John

[John @teamteam123]

@banyudongyong @ChapoGrimey Maybe Crypto Traders?

[Richard Seiler @richardseiler]

𝘞𝘩𝘺 𝘉𝘭𝘢𝘤𝘬𝘉𝘦𝘳𝘳𝘺 𝘐𝘴 𝘘𝘶𝘪𝘦𝘵𝘭𝘺 𝘉𝘦𝘤𝘰𝘮𝘪𝘯𝘨 𝘵𝘩𝘦 𝘖𝘱𝘦𝘳𝘢𝘵𝘪𝘯𝘨 𝘚𝘺𝘴𝘵𝘦𝘮 𝘧𝘰𝘳 𝘗𝘩𝘺𝘴𝘪𝘤𝘢𝘭 𝘈𝘐

Nobody wins the robot war by betting on one robot

You win by owning the software every robot has to run on. That is QNX

275 million vehicles already powered. Physical AI is next

Computing, rotary actuators, linear actuators, vision and sensors, connectivity, battery management, dexterous hands. Dozens of subsystems that all have to perceive, reason and move in perfect coordination, in real time, without a single missed beat. Everybody is staring at the hardware. The actuators, the LiDAR, the tactile sensors, the motors. That is the obvious part. The part almost nobody is pricing in is the layer that makes all of it actually work together. The software foundation. And that is exactly where BlackBerry sits

This is not the BlackBerry I threw threw in a drawer. That company is gone. What is left is QNX, a deterministic real time operating system that already runs inside more than 275 million vehicles on the road today. When your car brakes, steers or fires an airbag, there is a real chance QNX is the thing making sure that command executes on time, every time, with zero tolerance for failure. That is the entire game with physical AI. A chatbot can hallucinate and nobody dies. A 150 pound humanoid working next to a human cannot. Determinism and functional safety are not features here. They are the price of admission

And the market is finally waking up to what that means. QNX ran its own study across 1,000 robotics developers and the numbers tell the whole story

▫️ 89% said physical AI will be critical to their strategy over the next three years
▫️ 86% of teams currently running general purpose operating systems said they are open to switching platforms

The single biggest bottleneck they named was not hardware. It was software architecture and integration. Read that again. The robotics industry just told you the constraint on its own growth is the exact layer BlackBerry has spent two decades perfecting in the most unforgiving environment on earth, the automobile

We have watched this pattern before. A company spends years grinding on mission critical infrastructure that nobody talks about, builds an impossible to replace position, and then a new wave of demand crashes directly into the moat they already own. QNX did not pivot into robotics. Robotics walked into QNX. The same need for higher performance compute, more speed and certified safety that drove the software defined vehicle is now driving humanoids, industrial automation and autonomous machines

QNX President John Wall said it plainly. The general embedded market is showing the same demands they already mastered in automotive. They are not learning a new business. They are copying and pasting a proven one into a market that is 10 x larger

The fundamentals are confirming it. This is the part that separates a real thesis from a meme

▫️ QNX posted record quarterly revenue of $78.7M up 20% YoY with full year QNX revenue up 14%
▫️ Adjusted gross margin sat around 83%
▫️ The royalty backlog, the contracted future revenue already locked in, stands near $950M and it grew faster last year than the company even recognized on its income statement

That is the definition of accelerating. The CFO went on record at the Baird conference and called the turnaround complete, describing BlackBerry as a growth company now. Eight straight quarters of improving GAAP net income. Net cash on the balance sheet. Active share buybacks. This is no longer a cash burning story hoping for a miracle. It is a profitable software company with a moat, sitting on top of two structural megatrends at once

And the stock has noticed. Shares ran from under 4 dollars in April to roughly 10 dollars in a matter of weeks, hitting fresh 52 week highs. Some of that is momentum and noise, and anyone telling you it goes straight up from here is not being honest with you. There will be volatility. Earnings land June 25th and the market will want real growth, not just a narrative. But the narrative happens to be backed by real backlog, real margins and a real product that already powers a QNX driven humanoid demo on the show floor at Embedded World. Add the new Alloy platform, which management believes can multiply revenue per customer well beyond the old licensing model, and you start to see why the bulls cannot stop talking about it

Here is the framing that matters. Most people are trying to figure out which robotics hardware company wins. That is a brutal, capital heavy, winner take few fight. We would rather own the pick and shovel that gets sold to every single one of them regardless of who wins the form factor war. BlackBerry is not betting on a robot. It is betting that all of them need a safe, certified, real time brainstem to run on. The robotics wave is coming whether the market is ready or not

So the real question is not whether physical AI is the next trillion dollar frontier. It is who supplies the foundation when it arrives. Are you watching the right layer?

As always guys, DYOR

RR2 Capital

[John @teamteam123]

@sheslee Glad you didn't exit your PM play! Bag holder here for years.

[John @teamteam123]

@bigbobinvests It is obvious! They don't want the masses to hear so they can load up first.

[John @teamteam123]

@sheslee @nottellingyou73 I hope there will not be a buy out.

[John @teamteam123]

@sheslee Why are u so hot ?

[John @teamteam123]

@sheslee @GoodLionTV That is Nikola Tesla. Inventor of Motor, Alternate Current, Tesla Coil, CFL, Radio Control. Got ripped off by Thomas Edison. Died in a hotel room with his pigeons. He became a household name because of the Tesla Motor Company.

[John @teamteam123]

@sheslee @pdamodaran I remember a time when both of you guys were depressed about our BB bag. Glad you guys didn't jump ship. That gave us hope.

[John @teamteam123]

@cantonmeow @sheslee @dannycheng2022 Toward the end of the interview you guys giggled like high school boys in front of their crush. Hilarious! Good to hear your voice , Lee!

[John @teamteam123]

@sheslee @KrisPatel99 Yeah. For me, I grew up poor, it was almost a competition acting richer than the next rich person. It was fun.

[John @teamteam123]

@pdamodaran Same lesson can be learned when looking at your own spouse. :)

[John @teamteam123]

@sheslee Lady! If this sh**t kept on climbing like this. Hainan Chicken Rice is on me!

[John @teamteam123]

@sheslee @rushicrypto Why did you insert villainous before rich? You don't like the "Giving Pledge" list? Or are those people managers of the slave class too?

[John @teamteam123]

@pepemoonboy @IncomeSharks Don't forget the powers of collective voters. The have-nots can outnumber the votes of the haves.

[John @teamteam123]

@pepemoonboy BlackBerry $BB

[John @teamteam123]

@pdamodaran "this time is different" -- Hopeful People

[John @teamteam123]

@pdamodaran @sheslee @BlackBerry Geez BB X leaders. From I lost hope to HODL. Glad you guys are holding. You guys know that captains go down with the 🚢 right? Hope you guys don't abandon while the less fortunate are still on it.

[John @teamteam123]

@pdamodaran @sheslee Ah come one. Not from our most revered BB investors on X.

[John @teamteam123]

@amitisinvesting Are you a depositor?

[John @teamteam123]

@dannycheng2022 @sheslee it is.