Hello dear Getquin Community,

After $ORCL (+1,3%) Oracle caused quite a stir after the last quarterly figures and the market reacted extremely positively with a 40 percent increase in the share price, so much so that CEO Larry Ellison briefly became the richest person in the world overnight, I wanted to lift the spell and find out exactly which division caused this tremor.

The answer is Cloud Infrastructure, or OCI for short. In this area, the demand for data centers for artificial intelligence has exploded, which has brought Oracle long-term orders worth 455 billion US dollars. However, it is not only Oracle that is benefiting, but also other hyperscalers, regional challengers and, above all, the so-called shovel manufacturers that provide the basic infrastructure.

I have taken the trouble to look for potential competitors and up-and-coming challengers so that you have a complete overview of this sector. I have divided the whole thing into the following segments: 🌍 Big players (hyperscalers), 💡 Hidden champions (selection by region), ⚒️ Shovel manufacturers (infrastructure suppliers) and, as always, my favorite.

If I have overlooked any important aspects or a classification was not entirely precise, I look forward to your comments and exciting additions. Together we can understand this topic even better and learn from each other.

Feel free to leave a 👍. I wish you every success with your investments 🚀

🌍 Big Player (Hyperscaler)

Amazon Web Services - $AMZN (+0,2%) (USA, Nasdaq) → World market leader with >30 % market share, huge data centers & own AI chips (Trainium, Inferentia)

Microsoft Azure - $MSFT (-1,95%) (USA, Nasdaq) → second largest provider, strong AI focus through OpenAI partnership

Google Cloud - $GOOGL (-0,97%) (USA, Nasdaq) → third largest provider, specialized in AI workloads & big data

Oracle Cloud Infrastructure (OCI) - $ORCL (+1,3%) (USA, NYSE) → Number 4 worldwide, currently fastest growth (+70-80 %), RPO USD 455 bn

Alibaba Cloud - $BABA (+1,79%) , $9988 (+0,75%) (China, NYSE/HKEX) → Market leader in Asia, complete cloud suite from IaaS to AI

Favorite: Oracle - $ORCL (+1,3%)

Oracle impresses with its cloud infrastructure OCI, which recently collected orders worth 455 billion US dollars. The moat lies in the close integration of the database business and cloud services as well as the multi-cloud partnerships with Microsoft and Google. The compounder property is the result of long-term contracts and economies of scale in data center construction.

Alternative favorite: Alibaba Cloud - $BABA (+1,79%) , $9988 (+0,75%)

Alibaba is number one in Asia and number four worldwide. The moat lies in the close integration with Alibaba's e-commerce and fintech ecosystem. The compounder property stems from the enormous growth in emerging markets and the increasing demand for cloud services in China. While the stock is valued significantly cheaper than Oracle, there are geopolitical and regulatory risks.

💡 Hidden champions (selection by region)

🇪🇺 Europe

OVHcloud - $OVH (+1,33%) PA (France) → largest European cloud provider, GDPR- and Gaia-X-focused

Scaleway - private (France, part of the Iliad Group) → Developer and AI cloud platform

T-Systems - part of $DTE (-1,24%) DE (Deutsche Telekom, Germany) → Hybrid & Sovereign Cloud for Public Sector

Aruba Cloud - private (Italy) → Regionally strong for SMEs & hosting

Outscale - private (France, subsidiary of Dassault $DSY.PA) → Industrial Cloud & Simulation

Favorite: OVHcloud - $OVH (+1,33%)

Burggraben: strong position as a GDPR-compliant sovereign cloud with Gaia-X. Compounder: increasing trust from authorities and companies ensures growing recurring revenues.

🇨🇳 China

Baidu AI Cloud - part of $BIDU (+6,91%) , $9888 (+6,86%) (Nasdaq, China/USA) → AI workloads, autonomous driving, language models

JD Cloud - part of $JD (+2,45%) , $9618 (+2,58%) (Nasdaq, China/USA) → Cloud for e-commerce & retail

Kingsoft Cloud - $KC (-2,17%) , $3896 (-4,8%) (Nasdaq, China/USA) → Gaming, streaming and app cloud

China Telecom Cloud - part of $728 HK (HKEX) → Infrastructure cloud, state-supported

China Mobile Cloud - part of $941 HK (HKEX) → 5G edge cloud with telecom backbone

Favorite: Kingsoft Cloud - $KC (-2,17%) , $3896 (-4,8%)

Moat: Specializing in gaming, streaming and mobile applications with deep integrations into ecosystems. Compounder: benefits from China's growing online consumption and strong embedding in the Tencent environment.

🇯🇵 Japan

NTT Communications - part of $9432 (+0,11%) T (Tokyo) → Enterprise cloud with global network

NEC Cloud - $6701 (-0,38%) T (Tokyo) → Government & security solutions

Fujitsu Cloud K5 - $6702 (-2,38%) T (Tokyo) → Hybrid cloud for large companies

Rakuten Symphony Cloud - part of $4755 (+0,1%) T (Tokyo) → 5G & telecom cloud

IIJ Cloud - $3774 (+0%) T (Tokyo) → Cloud pioneer for enterprise IT

Favorite: NTT - $9432 (+0,11%)

Moat: global telecom backbone and huge enterprise customer base. Compounder: expansion of data centers in Asia and Europe with stable recurring revenues.

🇮🇳 India

Reliance Jio Cloud - part of $RELIANCE NS (NSE India) → Telecom Cloud, partnership with Azure

Tata Communications IZO - $TATACOMM NS (NSE India) → Hybrid cloud & global backbone

Infosys Cobalt - $INFY (NYSE/NSE India) → Cloud migration platform & consulting

HCLTech Cloud - $HCLTECH NS (NSE India) → AI-powered hybrid cloud

Wipro Cloud Studio - $WIPRO NS (NSE India) → MultiCloud service provider

Favorite: Tata Communications - $TATACOMM

Moat: global fiber optic network and deep networking in hybrid cloud. Compounder: growing international expansion and increasing demand for multi-cloud solutions.

🌏 Asia / Oceania

Naver Cloud - part of $035420 KQ (Korea KOSDAQ) → AI & gaming cloud

Samsung SDS Cloud - $018260 KQ (Korea KOSDAQ) → Enterprise & IoT Cloud

KT Cloud - part of $030200 KQ (Korea KOSDAQ) → Telecom & Edge Cloud with 5G

Telstra Cloud - $TLS (-0,36%) AX (Australia) → Telecom Cloud, Asia-Pacific focus

Macquarie Telecom Cloud - $MAQ AX (Australia) → Public Sector & Compliance

Favorite: Naver Cloud - $035420

Moat: strong integration of AI and gaming in Korea. Compounder: rapid scaling due to growing demand for AI and ML applications.

🌍 Latin America

UOL Diveo (Compasso UOL) - private (Brazil) → Cloud + Managed Services

Tivit Cloud - private (Brazil) → MultiCloud for industry & banks

Locaweb Cloud - $LWSA3 SA (Brazil) → SME Hosting & Cloud

Claro Cloud - part of $AMX (-1,15%) (Mexico, NYSE/HKEX) → Telecom Cloud in Latin America

DesireCloud - private (Chile/Peru) → Local provider for companies

Favorite: Locaweb - $LWSA3

moat: Market leader for SME cloud and hosting in Brazil. Compounder: enormous scalability through the digitalization of small and medium-sized enterprises throughout Latin America.

🇨🇦 Canada

OVHcloud Canada - part of $OVH (+1,33%) PA (France) → Data centers for North America

SherWeb - private (Quebec) → Cloud and MSP services for SMEs

HostPapa - private (Canada) → SME cloud solutions

Canadian Web Hosting - private (Canada) → Cloud & hosting with a focus on data protection

Beanfield Cloud - private (Toronto) → Cloud combined with fiber optic infrastructure

Favorite: SherWeb - private

Moat: close ties to SMEs via managed services. Compounder: fast-growing cloud ecosystem for small businesses in North America, high customer loyalty.

⚒️ Blade manufacturers (infrastructure suppliers)

🖥️ Semiconductors & Chips

Nvidia - $NVDA (-2,17%) (USA, Nasdaq) → GPUs for AI training & cloud

AMD - $AMD (-1,28%) (USA, Nasdaq) → CPUs/GPUs for Data Center

Intel - $INTC (+0,85%) (USA, Nasdaq) → Server CPUs & AI accelerators (Gaudi)

TSMC - $TSM (+0%) (Taiwan, NYSE/TWSE) → largest chip manufacturer, produces for NVIDIA/AMD

Samsung Electronics - $005930 KQ (Korea) → Memory, foundry, GPUs/CPUs

Favorite: Nvidia - $NVDA (-2,17%)

Moat: near monopoly in high-end GPUs for AI. Compounder: Ecosystem and network effects through CUDA and developer community.

📦 Data center hardware & servers

Supermicro - $SMCI (-2,1%) (USA, Nasdaq) → GPU clusters & AI servers

Dell Technologies - $DELL (-0,28%) (USA, NYSE) → Enterprise Servers & Storage

Hewlett Packard Enterprise - $HPE (-2,04%) (USA, NYSE) → Hybrid Cloud & Edge

Inspur - private (China) → AI & Cloud Server

Lenovo - $LNVGY (+0,79%) (China/ADR) → HPC and AI servers

Favorite: Supermicro - $SMCI (-2,1%)

Moat: Specialization in GPU clusters and AI servers. Compounder: benefits from every expansion of the hyperscalers, extremely high scalability.

⚡ Memory & network chips

Micron - $MU (-0,26%) (USA, Nasdaq) → DRAM & HBM memory

SK Hynix - $HY9H (+2,68%) KQ (Korea) → Memory chips, HBM for NVIDIA

Broadcom - $AVGO (-2,1%) (USA, Nasdaq) → Network Chips & Switches

Marvell - $MRVL (+1,28%) (USA, Nasdaq) → Network & 5G chips

ASE Technology - $ASX (+0%) (Taiwan, NYSE) → Packaging for high-end chips

Favorite: Broadcom - $AVGO (-2,1%)

Moat: deep roots in network infrastructure of hyperscalers. Compounder: benefits from rising demand for switches and custom chips for the cloud.

🏭 Data centers / colocation

Equinix - $EQIX (-2,45%) (USA, Nasdaq) → largest colocation provider worldwide

Digital Realty - $DLR (-1,58%) (USA, NYSE) → Data centers worldwide, strong in Europe/USA

China Telecom DC - part of $728 HK (HKEX) → Data center infrastructure in China

NTT Data Centers - part of $9432 (+0,11%) T (Tokyo) → Data centers in Asia/Europe

NEXTDC - $NXT (+0,26%) AX (Australia) → Growing data centers in the APAC region

Favorite: Equinix - $EQIX (-2,45%)

Moat: global networking and extremely high switching costs for customers. Compounder: continuous expansion and cross-selling potential through platform structure.

🔋 Energy & cooling

Schneider Electric - $SU (-2,27%) PA (France, Euronext) → Power & Cooling for Data Center

ABB - $ABBN (-0,56%) (Switzerland, SIX/NYSE ADR) → Energy & Automation

Siemens Energy - $ENR (-1,28%) (Germany, Xetra) → Power Grids & Data Center Technology

Vertiv - $VRT (-2,19%) (USA, NYSE) → Cooling, Racks & UPSs

Eaton - $ETN (-2,38%) (Ireland/USA, NYSE) → Power Management

Favorite: Schneider Electric - $SU (-2,27%)

Burggraben: market-leading energy and cooling systems for data centers. Compounder: long-term growth due to increasing demand for efficient data centers.

🌐 Network & Connectivity

Cisco - $CSCO (-0,7%) (USA, Nasdaq) → Router & Network Hardware

Arista Networks - $ANET (-3,03%) (USA, NYSE) → High-speed switches for hyperscalers

Juniper Networks - Acquisition by $HPE (-2,04%) Hewlett Packard HP (USA, NYSE) → Routing & Network Security

Ciena - $CIEN (+0,22%) (USA, NYSE) → Fiber Optics & Optical Networks

Nokia - $NOK (+0,52%) (Finland, NYSE/Helsinki) → 5G & Core Networks

Favorite: Arista Networks - $ANET (-3,03%)

Moat: technological leadership in high-speed switches in hyperscaler data centers. Compounder: enormous growth opportunities due to exponential data traffic in AI workloads.

✨ Takeaway

The Oracle quake shows: Cloud & AI are the growth drivers of the coming years. While hyperscalers are in the spotlight, hidden champions are growing in their niches in the background and blade manufacturers are making money from every expansion of the infrastructure.

👉 Question for you: Do you prefer to focus on hyperscalers in your strategy? hyperscalersthe hidden champions or directly on the shovel manufacturers?

I look forward to your opinions!

Source: own analysis

Image - Image credit: Getty Images

Hello dear Getquin Community,

This year's IAA Mobility in Munich showed that the automotive industry is on the verge of a turning point. With over 30 percent more exhibitors than in 2023 and numerous premieres from Audi, $BMW (-0,34%) BMW, $MBG (+0,05%) Mercedes, $VOW3 (-1,11%) VW, Opel and Chinese challengers such as BYD and $1211 (+1,04%) BYD and $9868 (-0,34%) XPeng, it became clear that electromobility has now become the standard. However, behind these new platforms and concepts lies an even bigger topic, namely autonomous driving and the robotaxis of the future.

In order to present this field in a clear and transparent way for investors, I have broken down the entire value chain into individual sectors. These include automotive and suppliers, semiconductors and technology, communication and infrastructure, software and algorithms, logistics and transportation, insurance and finance, energy and infrastructure, battery and propulsion, maps and mapping, and safety and cybersecurity. Within each sector, I have analyzed the big players, the hidden champions and the blade manufacturers and highlighted my favorites in each case with a brief explanation. @Multibagger 😎

My aim was to develop as comprehensive a picture as possible that shows where the opportunities lie in this new industry and how investors can position themselves at an early stage. Perhaps the IAA 2025 was not just a car show, but actually the starting signal for the next big investment ecosystem around robotaxis and autonomous driving. If I have overlooked any important aspects or if a categorization was not quite precise, I look forward to your comments @BamBamInvest
@Epi
😎 and exciting additions @All-in-or-nothing 😎 Together we can understand this topic even better and learn from each other. @Tenbagger2024 😎

Feel free to leave a 👍. I wish you every success with your investments 🚀

🚘 Automotive & suppliers

Big player:

$TSLA (+1,43%) Tesla - pioneer in autopilot/FSD, vertical integration, huge database

$MBG (+0,05%) Mercedes-Benz Group - EQS/EQE with Level 3 approval in Germany, strong regulatory expertise

$BMW (-0,34%) BMW - New class platform, e-models with prepared sensor technology & level 3 approaches

$VOW (-1,51%) VW Volkswagen - Cariad software unit, massive push towards ADAS/AV

$7203 (-0,53%) Toyota (Japan) - largest OEM, cooperation with Pony.ai and Denso

$GOOGL (-0,97%) Alphabet Waymo (private/Alphabet $GOOGL) - robotaxi pioneer in the USA

$9888 (+6,86%) Baidu Apollo (9888.HK) - Robotaxi & Full-Stack AV in China

$Pony.ai (private, China) - Robotaxi & partnerships with Toyota

👉 Favorite: Alphabet Waymo ($GOOGL (-0,97%))

Moat through years of data collection in real operation, deep AI integration, financially secured by Alphabet. Compounder potential, as Waymo can scale as a platform.

Hidden champions:

$APTV (-0,71%) Aptiv - supplier for ADAS, sensor fusion, E/E architectures

$MG (-2,43%) Magna International - produces complete vehicle systems including autonomous components

$ZF Friedrichshafen (private) - German giant in steering and braking systems for AVs

Veoneer (private, formerly listed) - safety software, vision, sensor technology

$SHA0 (+2,51%) Schaeffler AG (DE, Germany, Xetra) - global supplier of drive, chassis and intelligent steering systems. Important for e-mobility and redundancy solutions in autonomous driving.

👉 Favorite: Aptiv ($APTV (-0,71%)
)

High barriers to entry through system integration, broad customer base (OEM-agnostic), strong cash flow and close partner of major car manufacturers.

Blade manufacturer:

$NVDA (-2,17%) Nvidia - Drive Orin / Thor chips for OEMs, standard in the AV sector

$QCOM (+0,83%) Qualcomm - Snapdragon Ride platform for AVs

$INTC (+0,85%) Intel Mobileye - EyeQ chips, one of the market leaders in ADAS

$LAZR (-2,2%) Luminar Technologies - Lidar, partnerships with Volvo, Mercedes, SAIC

$OUST Ouster, Inc. - Lidar solutions

$INVZ Innoviz (INVZ) - Lidar sensor technology, cooperation with VW & BMW

👉 Favorite: Nvidia ($NVDA (-2,17%)
)

Dominance in high-performance AI chips, ecosystem with software (CUDA, DriveSim), network effects through partnerships with almost all OEMs. Classic compounder, enormous moat due to technology and developer lock-in.

Takeaway:

In the automotive & supplier sector, it's not just who sells the most cars, but who has mastered the best technology stack for autonomy. OEMs work closely with specialized suppliers and blade manufacturers. Investors should focus less on unit numbers and more on data basis, software expertise and partnerships. The real levers often lie with suppliers and technology enablers, not just the traditional car brands.

💻 Semiconductors & technology

Big players:

$NVDA (-2,17%) Nvidia - GPUs & AV chips (Drive Orin, Drive Thor), software ecosystem

$QCOM (+0,83%) Qualcomm - Snapdragon Ride platform, automotive pipeline >30 billion USD

$INTC (+0,85%) Intel / Mobileye - EyeQ chips, ADAS market leader

$AMD (-1,28%) AMD - GPU/CPU, entry into automotive AI compute

👉 Favorite: Nvidia ($NVDA (-2,17%)
) Unique position: Technological moat through CUDA ecosystem, enabler of almost all AV developments, quasi-monopoly in high-end compute. Classic compounder with long-term growth leverage.

Hidden champions:

$LAZR (-2,2%) Luminar Technologies - Lidar supplier, partnerships (Volvo, Mercedes, SAIC)

$INVZ Innoviz Tech. - Lidar, BMW & VW as customers

$KOTMY Koito Manufacturing - world market leader in automotive lighting, entry into lidar through Cepton integration, important role as supplier for OEMs

$AMBA (-2,83%) Ambarella (AMBA) - camera chips & vision processors for AV

$STMPA (+0,44%) STMicroelectronics (France/Italy, Euronext) - automotive microcontrollers, sensors, power electronics. European counterpart to Infineon.

$AIXA (+0,1%) Aixtron (Germany, Xetra) - supplies manufacturing equipment for SiC and GaN semiconductors, indispensable for power electronics in EV/AV.

$ELG (+0,26%) Elmos Semiconductor (Germany, Xetra) - niche player for mixed-signal semiconductors in automotive, e.g. for radar and driver assistance.

👉 Favorite: Luminar ($LAZR (-2,2%)
) Clear technical USP, strategic OEM deals in series production, high barriers to entry in lidar technology. Scalable compounder in a niche market.

Blade manufacturer:

$TSM (+0%) Taiwan Semiconductor - production of all relevant automotive chips

$ASML (+1,1%) ASML Holding - Lithography monopolist, without ASML no AI/AV chips

$EQIX (-2,45%) Equinix - data center colocation for AI training & simulations

$DLR (-1,58%) Digital Realty - cloud and data infrastructure

$AMZN (+0,2%) Amazon AWS - Cloud resources for AI training, simulation & OTA updates

👉 Favorite: ASML ($ASML (+1,1%)
) Monopoly on EUV lithography, no advanced chips for autonomous driving without ASML. Moat through technology and patents, classic compounder.

Takeaway:

Semiconductors & technology are the foundation of autonomous driving. While Nvidia plays the central role with computing power, lidar specialists such as Luminar ensure perception. The real shovelware winner, however, is ASML, without whose machines there would be no AV chips. Investors will find the deepest technological moats in the entire value chain here.

📡 Communication & infrastructure

Big players:

$ERIC B (-0,5%) Ericsson - 5G/6G networks, vehicle-to-everything (V2X) applications, global player

$NOK (+0,52%) Nokia - 5G/Edge solutions for automotive & smart cities

$QCOM (+0,83%) Qualcomm - Snapdragon Digital Chassis, V2X chipsets, automotive pipeline

Huawei (private, China) - strong player in 5G/AV communication, partnerships in Asia

👉 Favorite: Qualcomm ($QCOM (+0,83%)
) Wide moat through IP in mobile communications, at the same time deep automotive integration via Snapdragon Ride & Digital Chassis. Compounder, as economies of scale in chips + licenses worldwide.

Hidden champions:

$Cohda Wireless (private, Australia) - pioneer for V2X communication, software solutions for OEMs

$Autotalks (private, Israel, acquisition by Qualcomm planned) - leader in dedicated V2X chips

Commsignia (private, Hungary) - V2X middleware & roadside units

👉 Favorite: Autotalks (private, Israel)

Technology leader in dedicated V2X chips, unique IP portfolio. Strong takeover candidate (Qualcomm already active), giving moat + exit potential.

Shovel manufacturer:

$CSCO (-0,7%) Cisco Systems - network infrastructure for automotive, cloud & edge

$AMT (-1,36%) American Tower - cell towers & infrastructure, benefits from 5G expansion

$CCI (-1,02%) Crown Castle - radio tower and fiber optic infrastructure (mainly USA)

$EQIX (-2,45%) Equinix - data centers, basis for edge computing and OTA updates

$DLR (-1,58%) Digital Realty - colocation & data center capacity for simulations and AV data

👉 Favorite: Equinix ($EQIX (-2,45%)
)

Global leader in data center colocation, benefits from the edge computing trend. Strong moat due to network effects & high switching costs. Long-term compounder.

Takeaway:

Communication & infrastructure are the silent cornerstones of autonomous driving. Without low-latency networks, edge data centers and V2X communication, no AV can drive safely. While Qualcomm forms the technological bridge between chip and infrastructure, hidden champions such as Autotalks secure niche leadership. On the blade side, Equinix remains unbeatable, as every OEM & service provider needs computing power at the edge.

🤖 Software, platforms & algorithms

Big Player:

$GOOGL (-0,97%) Alphabet / Waymo - Robotaxi pioneer, full-stack AV software, years of database

$TSLA (+1,43%) Tesla - FSD, Dojo supercomputer, vertical integration incl. fleet

$9888 (+6,86%) Baidu Apollo (HK) - largest robotaxi network in China, full-stack solution

$UBER (-1,9%) Uber - AV platform in partnership (e.g. with Momenta), scaling via existing user base

👉 Favorite: Alphabet / Waymo ($GOOGL (-0,97%)
)

Unbeatable moat due to millions of real driving kilometers + simulations, strong financial base via Alphabet, focus on platform scaling (robotaxi, licensing model). Compounder with global expansion potential.

Hidden champions:

$Momenta (private, China) - L4 software for OEMs, partner of Mercedes, Toyota

$AUR Aurora Innovation - software + sensor technology for truck autonomy, partner PACCAR, Volvo

$Argo AI (private, USA) - formerly Ford/VW, now partly continued through partner projects

$Oxbotica (private, UK) - modular AV software, focus on industrial & logistics applications

👉 Favorite: Aurora Innovation ($AUR
)

Clear focus on trucking (biggest lever in the AV market), long-term OEM partnerships, strong moat due to specialization in long-haul autonomy. Still young, but strong compounder potential.

Shovel manufacturer:

$PLTR (-1,44%) Palantir - data management, simulation & AI analysis for AV training

$SNOW (-4,83%) Snowflake - Cloud data platform, relevant for AV data streams

$MSFT (-1,95%) Microsoft Azure - cloud & simulation platform for OEMs

$AMZN (+0,2%) AWS - largest provider for AI training & simulations in the AV sector

$ADBE (+0,53%) Adobe - Simulation & Digital Twin Tools (via partnerships)

👉 Favorite: Palantir ($PLTR (-1,44%)
)

Deep integration in data pipelines, modular platform for simulation & decision logic. Moat due to lock-in effects with major customers, strong compounder with AI scaling.

Takeaway:

Software and algorithms are the real key to autonomous driving. Vehicles are becoming "data centers on wheels" and only the companies with data, simulation and AI stacks can dominate the market in the long term. Waymo provides the scalable robotaxi ecosystem, Aurora scores with its trucking focus, and Palantir ensures that data streams remain manageable. This is where the biggest margins are generated, not in the sale of hardware.

🚚 Logistics & transportation

Big player:

$AUR Aurora Innovation - focus on autonomous trucks, partnerships with Volvo & PACCAR

$TuSimple (private, USA) - pioneer for autonomous trucks, strong in the USA and China, currently undergoing restructuring

$AMZN (+0,2%) Amazon / Zoox - Robotaxi & autonomous delivery services, integration into e-commerce and Prime

$FDX (-0,25%) FedEx - test programs for autonomous delivery (cooperations with Aurora, Nuro, among others)

$DHL (-0,53%) Deutsche Post DHL - pilot projects with autonomous delivery vehicles & drones

👉 Favorite: Amazon / Zoox ($AMZN (+0,2%)
)

Moat through e-commerce ecosystem, integration of AV in the last mile, strong financial power and scalability. Compounder due to synergies between logistics and technology.

Hidden champions:

$Nuro (private, USA) - autonomous delivery vehicles specifically for the last mile

$Einride (private, Sweden) - electric autonomous trucks, focus on freight & sustainability

$Gatik (private, Canada/USA) - AV for medium distances (B2B supply chains, e.g. Walmart)

$Starship Technologies (private, Estonia/USA) - autonomous delivery robots for urban logistics

👉 Favorite: Gatik (private, Canada/USA)

Clear business model: "middle-mile" logistics, profitable niche market with predictable routes. Moat through early commercial contracts (Walmart). Compounder potential through scaling in the B2B sector.

Shovel manufacturer:

$CAT (+0,07%) Caterpillar - autonomous technologies for construction machinery & mining, know-how transferable

$DE (-0,45%) Deere & Co - autonomous agricultural machinery, similar technology stacks as for trucks

$ISRG (-1,14%) Intuitive Surgical - example of high-end automation (here as a cross-reference for AV tech transfer)

$UPS (+0,42%) United Parcel Service - logistics infrastructure, partner for AV integration

$R (-0,63%) Ryder System - fleet management, leasing and AV test integration

👉 Favorite: Deere & Co ($DE (-0,45%)
)

Autonomy already in use (precision farming), moat through data & technology in the agricultural sector. Compounder quality, as know-how in navigation & autonomy is transferable to transportation/logistics.

Takeaway:

Logistics is one of the first markets where autonomous driving brings real profitability. Trucks and delivery services benefit from 24/7 operation without drivers, while the last mile (Nuro, Gatik) opens up new business models. Amazon is the most powerful player through vertical integration, while hidden champions like Gatik occupy targeted profitable niche markets. Shovel manufacturers such as Deere supply the already proven autonomy stacks.

🏦 Insurance & finance

Major players:

$ALV (-2,28%) Allianz - the world's largest insurer, involved in AV pilot projects at an early stage

$MUV2 (-1,91%) Munich Re - reinsurance, develops models for AV risk transfer

$CS (-0,99%) Axa - active in AV insurance testing & research

$BRK.B (-0,9%) Berkshire Hathaway - large presence in the US motor insurance market via Geico

👉 Favorite: Munich Re ($MUV2 (-1,91%)
)

Moat through global reinsurance strength, pioneer in new risk models for AVs. Compounder characteristics through diversification and ability to insure new markets (cyber, AV, climate) at an early stage.

Hidden champions:

$LMND (-0,46%) Lemonade - digital insurance, AI-driven, quickly adaptable for AV policies

$Root Insurance (private/USA, formerly listed) - data-driven car insurance, use of driving data

$Next Insurance (private, USA) - platform approach, simple onboarding for new risks

$Wefox (private, Germany) - digital platform for insurance brokerage, flexible for new products

👉 Favorite: Lemonade ($LMND (-0,46%)
)

Pure digital insurer with AI-driven underwriting. Moat through data and automation approach. Still small, but compounder potential as scalable platform can be used in new markets such as AV policies.

Shovel manufacturer:

$SREN (-2,56%) Swiss Re - global reinsurer, benefits from increasing AV risk volume

$VRSK Verisk Analytics - data & risk analytics for insurers, AV risk models

$GWRE (-3,03%) Guidewire Software - software solutions for insurance companies, customization for AV policies

$FICO (-0,96%) Fair Isaac - Analytics & risk modeling, increasingly relevant for complex AV data

👉 Favorite: Verisk Analytics ($VRSK
)

Moat through exclusive data pools & analytics. Enabler for almost all insurers. Compounder character, as growing demand for data & models in new markets such as AVs.

Takeaway:

Autonomous driving shifts liability from the driver to the manufacturer or software provider. Insurers need to develop new products, reinsurers and data providers are becoming more important. Munich Re is protecting the industry, Lemonade is testing digital models and Verisk is providing the data intelligence without which no AV insurance can function. Investors will find silent but indispensable winners of the upheaval here.

🛡️ Security & Cybersecurity

Big players:

$PANW (-0,63%) Palo Alto Networks - market leader in network security, focus on cloud & IoT, relevant for connected vehicles

$CRWD (-0,87%) CrowdStrike ($CRWD) - endpoint security, strong platform for AV endpoints and fleets

$CHKP (-0,09%) Check Point ($CHKP) - Security appliances & firewalls, focus on embedded & IoT

$CSCO (-0,7%) Cisco Systems ($CSCO) - Network security + automotive infrastructure

👉 Favorite: Palo Alto Networks ($PANW (-0,63%)
)

moat due to the width of the platform, which extends from the data center to the vehicle. With the $CYBR (-0,68%) -integration, PANW has also covered the topic of identity security. Compounder properties through continuous expansion, high customer loyalty and a strong M&A strategy.

Hidden champions:

$CON (+0,03%) Argus Cyber Security (private, subsidiary of Continental) - specialized in automotive cybersecurity

$Upstream Security (private, Israel) - cloud-based cyber platform specifically for connected vehicles

Karamba Security (private, Israel) - embedded security for control units (ECUs)

$4704 (+2,4%) VicOne (subsidiary of Trend Micro) - AV-specific threat analysis

👉 Favorite: Argus Cyber Security (private, part of $CON (+0,03%)
Continental)

Pioneer in the automotive segment, deep integration in OEMs. Moat through early partnerships and specialization in vehicle architectures.

Shovel manufacturer:

$AKAM (-1%) Akamai - Content Delivery & Edge Security, relevant for OTA updates

$FTNT (-2%) Fortinet - Network & IoT security, broad base

$ZS Zscaler - cloud-native security for data traffic between AV & cloud

$NET (-3,54%) Cloudflare - infrastructure protection, DDoS protection for fleets & updates

$BB (-0,3%) BlackBerry QNX - Operating system & security framework for automotive

👉 Favorite: BlackBerry ($BB (-0,3%)
)

Moat by QNX, which is already running in millions of vehicles. Strong lock-in with OEMs. Compounder potential if QNX continues to scale as a security operating system for AV architectures.

Takeaway:

Cybersecurity is the nervous system of autonomous driving. Without secure communication, OTA updates and fleet protection, AV is inconceivable. Palo Alto Networks provides the necessary breadth and depth, Argus secures the vehicles themselves, and BlackBerry QNX provides the foundation in the control units. Investors are relying on the invisible gatekeepers of tomorrow's mobility.

⚡ Energy & infrastructure

Big player:

$EBK (-0,43%) EnBW - operator of charging infrastructure in Germany, expansion of fast-charging parks

$SHEL (+0,2%) Shell - massive entry into e-mobility & charging infrastructure, partnerships with OEMs

$BP (+0%) BP - charging and energy infrastructure via bp pulse, global rollout

$TSLA (+1,43%) Tesla ($TSLA) - Supercharger network as AV backbone, potential licensing model

👉 Favorite: Tesla ($TSLA (+1,43%)
)

Moat due to world's largest fast charging network with high availability & own software integration. Compounder, as Supercharger can grow as a service independently of the OEM.

Hidden champions:

$Ionity (private, joint venture of BMW, Mercedes, Ford, VW, Hyundai) - Europe's premium charging network 👉 Access via OEMs such as BMW or Mercedes

$ALLG Allego - listed charging infrastructure operator, focus on Europe

$FAST (-0,35%) Fastned (FAST.AS) - fast charging network in Europe, rapidly growing

$DCFC Tritium DCFC - manufacturer of fast charging stations, globally active

👉 Favorite: Fastned ($FAST (-0,35%)
)

Clear business model as a pure fast-charging operator, strong moat through premium locations & brand perception. Compounder potential via expansion in Europe.

Shovel manufacturer:

$ABBN (-0,56%) ABB - leader in charging hardware & power grid infrastructure

$ENR (-1,28%) Siemens Energy - grid infrastructure & charging hardware, important supplier for energy transition + AV

$SU (-2,27%) Schneider Electric - power distribution, smart grids for charging infrastructure

$6594 (+2,54%) Nidec - motors & drives for e-mobility

$ETN (-2,38%) Eaton - Energy management & charging infrastructure components

👉 Favorite: ABB ($ABBN (-0,56%)
)

Broadly positioned from fast charging hardware to grid technology. Moat due to market leadership & long-standing customer base. Compounder, as electromobility + AV will bring growth for decades.

Takeaway:

Autonomous vehicles don't just need software, they need a reliable charging and energy base. Tesla is securing a massive advantage with its Supercharger network, while hidden champions such as Fastned are setting the pace in Europe. On the shovel side, ABB dominates with its global infrastructure expertise. Investors should not underestimate this sector, as no AV will drive without energy.

🏙️ Mobility services & platforms

Big players:

$UBER (-1,9%) Uber Technologies - ride-hailing, partnerships with AV start-ups (Momenta), robotaxi plans in Munich

$LYFT (-1,68%) Lyft - ride-hailing, own AV programs, cooperations with Aptiv & Motional

$DIDIY (-2,95%) Didi Global - largest ride-hailing network in China, AV research on Didi Autonomous Driving

$9888 (+6,86%) Baidu Apollo - robotaxi operator in China, leading with Apollo Go

$AMZN (+0,2%) Amazon / Zoox - fully autonomous robotaxi, integration into Amazon ecosystem

👉 Favorite: Baidu Apollo ($9888 (+6,86%)
HK, China, HKEX)

Moat through network effects in the world's largest mobility market. Apollo Go has already completed hundreds of thousands of robotaxi journeys. Compounder potential as China aggressively promotes AV.

Hidden champions:

$Momenta (private, China) - L4 autonomy software, partnerships with Mercedes & Toyota, based in Suzhou, China

👉 Access indirectly via investors such as $7203 (-0,53%) Toyota or Mercedes $MBG (+0,05%)

$Motional (joint venture Hyundai & Aptiv, private, USA/South Korea) - Robotaxi tests in the USA

👉 Access via $Hyundai or $APTV (-0,71%) Aptiv

$WeRide (private, China) - Robotaxi & AV bus solutions, based in Guangzhou, China

👉 Investors: Renault-Nissan-Mitsubishi Alliance

$Cruise (private, USA) - GM subsidiary for robotaxis, based in San Francisco

👉 Access via $GM (-1,22%) General Motors

👉 Favorite: Motional (private, USA/South Korea)

Strong moat through OEM partnerships (Hyundai + Aptiv). Realistic scaling through series integration, compounder potential via global fleet integration.

Shovel manufacturer:

$HTZ (-2,84%) Hertz Global - fleet management, integration of AVs in rental fleets

$SIX2 (-1,28%) Sixt SE - Car sharing & fleet leasing, focus on Europe

$R (-0,63%) Ryder System ($R, USA, NYSE) - fleet services & leasing, AV test integration

$GRAB (+1,76%) Grab Holdings ($GRAB, Singapore, Nasdaq) - Southeast Asian ride-hailing market leader, entry into AV services

$Ola Cabs (private, India) - AV pilot projects in India

👉 Favorite: Sixt SE ($SIX2 (-1,28%)
.DE, Germany, Xetra)

Moat due to premium positioning in Europe, flexible business model (rental, leasing, car sharing). Compounder, as Sixt invests early in fleet integration of AVs and benefits from growing Mobility-as-a-Service market.

Takeaway:

Mobility services are the interface to the end customer. This is where it will be decided whether AVs remain just technology or break through to the mass market. Baidu dominates in China, Motional scores with strong partners in the West, and Sixt provides the platform to bring scalable AVs into everyday life in Europe. Investors who get in early will secure access to the future platform monopolies of mobility.

🔋 Battery & drive

Big player:

$300750 CATL - world market leader for battery cells, supplies almost all major OEMs

$373220 LG Energy Solution - global player, supplier for Tesla, Hyundai, GM

$6752 (-0,45%) Panasonic Holdings - long-standing partner of Tesla, strong in energy storage

$1211 (+1,04%) BYD - integrates battery production and vehicles, pioneer in blade batteries

👉 Favorite: CATL ($300750
SZ, China, Shenzhen)

Moat due to technological leadership and economies of scale, supplies almost all global OEMs. Classic compounder, as batteries are at the heart of every AV fleet.

Hidden champions:

$Northvolt (private, Sweden) - European battery startup, sustainable production, supplies VW and BMW 👉 Access indirectly via VW ($VOW3 (-1,11%) DE, Germany, Xetra) or BMW ($BMW (-0,34%) DE, Germany, Xetra)

$SLDP Solid Power - specialist for solid-state batteries, partnerships with Ford and BMW

$ProLogium (private, Taiwan) - solid-state batteries, pilot projects with Mercedes👉 Access indirectly via Mercedes-Benz Group ($MBG (+0,05%) DE, Germany, Xetra)

$QS QuantumScape ($QS, USA, NYSE) - solid-state batteries, strong focus on future technology

$MOD (-0,14%) Modine Manufacturing (USA, NYSE) - Thermal management for batteries, e-motors and power electronics. Critical for range and safety.

$KULR (+0%) Technology (USA, NYSE) - specializes in battery cooling, energy storage and recycling. Still small, but focus on safety makes it interesting in the AV context.

$ZIL2 (+0,65%) ElringKlinger (DE, Germany, Xetra) - supplier of battery packs, housings, seals and fuel cell technology. Supports OEMs in electrification and alternative drive systems.

👉 Favorite: Solid Power ($SLDP
USA, Nasdaq)

Technology leader in solid-state batteries with strong OEM partnerships. Moat through patents and early market entries. Compounder potential through commercialization from 2027+.

Blade manufacturer:

$6594 (+2,54%) Nidec (JP) - leader in electric motors for EVs and AVs

$IFX (-0,52%) Infineon Technologies (DE) - semiconductors for power electronics and battery management

$300450 Wuxi Lead Intelligent (China, Shenzhen) - machines for battery production

$UMI (-1,67%) Umicore (Belgium, Euronext) - cathode materials and recycling

$ALB (-0,58%) Albemarle (USA, NYSE) - Lithium mining and processing

👉 Favorite: Infineon Technologies ($IFX (-0,52%)
DE, Germany, Xetra)

Moat due to market leadership in power electronics, deeply integrated in battery and drive systems. Compounder potential due to growing demand for silicon carbide (SiC) chips for EV and AV applications.

Takeaway:

Battery and drive are the foundation of autonomy. Without powerful energy storage, reliable electric motors and robust power electronics, no autonomous vehicle can be operated economically. CATL dominates cell production, Solid Power is a promise of the future in solid state technology, and Infineon supplies the critical power electronics. Investors who neglect this sector are ignoring the heart of autonomous driving.

🗺️ Maps & Mapping

Big players:

$GOOGL (-0,97%) Alphabet / Waymo (USA, Nasdaq) - HD maps for robotaxis, combined with AI-supported real-time navigation

$9888 (+6,86%) Baidu Apollo (China, HKEX) - leader in AV mapping in China, integrated into Apollo Go

$HERE Technologies (private, based in NL/DE, owners: Audi, BMW, Mercedes and others) - global provider of HD maps, industry standard for many OEMs

$TOM2 (-0,18%) TomTom (Netherlands, Euronext) - specialized in HD maps for AVs, partner of Volvo and Bosch

👉 Favorite: HERE Technologies (private, access via OEMs Audi, BMW, Mercedes)

Moat through global map databases, OEM consortium as backing. Compounder potential, as almost all autonomous vehicles rely on HD maps.

Hidden champions:

$002405 Navinfo Co. Ltd, (China, Shenzhen) - market leader for digital maps in China, partnerships with OEMs - unfortunately not tradable in the EU

$Civil Maps (private, USA) - specialized in AI-supported HD mapping for AVs

$DeepMap (private, USA, acquired by $NVDA (-2,17%) Nvidia) - high-precision mapping, integration with Nvidia Drive

$Mapbox (private, USA) - cloud-based mapping platform, strong in the developer ecosystem

👉 Favorite: NavInfo ($002405
SZ, China, Shenzhen)

Dominance in the Chinese market, regulatory anchoring and partnerships with major OEMs. Moat through market access in China, compounder potential through data growth.

Shovel manufacturer:

$PL Planet Labs (USA, NYSE) - daily earth observation data, basis for dynamic mapping

$HEXA B (+0,33%) Hexagon AB (Sweden, Nasdaq Stockholm) - measurement technology and geodata solutions

$TRMB (-1,04%) Trimble (USA, Nasdaq) - positioning and geospatial data for AV and industrial applications

👉 Favorite: Hexagon AB ($HEXA B (+0,33%)
Sweden, Nasdaq Stockholm)

Moat due to decades of experience in geodata and measurement technology, strong market position in industry and automotive. Compounder potential, as mapping and positioning are indispensable for all AV applications.

Takeaway:

High-precision maps are the nervous system of autonomous driving. Without continuously updated HD maps, vehicles cannot navigate safely. HERE secures a key role through OEM stakes, NavInfo dominates the Chinese market, and Hexagon provides the geospatial bucket technology. Investors should not overlook this sector, as mapping is the invisible foundation on which autonomy works.

Sources: own research, https://www.t-online.de/mobilitaet/aktuelles/id_100901210/iaa-mobility-muenchen-2025-alle-neuheiten-von-audi-bmw-vw-opel.html

Images: https://www.deraktionaer.de/artikel/mobilitaet-oel-energie/robotaxis-das-milliardenrennen-der-autonomen-autos-20381083.html

https://insideevs.de/features/763886/vorschau-iaa-2025-neuheiten-2026/

$TSM (+0%)

Investing.com - Taiwan Semiconductor Manufacturing reported a strong increase in sales in August. The world's largest contract manufacturer of chips increased its revenues by 33.8 percent to 335.8 billion Taiwan dollars (11.1 billion US dollars), the company announced on Wednesday.

Your AI-based stock analysis: WarrenAI analyzes current market data and supports you with precise interpretations and recommendations. Learn more

From January to August, sales totaled 2.43 trillion Taiwan dollars, an increase of 37.1 percent compared to the previous year. Compared to July, revenue in August was 3.9 percent higher. The figures indicate that TSMC is heading for a strong third quarter.

This development is being driven by an unbroken high demand for specialized chips for applications in the field of artificial intelligence. The major US technology groups in particular are continuing to invest billions in the expansion of their data centers. TSMC is a key supplier to Nvidia, the leading manufacturer of high-performance processors for AI applications. Nvidia gave an optimistic outlook for demand just last month.

In addition to server chips, TSMC is also seeing signs of a recovery in demand from the consumer electronics sector. However, geopolitical tensions are having a negative impact: According to reports, Washington recently withdrew the Group's authorization to supply certain manufacturing equipment to its Chinese plants without restriction. This could have a negative impact on business in an important sales market.

https://de.investing.com/news/stock-market-news/tsmc-umsatzexplosion-dank-ki--august-fast-34-3143970

Today I said goodbye to $SMH (-0,57%) today. Despite the volatility, the entry in April was worthwhile and brought a nice profit of +40%, and that with an ETF! It wasn't a long-time play anyway, as it was a sector ETF.

Part of it went into the $QDEV (-0,39%) together with my DCA, and later I will also get $TDIV (-0,71%) get another share.

This means that companies such as $AMD (-1,28%) , $MU (-0,26%) , $INTC (+0,85%) and others are completely out of my portfolio, 0% exposure.

My US share is now <60% and tech at 38%. The top 10 stocks make up less than 30% of the total weighting. This makes me almost as unconcentrated as the $IWDA (-0,81%) and better diversified than the $CSPX (-0,84%) .

New portfolio key figures:

P/E 30.0 (<30) 🟡

Forward P/E 21.6 (<25) 🟢

P/Β 13.0 (<5) 🔴

D/E 0.8 (<2) 🟢

EV/FCF 28 (<25) 🟡

ROE (5-Jahres-Durchschnitt) 50% (>15%) 🟢

EPS growth for the next 5 years 23% (>7%) 🟢

Sales growth (5-year average) 15% (>5%) 🟢

With this high ROE, I am also ok with a high P/E.

Top 10 positions now:

Alphabet $GOOG (-0,98%)

NVIDIA $NVDA (-2,17%)

Broadcom $AVGO (-2,1%)

Microsoft $MSFT (-1,95%)

Meta $META (+0,87%)

Apple $AAPL (-0,2%)

Roche $ROG (-0,7%)

Taiwan Semiconductor $TSM (+0%)

Mastercard $MA (+0,12%)

Visa $V (-0,49%)

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.

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 (-0,54%) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (+0,86%) Synopsys (US) - EDA software, chip design

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

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

$DSY (+1,38%) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (-1,12%) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (+0,53%) 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 (-0,12%) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

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

2. manufacturing technology & equipment

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

$AMAT (+0,65%) Applied Materials (US) - Semiconductor equipment

$8035 (+2,6%) Tokyo Electron (JP) - wafer fabrication

$KEYS (-0,64%) Keysight Technologies (US) - Metrology

$6857 (+0,57%) Advantest (JP) - Chip test systems

$TER (-1,04%) Teradyne (US) - test systems + cobots

$6954 (+0,45%) Fanuc (JP) - Industrial robots, CNC

$CAT (+0,07%) 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 (-2,3%) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (-0,92%) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (+0,1%) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+0,03%)
Lam Research (US) - Etch/deposition systems

$MKSI (+0,79%)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+1,8%)
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%) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (-1,31%) GlobalFoundries (US) - specialty chips

$INTC (+0,85%)
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 (-2,17%) Nvidia (US) - GPUs, AI chips

$INTC (+0,85%) Intel (US) - CPUs, FPGAs

$AMD (-1,28%) AMD (US) - CPUs, GPUs

$MRVL (+1,28%) Marvell (US) - network chips

$MU (-0,26%) Micron (US) - Memory

$DELL (-0,28%) 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 (-2,61%) Sony (JP) - image sensors

$6861 (+1,51%) Keyence (JP) - Industrial sensors

$STM (+0,44%) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (-0,72%) Cognex (US) - Machine Vision

$HON (-1,01%) Honeywell (US) - sensor technology, security

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

$AMBA (-2,83%) Ambarella (US) - video & computer vision SoCs for real-time image recognition

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

$AMS (+1,26%)
-OSRAM (AT/DE) - optical sensors

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

6. actuators & power electronics ("muscles")

$IFX (-0,52%) Infineon (DE) - Power Electronics

$ON (+1,75%) onsemi (US) - Power & Sensors

$TXN (-1,22%) Texas Instruments (US) - Mixed-Signal Chips

$ADI (-0,3%) Analog Devices (US) - Signal Processing

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

$MP (-0,71%) MP Materials (US) - Magnets

$APH (-1,05%) Amphenol (US) - Connectors

$6481 (+0,43%) THK (JP) - Linear guides & actuators

$6324 (+3,46%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (+2,54%)
Nidec (JP) - Electric motors

$6506 (+0,39%)
Yaskawa (JP) - Drives & Robotics

$SU (-2,27%)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (+0,65%)
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 (+0,83%) Qualcomm (US) - mobile communications, edge AI

$ANET (-3,03%) Arista Networks (US) - Networks

$CSCO (-0,7%) Cisco (US) - Networks, Security

$EQIX (-2,45%) 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 (-0,5%)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (-0,39%)
Nokia (FI) - 5G/6G for industry

$HPE (-2,04%)
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 (+1,17%) CATL (CN) - Batteries

$6752 (-0,45%) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (-0,58%) Albemarle (US) - Lithium

$LYC (-1,62%) Lynas (AU) - Rare earths

$UMICY (+0%) Umicore (BE) - recycling

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

$ABBN (-0,56%) 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 (+0%)
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 (+0,2%) Amazon AWS (US) - Cloud, AI

$MSFT (-1,95%) Microsoft Azure (US) - Cloud, AI

$GOOG (-0,98%) Alphabet Google Cloud (US) - Cloud, ML

$VRT (-2,19%)
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (+1,3%)
Oracle Cloud (US) - ERP + Cloud

$IBM (-0,53%)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+1,33%)
OVHcloud (FR) - European cloud

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

10. software & data platforms

$PLTR (-1,44%) Palantir (US) - Data integration

$DDOG (-3,44%) Datadog (US) - Monitoring

$SNOW (-4,83%) Snowflake (US) - Data Cloud

$ORCL (+1,3%) Oracle (US) - Databases, ERP

$SAP (+0%) SAP (DE) - ERP systems

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

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

$NVDA (-2,17%) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (-0,71%) Innodata (US) - data annotation & AI training data

$PATH (-1,22%)
UiPath (RO/US) - Robotic process automation

$AI (-0,67%)
C3.ai (US) - AI platform

$ESTC (-3,08%)
(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 (-0,56%) ABB (CH/SE) - Industrial Robots

$6954 (+0,45%) Fanuc (JP) - Industrial robots

$TSLA (+1,43%) Tesla Optimus (US) - humanoid robot

$9618 (+2,58%) JD.com (CN) - logistics robot

$AAPL (-0,2%) Apple (US) - Platform & UX

$700 (-0,11%) Tencent (CN) - Platform & AI

$9988 (+0,75%) Alibaba (CN) - logistics & platform

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

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

$TER (-1,04%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

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

$ISRG (-1,14%) Intuitive Surgical (US) - surgical robotics

$GMED (-1,42%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (+0,83%) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (-1,12%) Coupang (KR) - Logistics end user

$IRBT (+1,51%)
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 (+4,69%)
Iluka Resources (AU) - Rare earths

$ARR (-1,47%)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+0,03%)
Lam Research (US) - Plasma/etching processes

$ASM (+1,8%)
ASM International (NL) - ALD equipment

$MKSI (+0,79%)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (-5,78%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+2,68%)
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 (+3,91%) 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 (-3,54%)
Hitachi Metals (JP) - Magnetic materials

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

$4063 (+1,72%)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (-1,12%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

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

$CEVA (-1,91%)
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 (+0,86%)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (-2,04%)
Juniper (US) - Networks - Acquisition of HPE

$DTE (-1,24%)
T-Systems (DE) - Industry cloud

$OVH (+1,33%)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (+1,3%)
Oracle Cloud (US) - ERP & databases

$IBM (-0,53%)
IBM Cloud (US) - Hybrid Cloud

$9988 (+0,75%)
Alibaba Cloud (CN) - Asian Cloud

$VRT (-2,19%)
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 (-2,52%)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (-2,27%)
Autodesk (US) - CAD & Design

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

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

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (+0,87%)
Meta (US) - AR/VR, Social Robotics

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

$9888 (+6,86%)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (-2,04%)
HPE (US) - Edge Computing

$SMCI (-2,1%)
Supermicro (US) - AI servers

$6702 (-2,38%)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$000660
SK Hynix (KR) - Memory

$285A (+7,45%)
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 (-0,91%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

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

$BLK (-0,57%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+0,92%) 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 (-1,12%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (-0,56%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (-0,84%) 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 (+0,45%) 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 (-2,42%) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (+0,42%) Publicis (FR) - communications/advertising group

$META (+0,87%) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (-0,98%) Google Ads (US) - search & display advertising

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

$AAPL (-0,2%) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (-2,42%)
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 (-2,17%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

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

$ASML (+1,1%) 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 (-0,26%) 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 (+1,51%) Keyence (JP) - Industrial sensors & vision systems

$CGNX (-0,72%) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (-0,52%) Infineon (DE) - power electronics, motor control

$6594 (+2,54%) 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 (+0,83%) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+0,2%) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (-1,95%) Microsoft Azure (US) - Cloud, AI services

$CSCO (-0,7%) Cisco (US) - Networks & Security

$VRT (-2,19%) Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (+1,43%) Tesla (US) - humanoid robot Optimus

$ABBN (-0,56%) ABB (CH/SE) - Robotics & Automation

$6954 (+0,45%) Fanuc (JP) - industrial robots & CNC systems

$7012 (+0,83%) 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 (+1,1%)
ASML (NL)

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

$IFX (-0,52%) Infineon (DE)

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

$STM (+0,44%)
STMicroelectronics (FR/IT)

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

$SAP (+0%)
SAP (DE)

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

$SIE (-1,12%)
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 (+1,51%)
Keyence (Japan)

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

$6954 (+0,45%)
Fanuc (Japan)

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

$6506 (+0,39%)
Yaskawa Electric (Japan)

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

$6594 (+2,54%)
Nidec (Japan)

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

$7012 (+0,83%)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (+2,58%)
JD.com (China)

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

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 (-2,17%)
$MSFT (-1,95%)
$AMZN (+0,2%)
$GOOGL (-0,97%)
$META (+0,87%)
$AVGO (-2,1%)
$TSM (+0%)
$ORCL (+1,3%)
$PLTR (-1,44%)
$ADBE (+0,53%)
$AMD (-1,28%)
$AAPL (-0,2%)
$IBM (-0,53%)
$QCOM (+0,83%)
$MU (-0,26%)
$SNOW (-4,83%)
$CRM (-2,08%)
$MDB (-2,37%)
$AI (-0,67%)
$VOO (+0,04%)

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 (-3,14%)
$TSM (+0%)
$GOOGL (-0,97%)
$META (+0,87%)
$TMO (+0,42%)
$TXN (-1,22%)
$AMAT (+0,65%)
$ICON
$ADBE (+0,53%)
$BAC (-0,67%)
$WBD (-8,05%)
$AVGO (-2,1%)
$MCHP (+0,54%)

https://substack.com/@dalemcapital

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

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

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

🌐 Value chain of humanoid robots Sector overview

1. research & chip design (IP / EDA)

$ARM (-0,54%)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (+0,86%)
Synopsys (SNPS, USA) - Chip design software

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

2. manufacturing technology & equipment

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

$AMAT (+0,65%)
Applied Materials (AMAT, USA) - Process equipment

$8035 (+2,6%)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (-0,64%)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+0,57%)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (-1,04%)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+0%)
TSMC (TSM, TW) - Largest contract manufacturer

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

$GFS (-1,31%)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (-2,17%)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (+0,85%)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (-1,28%)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (+1,28%)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (-2,61%)
Sony (6758.T, JP) - CMOS image sensors

$6861 (+1,51%)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+0,44%)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (-0,52%)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (+1,75%)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+0,44%)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (-1,22%)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (-0,3%)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (+0,83%)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (-2,1%)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (+1,13%)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

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

$6752 (-0,45%)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

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

9. cloud & infrastructure

$AMZN (+0,2%)
Amazon (AMZN, USA) - AWS

$MSFT (-1,95%)
Microsoft (MSFT, USA) - Azure

$GOOG (-0,98%)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (-2,45%)
Equinix (EQIX, USA) - Data center operator

$ANET (-3,03%)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (-0,7%)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (-1,44%)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (-3,44%)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (-4,83%)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (+1,3%)
Oracle (ORCL, USA) - Databases, ERP

$SAP (+0%)
SAP (SAP, DE) - ERP/cloud systems

$PATH (-1,22%)
UiPath (PATH, USA) - Automation software (RPA)

$AI (-0,67%)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (+0,45%)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (+1,43%)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (+2,58%)
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 (+1,1%)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+0,65%)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (+2,6%)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+0,57%)
Advantest (6857.T, JP) - Semiconductor test.

$TER (-1,04%)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (-0,58%)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (-1,62%)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (+0%)
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 (+0,86%)
Synopsys (SNPS, USA) - EDA software.

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

$ARM (-0,54%)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (-0,64%)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (-3,03%)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (-0,7%)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (-2,45%)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+0,2%)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (-1,95%)
Microsoft (MSFT, USA) - Azure.

$GOOG (-0,98%)
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

Today I reduced my semi-ETF by 20% to bring the weighting from 15% to 10%.

No single position has a total weighting (ETF+single stock) above 5%, which is also my threshold. I always want to stay below 5% exposure.

My forward P/E of the portfolio has also fallen to 23, which is below my target of <25, despite the high tech allocation.

This means that my tech sector weighting is now in line with my world ETF $QDEV (-0,39%)which contains around 40-49% tech. I'm happy with that. I'm just still tech-bullish.

I have also reduced the USA region to 63%, almost identical to my world ETF (61%), and thus within my target range of 60-69%.

My favorites in the semi area remain anyway $TSM (+0%) and $HY9H (+2,68%) which I bought cheaply and undervalued as individual positions.

$NVDA (-2,17%) is and remains king, but I do not believe that the annual return will remain above 10% in the next few years, for this the market cap would have to grow by 400 billion every year, which I think would be difficult. $AVGO (-2,1%) currently has a P/E 5x greater than forward P/E, which shows that analysts are extremely bullish on future earnings. I am also bullish, but not as strongly, so the stock has already run very hot.

My top 10 holdings with 32% total weighting are currently:

4.95% $TSM (+0%) Taiwan Semi

4.65% $NVDA (-2,17%) NVIDIA

4.55% $GOOG (-0,98%) Google

4.47% $AVGO (-2,1%) Broadcom

2.85% $MSFT (-1,95%) Microsoft

2.63% $META (+0,87%) Meta

2.37% $AAPL (-0,2%) Apple

2.04% $ASML (+1,1%) Asml

1.95% $MA (+0,12%) Mastercard

1.91% $JPM (-0,7%) JPMorgan