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BlackBerry's turnaround is real, but the stock already prices in a lot of execution that hasn't shown up in the numbers. QNX revenue rose 20% to a record $78.7 million, its royalty backlog hit $950 million, and a deeper Nvidia deal takes QNX into robotics, medical and industrial systems. But after a roughly 140% gain it trades above 100x earnings, most analysts rate it Hold with targets about 50% below the price, and growth still leans on autos, exposed to tariffs and slower car production. x.com
