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137
3G·
Adobe: Profits Up, Valuation Down
$ADBE (-0,38%) Net income is up 42% since 2022, reaching $6.9B with ~11.5% CAGR.
Meanwhile, the P/E ratio has dropped nearly -50%.
Strong profitability + lower valuation = potential opportunity? 👀
22
1 Commento
MEMO@MEMO1993
2G
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11
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1Settimana·
Sep 2 / Adobe vs. Figma - Who Wins Creative Software?
Adobe – The Old King at Risk
“Adobe is still the undisputed heavyweight of creative software.” Valid statement? For now. Adobe controls a massive slice of the design market: Photoshop around 42% share, InDesign 26%, Illustrator 12%. Together, that’s dominance built over decades, embedded deep into companies and workflows.
But that doesn’t mean invincibility. Growth is slowing, subscription prices look absurd, and the product experience feels increasingly outdated compared to new players. Meanwhile, AI is shaking the entire industry — and Adobe risks falling behind if it doesn’t integrate fast.
Yes, the stock looks cheap (Forward P/E ~20, near historic lows) and the business model is sticky. But moats don’t last forever if customers start fleeing to sharper, cheaper, or more collaborative competitors. Adobe is still a force — but it looks like an aging one.
Figma – The Challenger Eating Market Share
Figma isn’t just another tool, it’s a different way of working: browser-native, collaborative, and viral. Teams adopt it before management even notices. The clearest proof of its threat? Adobe’s failed $20B acquisition attempt. If the king wants to buy you, it’s because he knows you’re dangerous.
And Figma didn’t just IPO — it exploded. The stock started trading more than 4x its $33 IPO price, before cooling back to a ~$32B market cap. That’s still a hell of a lot higher than what Adobe would’ve paid. The risk? Valuation. Forward EV/Sales around 32 is nosebleed territory. Not quite Palantir-insanity, but definitely in that neighborhood.
Still, Figma is where the next generation of designers are building muscle memory. Once you’ve won mindshare, revenue follows. And Adobe knows this — which is why they tried (and failed) to buy the problem away. Unfortunately, thanks to European bureaucrats, the deal died. I mean who doesn’t appreciate the work of these geniuses? How could we ever have two companies perfectly complementing each other merge? No, no, no. That would clearly harm competition.
My Take
Both companies are impressive in their own ways, but I own neither. Adobe feels safe but slow. Figma feels disruptive but extremely expensive. If I had to bet, I’d lean Adobe — because Figma has a long way to fall, while Adobe’s downside is partly priced in. But either way, I’m watching from the sidelines.
44
2Settimana·
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)
AdditionallyTop 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 (+2,29%) ARM (UK) - CPU-IP, energy-efficient processors
$SNPS (-14,27%) Synopsys (US) - EDA software, chip design
$CDNS (-0,63%) Cadence (US) - EDA & Simulation
$PTC PTC (US) - Engineering Software, CAD/PLM
$DSY (+2,06%) Dassault Systèmes (FR) - 3D Design & Digital Twin
$SIE (-0,25%) Siemens (DE) - Industrial Software & Lifecycle Mgmt
$ADBE (-0,38%) Adobe (US) - Design, AR/UX
ANSYS (US) - multiphysical simulation - acquisition by Synopsis
Altair (US) - CAE, simulation, digital twin - acquisition by Siemens
$HXGBY (-0,5%)
Hexagon (SE) - Metrology & Simulation
$AWE (+0%) 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 (+1,42%) ASML (NL) - Lithography (EUV)
$AMAT (+1,62%) Applied Materials (US) - Semiconductor equipment
$8035 (+2,52%) Tokyo Electron (JP) - wafer fabrication
$KEYS (+0,42%) Keysight Technologies (US) - Metrology
$6857 (+7,31%) Advantest (JP) - Chip test systems
$TER (-2,46%) Teradyne (US) - test systems + cobots
$6954 (+0,1%) Fanuc (JP) - Industrial robots, CNC
$CAT (-0,7%) 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 (+1,14%) Jabil (US) - contract manufacturing (EMS/ODM)
$KIT (+1,84%) Kitron (NO) - European EMS/ODM manufacturer
$AIXA (+0,14%) Aixtron (DE) - deposition equipment for compound semiconductors
$LRCX (+1,25%)
Lam Research (US) - Etch/deposition systems
$MKSI (-0,19%)
MKS Instruments (US) - Plasma/vacuum technology
$ASM (+0,22%)
ASM International (NL) - Deposition systems
1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector
3. chip manufacturing (foundries)
$TSM (+3,22%) TSMC (TW) - leading foundry
$005930 Samsung Electronics (KR) - foundry + memory
$GFS (-1,96%) GlobalFoundries (US) - specialty chips
$INTC (+0,43%)
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 (+3,57%) Nvidia (US) - GPUs, AI chips
$INTC (+0,43%) Intel (US) - CPUs, FPGAs
$AMD (+5,59%) AMD (US) - CPUs, GPUs
$MRVL (+2,41%) Marvell (US) - Network Chips
$MU (+3,85%) Micron (US) - Memory
$DELL (+1,56%) 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 (+0,49%) Sony (JP) - image sensors
$6861 (-1,34%) Keyence (JP) - Industrial sensors
$STM (-2,21%) STMicroelectronics (FR/IT) - Sensors, MCUs
$TDY Teledyne (US) - optical/infrared sensors
$CGNX (-0,13%) Cognex (US) - Machine Vision
$HON (+0,25%) Honeywell (US) - sensor technology, security
ANYbotics (CH) - autonomous sensor fusion - not a listed company
$AMBA (+1,48%) Ambarella (US) - video & computer vision SoCs for real-time image recognition
$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster
$AMS (-0,87%)
-OSRAM (AT/DE) - optical sensors
1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector
6. actuators & power electronics ("muscles")
$IFX (+0,62%) Infineon (DE) - Power Electronics
$ON (+0,05%) onsemi (US) - Power & Sensors
$TXN (+0,32%) Texas Instruments (US) - Mixed-Signal Chips
$ADI (+0,21%) Analog Devices (US) - Signal Processing
$PH Parker-Hannifin (US) - Hydraulics/Pneumatics
$MP (+1,88%) MP Materials (US) - Magnets
$APH (+6,22%) Amphenol (US) - Connectors
$6481 (+0,43%) THK (JP) - Linear guides & actuators
$6324 (-1,34%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics
$6594 (-1,25%)
Nidec (JP) - Electric motors
$6506 (-0,26%)
Yaskawa (JP) - Drives & Robotics
$SU (-0,24%)
Schneider Electric (FR) - Energy & control solutions
$ZIL2 (+0,32%)
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 (-0,35%) Qualcomm (US) - mobile communications, edge AI
$ANET (+3,89%) Arista Networks (US) - Networks
$CSCO (+1,43%) Cisco (US) - Networks, Security
$EQIX (+3,17%) 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 (+2,07%)
Ericsson (SE) - 5G/IoT infrastructure
$NOKIA (+0,46%)
Nokia (FI) - 5G/6G for industry
$HPE (+2,2%)
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 (+0,95%) CATL (CN) - Batteries
$6752 (+0,7%) Panasonic (JP) - Batteries
$373220 LG Energy (KR) - Batteries
$ALB (-10,77%) Albemarle (US) - Lithium
$LYC (+3,88%) Lynas (AU) - Rare earths
$UMICY (+1,9%) Umicore (BE) - Recycling
WiTricity (US) - inductive charging - not a listed company
$ABBN (-0,33%) 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
1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector
9. cloud & infrastructure
$AMZN (+1,75%) Amazon AWS (US) - Cloud, AI
$MSFT (+1,03%) Microsoft Azure (US) - Cloud, AI
$GOOG (+2,94%) Alphabet Google Cloud (US) - Cloud, ML
$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)
$ORCL (+24,74%)
Oracle Cloud (US) - ERP + Cloud
$IBM (+1,62%)
IBM Cloud (US) - Hybrid cloud + AI
$OVH (+4,72%)
OVHcloud (FR) - European cloud
1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector
10. software & data platforms
$PLTR (+4,9%) Palantir (US) - Data integration
$DDOG (+5,04%) Datadog (US) - Monitoring
$SNOW (+1,67%) Snowflake (US) - Data Cloud
$ORCL (+24,74%) Oracle (US) - Databases, ERP
$SAP (+1,83%) SAP (DE) - ERP systems
$SPGI (+0,38%) S&P Global (US) - financial/market data
ROS2 Foundation - robotics middleware - not listed on the stock exchange
$NVDA (+3,57%) NVIDIA Isaac (US) - robotics development - part of Nvidia
$INOD (+11,05%) Innodata (US) - data annotation & AI training data
$PATH (+1,3%)
UiPath (RO/US) - Robotic process automation
$AI (+0,3%)
C3.ai (US) - AI platform
$ESTC (-0,97%)
(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 (+0,1%) Fanuc (JP) - Industrial robots
$TSLA (+0,68%) Tesla Optimus (US) - humanoid robot
$9618 (+3,59%) JD.com (CN) - logistics robot
$AAPL (-1,64%) Apple (US) - Platform & UX
$700 (+3,2%) Tencent (CN) - Platform & AI
$9988 (+4,75%) Alibaba (CN) - logistics & platform
PAL Robotics (ES) - humanoid robots - not a listed company
Neura Robotics (DE) - cognitive humanoid robots - not a listed company
$TER (-2,46%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation
Engineered Arts (UK) - humanoid robots - not a listed company
$ISRG (-0,33%) Intuitive Surgical (US) - surgical robotics
$GMED (-0,49%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)
$7012 (-2,3%) Kawasaki Heavy Industries (JP) - industrial robots, automation
$CPNG (+3,27%) Coupang (KR) - Logistics end user
$IRBT (+1,06%)
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 (+1,88%)
Iluka Resources (AU) - Rare earths
$ARR (-1,89%)
American Rare Earths (US/AU) - New supply chains
my number 1 in the sector is Albemarle
manufacturing technology
ASML - Applied Materials - Tokyo Electron
$LRCX (+1,25%)
Lam Research (US) - Plasma/etching processes
$ASM (+0,22%)
ASM International (NL) - ALD equipment
$MKSI (-0,19%)
MKS Instruments (US) - Plasma/vacuum technology
my number 1 in the sector is ASML
Quality assurance
Keysight - Advantest - Teradyne
$EMR (-0,23%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted
$300567
ATE Test Systems (CN) - test systems
$FORM (+0,8%)
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 (-0,53%) 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 (+1,31%)
Hitachi Metals (JP) - Magnetic materials
VacuumSchmelze (DE) - Magnetic materials - not a listed company
$4063 (-0,23%)
Shin-Etsu Chemical (JP) - Specialty materials
my number 1 in the sector is MP Materials
Chip Design & Simulation
Synopsys - Cadence - ARM
$SIE (-0,25%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG
Imagination Tech (UK) - GPU-IP - not a listed company
$CEVA (-1,01%)
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 (-0,5%)
Hexagon (SE) - Metrology
$SNPS (-14,27%)
ANSYS (US) - Simulation - takeover by Synopsys
my number 1 in the sector is Siemens
Networks & Data Centers
Arista - Cisco - Equinix
$HPE (+2,2%)
Juniper (US) - Networks - Acquisition of HPE
$DTE (+0,66%)
T-Systems (DE) - Industry cloud
$OVH (+4,72%)
OVHcloud (FR) - European cloud
my number 1 in the sector is Arista
Cloud infrastructure
AWS - Azure - Google Cloud
$ORCL (+24,74%)
Oracle Cloud (US) - ERP & databases
$IBM (+1,62%)
IBM Cloud (US) - Hybrid Cloud
$9988 (+4,75%)
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 (-0,4%)
MSCI (US) - Indices
$MORN
Morningstar (US) - Investment Research
my number 1 in the sector is S&P Global
Creative/Experience Infra
Adobe
$ADSK (+0,24%)
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 (+2,15%)
Meta (US) - AR/VR, Social Robotics
ByteDance (CN) - AI & platforms - not a listed company
$9888 (+0,41%)
Baidu (CN) - AI & Cloud
my number 1 in the sector is Tencent
Infrastructure/Edge
Dell
$HPE (+2,2%)
HPE (US) - Edge Computing
$SMCI
Supermicro (US) - AI servers
$6702 (-1%)
Fujitsu (JP) - Edge & HPC
my number 1 in the sector is Dell
storage solutions
Micron
$000660
SK Hynix (KR) - Memory
$285A (+0,55%)
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 (+3,2%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing
$MS Morgan Stanley (US) - investment bank; tech banking, capital markets
$BLK (+1,03%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds
$9984 (-4,03%) 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 (-0,25%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit
$ABBN (-0,33%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support
$GEHC (+1,77%) 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 (+0,1%) 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 (+0,65%) WPP (UK) - global advertising group; branding/communications
$OMC Omnicom (US) - marketing/PR network
$PUB (+2,34%) Publicis (FR) - communications/advertising group
$META (+2,15%) Meta (US) - Digital Ads (Facebook/Instagram)
$GOOG (+2,94%) Google Ads (US) - search & display advertising
TikTok / ByteDance (CN) - social ads & distribution - not a listed company
$AAPL (-1,64%) Apple (US) - Branding/UX; Acceptance & Platform Marketing
$WPP (+0,65%)
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 (+3,57%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI
$2330 TSMC (TW) - world's most important foundry, produces the AI chips
$ASML (+1,42%) 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 (+3,85%) 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 (-1,34%) Keyence (JP) - Industrial sensors & vision systems
$CGNX (-0,13%) Cognex (US) - Machine Vision, precise image processing
my number 1 in the sector is Keyence
Actuators & motion (muscles of robots)
$IFX (+0,62%) Infineon (DE) - power electronics, motor control
$6594 (-1,25%) 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 (-0,35%) Qualcomm (US) - Mobile & Edge Chips
$AMZN (+1,75%) Amazon AWS (US) - Cloud & AI infrastructure
$MSFT (+1,03%) Microsoft Azure (US) - Cloud, AI services
$CSCO (+1,43%) 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 (+0,68%) Tesla (US) - humanoid robot Optimus
$ABBN (-0,33%) ABB (CH/SE) - Robotics & Automation
$6954 (+0,1%) Fanuc (JP) - industrial robots & CNC systems
$7012 (-2,3%) 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 (+1,42%)
ASML (NL)
World market leader in EUV lithography - no modern chips for AI & robotics without ASML.
$IFX (+0,62%) Infineon (DE)
Leading in power electronics & motor control - crucial for actuators of humanoid robots.
$STM (-2,21%)
STMicroelectronics (FR/IT)
Sensors, microcontrollers & power chips - the basis for control & perception.
$SAP (+1,83%)
SAP (DE)
ERP & data platforms, important for integrating humanoid robots into industrial processes.
$SIE (-0,25%)
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 (-1,34%)
Keyence (Japan)
Sensor technology & machine vision for industrial automation, widely used in robotics.
$6954 (+0,1%)
Fanuc (Japan)
Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.
$6506 (-0,26%)
Yaskawa Electric (Japan)
Drives, motion control & robot arms - relevant for humanoid motion control.
$6594 (-1,25%)
Nidec (Japan)
World market leader for electric motors (from mini motors to high-performance drives).
$7012 (-2,3%)
Kawasaki Heavy Industries (JP) - Industrial robots
$9618 (+3,59%)
JD.com (China)
Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications
2Settimana·
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 (+2,29%)
ARM Holdings (ARM, UK/USA) - CPU architectures
$SNPS (-14,27%)
Synopsys (SNPS, USA) - Chip design software
$CDNS (-0,63%)
Cadence Design Systems (CDNS, USA) - EDA & Simulation
2. manufacturing technology & equipment
$ASML (+1,42%)
ASML (ASML, NL) - EUV lithography, key monopoly
$AMAT (+1,62%)
Applied Materials (AMAT, USA) - Process equipment
$8035 (+2,52%)
Tokyo Electron (8035.T, JP) - Wafer equipment
$KEYS (+0,42%)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology
$6857 (+7,31%)
Advantest (6857.T, JP) - Semiconductor test systems
$TER (-2,46%)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)
3. chip production (Foundries)
$TSM (+3,22%)
TSMC (TSM, TW) - Largest contract manufacturer
$005930
Samsung Electronics (005930.KQ, KR) - Memory + Foundry
$GFS (-1,96%)
GlobalFoundries (GFS, USA) - Specialized production
4. computing & control unit ("brain")
$NVDA (+3,57%)
Nvidia (NVDA, USA) - GPUs, AI accelerators
$INTC (+0,43%)
Intel (INTC, USA) - CPUs, FPGAs
$AMD (+5,59%)
AMD (AMD, USA) - CPUs/GPUs
$MRVL (+2,41%)
Marvell Technology (MRVL, USA) - Network/data center chips
5. sensors ("senses")
$6758 (+0,49%)
Sony (6758.T, JP) - CMOS image sensors
$6861 (-1,34%)
Keyence (6861.T, JP) - Vision systems, sensors
$STM (-2,21%)
STMicroelectronics (STM, CH/FR) - MEMS sensors
6. actuators & power electronics ("muscles")
$IFX (+0,62%)
Infineon (IFX, DE) - Power semiconductors, SiC
$ON (+0,05%)
N Semiconductor (ON, USA) - SiC/Power Chips
$STM (-2,21%)
STMicroelectronics (STM, CH/FR) - Motor control & power
$TXN (+0,32%)
Texas Instruments (TXN, USA) - Motor control, power ICs
$ADI (+0,21%)
Analog Devices (ADI, USA) - Energy & BMS chips
7. communication & networking ("nerves")
$QCOM (-0,35%)
Qualcomm (QCOM, USA) - 5G/SoCs
$AVGO (-1,48%)
Broadcom (AVGO, USA) - Network & radio chips
$SWKS (-0,31%)
Skyworks Solutions (SWKS, USA) - RF components
8. energy supply
$300750
CATL (300750.SZ, CN) - Batteries
$6752 (+0,7%)
Panasonic (6752.T, JP) - Batteries for automotive/robotics
$373220
LG Energy Solution (373220.KQ, KR) - Batteries
9. cloud & infrastructure
$AMZN (+1,75%)
Amazon (AMZN, USA) - AWS
$MSFT (+1,03%)
Microsoft (MSFT, USA) - Azure
$GOOG (+2,94%)
Alphabet (GOOGL, USA) - Google Cloud
$EQIX (+3,17%)
Equinix (EQIX, USA) - Data center operator
$ANET (+3,89%)
Arista Networks (ANET, USA) - Network infrastructure
$CSCO (+1,43%)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks
10. software & data platforms
$PLTR (+4,9%)
Palantir (PLTR, USA) - Data integration, decision software
$DDOG (+5,04%)
Datadog (DDOG, USA) - Cloud monitoring / observability
$SNOW (+1,67%)
Snowflake (SNOW, USA) - Cloud-native data platform
$ORCL (+24,74%)
Oracle (ORCL, USA) - Databases, ERP
$SAP (+1,83%)
SAP (SAP, DE) - ERP/cloud systems
$PATH (+1,3%)
UiPath (PATH, USA) - Automation software (RPA)
$AI (+0,3%)
C3.ai (AI, USA) - Enterprise AI platform
11. end applications / robots
$ABB
ABB (ABB, CH) - Industrial robots
$6954 (+0,1%)
Fanuc (6954.T, JP) - Industrial robots, CNC
$TSLA (+0,68%)
Tesla (TSLA, USA) - Optimus" humanoid robot
$9618 (+3,59%)
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 (+1,42%)
ASML (ASML, NL) - EUV lithography (monopoly).
$AMAT (+1,62%)
Applied Materials (AMAT, USA) - Wafer equipment.
$8035 (+2,52%)
Tokyo Electron (8035.T, JP) - Process equipment.
Test systems (hardware-side)
$6857 (+7,31%)
Advantest (6857.T, JP) - Semiconductor test.
$TER (-2,46%)
Teradyne (TER, USA) - Test systems + industrial robots.
Materials & raw materials
$ALB (-10,77%)
Albemarle (ALB, USA) - Lithium (batteries).
$LYC (+3,88%)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.
$UMICY (+1,9%)
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 (-14,27%)
Synopsys (SNPS, USA) - EDA software.
$CDNS (-0,63%)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.
$ARM (+2,29%)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).
Test & Measurement (software/signal level)
$KEYS (+0,42%)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.
Network & data center backbone
$ANET (+3,89%)
Arista Networks (ANET, USA) - High-speed networks.
$CSCO (+1,43%)
Cisco Systems (CSCO, USA) - Data center/edge networks.
$EQIX (+3,17%)
Equinix (EQIX, USA) - Data centers (colocation).
Cloud infrastructure
$AMZN (+1,75%)
Amazon (AMZN, USA) - AWS (cloud, AI training).
$MSFT (+1,03%)
Microsoft (MSFT, USA) - Azure.
$GOOG (+2,94%)
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
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30 Commenti
2Settimana
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2Settimana·
The AI bubble: opportunities, risks and lessons from the Dot.com crisis
The possibility that we are currently in an AI bubble is real. As with previous hypes, the valuation of AI companies seems to be ahead of their actual profitability. Moreover, the S&P 500 is heavily overconcentrated in a handful of large tech players that are benefiting from the AI hype. Should these fall, the entire index will be pulled down with them.
That risk is compounded by the fact that the S&P has become historically expensive, with P/E ratios well above average. The risks are clear: if promised growth fails to materialize, valuations could collapse hard. The situation is reminiscent of the dot.com bubble of the early 2000s, but with an important difference: now, a lot of credit is being borrowed to finance AI growth. That makes a blow more dangerous, because debt puts extra pressure in a downturn.
Conclusion: AI could change the world permanently, but current valuations seem fragile. A bubble need not mean AI disappears, it does mean investors should prepare for sharp corrections.
$NVDA (+3,57%)
$MSFT (+1,03%)
$AMZN (+1,75%)
$GOOGL (+2,88%)
$META (+2,15%)
$AVGO (-1,48%)
$TSM (+3,22%)
$ORCL (+24,74%)
$PLTR (+4,9%)
$ADBE (-0,38%)
$AMD (+5,59%)
$AAPL (-1,64%)
$IBM (+1,62%)
$QCOM (-0,35%)
$MU (+3,85%)
$SNOW (+1,67%)
$CRM (+0,4%)
$MDB (+3,93%)
$AI (+0,3%)
$VOO (+0,04%)
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3 Commenti
2Settimana
This is a dead giveaway by now, though. There is a substantial difference. The dot.com bubble was based on expectations that were not real, future profits that never were and never came. AI has been bringing many companies demonstrably higher profits for some time despite high capex upfront (see Meta, Alphabet, Microsoft, Amazon etc) and you see and notice that all around you in how companies and processes are changing. This is not to say that there won't be correction(s), they are bound to happen and are also healthy for the market.
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2Settimana·
INVESTING IS NOT AN OPTION ❌
Investing is not an option, it is a necessity that goes beyond speculation and the search for immediate wealth. ✔️
It should not be seen as an option restricted to the few, but rather as a necessity for anyone who wants to preserve and expand their assets over time. In a dynamic economic scenario, in which inflation reduces the purchasing power of the currency and uncertainties require financial planning, investing becomes a fundamental pillar for financial stability and growth.
📌 Protection against inflation
Leaving money idle means losing purchasing power. Investing increases the chances of your assets rising above inflation.
📌 Compound interest
The earlier you start, the greater the impact of compound interest, accelerating capital growth.
📌 Diversification and risk reduction
Strategic investing minimizes risks and protects against market fluctuations.
Financial independence
Investments create sources of passive income, providing long-term security and stability.
The question is not whether to invest, but which assets to invest in and how to do so strategically. 💡
We'll cover this topic in our next post.
$UNH (+8,94%)
$TSM (+3,22%)
$GOOGL (+2,88%)
$META (+2,15%)
$TMO (-0,64%)
$TXN (+0,32%)
$AMAT (+1,62%)
$ICON
$ADBE (-0,38%)
$BAC (+2,14%)
$WBD (-0,29%)
$AVGO (-1,48%)
$MCHP (-0,38%)
substack.comD'Além Capital | Substack
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3Settimana·
My core principles - Which stock to trim?
I am looking to sharpen my knife and trim my portfolio down to only 15 stocks. Which stocks would you suggest I cut/sell and which ones would you put more emphasis on? Let me know in the comments!
Over the years, I’ve sharpened my strategy down to a focused portfolio built on true compounders. Here’s what guides my stock picking:
- High Capital Returns – I only want companies with top-tier ROIC & ROCE, not just “good” but best in class.
- Predictable Growth – earnings and free cash flow need to grow steadily, not in cycles.
- Strong Margins – wide gross margins, healthy operating margins, and high free cash flow conversion.
- Global Megatrends – every holding should profit from long-term, accelerating trends.
- Quality over Quantity – I’d rather own ~20 world-class businesses than chase diversification for its own sake.
- Long-Term Horizon – 5+ years minimum. Buy, hold, and compound.
here’s my current holdings:
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1 Commento
3Settimana
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•3Settimana·
Is Constellation Software now also falling victim to SaaS AI fears?
Despite strong quarterly figures and stable margins, the Constellation Software share has fallen $CSU (+0,09%) have fallen below important technical support levels.
Are these just general market movements - or are they now also affecting $CSU (+0,09%) concerns that AI could put classic B2B SaaS models under pressure similar to $ADBE (-0,38%) od. $CRM (+0,4%) ?
Are interesting buying opportunities opening up here?
What do you think?
3Settimana·
New stock in the bag!
Just added Salesforce $CRM (+0,4%) to my portfolio.
For me, it’s a mix of strong fundamentals and long-term potential:
- Leader in enterprise software & customer relationship management
- Solid earnings track record and recurring revenue model
- Valuation still reasonable compared to other big tech names
Not chasing hype — just building positions I believe can grow for years to come.
Who else is holding $CRM (+0,4%)?
Anyone think there’s a more attractive company in this space than $CRM (+0,4%) ?
Maybe ServiceNow $NOW (+0,68%), HubSpot $HUBS (+0,98%), Adobe $ADBE (-0,38%), or Oracle $ORCL (+24,74%)
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1Mes·
🚀 $UNH was the most bought stock by hedge funds! 📈
In the second quarter UnitedHealth Group ($UNH (+8,94%) ) 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 (+3,22%)
$GOOGL (+2,88%)
$META (+2,15%)
$TMO (-0,64%)
$TXN (+0,32%)
$AMAT (+1,62%)
$ICON
$ADBE (-0,38%)
$BAC (+2,14%)
$WBD (-0,29%)
$AVGO (-1,48%)
$MCHP (-0,38%)
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1 Commento
⚠️ The purchase of a large number of shares by a hedge fund can be an interesting signal, but should not be considered a "good sign" across the board. It is crucial to understand the possible reasons.
Some hedge funds pursue a "market neutral" strategy or simply close short positions🤷🏽♂️
Some hedge funds pursue a "market neutral" strategy or simply close short positions🤷🏽♂️
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