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Debate sobre SPGI
Puestos
56Quarterly figures 27.10-31.10.25
Oct 16 / MSCI & S&P Global — Safe Havens or Just Fancy Savings Accounts?
When Boring Becomes Beautiful
Every investor has those names they look at during chaotic weeks — the ones you could own, forget, and come back years later to find them quietly compounding like nothing ever happened. For me (and probably for many others), two of those names are MSCI and S&P Global. The giants behind the numbers, the indexes, and the ratings. The invisible backbone of the market that doesn’t just move with it, it fuels it. MSCI and S&P Global have practically insurmountable moats, deeply embedded across markets and protected by laws and regulations. Hands down (quote me on that in 50 years), nobody is replacing those two as long as the U.S. remains capitalist.
I currently hold both, but honestly, you could sleep well with either. They don’t give each other much. S&P Global has slightly more diversity, MSCI a bit more growth. I own both because they build an anchor for my portfolio, together with other anti-cyclical, defensive names like UnitedHealth or Equifax. All those companies are still growing organically, which is why I bought into them, but what really differentiates them is their competitive position. MSCI and S&P Global aren’t necessarily about excitement or daily headlines; they’re about consistency, scale, and one of the strongest moats you’ll ever find. You can think of them as the paid infrastructure on Wall Street: every trade, every fund benchmark, every ETF launch pays them something. That’s a business model nobody can deny.
Still, the question stands: are they safe havens with upside, or just glorified savings accounts?
If you haven’t got the impression yet, I believe they are the former. Yes, they provide unparalleled safety compared to other stocks, but upside potential is real. Let’s start with what they share. Both have margins most CEOs can only dream about (operating in the 50–60% range) and recurring revenues that barely flinch even when markets crash. Both benefit from the same structural tailwinds: the unstoppable rise of passive investing, global standardization of data, and the growing demand for transparent ESG frameworks. In short, they profit from the existence of investing itself. As long as people buy stocks, these two get paid. Even in bad times, when people opt for index funds over stock-picking, there are no bigger winners than these two silent compounders.
Let’s get on with the differences. S&P Global is broader, spanning data, analytics, indices, and the all-important credit ratings business that has been printing cash for decades. It’s the more diversified of the two — a little less volatile, a little slower, but also a little less cyclical given its exposure to so many areas. MSCI, on the other hand, is the purer “index and data” play. It rides the ETF and passive investing wave directly. If you believe that trend is still intact (and I do), MSCI is arguably the more direct winner. But it’s also more concentrated on one trend, even though it’s a big one.
In the current environment, with the Fear & Greed Index below 25, valuations painfully stretched, and Trump’s brain farts moving markets by the minute, I find myself gravitating toward companies where I can actually sleep. The “all-time high” market levels make adding risk feel wrong, but MSCI and S&P Global aren’t exactly risky plays. They’re the definition of resilient — companies that don’t just survive downturns but sometimes even benefit from them, as volatility spikes demand for data, research, and analytics. If markets crash, they might lose 10%, but honestly, who cares? Just buy more, and once you are confident enough in the future, rotate into more aggressive stocks. But let me stress again: both these names are likely to outperform the market anyway. Maybe not hyper-growth AI start-ups, but as quiet compounders capitalizing on secular trends, I wouldn’t count them out, even in a perma-bull market.
So, am I adding? Yes. I’m considering making both of them my absolute core — the kind of anchor you can build around when everything else starts wobbling. S&P Global is already my largest position, with a weighting around 7%, MSCI roughly half that. But as times become more uncertain, and markets continue to run as if nothing ever happened, I seriously consider rotating further into these fortresses.
📅 Transactions end of September - beginning of October 2025
💼 Equities & ETFs
- 🏭 R3N (French SME) → small caps reinforcement 🇫🇷 (PEA-PME)
- 🌍 Amundi EURO STOXX 50 II ETF → more exposure to European leaders $MSE (-0,09 %)
💰 Vanguard FTSE All-World High Dividend ETF → total return boost $VHYL (-0,23 %)
💻 iShares NASDAQ 100 ETF → tech remains my core 🔥 $CSNDX (+0,47 %)
🔌 Cisco Systems → double entry on US tech $CSCO (+0,3 %)
🧴 Coca-Cola → solid defensive value for dividends 🥤$KO (+0,89 %)
🧬 Zoetis → addition in the animal health sector 💊 $ZTS (-0,17 %)
🏦 S&P Global → diversification into premium finance 💼 $SPGI (-0,51 %)
✈️ Booking Holdings → light position in high-end tourism 🌴 $BKNG (-1,14 %)
🪙 Crypto & Metals
- ₿ Bitcoin → small, quiet DCA $BTC (+0,69 %)
Ξ Ethereum → always faithful to the blockchain $BTC (+0,69 %)
🪙 iShares Physical Gold ETC → a little gold for balance 💎 $IGLN (-0,67 %)
💼 Sale
- ⚙️ Carpenter Tech → taking gains on beautiful perf 📈 $CRS (-1,82 %)
Megatrend robotics, freshly updated, added value guaranteed!
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.
Thank you for your attention and your support 🙏
🌐 1. value chain of humanoid robots (with hidden champions)
1. research & chip design
$ARM (-2,6 %) ARM (UK) - CPU-IP, energy-efficient processors
$SNPS (-2,27 %) Synopsys (US) - EDA software, chip design
$CDNS (-0,4 %) Cadence (US) - EDA & Simulation
$PTC PTC (US) - Engineering Software, CAD/PLM
$DSY (-2,38 %) Dassault Systèmes (FR) - 3D Design & Digital Twin
$SIE (-0,23 %) Siemens (DE) - Industrial Software & Lifecycle Mgmt
$ADBE (+1,05 %) Adobe (US) - Design, AR/UX
ANSYS (US) - multiphysical simulation - acquisition by Synopsis
Altair (US) - CAE, simulation, digital twin - acquisition by Siemens
$HXGBY (-0,46 %)
Hexagon (SE) - Metrology & Simulation
$AWE (-3,66 %) 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 (-0,03 %) ASML (NL) - Lithography (EUV)
$AMAT (-1,27 %) Applied Materials (US) - Semiconductor equipment
$8035 (+4,1 %) Tokyo Electron (JP) - wafer fabrication
$KEYS (-0,12 %) Keysight Technologies (US) - Metrology
$6857 (+4,54 %) Advantest (JP) - Chip test systems
$TER (-1,09 %) Teradyne (US) - test systems + cobots
$6954 (-1,39 %) Fanuc (JP) - Industrial robots, CNC
$CAT (-0,28 %) Caterpillar (US) - autonomous machines
$KU2G KUKA (DE) - industrial robots
Comau (IT) - automation - not listed on the stock exchange
$ROK Rockwell Automation (US) - industrial automation
$JBL (+1,05 %) Jabil (US) - contract manufacturing (EMS/ODM)
$KIT (-1,15 %) Kitron (NO) - European EMS/ODM manufacturer
$AIXA (-1,77 %) Aixtron (DE) - deposition equipment for compound semiconductors
$LRCX (-1,2 %)
Lam Research (US) - Etch/deposition systems
$MKSI (-2,13 %)
MKS Instruments (US) - Plasma/vacuum technology
$ASM (-1,36 %)
ASM International (NL) - Deposition systems
1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector
3. chip manufacturing (foundries)
$TSM (-0,29 %) TSMC (TW) - leading foundry
$SMSN Samsung Electronics (KR) - foundry + memory
$GFS (-0,26 %) GlobalFoundries (US) - specialty chips
$INTC (+7,12 %)
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 (+1,85 %) Nvidia (US) - GPUs, AI chips
$INTC (+7,12 %) Intel (US) - CPUs, FPGAs
$AMD (+1,38 %) AMD (US) - CPUs, GPUs
$MRVL (-0,28 %) Marvell (US) - Network Chips
$MU (+0,69 %) Micron (US) - Memory
$DELL (+1,28 %) 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 (+0,32 %) Sony (JP) - image sensors
$6861 (-1,25 %) Keyence (JP) - Industrial sensors
$STM (+0 %) STMicroelectronics (FR/IT) - Sensors, MCUs
$TDY Teledyne (US) - optical/infrared sensors
$CGNX (-2,23 %) Cognex (US) - Machine Vision
$HON (-0,2 %) Honeywell (US) - sensor technology, security
ANYbotics (CH) - autonomous sensor fusion - not a listed company
$AMBA (+0,4 %) Ambarella (US) - video & computer vision SoCs for real-time image recognition
$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster
$AMS (+0,4 %)
OSRAM (AT/DE) - optical sensors
1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector
6. actuators & power electronics ("muscles")
$IFX (-0,57 %) Infineon (DE) - Power Electronics
$ON (-1,17 %) onsemi (US) - Power & Sensors
$TXN (-0,62 %) Texas Instruments (US) - Mixed-Signal Chips
$ADI (-1,11 %) Analog Devices (US) - Signal Processing
$PH Parker-Hannifin (US) - Hydraulics/Pneumatics
$MP (+0,89 %) MP Materials (US) - Magnets
$APH (-0,34 %) Amphenol (US) - Connectors
$6481 (-0,83 %) THK (JP) - Linear guides & actuators
$6324 (-0,86 %)
Harmonic Drive (JP) - Precision gears & servo drives for robotics
$6594 (-13,11 %)
Nidec (JP) - Electric motors
$6506 (-1,82 %)
Yaskawa (JP) - Drives & Robotics
$SU (-0,87 %)
Schneider Electric (FR) - Energy & control solutions
$ZIL2 (+1,49 %)
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 (-3,44 %) Qualcomm (US) - mobile communications, edge AI
$ANET (-0,38 %) Arista Networks (US) - Networks
$CSCO (+0,3 %) Cisco (US) - Networks, Security
$EQIX (-2,2 %) 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 (+4,36 %)
Ericsson (SE) - 5G/IoT infrastructure
$NOKIA (+26,31 %)
Nokia (FI) - 5G/6G for industry
$HPE (+0,29 %)
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 (+0,16 %) CATL (CN) - Batteries
$6752 (+2,29 %) Panasonic (JP) - Batteries
$373220 LG Energy (KR) - Batteries
$ALB (-0,46 %) Albemarle (US) - Lithium
$LYC (-9,54 %) Lynas (AU) - Rare earths
$UMICY (-0,49 %) Umicore (BE) - recycling
WiTricity (US) - inductive charging - not a listed company
$ABBN (-0,25 %) 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 (-3,94 %)
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 (+0,7 %) Amazon AWS (US) - Cloud, AI
$MSFT (+1,77 %) Microsoft Azure (US) - Cloud, AI
$GOOG (-1,25 %) Alphabet Google Cloud (US) - Cloud, ML
$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)
$ORCL (+1,36 %)
Oracle Cloud (US) - ERP + Cloud
$IBM (+0,87 %)
IBM Cloud (US) - Hybrid cloud + AI
$OVH (-1,71 %)
OVHcloud (FR) - European cloud
1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector
10. software & data platforms
$PLTR (-0,09 %) Palantir (US) - Data integration
$DDOG (-0,42 %) Datadog (US) - Monitoring
$SNOW (+1,51 %) Snowflake (US) - Data Cloud
$ORCL (+1,36 %) Oracle (US) - Databases, ERP
$SAP (-0,48 %) SAP (DE) - ERP systems
$SPGI (-0,51 %) S&P Global (US) - financial/market data
ROS2 Foundation - robotics middleware - not listed on the stock exchange
$NVDA (+1,85 %) NVIDIA Isaac (US) - robotics development - part of Nvidia
$INOD (-2,86 %) Innodata (US) - data annotation & AI training data
$PATH (-0,25 %)
UiPath (RO/US) - Robotic process automation
$AI (+1,26 %)
C3.ai (US) - AI platform
$ESTC (-2,05 %)
(NL/US) - Search & data analysis
1.S&P Global, 2.Palantir, 3.Datadog are my top 3 in this sector
11. end applications / robots
$ABBN (-0,25 %) ABB (CH/SE) - Industrial Robots
$6954 (-1,39 %) Fanuc (JP) - Industrial robots
$TSLA (+2,66 %) Tesla Optimus (US) - humanoid robot
$9618 (+0,08 %) JD.com (CN) - logistics robot
$AAPL (+0,02 %) Apple (US) - Platform & UX
$700 (-1,84 %) Tencent (CN) - Platform & AI
$9988 (-1,86 %) 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 (-1,5 %) Intuitive Surgical (US) - surgical robotics
$GMED (-0,92 %)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)
$7012 (-4,11 %) Kawasaki Heavy Industries (JP) - industrial robots, automation
$CPNG (+0,09 %) Coupang (KR) - Logistics end user
$IRBT (-13,94 %)
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 (-0,56 %)
Iluka Resources (AU) - Rare earths
$ARR (-7,06 %)
American Rare Earths (US/AU) - New supply chains
my number 1 in the sector is Albemarle
manufacturing technology
ASML - Applied Materials - Tokyo Electron
$LRCX (-1,2 %)
Lam Research (US) - Plasma/etching processes
$ASM (-1,36 %)
ASM International (NL) - ALD equipment
$MKSI (-2,13 %)
MKS Instruments (US) - Plasma/vacuum technology
my number 1 in the sector is ASML
Quality assurance
Keysight - Advantest - Teradyne
$EMR (+1,38 %)
National Instruments (US) - Measurement technology - from Emerson Electric adopted
$300567
ATE Test Systems (CN) - test systems
$FORM (-0,27 %)
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 (-0,83 %)
THK (JP) - Linear guides
my number 1 in the sector is Parker-Hannifin
Sensors/Imaging
$TDY Teledyne
$BSL (-2,01 %) 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 (+3,58 %)
Hitachi Metals (JP) - Magnetic materials
VacuumSchmelze (DE) - Magnetic materials - not a listed company
$4063 (+0,25 %)
Shin-Etsu Chemical (JP) - Specialty materials
my number 1 in the sector is MP Materials
Chip Design & Simulation
Synopsys - Cadence - ARM
$SIE (-0,23 %)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG
Imagination Tech (UK) - GPU-IP - not a listed company
$CEVA (+0,41 %)
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 (-0,46 %)
Hexagon (SE) - Metrology
$SNPS (-2,27 %)
ANSYS (US) - Simulation - takeover by Synopsys
my number 1 in the sector is Siemens
Networks & Data Centers
Arista - Cisco - Equinix
$HPE (+0,29 %)
Juniper (US) - Networks - Acquisition of HPE
$DTE (-1,34 %)
T-Systems (DE) - Industry cloud
$OVH (-1,71 %)
OVHcloud (FR) - European cloud
my number 1 in the sector is Arista
Cloud infrastructure
AWS - Azure - Google Cloud
$ORCL (+1,36 %)
Oracle Cloud (US) - ERP & databases
$IBM (+0,87 %)
IBM Cloud (US) - Hybrid Cloud
$9988 (-1,86 %)
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 (-0,39 %)
Moody's (US) - Ratings
$MSCI (+6,15 %)
MSCI (US) - Indices
$MORN
Morningstar (US) - Investment Research
my number 1 in the sector is S&P Global
Creative/Experience Infra
Adobe
$ADSK (+0 %)
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 (+0,08 %)
Meta (US) - AR/VR, Social Robotics
ByteDance (CN) - AI & platforms - not a listed company
$9888 (-0,74 %)
Baidu (CN) - AI & Cloud
my number 1 in the sector is Tencent
Infrastructure/Edge
Dell
$HPE (+0,29 %)
HPE (US) - Edge Computing
$SMCI
Supermicro (US) - AI servers
$6702 (-0,59 %)
Fujitsu (JP) - Edge & HPC
my number 1 in the sector is Dell
storage solutions
Micron
$HY9H
SK Hynix (KR) - Memory
$285A (-2,26 %)
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 (-0,45 %) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing
$MS Morgan Stanley (US) - investment bank; tech banking, capital markets
$BLK (-0,51 %) BlackRock (US) - asset manager; capital allocation, ETFs/index funds
$9984 (+4,08 %) 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 (-0,23 %) Siemens (DE) - Industrial Service, Lifecycle & Retrofit
$ABBN (-0,25 %) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support
$GEHC (+0,89 %) 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 (-1,39 %) 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 (+0,24 %) WPP (UK) - global advertising group; branding/communications
$OMC Omnicom (US) - marketing/PR network
$PUB (+1,44 %) Publicis (FR) - communications/advertising group
$META (+0,08 %) Meta (US) - Digital Ads (Facebook/Instagram)
$GOOG (-1,25 %) Google Ads (US) - search & display advertising
TikTok / ByteDance (CN) - social ads & distribution - not a listed company
$AAPL (+0,02 %) Apple (US) - Branding/UX; Acceptance & Platform Marketing
$WPP (+0,24 %)
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 (+1,85 %) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI
$2330 TSMC (TW) - world's most important foundry, produces the AI chips
$ASML (-0,03 %) ASML (NL) - EUV lithography, indispensable for chip production
$005930 Samsung Electronics (KR) - memory, logic, foundry
$HY9H SK Hynix (KR) - DRAM & NAND memory for AI
$MU (+0,69 %) 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 (-1,25 %) Keyence (JP) - Industrial sensors & vision systems
$CGNX (-2,23 %) Cognex (US) - Machine Vision, precise image processing
my number 1 in the sector is Keyence
Actuators & motion (muscles of robots)
$IFX (-0,57 %) Infineon (DE) - power electronics, motor control
$6594 (-13,11 %) Nidec (JP) - World market leader for electric motors
$PH Parker-Hannifin (US) - hydraulics/pneumatics, motion technology
$6481 (-0,83 %) THK (JP) - Linear guides & actuators
my number 1 in the sector is Parker-Hannifin
Communication, cloud & infrastructure (nerves & data flow)
$QCOM (-3,44 %) Qualcomm (US) - Mobile & Edge Chips
$AMZN (+0,7 %) Amazon AWS (US) - Cloud & AI infrastructure
$MSFT (+1,77 %) Microsoft Azure (US) - Cloud, AI services
$CSCO (+0,3 %) 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 (+2,66 %) Tesla (US) - humanoid robot Optimus
$ABBN (-0,25 %) ABB (CH/SE) - Robotics & Automation
$6954 (-1,39 %) Fanuc (JP) - industrial robots & CNC systems
$7012 (-4,11 %) 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 (-0,03 %)
ASML (NL)
World market leader in EUV lithography - no modern chips for AI & robotics without ASML.
$IFX (-0,57 %) Infineon (DE)
Leading in power electronics & motor control - crucial for actuators of humanoid robots.
$STM (+0 %)
STMicroelectronics (FR/IT)
Sensors, microcontrollers & power chips - the basis for control & perception.
$SAP (-0,48 %)
SAP (DE)
ERP & data platforms, important for integrating humanoid robots into industrial processes.
$SIE (-0,23 %)
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.
$HY9H
SK Hynix (KR) - Memory
$SONY
Sony (Japan)
Market leader in CMOS image sensors, essential for robotic vision & perception.
$6861 (-1,25 %)
Keyence (Japan)
Sensor technology & machine vision for industrial automation, widely used in robotics.
$6954 (-1,39 %)
Fanuc (Japan)
Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.
$6506 (-1,82 %)
Yaskawa Electric (Japan)
Drives, motion control & robot arms - relevant for humanoid motion control.
$6594 (-13,11 %)
Nidec (Japan)
World market leader for electric motors (from mini motors to high-performance drives).
$7012 (-4,11 %)
Kawasaki Heavy Industries (JP) - Industrial robots
$9618 (+0,08 %)
JD.com (China)
Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications
Build robots, earn shovels
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 (-2,6 %)
ARM Holdings (ARM, UK/USA) - CPU architectures
$SNPS (-2,27 %)
Synopsys (SNPS, USA) - Chip design software
$CDNS (-0,4 %)
Cadence Design Systems (CDNS, USA) - EDA & Simulation
2. manufacturing technology & equipment
$ASML (-0,03 %)
ASML (ASML, NL) - EUV lithography, key monopoly
$AMAT (-1,27 %)
Applied Materials (AMAT, USA) - Process equipment
$8035 (+4,1 %)
Tokyo Electron (8035.T, JP) - Wafer equipment
$KEYS (-0,12 %)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology
$6857 (+4,54 %)
Advantest (6857.T, JP) - Semiconductor test systems
$TER (-1,09 %)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)
3. chip production (Foundries)
$TSM (-0,29 %)
TSMC (TSM, TW) - Largest contract manufacturer
$005930
Samsung Electronics (005930.KQ, KR) - Memory + Foundry
$GFS (-0,26 %)
GlobalFoundries (GFS, USA) - Specialized production
4. computing & control unit ("brain")
$NVDA (+1,85 %)
Nvidia (NVDA, USA) - GPUs, AI accelerators
$INTC (+7,12 %)
Intel (INTC, USA) - CPUs, FPGAs
$AMD (+1,38 %)
AMD (AMD, USA) - CPUs/GPUs
$MRVL (-0,28 %)
Marvell Technology (MRVL, USA) - Network/data center chips
5. sensors ("senses")
$6758 (+0,32 %)
Sony (6758.T, JP) - CMOS image sensors
$6861 (-1,25 %)
Keyence (6861.T, JP) - Vision systems, sensors
$STM (+0 %)
STMicroelectronics (STM, CH/FR) - MEMS sensors
6. actuators & power electronics ("muscles")
$IFX (-0,57 %)
Infineon (IFX, DE) - Power semiconductors, SiC
$ON (-1,17 %)
N Semiconductor (ON, USA) - SiC/Power Chips
$STM (+0 %)
STMicroelectronics (STM, CH/FR) - Motor control & power
$TXN (-0,62 %)
Texas Instruments (TXN, USA) - Motor control, power ICs
$ADI (-1,11 %)
Analog Devices (ADI, USA) - Energy & BMS chips
7. communication & networking ("nerves")
$QCOM (-3,44 %)
Qualcomm (QCOM, USA) - 5G/SoCs
$AVGO (+1,49 %)
Broadcom (AVGO, USA) - Network & radio chips
$SWKS (+11,55 %)
Skyworks Solutions (SWKS, USA) - RF components
8. energy supply
$300750
CATL (300750.SZ, CN) - Batteries
$6752 (+2,29 %)
Panasonic (6752.T, JP) - Batteries for automotive/robotics
$373220
LG Energy Solution (373220.KQ, KR) - Batteries
9. cloud & infrastructure
$AMZN (+0,7 %)
Amazon (AMZN, USA) - AWS
$MSFT (+1,77 %)
Microsoft (MSFT, USA) - Azure
$GOOG (-1,25 %)
Alphabet (GOOGL, USA) - Google Cloud
$EQIX (-2,2 %)
Equinix (EQIX, USA) - Data center operator
$ANET (-0,38 %)
Arista Networks (ANET, USA) - Network infrastructure
$CSCO (+0,3 %)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks
10. software & data platforms
$PLTR (-0,09 %)
Palantir (PLTR, USA) - Data integration, decision software
$DDOG (-0,42 %)
Datadog (DDOG, USA) - Cloud monitoring / observability
$SNOW (+1,51 %)
Snowflake (SNOW, USA) - Cloud-native data platform
$ORCL (+1,36 %)
Oracle (ORCL, USA) - Databases, ERP
$SAP (-0,48 %)
SAP (SAP, DE) - ERP/cloud systems
$PATH (-0,25 %)
UiPath (PATH, USA) - Automation software (RPA)
$AI (+1,26 %)
C3.ai (AI, USA) - Enterprise AI platform
11. end applications / robots
$ABB
ABB (ABB, CH) - Industrial robots
$6954 (-1,39 %)
Fanuc (6954.T, JP) - Industrial robots, CNC
$TSLA (+2,66 %)
Tesla (TSLA, USA) - Optimus" humanoid robot
$9618 (+0,08 %)
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 (-0,03 %)
ASML (ASML, NL) - EUV lithography (monopoly).
$AMAT (-1,27 %)
Applied Materials (AMAT, USA) - Wafer equipment.
$8035 (+4,1 %)
Tokyo Electron (8035.T, JP) - Process equipment.
Test systems (hardware-side)
$6857 (+4,54 %)
Advantest (6857.T, JP) - Semiconductor test.
$TER (-1,09 %)
Teradyne (TER, USA) - Test systems + industrial robots.
Materials & raw materials
$ALB (-0,46 %)
Albemarle (ALB, USA) - Lithium (batteries).
$LYC (-9,54 %)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.
$UMICY (-0,49 %)
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 (-2,27 %)
Synopsys (SNPS, USA) - EDA software.
$CDNS (-0,4 %)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.
$ARM (-2,6 %)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).
Test & Measurement (software/signal level)
$KEYS (-0,12 %)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.
Network & data center backbone
$ANET (-0,38 %)
Arista Networks (ANET, USA) - High-speed networks.
$CSCO (+0,3 %)
Cisco Systems (CSCO, USA) - Data center/edge networks.
$EQIX (-2,2 %)
Equinix (EQIX, USA) - Data centers (colocation).
Cloud infrastructure
$AMZN (+0,7 %)
Amazon (AMZN, USA) - AWS (cloud, AI training).
$MSFT (+1,77 %)
Microsoft (MSFT, USA) - Azure.
$GOOG (-1,25 %)
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
New 52-week highs for these stocks
These shares reached a new 52-week high today:
Meta $META (+0,08 %)
Broadcom $AVGO (+1,49 %)
AMD $AMD (+1,38 %)
Blackrock $BLK (-0,51 %)
Astera Labs $ALAB (+1,38 %)
Arista Networks $ANET (-0,38 %)
Reddit $RDDT (-0,02 %)
Lam Research $LRCX (-1,2 %)
KLA Corp $KLAC (-0,91 %)
S&P Global $SPGI (-0,51 %)
Celsius $CELH
United Rentals $URI (-0,94 %)
Do you hold one of the shares? If yes, congratulations!
The investment bank sees these stocks as the big beneficiaries of AI adaptation
$AAPL (+0,02 %) Apple, Inc. (ISIN: US0378331005)
$ADBE (+1,05 %) Adobe Inc (ISIN: US00724F1012)
$AES (-0,66 %) AES Corp (ISIN: US00130H1059)
$AMZN (+0,7 %) Amazon.com Inc (ISIN: US0231)
$APP (-2,58 %) AppLovin Corp (ISIN: US03831W1080)
$AXON (+1,47 %) Axon Enterprise, Inc. (ISIN: US05464C1018)
$BE (+0,85 %) Bloom Energy Corp. (ISIN: US09
$CRM (+0,91 %) Salesforce.com, Inc. (ISIN: US79466L3024)
$GOOGL (-1,31 %) Alphabet Inc (Class A) (ISIN: US02079K3059)
$GTLS (+0,09 %) Chart Industries, Inc. (ISIN: US16115Q3083)
$HUBS (-0,07 %) HubSpot Inc (ISIN: US4435731009)
$JCI (-0,36 %) Johnson Controls International plc (ISIN: IE00BY7QL619)
$NEE (-5,66 %) NextEra Energy, Inc (ISIN: US65339F1012)
$NVDA (+1,85 %) NVIDIA Corp (ISIN: US67066G1040)
$SLB (-0,56 %) Schlumberger N.V. (ISIN: AN8068571086)
$SPGI (-0,51 %) S&P Global Inc (ISIN: US78409V1044)
$TSLA (+2,66 %) Tesla Inc (ISIN: US88160R1
$TT (+0,38 %) Trane Technologies PLC (ISIN: IE00BK9ZQ967)
$$VRTX (-0,69 %) Vertex Pharmaceuticals Inc (ISIN: US92532F1003)
$VERTEX (+0,06 %) Vertex, Inc (ISIN: US92538J1060)
$VST (-4,07 %) Vistra Corp (ISIN: US92840M1027)
$WIX (-0,13 %) Wix.com Ltd (ISIN: IL0011301780)
Morgan Stanley expects these companies to benefit greatly from the global trend towards AI integration, whether through leading chips such as NVIDIA, cloud and software solutions such as Amazon, Alphabet or Salesforce, or specialized applications in energy, industry and biotechnology. With tech giants expected to invest almost 400 billion US dollars by 2026, demand in many of these segments could explode. But while the list reads impressively, there is still the intriguing question of who will ultimately benefit not only from the hype, but also from the sustainable use of this technology.
Source: Boerse-Online (Morgan Stanley report on AI-related stocks)
Image material: Techa Tungateja/iStockphoto
S&P Global: The most profitable movement in the world?
The figures speak for themselves
Over the past ten years, S&P Global has more than doubled its turnover from USD 5.31 billion to USD 14.21 billion.
At the same time, profitability has improved somewhat, with a recent operating margin of around 39%.
During this period, earnings more than tripled from USD 4.54 to USD 15.70 per share.
In addition, the company is constantly buying back its own Aktien shares. Dilution only took place in the course of the takeover of IHS Market. However, this appears to be paying off, as profits have risen rapidly since the acquisition in 2022
Expectations exceeded, forecast raised
Furthermore, S&P Quartalsergebnissepresented. At USD 4.43 per share, Q2 earnings were well above expectations of USD 4.25. With sales of USD 3.76 billion, analysts' estimates of USD 3.68 billion were also exceeded.
For the year as a whole, this corresponds to a 6% increase in sales and a 10% jump in profits.
All divisions contributed to this growth, although the rating business was by far the weakest performer with a sales increase of just 1%. This indicates subdued economic activity.
The index business recorded the strongest growth with an increase of 15%.
In addition, the forecast for sales growth was raised from 4 - 6 % to 5 - 7 % and the profit expectations from USD 16.75 - 17.25 to USD 17.00 - 17.25 per share
S&P Global share: Chart from 04.08.2025, price: USD 545.66 - symbol: SPGI | Source: TWS
S&P therefore arrives at a forward P/E of 31.7. Over the long term, the P/E has hovered around 27.2. From this perspective, the share would therefore be slightly überbewertet. However, larger setbacks should prove to be an opportunity, as earnings growth of 10 - 12 % p.a. is expected in both the current and the coming financial years.
Source
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