After my first post on humanoid robots received a lot of positive feedback, I went into more detail. I have subsequently added my favorites in each sector.

Extended analysis of the value chain including shovel manufacturers and potential hidden champions

New categorySecondary key sectors (sales, marketing, financing)

In additionTop 25 companies worldwide, as well as Top 10 Europe and Top 10 Asia

I have also added a video link for beginners. This will give you an idea of how far the development of humanoid robotics has already progressed.

https://www.stern.de/panorama/wissen/humanoider-roboter---wie-reagiert-er-auf-beleidigungen--35996156.html

Thank you for your attention and your support 🙏

🌐 1. value chain of humanoid robots (with hidden champions)

1. research & chip design

$ARM (+1.79%) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (-1.24%) Synopsys (US) - EDA software, chip design

$CDNS (+1.13%) Cadence (US) - EDA & Simulation

$PTC PTC (US) - Engineering Software, CAD/PLM

$DSY (-2.29%) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (+0.6%) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (-0.61%) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

Altair (US) - CAE, simulation, digital twin - acquisition by Siemens

$HXGBY (+0.76%)
Hexagon (SE) - Metrology & Simulation

$AWE (-0.12%) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

1.Synopsis, 2.Siemens and 3.Adobe are my top 3 in this sector

2. manufacturing technology & equipment

$ASML (+5.62%) ASML (NL) - Lithography (EUV)

$AMAT (+1.11%) Applied Materials (US) - Semiconductor equipment

$8035 (+0.13%) Tokyo Electron (JP) - wafer fabrication

$KEYS (+0.69%) Keysight Technologies (US) - Metrology

$6857 (+0.61%) Advantest (JP) - Chip test systems

$TER (+1.09%) Teradyne (US) - test systems + cobots

$6954 (-0.06%) Fanuc (JP) - Industrial robots, CNC

$CAT (+0.61%) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

Comau (IT) - automation - not listed on the stock exchange

$ROK (+0.07%) Rockwell Automation (US) - industrial automation

$JBL (+0.53%) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (+0.74%) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (+0.78%) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+0.39%)
Lam Research (US) - Etch/deposition systems

$MKSI (+1.87%)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+5.85%)
ASM International (NL) - Deposition systems

1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector

3. chip manufacturing (foundries)

$TSM (+0.45%) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+0.91%) GlobalFoundries (US) - specialty chips

$INTC (+2.87%)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC
UMC (TW) - Power/RF/Embedded chips

1.TSMC, 2.Intel, 3.Samsung Electronics are my top 3 in this sector

4. computing & control unit ("brain")

$NVDA (-0.43%) Nvidia (US) - GPUs, AI chips

$INTC (+2.87%) Intel (US) - CPUs, FPGAs

$AMD (+1.11%) AMD (US) - CPUs, GPUs

$MRVL (+0.24%) Marvell (US) - network chips

$MU Micron (US) - Memory

$DELL (+1.68%) Dell Technologies (US) - Edge & Infrastructure

Graphcore (UK) - AI chips (IPU) - not a listed company

Cerebras (US) - Wafer-scale engine - not a listed company

SiPearl (FR) - European HPC chip - not a listed company

1.Nvidia, 2.Marvell, 3.Micron are my top 3 in this sector

5. sensors ("senses")

$6758 (-0.4%) Sony (JP) - image sensors

$6861 (-0.77%) Keyence (JP) - Industrial sensors

$STM (+4.07%) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (-0.61%) Cognex (US) - Machine Vision

$HON (-0.41%) Honeywell (US) - sensor technology, security

ANYbotics (CH) - autonomous sensor fusion - not a listed company

$AMBA (+0.69%) Ambarella (US) - video & computer vision SoCs for real-time image recognition

$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster

$AMS (+6.01%)
-OSRAM (AT/DE) - optical sensors

1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector

6. actuators & power electronics ("muscles")

$IFX (+2.46%) Infineon (DE) - Power Electronics

$ON (-1.2%) onsemi (US) - Power & Sensors

$TXN (-3.48%) Texas Instruments (US) - Mixed-Signal Chips

$ADI (-0.22%) Analog Devices (US) - Signal Processing

$PH Parker-Hannifin (US) - Hydraulics/Pneumatics

$MP (+2.97%) MP Materials (US) - Magnets

$APH (+0.66%) Amphenol (US) - Connectors

$6481 (-0.43%) THK (JP) - Linear guides & actuators

$6324 (+0%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (-0.2%)
Nidec (JP) - Electric motors

$6506 (+0.33%)
Yaskawa (JP) - Drives & Robotics

$SU (+0.39%)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (+0.6%)
ElringKlinger (DE) - Battery & fuel cell technology, lightweight construction

1.Parker-Hannifin, 2.MP Materials, 3.Infinion are my top 3 in this sector

7. communication & networking ("nerves")

$QCOM (-0.91%) Qualcomm (US) - mobile communications, edge AI

$ANET (+3.43%) Arista Networks (US) - Networks

$CSCO (+0.01%) Cisco (US) - Networks, Security

$EQIX (+0.48%) Equinix (US) - Data centers

NTT Docomo (JP) - 5G/6G carrier - not a listed company

$VZ Verizon (US) - Telecommunications

$SFTBY SoftBank (JP) - Carrier + Robotics

$ERIC B (-0.73%)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+0.12%)
Nokia (FI) - 5G/6G for industry

$HPE (-0.99%)
Juniper Networks (US) - Network technology - acquisition by HP

1.Arista Networks, 2.SoftBank, 3.Cisco are my top 3 in this sector

8. energy supply

$3750 (+8.46%) CATL (CN) - Batteries

$6752 (-0.06%) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (+6.57%) Albemarle (US) - Lithium

$LYC (+0.26%) Lynas (AU) - Rare earths

$UMICY (-2.48%) Umicore (BE) - recycling

WiTricity (US) - inductive charging - not a listed company

$ABBN (-0.64%) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - fuel cells

$KULR (-1.82%)
KULR Technology (US) - Thermal management & battery safety for mobile systems

1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector

9. cloud & infrastructure

$AMZN (+1.3%) Amazon AWS (US) - Cloud, AI

$MSFT (+0.24%) Microsoft Azure (US) - Cloud, AI

$GOOG (+3.35%) Alphabet Google Cloud (US) - Cloud, ML

$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (+2.44%)
Oracle Cloud (US) - ERP + Cloud

$IBM (+1.26%)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+1.65%)
OVHcloud (FR) - European cloud

1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector

10. software & data platforms

$PLTR (-1.07%) Palantir (US) - Data integration

$DDOG (+1.81%) Datadog (US) - Monitoring

$SNOW (+2.9%) Snowflake (US) - Data Cloud

$ORCL (+2.44%) Oracle (US) - Databases, ERP

$SAP (-2.19%) SAP (DE) - ERP systems

$SPGI S&P Global (US) - financial/market data

ROS2 Foundation - robotics middleware - not listed on the stock exchange

$NVDA (-0.43%) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (+5.35%) Innodata (US) - data annotation & AI training data

$PATH (+2.01%)
UiPath (RO/US) - Robotic process automation

$AI (+4.96%)
C3.ai (US) - AI platform

$ESTC (+1.69%)
(NL/US) - Search & data analysis

1.S&P Global, 2.Palantir, 3.Datadog are my top 3 in this sector

11. end applications / robots

$ABB ABB (CH/SE) - Industrial Robots

$6954 (-0.06%) Fanuc (JP) - Industrial robots

$TSLA (+5.48%) Tesla Optimus (US) - humanoid robot

$9618 (+0.93%) JD.com (CN) - logistics robot

$AAPL (+0.7%) Apple (US) - Platform & UX

$700 (+0.44%) Tencent (CN) - Platform & AI

$9988 (+2.18%) Alibaba (CN) - logistics & platform

PAL Robotics (ES) - humanoid robots - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

$TER (+1.09%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

Engineered Arts (UK) - humanoid robots - not a listed company

$ISRG (-2.99%) Intuitive Surgical (US) - surgical robotics

$GMED (-0.7%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (+1.3%) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (+2.72%) Coupang (KR) - Logistics end user

$IRBT (+12.92%)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

1.Apple, 2.Tencent, 3.Alibaba are my top 3 in this sector

🛠 2. cross enablers (shovel manufacturers) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+4.37%)
Iluka Resources (AU) - Rare earths

$ARR (+1.66%)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+0.39%)
Lam Research (US) - Plasma/etching processes

$ASM (+5.85%)
ASM International (NL) - ALD equipment

$MKSI (+1.87%)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (-0.17%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+1.56%)
FormFactor (US) - Wafer probing

my number 1 in the sector is Keysight

Motion & Drive

Parker-Hannifin

Festo (DE) - Pneumatics, Soft Robotics - not a listed company

Bosch Rexroth (DE) - Drives, Controls - not a listed company

$6481 (-0.43%)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (+4.25%) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

my number 1 in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (+0.61%)
Hitachi Metals (JP) - Magnetic materials

VacuumSchmelze (DE) - Magnetic materials - not a listed company

$4063 (-0.18%)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (+0.6%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

Imagination Tech (UK) - GPU-IP - not a listed company

$CEVA (+4.71%)
CEVA (IL) - Signal Processor IP

my number 1 in the sector is Synopsys

Engineering & Lifecycle

PTC - Dassault - Siemens

Altair (US) - Simulation - no longer a listed company

$HXGBY (+0.76%)
Hexagon (SE) - Metrology

$SNPS (-1.24%)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (-0.99%)
Juniper (US) - Networks - Acquisition of HPE

$DTE (-0.72%)
T-Systems (DE) - Industry cloud

$OVH (+1.65%)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (+2.44%)
Oracle Cloud (US) - ERP & databases

$IBM (+1.26%)
IBM Cloud (US) - Hybrid Cloud

$9988 (+2.18%)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

my number 1 in the sector is Alphabet (Google)

finance/information infra

S&P Global

$MCO
Moody's (US) - Ratings

$MSCI (-0.72%)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (+0.27%)
Autodesk (US) - CAD & Design

$U
Unity (US) - 3D/AR simulation

Epic Games (US) - Unreal Engine - not a listed company

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (+1.32%)
Meta (US) - AR/VR, Social Robotics

ByteDance (CN) - AI & platforms - not a listed company

$9888 (+0.07%)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (-0.99%)
HPE (US) - Edge Computing

$SMCI
Supermicro (US) - AI servers

$6702 (-0.09%)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$000660
SK Hynix (KR) - Memory

$285A (+0%)
Kioxia (JP) - NAND

$WDC
Western Digital (US) - Storage solutions

my number 1 in the sector is Micron

🏛 3. secondary key sectors with hidden champions

Financing & Capital

$GS (+0.5%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

$MS Morgan Stanley (US) - investment bank; tech banking, capital markets

$BLK (-1.13%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+0.13%) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

Lux Capital (US) - VC for DeepTech - Uptake (US) - AI-based predictive maintenance

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

my number 1 in the sector is Softbank

Maintenance & Service

$SIE (+0.6%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (-0.64%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (+0.68%) GE Healthcare (US) - Medtech service incl. robotic systems

Uptake (US) - AI-based predictive maintenance - not a listed company

Augury (US/IL) - condition monitoring, condition diagnostics - not a listed company

$KU2 KUKA Service (DE) - Robotics maintenance

$6954 (-0.06%) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

my number 1 in the sector is Siemens

Marketing & Advertising

$WPP (-1.3%) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (-1.24%) Publicis (FR) - communications/advertising group

$META (+1.32%) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (+3.35%) Google Ads (US) - search & display advertising

TikTok / ByteDance (CN) - social ads & distribution - not a listed company

$AAPL (+0.7%) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (-1.3%)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

my number 1 in the sector is Meta

Law, Regulation & Ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

EU AI Act (EU) - legal framework for AI & robotics

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (-0.43%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

$2330 TSMC (TW) - world's most important foundry, produces the AI chips

$ASML (+5.62%) ASML (NL) - EUV lithography, indispensable for chip production

$005930 Samsung Electronics (KR) - memory, logic, foundry

$000660 SK Hynix (KR) - DRAM & NAND memory for AI

$MU Micron (US) - Memory solutions for AI workloads

my number 1 in the sector is ASML

Sensors & perception (senses of robots)

$SONY Sony (JP) - image sensors, market leader

$6861 (-0.77%) Keyence (JP) - Industrial sensors & vision systems

$CGNX (-0.61%) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (+2.46%) Infineon (DE) - power electronics, motor control

$6594 (-0.2%) Nidec (JP) - World market leader for electric motors

$PH Parker-Hannifin (US) - hydraulics/pneumatics, motion technology

$6481 (-0.43%) THK (JP) - Linear guides & actuators

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (-0.91%) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+1.3%) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (+0.24%) Microsoft Azure (US) - Cloud, AI services

$CSCO (+0.01%) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (+5.48%) Tesla (US) - humanoid robot Optimus

$ABBN (-0.64%) ABB (CH/SE) - Robotics & Automation

$6954 (-0.06%) Fanuc (JP) - industrial robots & CNC systems

$7012 (+1.3%) Kawasaki Heavy Industries (JP) - industrial robots

PAL Robotics (ES) - humanoid robots (TALOS, ARI, TIAGo) - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

Universal Robots (DK) - cobots

my number 1 in the sector is Tesla

🇪🇺 Top 10 European key companies for humanoid robotics

$ASML (+5.62%)
ASML (NL)

World market leader in EUV lithography - no modern chips for AI & robotics without ASML.

$IFX (+2.46%) Infineon (DE)

Leading in power electronics & motor control - crucial for actuators of humanoid robots.

$STM (+4.07%)
STMicroelectronics (FR/IT)

Sensors, microcontrollers & power chips - the basis for control & perception.

$SAP (-2.19%)
SAP (DE)

ERP & data platforms, important for integrating humanoid robots into industrial processes.

$SIE (+0.6%)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

Specialist for humanoid robots (TALOS, ARI, TIAGo), internationally used in research & service.

Neura Robotics (DE) - Not a listed company

Young high-tech company, develops cognitive humanoid robots with advanced AI (4NE-1).

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$000660
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

Market leader in CMOS image sensors, essential for robotic vision & perception.

$6861 (-0.77%)
Keyence (Japan)

Sensor technology & machine vision for industrial automation, widely used in robotics.

$6954 (-0.06%)
Fanuc (Japan)

Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.

$6506 (+0.33%)
Yaskawa Electric (Japan)

Drives, motion control & robot arms - relevant for humanoid motion control.

$6594 (-0.2%)
Nidec (Japan)

World market leader for electric motors (from mini motors to high-performance drives).

$7012 (+1.3%)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (+0.93%)
JD.com (China)

Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications

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https://substack.com/@dalemcapital

The hype is all about humanoid robots, but the constant winners are in the background.

I have divided the analysis into two perspectives. 1. the complete value chain of humanoid robots, which shows all the players from the chip to the finished robot, and 2. the blade manufacturers in the background, who always earn money as enablers, regardless of which manufacturer wins the race.

ASML, Applied Materials and Tokyo Electron dominate in manufacturing technology. Quality assurance comes from Keysight, Advantest and Teradyne. Chip design is supported by Synopsys, Cadence and ARM. Data streams are secured by Arista Networks, Cisco and Equinix. The computing basis is created in the cloud by Amazon, Microsoft and Alphabet. Albemarle, Lynas and Umicore play a central role in raw materials and battery materials. These companies monetize their customers' investment waves, have high barriers to entry, service revenues and pricing power, but remain cyclical with risks from export rules, capex cuts and currency movements.

🌐 Value chain of humanoid robots Sector overview

1. research & chip design (IP / EDA)

$ARM (+1.79%)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (-1.24%)
Synopsys (SNPS, USA) - Chip design software

$CDNS (+1.13%)
Cadence Design Systems (CDNS, USA) - EDA & Simulation

2. manufacturing technology & equipment

$ASML (+5.62%)
ASML (ASML, NL) - EUV lithography, key monopoly

$AMAT (+1.11%)
Applied Materials (AMAT, USA) - Process equipment

$8035 (+0.13%)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (+0.69%)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+0.61%)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (+1.09%)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+0.45%)
TSMC (TSM, TW) - Largest contract manufacturer

$005930
Samsung Electronics (005930.KQ, KR) - Memory + Foundry

$GFS (+0.91%)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (-0.43%)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (+2.87%)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (+1.11%)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (+0.24%)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (-0.4%)
Sony (6758.T, JP) - CMOS image sensors

$6861 (-0.77%)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+4.07%)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (+2.46%)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (-1.2%)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+4.07%)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (-3.48%)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (-0.22%)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (-0.91%)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (+0.03%)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (-1.56%)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

$300750
CATL (300750.SZ, CN) - Batteries

$6752 (-0.06%)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

$373220
LG Energy Solution (373220.KQ, KR) - Batteries

9. cloud & infrastructure

$AMZN (+1.3%)
Amazon (AMZN, USA) - AWS

$MSFT (+0.24%)
Microsoft (MSFT, USA) - Azure

$GOOG (+3.35%)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (+0.48%)
Equinix (EQIX, USA) - Data center operator

$ANET (+3.43%)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (+0.01%)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (-1.07%)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (+1.81%)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (+2.9%)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (+2.44%)
Oracle (ORCL, USA) - Databases, ERP

$SAP (-2.19%)
SAP (SAP, DE) - ERP/cloud systems

$PATH (+2.01%)
UiPath (PATH, USA) - Automation software (RPA)

$AI (+4.96%)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (-0.06%)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (+5.48%)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (+0.93%)
JD.com (JD, CN) - E-commerce & automated logistics

🛠️ Shovel manufacturer for humanoid robots

🔹 Hardtech (physical "shovels")

These companies provide the material basis: manufacturing machines, raw materials, semiconductor base.

Semiconductor Equipment & Manufacturing

$ASML (+5.62%)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+1.11%)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (+0.13%)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+0.61%)
Advantest (6857.T, JP) - Semiconductor test.

$TER (+1.09%)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (+6.57%)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (+0.26%)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (-2.48%)
Umicore (UMI.BR, BE) - Cathode materials, recycling.

🔹 Soft/infra (digital "shovels")

These companies supply the infrastructure & toolswithout which development, training and operation would be impossible.

Design Software & IP

$SNPS (-1.24%)
Synopsys (SNPS, USA) - EDA software.

$CDNS (+1.13%)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.

$ARM (+1.79%)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (+0.69%)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (+3.43%)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (+0.01%)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (+0.48%)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+1.3%)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (+0.24%)
Microsoft (MSFT, USA) - Azure.

$GOOG (+3.35%)
Alphabet (GOOGL, USA) - Google Cloud.

Takeaway: Investing in the infrastructure stack allows you to participate in the robotics trend regardless of the subsequent product winner and reduces the individual product risk, but you have to live with cycles. In your opinion, which stage of the chain offers the best risk/return combination and fits into a disciplined portfolio?

Source: Own analysis based on publicly available company information and IR materials of the companies mentioned.

Image material: Techa Tungateja/iStockphoto

In the second quarter UnitedHealth Group ($UNH (-1.2%) ) was the stock most bought by hedge funds!

Insiders, regulators, hedge funds, etc., are apparently all buying.

However, the stock is still at an all-time low, having corrected 57% in 1 year. Could this be an opportunity?

$UNH
$UNH
$TSM (+0.45%)
$GOOGL (+3.41%)
$META (+1.32%)
$TMO (-1.07%)
$TXN (-3.48%)
$AMAT (+1.11%)
$ICON
$ADBE (-0.61%)
$BAC (-0.27%)
$WBD (+1.37%)
$AVGO (+0.03%)
$MCHP (-1.35%)

I've been thinking for some time that it's about time I wrote an article about the company Tokyo Electron
$8035 (+0.13%) and now the time has come!

Tokyo Electron is a Japanese company that operates in the field of semiconductor equipment equipment. The company is an essential part of the global semiconductor supply chain, Without it, there would be no semiconductorsespecially advanced ones, because that is where they dominate the market.

Here on Getquin, a lot is written every day about the Dutch ASML $ASML (+5.62%) who have a monopoly in the field of EUV lithography. However, the EUV machine is unfortunately useless on its own, because each of ASML's highly complex EUV machines inevitably requires technology from Tokyo Electron. This concerns the coaters and developers.

With the coating an extremely thin layer of photoresist is applied to a wafer with nanometer precision, Only then are they usable for the EUV process. This is followed by developingin which specific exposed or unexposed areas on the wafer are removed in order to create a certain pattern. The whole process is incredibly complex and difficult to implement. The coater/developer and EUV machines form a kind of unit. Tokyo Electron has a market share of approx. 90% and even a monopoly in EUV lithography. monopoly. The barriers to entry are also considered to be very high. All in all, it can be said that there are no high-end chips without ASML's EUV lithography, but no EUV lithography without Tokyo Electron's coater/developer. Tokyo Electron benefits directly and inevitably from ASML's success.

But that's not all, Tokyo Electron is much broader. They also hold market shares between 20-30% in dry etch, thin film deposition (CVD/ALD) and wafer cleaning (stable - rising everywhere). Competitors in this area are in particular Applied Materials $AMAT (+1.11%) and LAM Research $LRCX (+0.39%) .

Also becoming increasingly relevant is advanced packaging. Here, several chips are connected together, so to speak (e.g. CPUs, GPUs...). It therefore represents a key market for AI and other trends. Tokyo Electron currently holds market shares of around 10-15% (tendency strongly increasing). They are particularly strong in the essential wafer bondingi.e. the bonding of several finished wafers, where the market share is already at 32% (tendency rising sharply). They are also expanding into other areas.

Overall, they benefit from their diversification and strong customer loyalty. They work very closely with foundry companies such as TSMC $2330 and Samsung $005930 whereby many processes are so closely coordinated that many innovations only emerge in production itself. Tokyo Electron also has an advantage over the competition, as their strong diversification (and market dominance in certain areas) means that they can offer complete solutions for their customers. In advanced packaging in particular, there are many smaller players that are only active in one niche (e.g. Süss MicroTec $SMHN (+9.06%) ), which makes them less competitive with Tokyo Electron.

It should now be roughly clear what kind of company Tokyo Electron is and why its products are so important. so important are so important. Now let's look at some numbers:

Turnover (2025): €14.9 billion (+32.83%)

Profit (2025): €3.3 billion (+49.50%)

Market capitalization: € 75.2 billion

P/E RATIO: 23.69

P/E ratio 2030e: 13.40

Debt: 0¥

Cash position: approx. € 3 billion

Over the next few years (up to 2030), Tokyo Electron is planning investments of 1.5 trillion ¥ (approx. €10 billion)especially in the area of Advanced Packaging. They are therefore investing heavily in their technological leadership and expanding into new growth markets. Their successful execution is reflected in the fact that they steadily becoming more profitable
and gaining market share all round. In the year 2027 they want a profit margin of 35% which would put the competition in the shade.

I also think it's important to emphasize that Tokyo Electron has been incredibly successful in talent acquisition acquisition. They are a very popular employer and last year alone they received 25,000 applications received from a total of around 17.000 employees worldwide. As part of their investment strategy, they plan to hire 2,000 new employees each year (10,000 in total) (this represents an increase of almost 60% growth). The employees who already work at Tokyo Electron are also very happy there. In Japan, only 1% of employees who start at Tokyo Electron leave the company at some point. Internationally it is also only 2-3%. This not only shows the quality of the employer, but also ensures that the know-how is retained within the company.

Conclusion: Tokyo Electron is a highly profitable, technological leader and innovative supplier whose products are irreplaceable, especially for the most advanced chip production. With a modern corporate culture and an aggressive growth strategy in an exponentially growing market environment the company offers an attractive investment opportunity with a robust moat and long-term high upside potential.

The savings plan is running :)

I'm finally $AMAT (+1.11%) off 😅

Don't see any more potential in the future.

Hello everyone,

Do you think it's possible to retire early with the portfolio?

At...80?

I would like to get out of many stocks as soon as I am in the black and reinvest.

The plan is to get out of:

$AMAT (+1.11%)

$ANET (+3.43%)

$DELL (+1.68%)

$SOL (-5.34%)

$BBAI (+0%) I would like to reduce my position and possibly wait for a new entry.

What is your opinion, what can you recommend?

• I am looking forward to your opinions.

$AMAT (+1.11%)

Applied Materials share: Chart from 06.06.2025, price: 164 USD - symbol: AMAT | Source: TWS

Outlook and valuation

Over the past five years, sales have increased massively from USD 17.2 bn to USD 27.2 bn.

At the same time, the number of outstanding Aktien shares outstanding has been sharply reduced from 916 to 827 million and earnings have climbed from USD 4.17 to USD 8.65 per share.

There has not been a single year in which sales and profits have not increased, yet the share price has repeatedly plummeted. The market appears to be overestimating Applied Materials' vulnerability to the economic cycle and underestimating the moat.

In the second quarter, earnings of USD 2.39 per share exceeded expectations of USD 2.30. With sales of USD 7.10 billion, the company met analysts' estimates.

For the year as a whole, this corresponds to a 7% increase in sales and a 14% jump in profits.

Surprisingly, this was achieved despite the fact that business in China collapsed due to trade restrictions. Over the year as a whole, turnover fell from USD 2.83 billion to USD 1.77 billion and the share of total business fell from 43% to 25%.

Insider strikes

According to consensus estimates, earnings are expected to rise by 10% to USD 9.51 per share in the current financial year.

Applied Materials thus has a forward P/E of 17.3, which is roughly in line with the average valuation of the last five years.

Since earnings rose by 12% in the first quarter and by 14% in the second quarter, it is reasonable to assume that the consensus estimates are too low.

In any case, CEO Dickerson seems to have come to the conclusion that this is an opportunity and bought USD 6.87 million worth of shares at a price of USD 137.30 on April 3.

Dickerson currently holds 1.7 million shares and seems to have a knack for timing. He has sold shares near the high in both 2024 and 2022.

If a sustained return above USD 159 is achieved, a procyclical Kaufsignal with a possible Kursziel at USD 175. Above this, the path towards USD 193 and USD 200 would be clear.

However, if the share falls below USD 159, further losses to USD 154 and USD 142 must be expected.

Trench assessment and full article at the link:

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/applied-materials-aktie/applied-materials-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2025061007&goal=0_d93daae099-9ae6174596-410756260#applied-materials-technologiefestung-statt-zykliker

Hello dear community,

I am currently considering whether I should invest in the above-mentioned company.

$6861 (-0.77%) =Keyence

What do you think of the company? Please give me your feedback, Flo 😊 .

----------------------------------------

Description of the company:

Keyence is a Japanese manufacturer of high-tech components for industrial automation. The company develops and distributes:

Sensors (e.g. photoelectric sensors, proximity switches)

Image processing systems (industrial cameras, machine vision)

Measuring and testing technology (3D laser scanners, micrometers, profile projectors)

Laser marking devices

Safety and control technology (safety light curtains, PLC)

Keyence sells its products directly to companies, without intermediaries, and is known for fast delivery, on-site technical advice and extreme product quality.

It supplies, for example, the automotive, semiconductor, electronics, pharmaceutical and food industries worldwide.

--------------------------

Pro:

- Turnover/net profit: Increasing

- Margin: High

- Debt: Low

- Researches and develops actively / continuously and stays on the ball

- Represented in over 100 countries

- Turnover in Japan is 36% (in own country)

Contra:

- Yen

- P/E ratio high due to high expectations

--------------------------

Competition (examples):

Cognex Corp = $CGNX (-0.61%)

Rockwell Automation = $ROK (+0.07%)

Omron Corp = $6645 (+0%)

Fanus Corp. = $6954 (-0.06%)

Applied Materials = $AMAT (+1.11%)