主题观察：跟我来，见证一个纯粹创新的变革世界

We showed you the Transforming World >40 timesWe hosted >40 speakers shaping the future across 20 fieldtrips, calls and our EquityGlobalThematic Investing Transforming World Conference. Technologies are converging and moving from conceptto commercial reality, creating new industries and expanding addressable markets. From AI to Quantum, Robots to Fusion, Drones to SpaceHelion outlined a pathway to fusion power generation, Vertical discussed certification of electric aircraft, while Varda, HawkEye and Astrolab demonstrated how falling launchcosts are enabling new business models in space manufacturing, intelligence andinfrastructure–all before 2030. Across themes, the debate is shifting from whether thetechnology works to whether it can scale economically. Physical AI:the boring phase of AI is overAI is increasingly being deployed into physical systems. We had livedemos of humanoid robots talking (and dancing!) on stage, showcasing rapid advances in dexterity, mobility,and functionality. FieldAI and KraneShares stated factories, warehouses and logisticsrepresent the most compelling near-term commercial opportunity, particularly wherelabour shortages and safety considerations are greatest. Happy “Q-Day”. Quantum computers are here!Rigetti and QCI discussed quantum computing transitioning from research milestones to early commercial deployments, withmultiple use cases emerging. Rather than replacingclassical computing, quantum is expected to complement CPUs and GPUs. View Transcript Thematic InvestingMerrill Lynch (Israel) AV you can drive my…everythingAcross6 company visits and demo rides we saw autonomous vehicles moving from pilot Martyn Briggs>>Equity StrategistMLI (UK)+44 20 7996 7442martyn.briggs@bofa.com programmes toward commercial deployment, as hardware costs continue to fall and AImodel capabilities improve. The competitive battleground is shifting from technicalcapability to utilisation, reliability, and economics. The same trend is extending beyondthe road to the sky, with Matternet and Flytrex demonstrating autonomous dronedelivery following a similar path from tech validation to network deployment. Haim Israel>>Equity StrategistMerrill Lynch (Israel)+972 3 607 2007haim.israel@bofa.com Lauren-Nicole Kung>>EquityStrategistMLI (UK)+44 20 7996 1045lauren-nicole.kung@bofa.com We won’t pay for intelligence…we will pay for truth!Several speakers highlighted that AI adoption will be shaped by trust and human acceptance. Steve Rosenbaum warned increasingly convincing AI-generated contentcould blur the line between fact and fiction. The debate around AI focused more onhuman augmentation than replacement, with technologies designed to enhanceproductivity. Jon Krohn built live a portfolio-monitoring dashboard in minutes, illustratinghow AI can dramatically compress knowledge work. Felix TranEquity StrategistBofAS+1 646 556 0731felix.tran@bofa.com Menka Bajaj>>Equity StrategistMLI (UK)+44 20 7995 5800menka.bajaj@bofa.com Contents Physical AI Fieldtrips: AI in Action48 Showcasing the Transforming World >40x Exhibit1: BofA Thematic and Transition Event SeriesIn the last few months, we hosted >40 companies andspeakers shaping the future across 20 fieldtrips, expert calls and our Transforming World Conference Across >20 events we’ve explored technologies reshaping mobility, computing and industry ‘Did you knows’ from the conference In 2026, more than 4,000 fabricated medical references were foundacross 3,000 biomedical papers1 The share of medical research papers with at least one fake referencewas below 5% by mid-2024, before rising to 60% by Q1 20262 A 120-minute drive could become a 10-minute flight3 In 2 years, AI could cost 1% of what it costs today4 Next year at the latest, AI could make discoveries that humans have notbeen able to do4 AI has reduced the cost to create a due diligence report by at least99.98% in just 3 years4 Deploying robots in unstructured environments can now take 12 hoursvs 3.5 months, that’s over 200x faster5 There could be 3-5 million drone deliveries per day in the US by 2030,vs roughly 3,000-5,000 today–that’s a 1000x increase6 Rigetti is aiming for 1000 qubits with 99.9% fidelity and quantumcommercialization over the next 3 years7 Helion’s long term aim is $1 per watt with a 2028 target for their firstcommercial power plant with Microsoft8 Before SpaceX’s Falcon, the space rocket industry was essentiallylosing a jumbo jet in terms of asset worth with each single launch9 Sources:1Steve Rosenbaum, The Sustainable Media Center; Columbia University School of Nursing;2SteveRosenbaum, The Sustainable Media Center;3David King, Vertical Aerospace;4Jon Krohn, Y Carrot;5Shayegan Omidshafiei, FieldAI;6Andreas Raptopoulos, Matternet;7Chris Roberts, QCI;8Prag Jain, Helion;9Patrick Zeitouni, HawkEye 360 A Transforming World Conference We hosted our New York Transforming World Conference with 13 expert speakersdiscussing key investment themes and implicatio