BlackBerry hit a new high on Friday, especially impressive given how volatile the market was that day. We've talked about this a lot since early May, but here are a few more points to consider: 1. QNX's business model is different from typical enterprise software. It doesn’t rely solely on selling accounts, subscription seats, or backend management systems to scale. Instead, it’s embedded in safety-critical systems like cars, industrial equipment, robots, and medical devices. Once customers adopt the real-time operating system, the cost of switching is very high, certification cycles are long, and software migration risks are significant. Revenue from this type of business may not materialize quickly, but the lifecycle is longer, customer stickiness is stronger, and long-term cash flow is easier to re-evaluate. 2. The previously disclosed backlog of nearly $1 billion doesn’t mean immediate revenue, but it changes how investors calculate QNX’s ceiling. In the past, BlackBerry’s valuation logic leaned toward "security software + transformation discount," which made it easy for low growth expectations to weigh it down. Now, QNX offers the market a new perspective: a foundational safety authorization platform for software-defined vehicles and edge AI devices. 3. As long as QNX revenue continues to materialize, in the research models for the next few quarters, BB will no longer just be categorized as a cybersecurity company. Instead, it will be discussed alongside software-defined vehicles, embedded systems, and industrial edge computing assets. 4. Capital rotation is also a factor. The strongest segments of the industry chain are, of course, the most crowded, so capital naturally seeks second-tier opportunities. Software-defined vehicles, robotics, industrial intelligence, and edge AI are becoming new focal points for risk appetite. Unlike GPUs, which directly benefit from a surge in capital expenditure, these represent the next step of AI moving from data centers to real-world devices.