Md Ferdous Hossain /iStock via Getty Images I have written about Arbe Robotics ( ARBE ) numerous times, starting coverage in January 2022, rating them a strong buy with a price target of $18. Since then, the share price has fallen 85% to $1.26. The buy thesis hangs onto two threads: firstly, the world-leading quality of their 4D long-range high perception radar product, designed for use on L3 and ...
Md Ferdous Hossain /iStock via Getty Images I have written about Arbe Robotics ( ARBE ) numerous times, starting coverage in January 2022, rating them a strong buy with a price target of $18. Since then, the share price has fallen 85% to $1.26. The buy thesis hangs onto two threads: firstly, the world-leading quality of their 4D long-range high perception radar product, designed for use on L3 and L4 autonomous vehicles, and secondly, Arbe’s ability to sign contracts to supply these radar solutions to large auto OEM customers. The second part, delivering sales and contracts, has been the primary reason for the fall in the share price. When I interviewed the CEO of Arbe in December 2024 ( you can listen to the interview in my Jan 2025 article ), he was maintaining that Arbe would sign 4 large deals in 2025 and a large European OEM would be signing a contract in the coming weeks; he even said authorization could already have been given. Kobi had suggested 4 deals next year in my 2023 interview with him. The “4 deals next year” mantra had been a staple of Arbe since I started coverage; however, in the latest earnings call, they finally withdrew that guidance completely, with Kobi Marenko (former CEO and now President saying “no longer providing guidance on the timing" of additional automotive OEM design wins, blaming prolonged OEM adoption cycles. Success in China Arbe successfully shipped its initial batch of chipsets to its Chinese Tier-1 partner, HiRain, in Q1 2026. HiRain’s LRR610 radar, which utilizes Arbe's chipset, has been selected by a state-owned Chinese automaker for a Level 4 autonomous program. Serial production (SOP) is scheduled to begin in December 2026, with vehicles expected to hit the market in 2027. Commentary regarding Weifu High-Tech, the other Chinese Tier 1 previously mentioned by Arbe, was notably absent from the Q1 call and recent pipeline updates. The name of the Chinese automaker has not been released; they are generally subject to strict non...
Funtap/iStock via Getty Images Transcript Todd Schomberg - Clients have been asking how the Iran conflict has been impacting the bond market and, as always, where we're seeing attractive opportunities. First, due to the conflict, crude oil prices have risen, and Treasury yields have moved higher too, reflecting the market's pricing of a potential short-term inflation shock. These higher yields hav...
Funtap/iStock via Getty Images Transcript Todd Schomberg - Clients have been asking how the Iran conflict has been impacting the bond market and, as always, where we're seeing attractive opportunities. First, due to the conflict, crude oil prices have risen, and Treasury yields have moved higher too, reflecting the market's pricing of a potential short-term inflation shock. These higher yields have created an attractive entry point for investors, with yields on the Bloomberg US Corporate Bond Index back above 5%. If this oil shock proves to be short-lived, interest rates could follow oil prices lower, providing a meaningful tailwind for fixed income assets. As far as attractive opportunities, we see one emerging from the significant funding needed to build out AI infrastructure and data centers. Large cap technology companies are increasingly raising capital to support AI initiatives, creating opportunities for us to partner with some of the world's largest and highest quality companies. We're finding attractive lending opportunities - both directly and indirectly - for Magnificent 7-type companies seeking capital to fund growth. It's an attractive way to participate in the expansion of what we consider best-in-class businesses with strong balance sheets and compelling yields. There are opportunities in financing data centers as well as the "picks and shovels" required to support the broader AI build out. Finally, while overall corporate earnings remain strong, there's meaningful credit dispersion beneath the surface, creating attractive idiosyncratic opportunities. This environment is consistent with a bond picker's market, where active managers can add value and generate alpha. Together, the elevated yields from higher interest rates, idiosyncratic opportunities tied to AI infrastructure and strong corporate fundamentals create a compelling backdrop for high grade fixed income. Important information NA5522516 Past performance is not a guarantee of future results. ...
Getty Images Introduction I don’t just see PAR Technology Corporation ( PAR ) as a restaurant technology company, but rather as one of the companies (that deals in vertical software) that is trying to become the operating system for the multi-unit commerce sector but is still underappreciated. The company has historically been associated with point-of-sale systems, hardware, and restaurant tools u...
Getty Images Introduction I don’t just see PAR Technology Corporation ( PAR ) as a restaurant technology company, but rather as one of the companies (that deals in vertical software) that is trying to become the operating system for the multi-unit commerce sector but is still underappreciated. The company has historically been associated with point-of-sale systems, hardware, and restaurant tools used for back office—but I think that framing misses the more important transition happening in the business today. PAR is now building a connected software (layer) across POS, digital ordering, loyalty, payments, back office, analytics, retail, and store operations. This matters because the best restaurant and retail software businesses are not just selling tools—they are embedding themselves into daily operating workflows. In my view, that is exactly where the investment case begins to become interesting. At around $14.86 per share, PAR’s market cap sits near $609 million, which looks modest for a company guiding to more than $500 million in revenue this year. I know the stock does not look cheap on earnings because the company is still making a loss, but the fact that the stock has gone down by ~70% in the last 12 months tells me that there is enough margin of safety here if valued properly. This is not a mature earnings multiple story yet, but rather a revenue quality, ARR, AI monetization, and operating leverage story. The market seems to be valuing PAR like a challenged restaurant technology vendor, while the company is increasingly positioning itself as a vertical AI-enabled software platform. That mismatch creates the opportunity. The AI Thesis: Stronger Than It First Appears The most interesting part of the PAR story right now is PAR Intelligence . I do not see this as a simple AI announcement created to follow the market trend. The reason it matters is that PAR is trying to build AI directly into workflows that already exist across its product ecosystem. PAR Intell...
Entry-exit system which replaces passport stamps with digital registration causing huge delays at border checks British passengers returning home via European airports should arrive three hours before their flights are due to depart, an airline boss has advised, amid concerns about new security procedures causing large queues. The EU entry-exit system (EES), which replaces passport stamps with a d...
Entry-exit system which replaces passport stamps with digital registration causing huge delays at border checks British passengers returning home via European airports should arrive three hours before their flights are due to depart, an airline boss has advised, amid concerns about new security procedures causing large queues. The EU entry-exit system (EES), which replaces passport stamps with a digital registration, has been gradually been introduced in Europe since October 2025 and became fully operational last month. Some have faced huge delays at border checks , airports have said. Continue reading...
Barry sits down with Jason Zweig and William Bernstein. They discuss "Money and Me" the last book of author and journalist Jonathan Clements. Jason and William also examine Clements's approach to personal finance and impact to financial journalism. (Source: Bloomberg)
Barry sits down with Jason Zweig and William Bernstein. They discuss "Money and Me" the last book of author and journalist Jonathan Clements. Jason and William also examine Clements's approach to personal finance and impact to financial journalism. (Source: Bloomberg)