To The Moon

As an "old acquaintance" who has long tracked the $Robo.ai Inc(AIIO)$ acquisition of Jidu (Jiyue), I have received numerous private messages following my previous analysis articles. The question on everyone's mind has shifted from "Will they buy?" to "How will they play the game after the acquisition?"

In the past two days, I captured a piece of news with massive implications: Robo.ai has reached a strategic partnership with The Ghazi Group to distribute High-Performance Computing (HPC) products from top global chip manufacturers—covering AI, GPU, and CPU—in the Middle East and North Africa (MENA) region. 

If we view the "acquisition of Jidu" as Robo.ai buying the "Body," then today's news means Robo.ai has secured the "Brain" and the "Blood."

As an accountant accustomed to reading financial reports and calculating costs, I want to set aside the hype and deeply deconstruct this move from the perspectives of supply chain security, cost control, and business moats: With Jidu Auto in one hand and high-end chip distribution rights in the other, what kind of game is Robo.ai playing?

I.

Chip Distribution Rights: The "Strategic Choke Point" of This Era

First, we must understand the gold standard of "High-end AI, GPU, and CPU Sales Rights."

Against the backdrop of current international geopolitics and tech blockades, high-end chips (especially computing chips for autonomous driving and AI training) are not just commodities; they are "Strategic Materials."

The Role Shift from "Beggar" to "Shopkeeper" For the vast majority of new car makers, chips are the biggest "choke point." The "chip shortage" of 2021-2022 forced countless automakers to halt production or reduce configurations. By securing distribution rights in the MENA region, Robo.ai has transformed from a simple "Chip Consumer" into a regional "Chip Shopkeeper."

Accountant's Perspective: This not only brings in a stream of high-cash-flow trading revenue but, more importantly, secures priority allocation rights in the supply chain. When computing power is scarce, whoever holds the inventory holds the pricing power and the right to survive.

The Specifics of the MENA Region The Middle East is leveraging national strength to drive digital transformation (e.g., Saudi Arabia's NEOM, the UAE's AI strategy). The demand for computing power here is explosive, yet channels are often limited—it is a case of "having money but finding it hard to buy good goods." Robo.ai’s entry into this market aligns with the interests of Middle Eastern capital (like the previous collaboration with Zand Bank) and positions itself as the core node connecting top global chip foundries with Middle Eastern wealth. 

II.

When "High-End Chips" Meet "Jidu Auto": A Dimensional Strike

Let’s return to what everyone cares about most: Jidu (Jiyue). Why do I say that securing chip sales rights is a major bullish factor for the Jidu acquisition?

1. The Essence of Jiyue: A Robocar, with Computing Power as its Lifeline Friends familiar with Jiyue know that the Jiyue 01/07 is positioned as a "Robocar," with its core competitiveness lying in Baidu Apollo's high-level smart driving. This system has extremely high demands for computing power (typically relying on high-end chips like NVIDIA Orin-X or Qualcomm 8295).

Pain Point: The smarter the car, the more it fears a chip shortage.

Solution: Robo.ai brings its own chip channel. This is equivalent to a variation of the $比亚迪(002594)$ Model—BYD solved battery anxiety by manufacturing its own batteries; Robo.ai solves computing power anxiety by controlling chip channels.

2. Deep Optimization of Cost Structure As an accountant, I am extremely sensitive to costs. There is a cost difference between an automaker purchasing chips directly versus through an intermediary. As a distributor itself, Robo.ai can theoretically supply Jidu Auto at a lower BOM (Bill of Materials) cost. In today’s cutthroat EV price war, even a 1% hardware cost advantage can determine life or death.

3. The Final Piece of "Software-Hardware Integration" Let’s look at Robo.ai’s current hand: 

Algorithm Layer: Proprietary AI Dispatch System + $百度(BIDU)$ Apollo enablement.

 Terminal Layer: Acquired Jidu (Jiyue), possessing the physical carrier.

 Infrastructure Layer: Secured AI/GPU Chips, possessing underlying computing power support.

This is not just car manufacturing; this is building an "AI Infrastructure Closed Loop." What they sell to Middle Eastern clients in the future may not just be a Jiyue car, but a total smart city solution based on "Jiyue Vehicle Terminals + Matching Computing Clusters." 

III.

Reasonable Speculation: Future "Association Space"

Based on the two hard facts of "Acquiring Jidu" and "Chip Distribution," as an analyst, I have grounds to make the following neutral-to-bullish speculations:

1. Jiyue will become the "Smartest" Car in the Middle East With priority supply of high-end chips, Robo.ai is highly likely to launch special edition Jiyue models for the Middle East market equipped with ultra-high computing power (potentially exceeding domestic versions). In a region with relatively simple road conditions and ample capital, L4-level Robotaxis might land faster there than domestically.

2. Reconstruction of the Valuation Model Previously, we might have viewed Robo.ai as a "deal assembler." But now, its balance sheet is getting thicker: 

Previous Valuation Logic: Pure concept stock, extremely high risk.

Current Valuation Logic: = Jidu (Manufacturing Valuation) + Chip Trade (High Turnover Cash Flow Valuation) + AI Platform (High PE Valuation). This combination of "Industry + Trade + Tech" offers far higher risk resistance than a single-business company.

3. The True "Robotaxi" Moat The endgame of Robotaxi competition is the competition of Unit Operating Costs. Robo.ai has the car on the left (Jidu) and the chip on the right (low-cost compute). If combined with Zand Bank's financial support (low cost of capital), its comprehensive operating costs in the Robotaxi sector could be compressed to the absolute limit.

 IV.

Little Accountant’s Cold Thinking: Execution Behind the Bullishness

Of course, as a rational financial self-media creator, I cannot just sing praises. While the hand looks good, risks remain:

Integration Risk: The team selling chips and the team building cars have completely different cultural DNAs. How will they synergize?

Geopolitics: The distribution of high-end chips is heavily influenced by US export controls. Can Robo.ai secure long-term, stable authorization?

Market Absorption: While the Middle East market is wealthy, its car ownership and replacement rates are lower than China's. Can Jiyue carve out a path in a Middle East dominated by Toyota and Nissan?

Robo.ai has played a deep game here. It did not go to compete on interiors, fridges, or color TVs like other new car makers, but instead turned back to compete on the supply chain and underlying computing power.

Securing high-end chip sales rights seems like news for the semiconductor circle, but in reality, it paves a "Golden Runway" for Jidu Auto's globalization and intelligence. For investors, this not only adds a revenue source for Robo.ai but, more importantly, it significantly enhances the Success Rate and Safety Cushion of the strategic action of acquiring Jidu.

For Robo.ai, my assessment remains: It is transforming from a "Storytelling" company into a "Block-Building" master. Now, the most critical base (Chips) and the spire (Cars) of the blocks are in place.

(The above analysis represents the personal views of "Little Accountant" only and does not constitute investment advice. The stock market involves risks; please invest with caution.)