Nvidia

BYD

Semiconductors +2

BYD (Build Your Dreams) is a Chinese high-tech manufacturer spanning automobiles, batteries, electronics, renewable energy, and rail transit. Its auto business is unusually vertically integrated, with in-house batteries, motors, power electronics, and automotive semiconductors underpinning a lineup that now ranges from low-cost EVs and plug-in hybrids to premium Denza and Yangwang vehicles. First-half 2026 revenue fell 7.13% YoY to ¥344.82B (~$50.9B) and net profit dropped 20.54% to ¥12.33B as China NEV weakness and foreign-exchange losses outweighed overseas growth; auto-related revenue was ¥275.34B (-8.98%) while gross margin rose to 18.85% from 18.01%. H1 NEV sales were 1,808,511 (-15.72%), with the Q2 decline narrowing to 3.24% after a 30% Q1 drop, and overseas shipments of about 792,000 (+67.8%) making up roughly 44% of H1 volume. August 2026 NEV wholesales reached 440,293 (+17.84% YoY), the highest month of 2026, with a record 189,466 overseas units (43.03% of volume) offsetting still-soft domestic sales. On August 28, 2026 BYD opened its 10,000th FLASH Charging station in Shenzhen, doubling the network in under five months across 325 cities and reaching halfway to its 20,000 year-end target, with 1.83 million users (nearly one-third non-BYD). BYD's Szeged plant in Hungary began trial production in January 2026, but EVP Stella Li said in June 2026 that full-scale series production has slipped to Q4 2026 as equipment is still being installed; the same month BYD put its planned €1B Turkey (Manisa) plant on hold after Ankara withdrew tax incentives, making Hungary its top European manufacturing priority.

Tesla

Semiconductors +2

Tesla is a vertically integrated automotive, energy storage, and AI company headquartered in Austin, Texas. After building its final Model S and Model X on May 10, 2026 and converting that Fremont line to Optimus, it now manufactures three consumer vehicles (Model 3, Model Y, Cybertruck), sells Full Self-Driving (Supervised) software, operates energy storage and solar businesses, runs an unsupervised Robotaxi service across seven US metros (Austin, Dallas, Houston, Miami, Orlando, and Tampa driverless, plus a supervised Bay Area pilot), and is ramping new products including Cybercab (in production at Giga Texas since Feb 2026; commercial paid rides began in Austin on September 3, 2026, the same day NHTSA opened audit AQ26002 on how Tesla self-certified the steering-wheel-free vehicle), Tesla Semi (now in a commissioning phase at the new Nevada line as it works toward a 50,000-unit/year target), and Optimus (entered production on Fremont's converted first-generation line around August 27-28, 2026, feeding an internal training program rather than customer sales; the V3 public reveal remains undated). In Q2 2026, Tesla generated a record $28.24B in revenue (+26% YoY) on 480,126 vehicle deliveries, though GAAP operating margin narrowed to 1.4% amid heavy AI, Optimus, and Robotaxi investment, and guided to over $25B of full-year 2026 capital expenditure; it had 1.48M active FSD subscriptions and operated 8,704 Supercharger stations.

Li Auto

Autonomous Vehicles +1

Li Auto is a Beijing-based premium new-energy vehicle maker founded in 2015 by Li Xiang, best known for pioneering extended-range EVs (EREVs) - a battery pack paired with a gasoline range-extender generator - which powered its rapid rise. It was the first Chinese EV startup to post a full-year profit (2023) and remains among the most financially solid, ending 2025 with ~RMB101.2B (~$14B) cash. Its L-series EREV SUVs (L6/L7/L8/L9) are the volume backbone, and the company has surpassed 1,801,834 cumulative deliveries as of August 31, 2026. But 2025 was a down year - 406,343 deliveries, off ~18.8% YoY - as EREV competition intensified and the BEV transition dragged; its first BEV, the MEGA MPV (launched March 2024), flopped relative to targets. Li Auto has since expanded its BEV line with the i8 six-seat SUV (July 2025) and the i6 five-seat SUV (September 2025), the latter becoming its sales backbone. Q1 2026 turned to a RMB2.3B net loss with gross margin collapsing to 7.9% amid the i6 ramp and price competition, and management cut its full-year 2026 delivery growth target from ~40% (~550,000 units) to ~20% (~490,000 units); deliveries then fell year-over-year for three straight months before August's 37,679 units, up 32% YoY, snapped the decline. The company has since relaunched an all-new L9 (May 2026, with its MindVLA autonomous-driving model and in-house M100 chip), an all-new L8 (June 2026) and a revamped L6 (July 2026) to revive EREV volume, begun its first overseas manufacturing in Kazakhstan (July 2026, via partner Allur) alongside new dealer partnerships in the UAE and Saudi Arabia, and is teasing a flagship pure-electric i9 SUV for a September 2026 launch.

XPeng

Autonomous Vehicles +1

XPeng is a Guangzhou-based smart-EV maker (founded 2014; NYSE: XPEV / HKEX: 9868) that delivered a record 429,445 vehicles in 2025 (+125.9% YoY) and delivered 39,107 vehicles in August 2026 (+4% YoY, its second-highest month of the year), for 243,111 delivered in the first eight months of 2026 (down 10.49% YoY). It reached its first-ever quarterly net profit (~$55.5M) in Q4 2025; Q1 2026 slid back to a RMB1.78B net loss on a seasonal delivery dip, and Q2 2026 rebounded to a record 103,295 deliveries (within its 100,000-106,000 guidance) with gross margin at 20.7%, though net loss nearly tripled year-over-year to RMB1.34B on heavy AI, robotics and flying-car reinvestment. The mass-market Mona M03 sedan (250,000+ cumulative) and the flagship GX SUV (from RMB269,800) are core volume drivers, alongside the new-generation P7, G6, G7 (including a January 2026 EREV variant), G9, the X9 MPV, and the newly launched Mona L03 compact SUV - XPeng's first model to debut simultaneously in China and Europe (Munich, July 16, 2026; first China deliveries July 22). XPeng designs its own Turing AI chips and VLA 2.0 autonomous-driving foundation model, rolled out in China in March 2026, and Volkswagen is a deep partner - co-developing an E/E architecture for VW's China EVs (first CEA-based model in production since early 2026) and licensing XPeng's autonomous-driving software as its first commercial VLA 2.0 customer, the first at-scale licensing of Chinese AI-driving software by a Western automaker. XPeng began employee testing of its Robotaxi platform in Guangzhou on July 10, 2026, with CEO He Xiaopeng completing the first end-to-end ride, ahead of planned trial passenger operations in H2 2026. Beyond cars, flying-car unit Aridge (formerly XPeng AeroHT) has raised nearly $1B to date (including ~$200M in March 2026), was named to China's first CAAC eVTOL certification fast-track list in July 2026, and is preparing a Hong Kong IPO as its 'Land Aircraft Carrier' enters mass production in 2026 (7,000+ orders, deliveries late 2026); the IRON humanoid robot, now under He Xiaopeng's direct leadership as the robotics unit's CEO, targets 1,000+ units/month by late 2026. XPeng employs roughly 32,000 people, held RMB42.09B (~$6.1B) cash as of March 31, 2026, and now operates in 65 countries and regions.

ASML

Semiconductors

ASML, founded in 1984 as a Philips/ASM International joint venture that built its first machine in a shed in Eindhoven, is the world's dominant supplier of photolithography systems (~83% of the market) and the only company on Earth that makes EUV machines - the $180M-$400M tools without which no leading-edge chip can be manufactured. That monopoly has made the Veldhoven company one of Europe's most valuable tech firms (~$601B, July 2026, down from ~$693B in July after a China-competition scare - see below). 2025 revenue reached €32.7B with a record €13.2B in Q4 bookings and a €38.8B year-end backlog (ASML has since stopped disclosing quarterly bookings), and after twice raising 2026 guidance during the year - most recently at Q2 2026 to €43-45B - CEO Christophe Fouquet says chip demand is outpacing supply, with 65 low-NA EUV systems planned for 2026, rising toward 80-85 in 2027. The next act is High-NA EUV: the first EXE:5000 shipped to Intel in December 2023, the production-grade EXE:5200B arrived at Intel in Q4 2025 for its 14A node (risk production still targeted 2027), and on July 15, 2026 Intel became the first company to ship a high-volume commercial product patterned with High-NA EUV - select layers of its Panther Lake (Core Ultra Series 3, 18A) chips are now dual-qualified for either 0.33 NA or 0.55 NA scanners. Samsung, SK hynix and imec also hold early High-NA systems - fewer than a dozen exist worldwide, at roughly $380M each - but Samsung is reportedly holding its units back from mass production to contain foundry costs. TSMC, by contrast, has ruled out High-NA through its A16, A14, A13 and A12 nodes (production planned through 2029), citing cost - a real demand risk for ASML's most expensive tool. ASML also made an uncharacteristic strategic bet in September 2025, investing €1.3B to become the largest shareholder (~11%) of French AI lab Mistral AI. The main headwind is geopolitics: China was 33% of 2025 sales and held at roughly 20% of net sales through Q2 2026 under expanding US and Dutch export controls; a July 27, 2026 report that a state-linked Chinese entity has begun mass-producing a domestic immersion DUV tool (assessed as roughly equivalent to ASML's ~2008-era NXT:1950i, 15-18 years behind ASML's current platform) briefly knocked ASML shares down as much as 8%. Separately, US Commerce Secretary Howard Lutnick told senior ASML executives in a series of meetings beginning in April 2026 that Washington believes an EUV system or EUV-specific components may have reached China in breach of export controls - a claim ASML has categorically denied, backing its denial with an accounting of all 314 operational and 26 decommissioned EUV units worldwide by location; no formal enforcement action had been announced as of ASML's July 15, 2026 earnings call.

SpaceX

Semiconductors

Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches reusable rockets and spacecraft. The company operates Falcon 9, Falcon Heavy, Dragon, Starlink, and the government-focused Starshield line while continuing to develop Starship for high-cadence heavy-lift missions to the Moon, Mars, and beyond. Starlink crossed 12 million customers across 160+ countries on June 4, 2026 and the constellation now exceeds 10,400 working satellites in orbit. Following the February 2026 xAI merger, SpaceX also operates the Memphis Colossus supercomputers as an AI hyperscaler, disclosing $14.1B of new Cloud Services Agreements signed in Q2 2026 alone (on top of the Anthropic, Google, and Reflection AI compute deals). SpaceX completed the largest IPO in history on June 12, 2026, debuting on Nasdaq under ticker SPCX at its fixed $135-per-share price for a roughly $1.77 trillion valuation and about $75B in proceeds, with Elon Musk retaining ~82% voting control; SPCX slid as low as $107.01 in late July before rebounding to close above its $135 IPO price on August 10, 2026 for the first time since mid-July. Starship returned to flight after the FAA closed the Flight 12 mishap investigation on July 13, 2026: on July 24, 2026 Flight 13 - the second flight of the Version 3 vehicle - deployed the program's first 20 operational Starlink V3 satellites and made the softest ship splashdown yet, and recovery crews towed the intact upper stage (Ship 40) through rough seas to Christmas Island, Australia by August 18, 2026 - the first Starship upper stage ever recovered intact after flight - before the semi-submersible vessel Forte departed Christmas Island on August 28, 2026 to carry it roughly 20,000 km back to Starbase, Texas. Days after its IPO, SpaceX agreed on June 16, 2026 to acquire AI coding startup Cursor's parent Anysphere for $60B in an all-stock deal - the largest acquisition of a venture-backed startup ever - and closed the deal on August 15, 2026, ahead of its late-August target, giving Cursor access to SpaceX's GPU fleet including the Colossus supercomputer. SpaceX posted its first earnings as a public company on August 4, 2026 (Q2 revenue of $7.8B, up 92% year over year, narrowing its net loss to $541M), and on August 11 Elon Musk told employees SpaceX's AI compute business would exceed all its other revenue by September 2026 and account for 99% of the company's value within five years, targeting 10 gigawatts of AI compute capacity - up from 1.4 GW at the end of Q2 - by the end of 2027. On August 25 SpaceX announced a $100 billion Starbase Louisiana spaceport in Vermilion Parish, with construction expected in 2027 and a first launch targeted as soon as 2029. A Falcon Heavy flew its 13th mission on August 30, 2026, launching NASA's Roman Space Telescope with both side boosters landing intact at Cape Canaveral, a day after NASA and SpaceX postponed the planned September 12 Crew-13 ISS launch when an oxidizer leak was found in Dragon's propulsion system during prelaunch processing. A mid-August 13F filing also disclosed Nvidia holds roughly $21B of SpaceX stock via its earlier xAI investment, as SpaceX committed on its August 4 earnings call to building its future AI compute exclusively on Nvidia's Vera Rubin architecture. SPCX shares climbed about 7% to close at $150.84 on September 3, 2026 after Oppenheimer raised its price target to $280 from $250 on growing confidence in the AI-compute business, with investors also looking ahead to the approaching Starship Flight 14 test.