Hello my dears,

Today I received a question from the dear one @BamBamInvest . It was about which companies I have already looked at in the field of robotics and especially humanoid robots.

Because the answer has become a little longer. I would like to share it with the community here once again.

My dears and my dear @BamBamInvest ,

I have already @EpsEra already made some great posts on this topic. Which I also commented on. And I actually see Japan as an innovative player here. Japan is an ageing society in which, among other things, humanoids are supposed to solve the problem. Like in nursing homes, for example.

Unfortunately, one major player has completely run away from me $7012 (+3,54 %) Kawasaki , and I'm still trying to find a way in somehow.

I also see very strong $6954 (+7,35 %) .

FANUC CORP. is a Japanese company active in the field of electrical equipment. The group works in particular on automation and basic technologies for servos and robots.

One supplier in the field of industrial robots that I like is $6481 (+4,1 %) . I have also made a post about this .

https://getqu.in/fZudqX/

Just as in the AI sector, Softbank is of course also involved in humanoids,

You should also keep an eye on South Korea. Unfortunately Hyundai)Kia has been delisted from the stock exchange, here I see Boston Dynamik as very strong.

Nvidia $NVDA (-0,48 %) is one of the key players in this area. AI and humanoid robots are interlinked.

I could imagine that we will see something in this sector from $SIE (+1,16 %) Siemens or Bosch in this sector.

But there are a number of start-ups in Germany in particular, some of which were even founded at universities.

I wouldn't want to underestimate them under any circumstances.

$GFT (+1,6 %) has now also entered into a partnership with Neura Robotic and is supplying the AI software. In my opinion, Neura's humanoids are already very advanced.

For me, AI and humanoids are also connected. And so many AI players are also becoming players here.

As already mentioned, networking via the cloud will play a role, making the major cloud providers interesting.

Optimus would also be the only reason for me to invest in $TSLA (+0,75 %) to invest.

The Chinese company UBTECH Robotics, with its humanoid Walker S, which is already in use at Nio and BYD, should also be mentioned.

Figure AI cooperates with BMW, for example. Figure AI is also working with OpenAI to develop generative AI for humanoid robots, and its investors include NVIDIA, Microsoft and Amazon.

Sanctuary AI with the humanoid Phoenix has a partnership with $MSFT (+0,29 %) Microsoft.

$AMZN (+0,19 %) Amazon has a partnership with Agility Robotics. And uses Digit in the warehouses.

You should also have heard of AgiBot (a startup from Shanghai).

I think there will be a few IPOs in the humanoid sector in the near future.

Teradyne is the TÜV for robots.

$TER (+1,42 %) is a player in industrial robots. Teradyne currently takes a critical view of the industrial use of humanoid robots and is deliberately focusing on practical, ready-to-use automation solutions - in particular collaborative robotic arms (Universal Robots) and autonomous transport robots (MiR).

$APH (+1,26 %) amphenol supplies the nerve pathways for the humanoid, in the form of cables and connectors. And, of course, the spare parts.

$ROK (+0,77 %) supplies the muscles.

Rockwell Automation, Inc. is an American manufacturer of automation and information solutions for industrial production

$MELE (+0,04 %) is a Belgian company with a market capitalization of 3 billion, is very strong in the sensors that are needed. And is on my watch.

$JBL (+0,21 %) Jabil is a contract manufacturer for humanoids. Which has also already considered whether it could build its own humanoids.

(But you should wait for a reset here).

Also on the Watch $HEXA B (+0,29 %) Hexagon.

A Swedish company in the field of sensors. And is now bringing out a humanoid robot itself.

Medical and industrial robots

Accuray $ARAY (-2,41 %) develops medical robotic solutions for the radiotherapy of cancer patients. The robot-controlled radiosurgery system can track tumor movement during therapy in real time and correct it if necessary.

$CGNX (+1,52 %) Cognex Corp.

The company manufactures machine vision devices used in manufacturing and production for automated processes. These include surface inspection systems and modular image processing systems used in intelligent technologies.

Cognex Corp. is one of the prime stocks in the Industry 4.0 investment trend

Yaskawa Electric Corp.

$6506 (+7,4 %) The Japanese machine manufacturer has its expertise in the production of industrial robots and frequency converters "AC Drivers" for controlling the power supply to machines.

Manz AG (according to @Aktienfox insolvent)

$M5Z (+0 %) Industry 4.0

Manz manufactures and develops machines and systems for production and is one of the world's leading suppliers.

Manz AG is one of the prime stocks in the Industry 4.0 investment trend

Family-owned company

High-tech provider of production systems. The company is divided into 3 divisions: Electronics, Solar and Energy Storage. Dieter Manz, as Chairman and CEO, currently holds 37.3% of the voting rights.

$COH (-0,18 %)

Anyone investing in these areas should be aware of this. We will have drawdowns.

It has always been the same with new technologies in the past.

But patience will be rewarded in the long term.

And we should be prepared now so as not to miss the boat.

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 (+1,54 %) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (+0,82 %) Synopsys (US) - EDA software, chip design

$CDNS (+1,02 %) Cadence (US) - EDA & Simulation

$PTC (+0,69 %) PTC (US) - Engineering Software, CAD/PLM

$DSY (-0,02 %) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (+1,16 %) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (+0,41 %) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

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

$HXGBY (+0 %)
Hexagon (SE) - Metrology & Simulation

$AWE (+1,1 %) 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 (+1,22 %) ASML (NL) - Lithography (EUV)

$AMAT (+0,98 %) Applied Materials (US) - Semiconductor equipment

$8035 (+2,72 %) Tokyo Electron (JP) - wafer fabrication

$KEYS (+0,99 %) Keysight Technologies (US) - Metrology

$6857 (+3,17 %) Advantest (JP) - Chip test systems

$TER (+1,42 %) Teradyne (US) - test systems + cobots

$6954 (+7,35 %) Fanuc (JP) - Industrial robots, CNC

$CAT (+0,72 %) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

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

$ROK (+0,77 %) Rockwell Automation (US) - industrial automation

$JBL (+0,21 %) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (+3,33 %) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (-2,31 %) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+1,91 %)
Lam Research (US) - Etch/deposition systems

$MKSI (+1,26 %)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+0,93 %)
ASM International (NL) - Deposition systems

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

3. chip manufacturing (foundries)

$TSM (+1,97 %) TSMC (TW) - leading foundry

$SMSN Samsung Electronics (KR) - foundry + memory

$GFS (+0,13 %) GlobalFoundries (US) - specialty chips

$INTC (+2,57 %)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC (+1,56 %)
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 (-0,48 %) Nvidia (US) - GPUs, AI chips

$INTC (+2,57 %) Intel (US) - CPUs, FPGAs

$AMD (+1,7 %) AMD (US) - CPUs, GPUs

$MRVL (-0,54 %) Marvell (US) - Network Chips

$MU (+3,97 %) Micron (US) - Memory

$DELL (+0,02 %) 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 (+2,35 %) Sony (JP) - image sensors

$6861 (+3,77 %) Keyence (JP) - Industrial sensors

$STM (+2,39 %) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+1,52 %) Cognex (US) - Machine Vision

$HON (+0,33 %) Honeywell (US) - sensor technology, security

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

$AMBA (+2,25 %) Ambarella (US) - video & computer vision SoCs for real-time image recognition

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

$AMS (+6,32 %)
OSRAM (AT/DE) - optical sensors

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

6. actuators & power electronics ("muscles")

$IFX (+2,51 %) Infineon (DE) - Power Electronics

$ON (+2,15 %) onsemi (US) - Power & Sensors

$TXN (-0,05 %) Texas Instruments (US) - Mixed-Signal Chips

$ADI (+0,61 %) Analog Devices (US) - Signal Processing

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

$MP (+0,86 %) MP Materials (US) - Magnets

$APH (+1,26 %) Amphenol (US) - Connectors

$6481 (+4,1 %) THK (JP) - Linear guides & actuators

$6324 (+6,88 %)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (+2,58 %)
Nidec (JP) - Electric motors

$6506 (+7,4 %)
Yaskawa (JP) - Drives & Robotics

$SU (-0,19 %)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (-0,79 %)
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 (-0,78 %) Qualcomm (US) - mobile communications, edge AI

$ANET (+2,54 %) Arista Networks (US) - Networks

$CSCO (+1,08 %) Cisco (US) - Networks, Security

$EQIX (+1 %) 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 (-0,22 %)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (-0,3 %)
Nokia (FI) - 5G/6G for industry

$HPE (-0,18 %)
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 (+1,9 %) CATL (CN) - Batteries

$6752 (+2,26 %) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (+2,6 %) Albemarle (US) - Lithium

$LYC (+14,56 %) Lynas (AU) - Rare earths

$UMICY (-0,48 %) Umicore (BE) - recycling

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

$ABBN (-0,24 %) 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 (+1,08 %)
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 (+0,19 %) Amazon AWS (US) - Cloud, AI

$MSFT (+0,29 %) Microsoft Azure (US) - Cloud, AI

$GOOG (+0,48 %) Alphabet Google Cloud (US) - Cloud, ML

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

$ORCL (-2,12 %)
Oracle Cloud (US) - ERP + Cloud

$IBM (+0,27 %)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+0,23 %)
OVHcloud (FR) - European cloud

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

10. software & data platforms

$PLTR (-0,31 %) Palantir (US) - Data integration

$DDOG (+1,44 %) Datadog (US) - Monitoring

$SNOW (+0,83 %) Snowflake (US) - Data Cloud

$ORCL (-2,12 %) Oracle (US) - Databases, ERP

$SAP (+1,28 %) SAP (DE) - ERP systems

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

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

$NVDA (-0,48 %) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (+1,12 %) Innodata (US) - data annotation & AI training data

$PATH (+1,59 %)
UiPath (RO/US) - Robotic process automation

$AI (+2,99 %)
C3.ai (US) - AI platform

$ESTC (+0,96 %)
(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 (-0,24 %) ABB (CH/SE) - Industrial Robots

$6954 (+7,35 %) Fanuc (JP) - Industrial robots

$TSLA (+0,75 %) Tesla Optimus (US) - humanoid robot

$9618 (-0,35 %) JD.com (CN) - logistics robot

$AAPL (+2,19 %) Apple (US) - Platform & UX

$700 (+1,29 %) Tencent (CN) - Platform & AI

$9988 (+0,2 %) Alibaba (CN) - logistics & platform

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

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

$TER (+1,42 %) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

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

$ISRG (+2,69 %) Intuitive Surgical (US) - surgical robotics

$GMED (+1,47 %)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (+3,54 %) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (+0,67 %) Coupang (KR) - Logistics end user

$IRBT (+6,26 %)
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 (-4,43 %)
Iluka Resources (AU) - Rare earths

$ARR (+5,28 %)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+1,91 %)
Lam Research (US) - Plasma/etching processes

$ASM (+0,93 %)
ASM International (NL) - ALD equipment

$MKSI (+1,26 %)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+1,23 %)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+1,66 %)
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 (+4,1 %)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (+1,14 %) 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 (+0,85 %)
Hitachi Metals (JP) - Magnetic materials

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

$4063 (-0,62 %)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (+1,16 %)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

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

$CEVA (+2,62 %)
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 %)
Hexagon (SE) - Metrology

$SNPS (+0,82 %)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (-0,18 %)
Juniper (US) - Networks - Acquisition of HPE

$DTE (+1,37 %)
T-Systems (DE) - Industry cloud

$OVH (+0,23 %)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (-2,12 %)
Oracle Cloud (US) - ERP & databases

$IBM (+0,27 %)
IBM Cloud (US) - Hybrid Cloud

$9988 (+0,2 %)
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 (-0,15 %)
Moody's (US) - Ratings

$MSCI (-0,27 %)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (+0,57 %)
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 (+1,02 %)
Meta (US) - AR/VR, Social Robotics

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

$9888 (+0,26 %)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (-0,18 %)
HPE (US) - Edge Computing

$SMCI (+6,51 %)
Supermicro (US) - AI servers

$6702 (+2,78 %)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$HY9H
SK Hynix (KR) - Memory

$285A (+8,75 %)
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 (+0,53 %) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

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

$BLK (+0,49 %) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+7,82 %) 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 (+1,16 %) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (-0,24 %) 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 (+7,35 %) 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 (-1,97 %) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (-0,98 %) Publicis (FR) - communications/advertising group

$META (+1,02 %) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (+0,48 %) Google Ads (US) - search & display advertising

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

$AAPL (+2,19 %) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (-1,97 %)
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 (-0,48 %) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

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

$ASML (+1,22 %) 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 (+3,97 %) 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 (+3,77 %) Keyence (JP) - Industrial sensors & vision systems

$CGNX (+1,52 %) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (+2,51 %) Infineon (DE) - power electronics, motor control

$6594 (+2,58 %) Nidec (JP) - World market leader for electric motors

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

$6481 (+4,1 %) THK (JP) - Linear guides & actuators

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (-0,78 %) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+0,19 %) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (+0,29 %) Microsoft Azure (US) - Cloud, AI services

$CSCO (+1,08 %) 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 (+0,75 %) Tesla (US) - humanoid robot Optimus

$ABBN (-0,24 %) ABB (CH/SE) - Robotics & Automation

$6954 (+7,35 %) Fanuc (JP) - industrial robots & CNC systems

$7012 (+3,54 %) 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 (+1,22 %)
ASML (NL)

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

$IFX (+2,51 %) Infineon (DE)

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

$STM (+2,39 %)
STMicroelectronics (FR/IT)

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

$SAP (+1,28 %)
SAP (DE)

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

$SIE (+1,16 %)
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 (+3,77 %)
Keyence (Japan)

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

$6954 (+7,35 %)
Fanuc (Japan)

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

$6506 (+7,4 %)
Yaskawa Electric (Japan)

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

$6594 (+2,58 %)
Nidec (Japan)

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

$7012 (+3,54 %)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (-0,35 %)
JD.com (China)

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

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 (+1,54 %)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (+0,82 %)
Synopsys (SNPS, USA) - Chip design software

$CDNS (+1,02 %)
Cadence Design Systems (CDNS, USA) - EDA & Simulation

2. manufacturing technology & equipment

$ASML (+1,22 %)
ASML (ASML, NL) - EUV lithography, key monopoly

$AMAT (+0,98 %)
Applied Materials (AMAT, USA) - Process equipment

$8035 (+2,72 %)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (+0,99 %)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+3,17 %)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (+1,42 %)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+1,97 %)
TSMC (TSM, TW) - Largest contract manufacturer

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

$GFS (+0,13 %)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (-0,48 %)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (+2,57 %)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (+1,7 %)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (-0,54 %)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (+2,35 %)
Sony (6758.T, JP) - CMOS image sensors

$6861 (+3,77 %)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+2,39 %)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (+2,51 %)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (+2,15 %)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+2,39 %)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (-0,05 %)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (+0,61 %)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (-0,78 %)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (+1,45 %)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (-1,52 %)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

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

$6752 (+2,26 %)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

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

9. cloud & infrastructure

$AMZN (+0,19 %)
Amazon (AMZN, USA) - AWS

$MSFT (+0,29 %)
Microsoft (MSFT, USA) - Azure

$GOOG (+0,48 %)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (+1 %)
Equinix (EQIX, USA) - Data center operator

$ANET (+2,54 %)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (+1,08 %)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (-0,31 %)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (+1,44 %)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (+0,83 %)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (-2,12 %)
Oracle (ORCL, USA) - Databases, ERP

$SAP (+1,28 %)
SAP (SAP, DE) - ERP/cloud systems

$PATH (+1,59 %)
UiPath (PATH, USA) - Automation software (RPA)

$AI (+2,99 %)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (+7,35 %)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (+0,75 %)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (-0,35 %)
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 (+1,22 %)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+0,98 %)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (+2,72 %)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+3,17 %)
Advantest (6857.T, JP) - Semiconductor test.

$TER (+1,42 %)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (+2,6 %)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (+14,56 %)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (-0,48 %)
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 (+0,82 %)
Synopsys (SNPS, USA) - EDA software.

$CDNS (+1,02 %)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.

$ARM (+1,54 %)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (+0,99 %)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (+2,54 %)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (+1,08 %)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (+1 %)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+0,19 %)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (+0,29 %)
Microsoft (MSFT, USA) - Azure.

$GOOG (+0,48 %)
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

From sand to chip: how is a modern semiconductor made?

Reading time: approx. 10min

1) INTRODUCTION

Since 2023 at the latest and the rapid rise of Nvidia $NVDA (-0,48 %) semiconductors and "AI chips" in particular have been the talk of the town. Since then, investors have been chasing after almost every company that has something to do with the manufacture of chips, driving share prices to unimagined heights. However, hardly any investors really know how complex the value chain is within the production of modern chips.

In this article, I will give you an overview of the entire manufacturing process and the companies involved. Even if many of you have a vague idea that the production of modern chips is complex, you will certainly be surprised by how complex it really is in reality.

2) BASIC

The starting point for every chip are so-called wafers [1] - i.e. thin wafers, which usually consist of so-called high-purity monocrystalline silicon. In the field of power semiconductors, which primarily comprises chips for applications with higher currents and voltages, silicon carbide (SiC) or galium nitride (GaN) has recently also been used as the base material for the wafers.

In the so-called front end the actual core components of the chips - the so-called dies - are created and applied to the wafers. The dies are rectangular structures that contain the actual functionality of the later chip. The finished dies are then tested for their functionality and electrical properties. Each die that is found to be good is then integrated into the so-called backend where the individual dies are separated on the wafer. This is followed by the so-called packaging. The individual dies from the front end are then electrically contacted and integrated into a protective housing. In the end, this housing with the contacted die is what is usually called a chip chip.

Now that we have a rough overview of the overall process, let's take a closer look at the individual processes involved in producing the dies on the wafer. This is the area in which most highly complex machines are used and which is usually the most sensitive.

3) FROM SAND TO WAFER

Before wafers made of high-purity silicon can even be produced and the actual process for manufacturing dies can begin, the actual wafer must first be manufactured in almost perfect quality. To do this, quartz sand, which consists largely of silicon dioxide, is reduced with carbon at high temperatures. This produces so-called raw siliconwhich, with a purity of around 96%, is not yet anywhere near the quality required for the production of wafers.

In several chemical processes, which are carried out by Wacker Chemie
$WCH (+1,6 %) or Siltronic
$WAF (+6,18 %) are used to turn the "impure" silicon into so-called polycrystalline silicon with a purity of 99.9999999%. For every billion silicon atoms, there is then only one foreign atom in the silicon. However, this pure polycrystalline silicon is still not suitable for the production of wafers, as the crystal structure in the silicon is not uniform enough. In order to create the right crystal structure, the polycrystalline silicon is then melted again and a so-called ingotwhich is made from monocrystalline silicon is produced. A comparison between raw silicon and the ingot can be found in the following image [3]:

This ingot is then sawn into thin slices, which are then the final wafers for semiconductor production. The best-known wafer producers are Shin Etsu
$4063, (-0,62 %)
Siltronic or GlobalWafers
$6488.

4) FROM THE WAFER TO THE DIE

The wafers described in the previous section can now be used to produce dies. The overall process for producing dies basically consists of applying a large number of layers using various chemical, mechanical and physical processes. The overall process (depending on the product) takes approx. 80 different layers on the wafer, requiring almost 1000 different process steps and 3 months
non-stop production are required [4].

A macroscopic analogy is useful here, which I have also taken from [4]. You can compare the overall process for producing dies with baking a large multi-layer cake. This cake has 80 layers and the recipe for baking consists of 1000 steps. It takes 3 months to make the cake and if even one layer of the cake deviates from the recipe by more than 1%, the whole cake collapses and has to be thrown away.

In the first process steps, the wafer is covered with billions tiny little transistors are created on the wafer, which are then all individually electrically contacted in the following steps. The final steps consist of electrically connecting the transistors to each other, resulting in a complete electrical circuit [4]:

Each individual layer of the approximately 80 layers in the die requires highly specialized processes, which can be roughly summarized as:

• Applying masks: Photolithography, photoresist coating (applying photoresist)
• Apply material: Chemical Vapor Deposition (CVD), Physical Vapor Deposition (PVD), Atomic Layer Deposition
• Remove material: Plasma annealing, Wet annealing, Chemical Mechanical Planarization (CMP)
• Modify material: Ion Implanting, Annealing
• Material cleaning
• Inspecting the layers: Optical, Microscopical, Focused Ion Beam, Defect Inspection

Apply masks

Ultimately, a mask can be thought of as an enlarged copy of the structure of a special layer in the die. These so-called photomasks are then scanned using so-called scanners or steppers "copied" in reduced size onto the wafer. The best-known manufacturer of such lithography systems is ASML
$ASML (+1,22 %). It is currently the only producer of lithography systems that make it possible to produce structures smaller than 10 nanometers on the wafer. In today's powerful and modern chips, such as those found in smartphones, AI chips and processors, the smallest structures are around 3 nanometers in size. Other manufacturers of lithography systems for larger structures (10nm and larger) are Canon Electronics
$7739 or Nikon $7731 (+0,92 %) .

The photomasks - i.e. the enlarged "copies" of the structures - are produced by companies such as Toppan $7911 (+0,93 %) , Dai Nippon Printing
$7912 (+2,07 %) or Hoya $7741 (+2,51 %) manufactured. Systems for cleaning the photomasks or for applying the photoresist are produced, for example, by Suss Microtec
$SMHN (+1,34 %) for example.

Apply/remove/modify/clean material

As can be seen in the overview above, there are a variety of methods and processes for modifying the material of a particular layer. As a result, there is a lot of different equipment that can handle a process very well with incredible specialization. The best-known and most successful equipment manufacturers include Applied Materials $AMAT (+0,98 %), LAM Research
$LRCX (+1,91 %), Tokyo Electron (TEL)
$8035, (+2,72 %)
Suss Mictrotec, Entegris
$ENTG (+1,46 %) and Axcelis $ACLS (+1,28 %).

The material - for example, highly specialized chemicals - is of course also required for production. Companies such as Linde
$LIN (+0,67 %), Air Liquide
$AI (-0,24 %), Air Products
$APD (+0,67 %) and Nippon Sanso
$4091 (-0,39 %) are major manufacturers of process gases such as nitrogen, hydrogen and argon.

Inspect

As mentioned, every single layer in the manufacturing process of a die must be perfect in order to obtain a functional die at the end. Any small deviation or foreign particles can impair the functionality of the die. As the function of the die can only be checked precisely on the finished die, it is advantageous to inspect the individual layers for defects and deviations during production. Special machines are required for this, which must be able to do different things depending on the layer. Manufacturers of such machines include KLA
$KLAC (+1,63 %) or Onto Innovation
$ONTO (+1,3 %).

The following applies to almost all of the companies mentioned in this section: the companies are highly specialized and have quasi-monopolies on the machines for certain process steps. quasi-monopolies. Suitable equipment therefore usually costs several million dollars. In addition, some of the systems are so complex that they can only be serviced by the manufacturer's own service staff, which results in recurring service revenues for every machine sold. As a rule, each machine requires several highly specialized engineers to ensure long-term stable operation.

5) FROM THE DIE TO THE FINISHED CHIP

Once the wafer has been processed, the dies on the wafer are checked for functionality. There is highly specialized equipment for this, so-called probers. These probers test each individual chip several times, if necessary, to check the functionality implemented in the design. Manufacturers of such probers include Teradyne $TER (+1,42 %), Keysight Technologies
$KEYS (+0,99 %), Onto Innovation or Tokyo Electron. These probers have to control each individual die, some of which are only a few square millimetres in size, and contact the corresponding much smaller test structures with tiny needles. The testing process is sometimes outsourced to entire companies that offer die testing as a complete package. One example of such providers is Amkor Technology
$AMKR (+2,07 %).

The processed and tested wafer is now sawn to obtain individual dies. The dies that are found to be good are then integrated into a protective housing in the backend. The dies that have not passed the functionality test are either sorted out or (depending on the error pattern) processed as a variant with reduced functionality similar to those with full functionality. After a final functional test in the package, the chip is ready for use.

6) FOUNDRIES, FABLESS & SOFTWARE

Now that we have an overview of the complex process of manufacturing a chip, let's zoom out a little further to understand which companies perform which tasks in the semiconductor industry.

It's funny that not once in the manufacturing process has the name Nvidia $NVDA (-0,48 %) or Apple $AAPL (+2,19 %) has been mentioned? Yet they have the most advanced chips, don't they?

The pure production of the chips is done by other companies - so-called foundries. Companies like Nvidia and even AMD $AMD (+1,7 %) are in fact fablessThis means that they do not have their own production facilities but only supply the chip design and let the foundries manufacture the actual chip according to their design.

The design of a chip is like the blueprint for production - the foundries then take over the recipe creation and the actual production. There is special software for designing chips. Companies known for this software include Cadance Design
$CDNS (+1,02 %) and Synopsys $SNPS (+0,82 %). But also the industrial giant Siemens
$SIE (+1,16 %) now also supplies software for designing integrated circuits. Synopsys also offers other software for data analysis within foundry production.

Speaking of foundries; the best known foundry is probably TSMC
$TSM, (+1,97 %) which is the global market leader in foundries. TSMC designs itself no chips itself and specializes exclusively in the production of the most advanced generations of chips. Another major player that also masters the most advanced structure sizes is Samsung $005930. In contrast to TSMC manufactures Samsung also produces its own designs. Other large foundries are Global Foundries
$GFS, (+0,13 %) which was originally a spin-off from AMD and the Taiwanese company United Micro Electronics
$UMC. (+1,56 %)

The best-known fabless companies - i.e. companies without their own chip production - are Nvidia, Apple, AMD, ARM Holdings
$ARM, (+1,54 %)
Broadcom $AVGO (+1,45 %), MediaTek $2454 and Qualcomm $QCOM. (-0,78 %) In the meantime Alphabet $GOOGL, (+0,6 %)
Microsoft $MSFT, (+0,29 %)
Amazon $AMZN (+0,19 %) and Meta $META (+1,02 %) have designed their own chips for certain functionalities and then have them manufactured in foundries.

In addition to foundries and fabless companies, there are of course also hybrid models, i.e. companies that take on both production and design. The best-known examples of this are, of course, companies such as Intel
$INTC (+2,57 %) and Samsung. There is also a whole range of so-called Integrated Device Manufacturer (IDM)which for the most part only manufacture their own designed chips and do not accept customer orders for production. Well-known companies such as Texas Instruments
$TXN, (-0,05 %)
SK Hynix
$000660,
STMicroelectronics
$STMPA, (+2,14 %)
NXP Semiconductors
$NXPI, (+0,95 %)
Infineon $IFX (+2,51 %) and Renesas $6723 (-0,43 %) are among the IDMs.

FINAL WORD

The aim of this article was to provide an overview of the complexity of the semiconductor industry. I do not, of course no claim to be complete, as there are of course many other companies that are part of this value chain. As Getquin thrives on active exchange, I'll give you some food for thought to discuss in the comments below the article:

• feel free to link any other companies in the comments if you think I've forgotten any relevant ones
• what was the most surprising new information for you from the article?
• which companies from the article have you never heard of?
• before reading the article, did you know approximately how a modern chip is produced and what steps are necessary for this?

In general, I can recommend the 20-minute YouTube video at [4] to any interested reader. It provides an excellent animated overview of the manufacturing process of modern chips.

Stay tuned,

Yours Nico Uhlig (aka RealMichaelScott)

SOURCES:

[1] Wikipedia: https://de.wikipedia.org/wiki/Wafer

[2] https://www.halbleiter.org/waferherstellung/einkristall/

[3] https://solarmuseum.org/wp-content/uploads/2019/05/solarmuseum_org-07917.jpg

[4] Branch Education on YouTube: "How are Microchips Made?" https://youtu.be/dX9CGRZwD-w?si=xeV0TYgJ2iwNOKyO

Deposit transfer

I do it like @dronix111 and take a few chips off the table with the semis. I let half of the position run, and there's still a lot left in Teradyne. I'm happy to buy again if the market weakens.

Unfortunately sold way too early, but wanted to reduce leverage :(

Does anyone have Teradyne in their portfolio or on their watchlist?

If yes - I am looking forward to your opinion.