Out of the world’s top 15 growth hubs, 14 are forecast to be located in Asia, according to the Growth Hub Index 2024 by British real estate service Savills.

These cities have been identified as set to develop particularly quickly by 2033, based on indicators measuring rising wealth, expanding economies and the potential for new development and business expansion.

As the following chart, via Statista;’s Anna Fleck, shows, four Indian cities feature in the top 10, with Bengaluru in the top position. It is followed by Ho Chi Minh City in Vietnam and India’s Delhi.

You will find more infographics at Statista

Several reasons are cited for the anticipated rise in Asia, including how many parts of the region have embraced tech-driven growth, while at the same time continuing to benefit from a strong traditional manufacturing sector. Many Asian cities are also forecast to see a growing middle class as personal wealth rises across the region, while at the same time they have strategies to improve connectivity and to invest in infrastructure.

Savills analysts note that innovation hubs can attract new businesses, which in turn increases demand for office space, manufacturing spaces and housing and that if rapid urbanization is managed well, then it can lead to better health outcomes of populations and improved employment prospects and education.

If poorly managed, however, rapid urban growth can exacerbate poverty, crime and health issues.

The Growth Hub Index is based on economic, population and wealth indicators across 230 cities, each with a GDP of at least $50 billion in 2023, to identify the fastest-growing cities. The economic indicators included the city GDP in 2033 and future credit rating as well as the percentage increase in city GDP growth between 2023–2033. The personal wealth indicators measured the percentage increase in city GDP per capita and the percentage increase in the number of households earning more than $70,000 over the 10 years analyzed. Meanwhile, the population indicators focused on the percentage increase in city population and migration between 2023–2033 and the future ratio of dependents to the working-age population in 2033. Only cities with a GDP of $50 billion and up in 2023 were included in the index.

30 Miles!!!!

A U.S. Coast Guard helicopter crew on Thursday rescued a man spotted floating on a cooler in the sea, dozens of miles off Florida’s Gulf Coast after Hurricane Milton struck.

The Coast Guard said an Air Station Miami helicopter crew rescued the captain of a fishing vessel called “Capt. Dave” 30 miles off Longboat Key.

He was transferred to Tampa General Hospital to undergo further treatment, officials said in an Oct. 10 statement.

As The Epoch Times’ Katabella Roberts reports below, the Coast Guard said the man survived because he was wearing a life jacket and had an emergency position locator beacon and a cooler.

“This man survived in a nightmare scenario for even the most experienced mariner,” Dana Grady, the St. Petersburg command center chief of the U.S. Coast Guard, said.

The captain of the fishing vessel and a crew member first reported needing assistance about 20 miles off John’s Pass in Florida on Monday. A Coast Guard Station Sand Key rescue boat crew and an Air Station Clearwater rescue helicopter crew were deployed to the scene, according to the Coast Guard.

The captain and the crew members were rescued and brought back to Air Station Clearwater in “good condition.”

The boat was left adrift and “salvage arrangements were to be made,” the Coast Guard said.

On Wednesday, the owner of the fishing vessel informed the Coast Guard that the captain had returned to the boat at about 3 a.m. to make some repairs but had failed to check in.

“Watchstanders were able to make radio contact with the captain who reported the rudder was fouled with a line and became disabled during his transit back to port,” the Coast Guard said.

At the time of the rescue operation, the weather was “quickly deteriorating” as Hurricane Milton approached, with waves reaching six to eight feet and winds of around 30 mph, according to the Coast Guard.

Air Station Miami airplane crews fly over Florida’s west coast looking for people in distress and assessing damage, on Oct. 10, 2024. Courtesy of Mike O’Keefe/U.S. Coast Guard

The captain was instructed by the Coast Guard to put on a life jacket and “stay with the boat’s emergency position indicating a radio beacon.”

The Coast Guard lost communication with the captain at about 6:45 p.m. on Wednesday.

Search and rescue teams eventually spotted him adrift with the cooler at about 1:30 p.m. on Thursday.

The Coast Guard shared video footage of the rescue on social media platform X.

#Breaking An @USCG Air Station Miami 65 helicopter crew rescued a man clinging to a cooler approximately 30 mi. off Longboat Key.

The man was taken to Tampa General Hospital for medical care.

Sector St. Pete lost communications w/ the man at approx. 6:45 p.m., Wed. #SAR pic.twitter.com/64wSHuRAeH

— USCGSoutheast (@USCGSoutheast) October 10, 2024

It shows the captain kneeling on the cooler as a Coast Guard helicopter from Air Station Miami approaches. A crew member is then lowered into the water before swimming toward the captain. The video ends before he is hoisted out of the sea.

The rescue came after Hurricane Milton made landfall near Siesta Key, Florida, on Wednesday evening as a powerful Category 3 storm, bringing with it powerful winds, deadly storm surges, and flooding.

At least 10 people are believed to have died in the storm. Search and rescue operations are continuing.

Tesla’s shares stumbled in premarket trading after the company’s long-awaited robotaxi event in Burbank, California. The event showcased the robotaxi Cybercab, the futuristic-looking Robovan concept, and the latest version of the humanoid robot, Optimus.

Just hours after the event, some top Wall Street analysts began weighing in, praising the impressive lineup of new innovative products that will revolutionize transportation and other areas of the economy but noting a lack of technical details. 

Robotaxi details pic.twitter.com/AVSoysc6pS

— Tesla (@Tesla) October 11, 2024

Robovan details pic.twitter.com/Pdito0dfRq

— Tesla (@Tesla) October 11, 2024

Optimus is your personal R2D2 / C3PO, but better

It will also transform physical labor in industrial settings pic.twitter.com/iCET3a9pd8

— Tesla (@Tesla) October 11, 2024

A team of Goldman analysts led by Mark Delaney and Will Bryant attended the robotaxi Cybercab.

The analysts said Tesla “demonstrated very strong progress with the Optimus humanoid robot, and we think the Cybercab looked attractive,” but noted, “the lack of data shared on Full Self Driving (FSD) performance, relatively limited details on the robotaxi business plan, and absence of a lower-cost consumer vehicle unveil may be disappointing for some market participants.” 

Here are more of their thoughts about Cybercab and Optimus:

Cybercab

Tesla unveiled a two-seat Cybercab vehicle without a steering wheel or pedals/controls, and with winged doors. The company also showcased a Robovan that can carry up to 20 people or could transport goods. Tesla expects to start unsupervised FSD robotaxi operations in Texas and California next year with its currently available models (e.g. 3 and Y) and be in production with the Cybercab in 2026/before 2027 (although the company noted that it tends to be optimistic with timelines).

Given that vehicles are only typically used for several hours per week, Tesla believes that autonomous vehicles can offer 5X or even 10X higher utilization. Importantly on costs, Tesla believes the average operating cost of its Cybercab over time will be ~$0.20 per mile and may be priced at ~$0.30-$0.40 per mile including taxes and other costs. Tesla expects the Cybercab to cost ~$30K or less. Tesla also commented that it plans to over-spec the computer for the Cybercab (AI 5 computer) as the company believes that distributed inference compute can be utilized when the vehicle is not in use. Additionally, the robotaxi will use inductive charging, and Tesla indicated there would be self-cleaning capabilities. Finally, Tesla said one business model could be a person owning a small fleet that they put onto the network. Tesla did not provide other details on its business plan (e.g. scope of the initial deployments, pricing to start, if Tesla will own the early fleet, remote assistance, etc).

The timelines for AV deployment (next year with 3/Y in Texas and California) and with Cybercab (in 2026/by 2027) and lack of incremental FSD performance data will likely leave the debate on how close Tesla is to unsupervised FSD (L4) unresolved.

As we have previously written in our report, “Can new AI technology help accelerate AV deployments? Updating our global ADAS and AV forecast” we believe there is a material long-term revenue opportunity from robotaxis. However, revenues from initial smaller scale deployments would likely be more limited, as we show in Exhibit 1 and Exhibit 2.

We also provide an illustrative cost model for an owned and operated fleet of robotaxis in Exhibit 3. At scale, we believe that Tesla could benefit from lower per mile costs for its vehicle depreciation (e.g. if Tesla can produce a robotaxi at $30k vs a competitor robotaxi at $50k-$75k, at 100k miles per year and a three year useful life, Tesla would have depreciation costs of $0.10/mi vs a standard robotaxi at $0.15-$0.25/mi). This is driven by the volume leverage Tesla already has making cars (with each vehicle already equipped with inference silicon), and its more narrow sensor stack (e.g. no lidar). Tesla said the cybercab will use vision and AI, implying that it may not use radar (and how it would handle operating in certain weather/lighting conditions without a secondary sensor type is something that may remain a debate).

Optimus

The progress with Optimus was impressive in our view especially given where Tesla was just a few years ago. The robots were very life like in several of the movements, and interacted via voice with attendees, danced, and gave out snacks. We had an impromptu conversation with one of the robots which asked us if we’d checked out the snack bar, and when we asked what it would suggest to eat, it said to ask its friend that was actually giving out snacks (which we found to be relatively human like). We expect Optiumus to be a growing part of the Tesla story.

The TAM for higher-end humanoid robots could be >$10 bn in 2030 per research from a report led by our colleague Jacqueline Du. Recall that on its 2Q24 earnings call, Tesla stated that it expects to have limited production of Optimus Version 1 starting early next year for internal Tesla use (and expects to have several thousand produced and deployed by the end of next year), and expects to ramp production and provide Optimus Version 2 to external customers in 2026.

The analysts are “Neutral-rated” on TSLA shares and believe “that Tesla can grow longer term including with FSD.” However, they noted that “headwinds in the auto business” will limit EPS growth in the near term. Their TSLA 12-month price target is $230, based on 65X applied to our Q5-Q8E EPS estimate, including SBC. 

Separately, other Wall Street analysts published notes to clients after the event, with many also detailing how Elon Musk and Tesla were light on details (list courtesy of Bloomberg):

Barclays analyst Dan Levy (equal weight, PT $220)

• Tesla’s Cybercab demo was similar to prior sketches, but “the event was light on the details”
• “Consumers able to buy Cybercab, but Tesla also likely planning to operate fleet,” Levy said
• The near-term stock reaction is likely to be sell the news, “as the focus now shifts back to fundamentals – which has been neutral at best”

Baird analyst Ben Kallo (outperform, $280)

• The company did not unveil a lower-cost vehicle which can be manufactured on existing factory lines.
• Investor attention will now shift to auto margins in the near term as the company reports 3Q results on Wednesday

Bloomberg Intelligence analyst Steve Man

• “Tesla will likely need to add steering wheels and pedals to scale its robotaxi production by 2026”
• However, the robotaxi announcement provides a better visibility of the company’s capabilities in affordable cars and autonomy

Citi analyst Ronald Josey

• Tesla’s event clarified the company’s vision and timeline for its robotaxi — leading us to be “incrementally positive on Uber shares as a result”
• “Importantly, details regarding distribution or a potential ride-hailing app for the Cybercab were limited, which leads us to believe it’s still possible that Tesla could partner with Uber for distribution in the future”

Jefferies analyst John Colantuoni

• Tesla’s event is a best-case outcome for Uber as the automaker did not provide verifiable evidence of progress in its self driving technology and it also did not outline the number of robotaxis planned

Morgan Stanley analyst Brian Nowak

• Tesla’s $0.20 cost per mile estimate is in line with expectations, confirming its cost advantage
• “This speaks to TSLA’s current theoretical cost advantage over Uber’s current cars and Waymo”

The market reaction to Thursday’s Tesla event this AM in premarket trading in NYC is simply underwhelming. Shares are down 6%. For the past two years, shares have traded sideways, facing resistance above $250. 

Nancy Tengler, the chief executive officer of Laffer Tengler Investments and a Tesla investor who attended the event, told Bloomberg that the only specifics Tesla gave were the $30,000 price tag for Cybercab.