To The Moon

$AJJ Medtech(584.SI)$   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

$AJJ Medtech(584.SI)$   $Tempus AI(TEM)$   $直觉外科公司(ISRG)$   Eldercare is more than nursing homes. Singapore’s Age Well Neighbourhoods show how ageing services are moving closer to homes and communities through Active Ageing Centres, enhanced Home Personal Care, Community Health Posts and senior-friendly infrastructure. From a capital-market perspective, ageing-related demand may appear across different layers: Surgical robotics AI healthcare data Healthcare infrastructure AI-enabled eldercare In the U.S. market, Intuitive Surgical (ISRG) represents medical automation and surgical robotics, while Tempus AI (TEM) represents AI healthc

OpenAI: generative AI platform Anthropic: enterprise AI and AI safety SpaceX: space infrastructure and satellite internet Large funds can usually own multiple companies in the same sector. But capital, position size and risk budgets are not unlimited. As an attention-allocation framework, not investment advice, one possible split is: SpaceX: 45% OpenAI: 35% Anthropic: 20% The key is not guessing which IPO pops first. It is reading the public S-1 filings for revenue quality, compute cost, cash burn, governance and path to profitability. Disclaimer For information, research and educational purposes only. Not investment advice. Not a recommendation to buy or sell securities.

OpenAI has said it confidentially filed IPO paperwork with the U.S. SEC. This is not a public S-1, and it does not mean an immediate listing. But it signals that the AI IPO race is moving closer to public-market scrutiny. Just days earlier, Anthropic also disclosed confidential IPO paperwork. SpaceX remains another closely watched potential public-market name. The key question is not only which company lists first. What matters next is what future public filings may reveal: revenue quality, compute and infrastructure costs, cash burn, governance structure and path to profitability. OpenAI represents the generative AI platform story. Anthropic represents enterprise AI and AI safety. SpaceX represents space infrastructure and satellite internet. The next phase of the AI trade may depend less

$特斯拉(TSLA)$   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.

$AJJ Medtech(584.SI)$   【Company Observation】 After AJJ Medtech released its 1Q2026 results, the market has already seen the short-term financial pressure. At this stage, simply repeating single-quarter revenue, gross profit and net loss figures has limited value. What is more worth tracking is whether the company can gradually convert its healthcare technology platform direction into verifiable execution progress. In the past, the market may have viewed AJJ more as a medical consumables and distribution company. However, based on the company’s recent moves, AJJ appears to be extending toward healthcare technology infrastructure, institutional healthcare operations, digital healthcare, AI-enabled elderly care, ISO13485 quality infrast