Alternatively, we did a scenario analysis for TuSimple. According to Allied Market Research, the autonomous driving (AD) truck market is estimated to reach USD 1.7 billion by 2025. We assume that TSP owns 50% of the AD truck market share, with a 10 times P/S ratio. Thus, TSP will be valued at USD 8.5 billion in 2025. Discounted the valuation by 10% to 15% per year, the company has a valuation of USD 4.2 billion to USD 5.3 billion at present. This figure is more convincing when we compare its capitalization with those of other AI startups. In contrast, the AI Unicorn SenseTime generated CNY 5 billion revenue in 2019, valued at USD 12 billion, which implies a 10-12 PS ratio (assume topline grown by 50% in 2021); Megvii is valued at around USD 5 billion with over CNY 1 billion revenue in 2019. So Mr. Market priced TSP at 7.8 billion too aggressively.