Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma. </li>
<li>In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma. 
In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>1Q26 result was poor, missing expectations thanks to the deceleration in the private hire and taxi business that has the highest margin. </li>
<li>The conflict in the Middle East exposed <a href="https://www.smartkarma.com/entities/comfortdelgro-corporation-limited" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">ComfortDelGro (CD SP)</a> stable airport route through its corporate package in CabCharge. </li>
<li>Comfortdelgro is plugged in to the Robotaxi ecosystem and will benefit from this going forward. </li>
</ul>


1Q26 result was poor, missing expectations thanks to the deceleration in the private hire and taxi business that has the highest margin. 
The conflict in the Middle East exposed ComfortDelGro (CD SP) stable airport route through its corporate package in CabCharge. 
Comfortdelgro is plugged in to the Robotaxi ecosystem and will benefit from this going forward. 


Comfortdelgro (CD): Normalization Is Coming and Robotaxi

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>The €100M funding round positions NestAI among the largest defense AI funding rounds in Europe.</li><li>Nokia's secure 4G/5G/6G communications provide the low-latency uplinks connecting edge systems to the central command platform.</li><li>The business model benefits from long defense procurement cycles and multi-year contracts typical in the sector, providing revenue visibility once initial deployments prove successful.</li></ul>

The €100M funding round positions NestAI among the largest defense AI funding rounds in Europe.Nokia's secure 4G/5G/6G communications provide the low-latency uplinks connecting edge systems to the central command platform.The business model benefits from long defense procurement cycles and multi-year contracts typical in the sector, providing revenue visibility once initial deployments prove successful.

<ul><li>Vay closed a $60 million strategic investment from Grab Holdings in November 2025, with the potential for an additional $350 million in earn-out payments tied to consumer revenue growth milestones.</li><li>Vay launched teledriving-as-a-service in September 2024, selling its technology stack to OEMs, trucking companies, delivery operators, and car-share firms.</li><li>The Las Vegas service has attracted both tourists and price-sensitive local commuters, with over 17,000 completed trips.</li></ul>

Vay closed a $60 million strategic investment from Grab Holdings in November 2025, with the potential for an additional $350 million in earn-out payments tied to consumer revenue growth milestones.Vay launched teledriving-as-a-service in September 2024, selling its technology stack to OEMs, trucking companies, delivery operators, and car-share firms.The Las Vegas service has attracted both tourists and price-sensitive local commuters, with over 17,000 completed trips.

Applied Intuition / Private Capital Markets

<ul><li>Applied Intuition's vendor-agnostic simulation platform is positioned as the horizontal Android of autonomous driving vs. Tesla’s walled garden.</li><li>Expanding into defense after winning a $249M purchase agreement with DoD to support autonomous and acquiring defense AI company EpiSci, Sacra estimates Applied Intuition hit $415M ARR in 2024, up 100% YoY from $207M in 2023.</li><li>With few pure-play simulation competitors and Tesla’s vertically integrated Mac-style walled garden as its lone peer at scale, Applied Intuition is positioning itself as the horizontal “Android” for autonomous driving, a vendor-agnostic software layer OEMs can license instead of spending billions to build their own.</li></ul>

Applied Intuition's vendor-agnostic simulation platform is positioned as the horizontal Android of autonomous driving vs. Tesla’s walled garden.Expanding into defense after winning a $249M purchase agreement with DoD to support autonomous and acquiring defense AI company EpiSci, Sacra estimates Applied Intuition hit $415M ARR in 2024, up 100% YoY from $207M in 2023.With few pure-play simulation competitors and Tesla’s vertically integrated Mac-style walled garden as its lone peer at scale, Applied Intuition is positioning itself as the horizontal “Android” for autonomous driving, a vendor-agnostic software layer OEMs can license instead of spending billions to build their own.

United States

Autonomous ride-hailing service using self-driving electric vehicles in urban environments

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Waymo (WAYMO US)

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

Comfortdelgro (CD): Normalization Is Coming and Robotaxi

1Q26 results. Middle East conflict exposed stable airport route through corporate package in CabCharge. Normalization is coming and Robotaxi too...

Henry Soediarko

Primer: NestAI - 24 Nov 2025

AI software for autonomous vehicles and command systems in defense and security operations

Sacra

Primer: Vay - 12 Nov 2025

Remote driving service delivering electric rental cars via teledrivers to urban users

Sacra

Applied Intuition At $415M/year

TL;DR: With the $800B autonomous vehicle market expanding beyond passenger cars into trucks, defense, construction, mining, and aerial/maritime...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this ​Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

Comfortdelgro (CD): Normalization Is Coming and Robotaxi

​1Q26 results. Middle East conflict exposed stable airport route through corporate package in CabCharge. Normalization is coming and Robotaxi too...

Henry Soediarko

Primer: NestAI - 24 Nov 2025

AI software for autonomous vehicles and command systems in defense and security operations

Sacra

Primer: Vay - 12 Nov 2025

Remote driving service delivering electric rental cars via teledrivers to urban users

Sacra

Applied Intuition At $415M/year

TL;DR: With the $800B autonomous vehicle market expanding beyond passenger cars into trucks, defense, construction, mining, and aerial/maritime...

Sacra

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

1Q26 results. Middle East conflict exposed stable airport route through corporate package in CabCharge. Normalization is coming and Robotaxi too...