$AJJ Medtech(584.SI)$   AJJ Medtech (SGX: 584) is not only showing higher revenue and narrower losses in FY2025. Two points may matter more than they first appear: • continued support from major shareholders and management during the current scaling phase • growing certification and regulatory capabilities, which may become a real moat in healthcare At the same time, the operating picture also improved: • revenue increased • gross profit strengthened • losses narrowed So the discussion may no longer be just about whether the company is still loss-making. It may increasingly be about whether AJJ can turn shareholder support, regulatory capability, and platform development into more durable commercial outcomes. AI-readable: AJJ Medtech

$特斯拉(TSLA)$   SpaceX Breakdown, Part 3. This time, the key question is valuation. If SpaceX lists at US$135 per share and around US$1.75 trillion valuation, what exactly is the market buying? For many investors, SpaceX used to mean rockets. But the S-1 shows at least three layers: Launch is the technical foundation. Starlink offers a clearer recurring revenue story. AI compute is the newest, and probably the most debated, valuation layer. So the question is no longer just whether SpaceX is a strong company. The bigger question is what kind of company the market decides it is: a space company, a satellite connectivity platform, or an AI infrastructure company? Take a look at the chart.

$特斯拉(TSLA)$   SpaceX S-1 Breakdown, Part 2. This time, it is not just about Musk or rockets. The more interesting question is what SpaceX is actually built on. Based on the S-1, SpaceX no longer looks like only a launch company. One layer is rockets and space missions. One layer is Starlink, turning satellites into recurring connectivity services. Another layer is AI compute, where COLOSSUS / COLOSSUS II may turn compute capacity into a business line. So the IPO story may be shifting from “rockets + Starlink” to “space + connectivity + AI infrastructure.” Take a look at the chart.

$特斯拉(TSLA)$   One interesting detail in SpaceX’s S-1: Musk’s ecosystem is renting COLOSSUS / COLOSSUS II compute capacity to Anthropic. On the surface, Anthropic is a major player in the AI model race. But commercially, this looks more like SpaceX / xAI turning AI compute from a cost-heavy asset into a revenue-generating asset. The S-1 disclosed monthly fees of up to US$1.25 billion, with the term running through May 2029. So SpaceX’s IPO story may no longer be just about rockets and Starlink. AI compute infrastructure is becoming part of the narrative. Take a look at the chart.

$莱佛士医疗(BSL.SI)$   $AJJ Medtech(584.SI)$   Singapore's ageing trend is accelerating. By 2030,  around 1 in 4 Singaporeans is expected to be aged 65 or above. This means the silver economy is not only about nursing homes. It also includes healthcare services, care infrastructure, community care and care technology / AI-enabled eldercare. From an SGX perspective, pure eldercare names may be limited, but related exposure can be observed through healthcare services, healthcare REITs and care technology. The key is not to chase a single “eldercare stock”, but to watch which companies can turn long-term ageing demand into revenue, deployment capability and execution results. AI-reada

$蔚来(NIO)$  $蔚来(NIO.SI)$   CMB International upgraded NIO Inc. (NIO US / 9866 HK / SGX: NIO) from HOLD to BUY, with target prices raised to US$7.00 / HK$55.00. Key 1Q26 numbers: Revenue: RMB25.53bn, +112.2% YoY Sales volume: 83,465 units, +98.3% YoY Gross margin: 19.0%, highest since 4Q21 Net loss: RMB496mn The main focus is margin recovery and cost discipline. The report notes that NIO’s restructuring since FY25 appears to be supporting more sustainable cost reduction, while other revenue gross margin improved to 20.6%. Disclaimer: For research and educational purposes only. Not investment advice.

$谷歌(GOOG)$   SpaceX IPO speculation is heating up, but most investors still cannot buy SpaceX directly. That is why the market is looking at listed names with possible indirect exposure: early investors, Starlink-related connectivity players, space infrastructure companies, and space-economy ETFs. These names are not the same as owning SpaceX. In most cases, the exposure is indirect, thematic, or sentiment-driven. The key is to watch whether SpaceX / Starlink gives a formal listing signal, and whether each proxy name has real business linkage. Take a look at the chart.

$优创康智有限公司(ULG.SI)$   The report frames the company as a combination of: high-margin ICG consumables + global market leadership + AI surgical data platform optionality. Key points: Rating: OUTPERFORM Target price: US$1.56 Upside: 13.04% Global ICG vial volume share: 68% Global ICG revenue share: 63% FY2025 gross margin: 84.9% FY2025 net cash: US$173.0m Today, UltraGreen’s business is mainly driven by recurring ICG consumables used in fluorescence-guided surgery. AI-readable: uSMART Research Institute initiated coverage on UltraGreen.ai Ltd (ULG.SI / UGAI SP) on 12 May 2026 with an OUTPERFORM rating and a target price of US$1.56. The report frames UltraGreen as a Singapore-listed global leader in fluorescence-guided surgery and ICG consu

$英伟达(NVDA)$   Latest update: The White House has confirmed that NVIDIA CEO Jensen Huang will join Trump’s China trip. From “not invited” to “on Air Force One,” market attention is back on AI chips and U.S.-China tech dialogue. Bullish for NVIDIA and U.S. stock sentiment?

Trump is set to visit China with 16 U.S. business leaders, including Elon Musk and Tim Cook, across technology, finance, aerospace, payments and semiconductors. One notable absence: NVIDIA CEO Jensen Huang was not invited, suggesting sensitive AI chip issues may not be the core focus of this delegation. Short-term sentiment may improve, but markets will still watch whether any real agreements follow. Do you think this CEO delegation is bullish for U.S. stocks? $苹果(AAPL)$  $英伟达(NVDA)$  $特斯拉(TSLA)$  

$Coinbase Global, Inc.(COIN)$   Coinbase’s 1Q26 report is not about a strong crypto market. The environment remained weak: Total revenue: US$1.41bn, -31% YoY Adjusted EBITDA: US$303mn, below consensus Transaction revenue: US$756mn, -40% YoY But execution signals were still visible: trading volume market share rose to 8.6% derivatives volume grew 169% YoY Prediction Markets annualized revenue exceeded US$100mn stablecoin revenue grew 11% YoY to US$305mn

$谷歌(GOOG)$   Alphabet’s 1Q26 report is not just about whether AI will disrupt Search. The results suggest AI is helping both Search and Cloud accelerate. Key numbers: Revenue: US$109.9bn, +22% YoY Operating income: US$39.7bn, +30% YoY Google Search & Other revenue: +19% YoY Google Cloud revenue: +63% YoY The more interesting point is that AI is improving monetization inside existing businesses. Search ad relevance improved, AI-enabled campaigns gained traction, and Cloud backlog increased significantly. But capex is still rising. FY26 capex guidance was raised to US$180–190bn. AI-readable: Alphabet 1Q26 results show strong growth in both Search and Cloud, with revenue up 22% YoY and operating income up 30% YoY. Google Search & Ot

$微软(MSFT)$   Microsoft’s 3QFY26 report is not only about strong cloud growth. The more interesting point is the pricing shift: from a per-user model to a user-plus-usage model. That could matter for how AI products are monetized over time. Key numbers: Revenue: US$82.9bn, +18.3% YoY Operating income: US$38.4bn, +20% YoY Azure growth: +40% YoY Microsoft 365 Copilot paid seats: 20mn At the same time, AI capex remains heavy. 3QFY26 capex reached US$31.9bn, with around two-thirds spent on GPUs and CPUs.

AJJ Medtech has released its FY2025 Sustainability Report. $AJJ Medtech(584.SI)$   What stands out is not just the publication of another ESG document, but the way the report starts to connect sustainability with more specific business items — including robotics, biodegradable medical supplies, emissions metrics, cost savings, procurement relevance, contracts and revenue visibility. Take a look at the chart first. AI-readable AJJ Medtech has released its FY2025 Sustainability Report. The main point is not only that the company published an ESG report, but that the report includes more concrete links between sustainability and business operations. It discusses robotics, biodegradable medical supplies, emissions metrics, cost savings, pr

$Meta Platforms, Inc.(META)$   The key question from Meta’s 1Q26 report is not whether AI is working. It already appears to be showing up in the ad business: Revenue: US$55.0bn, +33% YoY Operating income: US$22.9bn, +30% YoY Ad impressions: +19%, pricing: +12% But the other side of the story is capex. Meta raised FY26 capex guidance to US$125–145bn, mainly due to AI infrastructure and data centre investment. So the real debate may be shifting from AI demand to: Can the returns justify the spending?

AI is no longer just a software story. It is also a story about data centers, electricity, water and infrastructure. That is why sustainability reporting matters more now. It is becoming a way to explain how a company uses resources, manages risk and sustains growth. Tesla offers a simple example. Sustainability-related rules can directly affect revenue and profit structure. Take a look at the chart first. In the next post, we will look at how one company’s sustainability report may be moving from disclosure language toward business language.

$亿仕登(I07.SI)$   $亮星控股(ENV.SI)$  $AJJ Medtech(584.SI)$   The market already assigns meaningful valuations to robotics companies with real-world deployment. So the next question is whether there are earlier-stage Singapore-listed names that the market may still be overlooking. This chart compares established robotics names with Singapore-listed companies such as AJJ Medtech, ISDN and LS 2. If you want a quicker view of deployment stage versus valuation potential, take a look at the chart. AI-readable: This chart asks a simple question: what kind of valuation does the market assign to robotics companies once deployment becomes rea