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hot_img Nomura initiates coverage of Yuzhu Technology with a valuation of 25 times the 2027 sales multiple

Nomura Securities has initiated coverage on Yushu Technology, assigning a valuation of 25 times the 2027 sales multiple, expecting revenue growth rates of 101% and 144% for the fiscal years 2027 and 2028, respectively, with a compound annual growth rate of approximately 122% from 2026 to 2028. The research report highlights two major investment theses: the full-stack mechanical design and self-developed hardware provide Yushu with structural cost advantages, with outsourced components accounting for only 10% to 20% of total costs, and gross margins increasing from 44% in the fiscal year 2022 to 60% in the fiscal year 2025; rapid product iteration allows Yushu to repeatedly lead the industry into new application scenarios, launching four humanoid product series within 26 months.The report also notes that on July 28, 2026, the U.S. FCC included it in the Covered List, and while authorized models can still be sold, new models under development will face restrictions, constituting structural entry constraints. Currently, 73.6% of humanoid robot revenue still comes from research institutions, and catalysts for growth in new terminal markets remain scarce. Nomura suggests paying attention to the progress of the "brain"—the commercialization of WVLA2.0 and the industrial deployment of UnifoLM-X1-0, which may be key to unlocking new application scenarios. The views expressed in this research report are those of Nomura Securities and do not constitute investment advice.

hot_img Alibaba confirms the sale of Lingxi Interactive Entertainment to Xincheng Capital, with management remaining stable

According to reports from Blue Whale Technology, Alibaba and CITIC have officially reached a transaction agreement, in which Alibaba will transfer its shares in Lingxi Interactive Entertainment, and Xincheng Capital will become the new shareholder. Xincheng Capital supports the existing team to operate stably under the leadership of the management team, which will remain stable and continue to develop alongside the company.Lingxi Interactive Entertainment is a gaming brand under Alibaba, and its gaming business can be traced back to the integration of the 9Game channel business after the acquisition of UC in 2014. In 2017, Alibaba fully acquired Guangzhou Jianyue for approximately 1 billion yuan, which later became the predecessor of Lingxi Interactive Entertainment. The self-developed game "Three Kingdoms Strategy Edition" became a top hit in the SLG category in 2019. Since 2023, Lingxi has undergone multiple adjustments, and in March 2024, founder Zhan Zhonghui stepped down as CEO, with producer Zhou Bingshu of "Three Kingdoms Strategy Edition" taking over.The new shareholder, Xincheng Capital, is a private equity investment business under CITIC Capital, which has completed over 100 investments since 2002, managing a total of 10.5 billion USD in funds. Lingxi Interactive Entertainment CEO Zhou Bingshu expressed gratitude in an internal letter, stating that Alibaba "nurtured and grew Lingxi," and that the new shareholder Xincheng Capital will "inject new momentum" into the company's development. The specific amount of the transaction has not yet been disclosed.

hot_img Israeli AI startup Decart is negotiating a sale with an estimated valuation of around $6-7 billion, with SpaceX and Amazon identified as potential buyers

According to exclusive reports from CTech (Calcalist), Israeli AI startup Decart is in deep negotiations with an international tech giant for a sale, with a valuation of about $6 to $7 billion, and the deal could be signed next week. Founded in 2023, Decart focuses on the development of real-time video generation AI models, employing around 100 people, and has raised approximately $450 million to date. The company just completed a $300 million funding round in May, with a valuation of $4 billion. Initial negotiations were with NVIDIA, and as they were nearing an agreement, another giant intervened, prompting the founder to shift focus to the new buyer. Industry speculation suggests the new buyer could be SpaceX, but Amazon and Nebius are also reportedly interested in participating.Decart's technological advantage lies in its ability to generate videos at a cost far lower than its competitors. SpaceX founder Elon Musk has maintained regular contact with co-founder Dean Leitersdorf since experiencing the game Oasis developed based on Decart's technology in 2024. Sequoia Capital partner Shaun Maguire (who organized Musk's post-war trip to Israel) has been investing in the company since the seed round. If the buyer is SpaceX, it will establish its first R&D center in Israel. Previously, SpaceX had acquired AI programming startup Cursor for $60 billion after its IPO, and acquiring Decart would further strengthen its position in the AI infrastructure sector.

hot_img SemiAnalysis: Gemini has exited the frontier competition, and GCP is accelerating the sale of TPUs to third parties for profit

The research organization SemiAnalysis released an analysis indicating that Google DeepMind is no longer among the leading AI laboratories. A week prior, DeepMind co-founder Demis Hassabis stepped back from daily operations, and key members such as Google Chief Scientist Jeff Dean and Gemini co-lead Oriol Vinyals left to establish a new lab called Discovery Loop. The analysis suggests that the long-term struggle within Google over computing power allocation between Gemini and GCP has concluded with GCP emerging victorious.SemiAnalysis stated that Gemini 3.5 Pro has been canceled, and Gemini 3.6 Flash's performance is inferior to that of leading Chinese open-source models and Grok 4.5. Currently, Gemini has fallen to the 8th or 9th position in the large model rankings. Meanwhile, GCP is selling a large number of TPUs to competitors like Anthropic, having secured long-term leasing and sales contracts for hundreds of thousands of TPUs over the past nine months. The Tokenomics model estimates that Gemini's own ARR is about $12 billion, while GCP's third-party AI cloud service revenue is expected to exceed $73 billion by the end of 2027, with TPU system sales contributing an additional over $120 billion. GCP's latest quarterly growth rate is 82%, and it is expected to accelerate to over 100% by 2027 due to TPU system sales, contributing approximately $3 to Google's earnings per share.
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