their offerings from chip designs to full-stack, chip-to-system simulation.
Link to Seeking Alpha News Article - Nov. 24, 2025
BMNR 0.00%↑ ORBS 0.00%↑ #ETH #BTC
Bitmine Immersion discloses crypto, cash, ‘moonshots’ holdings of $11.2B
Bitcoin and ethereum network company Bitmine Immersion Technologies (BMNR) said on Monday that its crypto, cash, and “moonshots” holdings totaled $11.2B.
Notably, the company’s holdings totaled $11.8B as of November 16.
As of November 23, 7.30 PM ET, the company’s crypto holdings comprised 3,629,701 ETH, 192 bitcoins, $38M stake in Eightco Holdings (ORBS) or “moonshots”, and unencumbered cash of $800M.
“BitMine has now acquired 3% of the Ethereum network. In the past week, BitMine acquired 69,822 ETH tokens,” said Chairman Thomas Lee.
Link to Seeking Alpha News Article - Nov. 24, 2025
Voyager Technologies upgraded at J.P. Morgan on stronger 2026 outlook, missile-defense
The upgrade follows the company’s investor day, where management projected $220 million to $250 million in revenue for 2026, well ahead of J.P. Morgan’s prior $205 million estimate.
The bank expects profitability to improve as the business shifts further into production programs, forecasting adjusted earnings before interest, taxes, depreciation and amortization turning positive in 2027 (ex-Starlab) and free-cash-flow breakeven the following year.
Analysts highlighted that Voyager (VOYG) is gaining traction across the missile-interceptor landscape, naming the U.S. Space Force’s planned Golden Dome program—centered on space-based interceptors—as one of the company’s largest near-term opportunities. Multiple government awards are expected, and Voyager (VOYG) is participating on several competing teams. The firm is also expanding its work on major programs including NGI (Next-Generation Interceptor), THAAD, PAC-3, and SM-3.
Voyager’s (VOYG) majority-owned commercial space-station program, Starlab, also continues to progress. A test module is already installed inside NASA’s Building 9 near the ISS training facility, and the project faces a key design review in early December. NASA’s CLD Phase 2 selection is expected between May and July 2026.
J.P. Morgan noted that Voyager (VOYG) intends to pre-purchase long-lead items for Starlab 2, a strategy that both hedges risk and accelerates timelines. Management believes the second station could be built in roughly two-thirds the time required for the first, which is scheduled for a 2029 launch. The firm also said it does not expect further equity dilution, as funding from customer pre-buys and debt is expected to carry the project forward.
Link to Seeking Alpha News Article - Nov. 24, 2025
T1 Energy started Buy at Roth, set to become fully integrated domestic C-Si module vendor
T1 Energy (TE) +15.4% in Monday’s trading as Roth Capital initiated coverage with a Buy rating and $7 price target, saying it represents an attractive opportunity to invest early in domestic manufacturing backed by protectionist policies and megatrend tailwinds.
Roth analyst Philip Shen said his outlook is contingent upon T1 (TE) becoming FEOC-compliant and completing funding for its 5 GW cell facility, and he has confidence in the company’s ability to achieve both.
Shen said his checks suggest FEOC-compliant, TOPCon modules with high levels of domestic content could earn a price in the mid-to-high 40c/W; combined with a 7c/W module and 4c/W cell 45X credit, he expects T1 (TE) to deliver healthy margins and stable free cash flow once fully ramped in 2027.
As one of the few U.S. C-Si module manufacturers with a legitimate plan to be vertically integrated in the U.S., Shen said T1 (TE) stands to benefit from premium pricing and market share gains due to U.S. protectionism and anti-China policy.
Link to Seeking Alpha News Article - Nov. 24, 2025
#BYDDY
[Newsletter Exclusive] EU cars sales show Electric and Hybrid-electric car registrations outpacing fossil fuel cars
Passenger car registrations in the European Union increased by 5.8% Y/Y in October to touch 916,609 units, the European Automobile Manufacturers’ Association (ACEA) said.
Hybrid-electric car registrations captured 34.6% of the market, remaining the preferred choice among EU consumers.
YTD petrol car registrations declined by 18.3%, with its market share down to 27.4% While the diesel car market declined by 24.5%, resulting in a 9.2% market share. Meanwhile, the combined market share of petrol and diesel cars fell to 36.6%, down from 46.3% over the same period in 2024.
Link to Seeking Alpha News Article - Nov. 25, 2025
RKLB 0.00%↑ RDW 0.00%↑ XOVR 0.00%↑
Space Force is said to award contracts for Golden Dome interceptors
The U.S. Space Force quietly issued a series of small contracts to begin building prototype space-based interceptors, taking an early step toward a key component of President Donald Trump’s Golden Dome missile-defense project, Bloomberg News reported Tuesday.
Each award is valued at under $9 million, keeping them below the disclosure thresholds required for larger Pentagon programs.
Officials said the evaluation process was extensive and emphasized that the goal is to move quickly with industry partners to design, test, and deliver early interceptor models. The Space Force didn’t release the names of the selected contractors, citing heightened security requirements for the effort.
Limited disclosure has become a pattern for the Golden Dome program, which Trump has described as a roughly $175 billion endeavor that he expects to deliver before leaving office, a timeline and price tag analysts consider highly optimistic.
Developing interceptors capable of performing in space remains one of the most significant technical hurdles. In a late-September report, Congressional Research Service analyst Hannah Dennis pointed to unresolved issues such as distinguishing actual missile threats from debris and decoys.
It also remains unclear how much funding has been formally obligated so far. Congress approved $25 billion for Golden Dome activities this fiscal year, including $5.6 billion specifically directed toward space-based and boost-phase interception technologies.
According to the Pentagon, the overarching architecture for the system has now been set, and its implementation plan is under review. The department said it is taking steps to shield the program’s technological advances from foreign adversaries seeking to exploit them, Bloomberg News reported.
Link to Seeking Alpha News Article - Nov. 25, 2025
[Newsletter Exclusive] Oil futures slide after reports say Ukraine agreed to U.S.-brokered Russia peace deal
Ukraine has agreed to a peace deal with Russia brokered by the Trump administration, multiple media reports said on Tuesday, in a potential step towards ending a war that has raged for nearly four years.
The details of the peace proposal are yet to be worked out, CBS News reported, citing a U.S. official.
ABC News said that the 28-point peace plan presented by the U.S. to Ukraine in Geneva on Sunday has now been revised to a 19-point plan.
Link to Seeking Alpha News Article - Nov. 25, 2025
Canada nears $2.8B deal to supply uranium to India’s nuclear plants - Globe & Mail
The uranium would be supplied by Cameco (CCJ), and the export deal could be part of a broader nuclear co-operation effort between Canada and India, according to the report.
On Sunday, Canadian Prime Minister Carney and Indian Prime Minister Modi agreed to pursue what they are calling a comprehensive economic partnership, restarting trade talks that had been shelved for the past two years.
Link to Seeking Alpha News Article - Nov. 25, 2025
[Newsletter Exclusive] U.S. government posts $284.4B deficit in October, wider than expected
Customs duties, i.e., tariffs, amounted to $31.4B, up from $29.7B in September 2025 and $7.30B in October 2024, before President Donald Trump came into office, according to the Treasury statement.
Link to Seeking Alpha News Article - Nov. 25, 2025
Vistra started Overweight at KeyBanc as secular tailwinds support growth
Vistra (VST) -2.7% in Tuesday’s trading, despite KeyBanc starting coverage of the company with an Overweight rating and $217 price target, underpinned by the bank’s bullish stance on U.S. power markets, with Vistra being one of the largest incumbent independent power providers.
KeyBanc’s Sophie Karp also likes Vistra’s (VST) diversified portfolio of assets positioned in key markets, its retail exposure, strong balance sheet, and free cash flow generation, which provide resilience and growth optionality in a tightening U.S. power market.
The U.S. power market is entering a structural supercycle of growing demand, driven by AI-powered data centers, industrial reshoring, and electrification, and Karp said Vistra (VST) is well-positioned to capitalize on this demand surge through its dispatchable generation assets and its strategic partnerships with hyperscalers such as Amazon and Microsoft, adding that a favorable policy support for reliability and energy security further reinforces the value of the company’s portfolio.
Link to Seeking Alpha News Article - Nov. 25, 2025
China buys at least 10 cargoes of U.S. soybeans after Trump-Xi call - report
China bought at least 10 cargoes of U.S. soybeans in new deals worth almost $300 million, signed since Tuesday after a recent phone call between U.S. President Donald Trump and Chinese President Xi Jinping, Reuters reported, citing traders with knowledge of the matter.
These cargoes are scheduled for January shipment from U.S. Gulf Coast and Pacific Northwest ports. Each cargo is approximately 60,000 to 65,000 metric tons in volume.
Overall purchases still fall short of the White House target under which China is expected to buy 12 million tons of U.S. soybeans by year-end.
Link to Seeking Alpha News Article - Nov. 26, 2025
Tesla to double Austin robotaxi fleet in December, Musk says
“The Tesla Robotaxi fleet in Austin should roughly double next month,” Musk said in a post on X, which he also owns.
Tesla’s robotaxi service currently operates in two cities, Austin and the San Francisco Bay Area, with safety monitors still required in the vehicles. The company last week also received a permit to operate a ride-hailing service in Arizona.
Link to Seeking Alpha News Article - Nov. 26, 2025
Uber and WeRide launch fully driverless robotaxi in Abu Dhabi
Uber (UBER) and WeRide (WRD) launched the Middle East’s first fully driverless robotaxi commercial operations in Abu Dhabi, UAE. Its public commercial operations commenced this day, starting with Yas Island.
The passengers can now be matched with a WeRide (WRD) robotaxi through Uber Comfort or UberX and can also book through the new “Autonomous” category.
The driverless fleet consists of WeRide’s GXR model, a purpose-built autonomous vehicle designed for scaled commercial deployment that can fit up to five passengers.
The two companies previously began offering rides with safety drivers in December 2024. Their partnership expanded in July 2025 to cover about half of Abu Dhabi’s core areas, including Al Reem and Al Maryah.
By the end of 2025, WeRide (WRD) and Uber (UBER) plan to extend services to cover additional areas in Abu Dhabi city core. WeRide (WRD) currently has over 100 robotaxis in the Middle East.
Link to Seeking Alpha News Article - Nov. 26, 2025
XPEV 0.00%↑ $BYDDF
Chinese EV makers warn of a deliveries slowdown as incentives fade
Chinese electric vehicle makers Li Auto (LI) and Nio (NIO) issued warnings of a potential slowdown in deliveries as China scales back on tax breaks and subsidies that have supported years of growth in the EV industry. The shift in the market from one driven by demand, instead of policy, will also impact XPeng (XPEV), BYD Company (OTCPK:BYDDF), and ZEEKR Intelligent (ZK).
Beijing has outlined a new consumption plan emphasizing “intelligent and connected” NEVs but has not committed to fresh subsidy rounds, adding a layer of uncertainty for automakers already contending with intensifying competition, rapid model turnover, and tighter scrutiny of safety and supplier practices. After January 1, 2026, new energy vehicles (battery EVs, plug-in hybrids, and fuel-cell vehicles) in China lose their full exemption from the government’s vehicle purchase tax and move to a 50% exemption, with the per-vehicle benefit capped at about RMB15,000 through 2027, from a prior level of RMB30,000. Further phasing out of incentives from Beijing could also be on the way.
Link to Seeking Alpha News Article - Nov. 28, 2025
Disclosure: We own positions in some/all of the tickers mentioned in this article.
