On the bright side, Li Auto has a corporate vision of AI serving users, but the question is whether its own MindGPT can take on this responsibility.

I never understood Li Auto. In the early days, the extended-range + fridge, TV, and large seats were insights into user needs, but the barrier wasn't high, and they didn't leverage their advantage to quickly develop a second growth curve.By the time their core business was eroded and performance declined, they realized they had nothing but cash. I truly don't get the strategic significance of these glasses—the product strength isn't beyond expectations either. Might as well go with Quark.Current Li Auto is just like Baidu entering the AI era.Nio did dabble in phones and VR glasses back when it had a $150B market cap, but it was also focused on improving the car experience.Now Nio has become more pragmatic, focusing on building, selling cars, and setting up battery swap stations. Yet people think it's actually because they're broke. The current market cap not only prices in Q4's inability to turn a profit but also prices in bankruptcy next year.Nio's intrinsic value is at least $20B，对应股价 8 刀对应股价$8, but breaking through further will be tough—it needs a new narrative. So hitting $8 is easy, but going beyond is hard.(Personal opinion, not meant to criticize—not investment advice.)

Why does Li Auto want to divert its energy to making glasses? Glasses seem more like an AI label to make up for the sales decline, including the previously independent app of Li Auto's assistant, which was all the rage at launch but has long been forgotten. I always feel that Li Auto's R&amp;D investment is too obviously utilitarian. If a strategic direction is identified, it should be continuously invested in without a financial investment perspective.For example, BYD's DMi sat on the bench for years, but the performance of the models launched after its release was significantly improved, and it succeeded in competing with Toyota and Volkswagen in China.Where is Li Auto's focus on continuous investment? If it defines itself as an AI company, isn't smart cars themselves focused enough? Smart driving and chips are not in the first tier either.As a contrast, I actually agree with NIO's investment in strategic directions, such as battery swapping and service ecosystems. These are moats that require long-term capital, manpower, and technology to build and are hard to replicate.@Future Trader Pi Kanchuan $Li Auto(LI.US)$NIO(NIO.US)