There was another nice spike last night at $AMBA (+16,32%) . The technology leader in the low-power and vision AI sectors is reportedly in ongoing talks with $NXPI (-7,11%) . For NXP, it would be a major coup, as this is precisely the missing piece of the puzzle in their segments—one they cannot develop quickly enough on their own. The question is also whether this might stir up trouble, and whether companies like $QCOM (-2,98%)
$NVDA (+2,15%) or $6758 (+3,11%) will jump into the bidding war. Personally, I’d prefer it if $AMBA (+16,32%) remained independent. The company isn’t under any real pressure to sell, though they’re surely aware of their negotiating position. Is anyone else invested here, or at least planning to be?

Otherwise it gets boring. After the turbo on $AMBA (+16,32%) has been going well so far, today I got myself a pansy, far out of the money normal OS with 15 Ner leverage, maturity until September and 30% out of the money on $AMGN (-0,54%) out of the money. If the share rises by 30% in the next 8 weeks, the bill would increase almost tenfold. High opportunity = high risk. I set the first stop at €0.04, which would be a 70% loss. So keep your hands off it if you are a beginner or can't take it.

After all, you have to have a bit of fun. And anyone can do tech!

So far, my two posts have been about future AI bottlenecks on the topics of test & metrology and photonics. Both areas revolve around the question of how increasingly powerful AI infrastructure can still be controlled, connected and scaled.

However, another possible future infrastructure layer could be directly outside the data centers: Edge AI.

Today, the majority of modern AI still takes place centrally in large data centers. At the same time, more and more systems are being created to perform AI locally: Cameras, vehicles, drones, robots, sensors or industrial machines. Data often has to be processed there in real time. Not every request can be sent to the cloud first. As a result, AI is gradually moving closer to the physical world.

Edge AI describes precisely this development: AI inference runs locally on devices, machines or sensors instead of exclusively in the central data center. This creates a new infrastructure stack between cloud AI and the real world.

Level 1: Edge Compute & Embedded Control

Computing power also remains the foundation in the edge area. NVIDIA is increasingly addressing this market with Jetson platforms for robotics, industrial AI and autonomous systems.

I also think it is worth mentioning $LSCC (+0,22%) (Lattice Semiconductor). While many AI systems prioritize maximum performance, Lattice focuses more on low-power embedded control, sensor fusion and flexible local data processing. It is precisely such efficient control systems that could become more important in the edge area than pure maximum performance.

Level 2: Power management & energy efficiency

As local AI grows, the importance of energy efficiency also increases. Edge systems often operate under tight energy and temperature limits. Many systems run permanently, mobile or autonomously.

This is precisely why power management could become even more critical in the long term than in traditional data centers. Companies such as $MPWR (-4,22%) (Monolithic Power Systems) address this level with highly efficient power solutions for AI, automotive and embedded systems.

Level 3: Vision AI, sensor technology & perception

Many future edge systems will need to understand their environment locally. Cameras, machines, vehicles and autonomous systems increasingly require computer vision directly on the device itself.

$AMBA (+16,32%) (Ambarella) is one of the most interesting pure plays in this area for me. Its strength lies primarily in energy-efficient local image processing and vision AI. This is exactly where the connection between AI and physical reality arises. I have also added Ambarella to my wikifolio "NextLimits" today.

Level 4: Storage, navigation & optionality

As autonomy increases, so do the requirements for memory, sensors and navigation. $MRAM (+0,32%) (Everspin Technologies) is working with non-volatile memory architectures, which could become particularly interesting for robust and energy-efficient edge systems in the long term.

$INFQ (Infleqtion) is also expanding the topic to include quantum sensing and high-precision navigation technologies, for example for autonomous or GPS-independent systems. For me, these are not yet certain future winners. But possibly early infrastructure options for a world in which AI no longer only exists in data centers.

The exciting thing is that the next big AI shift could not just mean more compute. But the shift of AI from central cloud systems into machines, vehicles, sensors and robotics.

AKUT/ACTIVE:

HBM + Power & Cooling + Advanced Packaging + Energy/Grid

FUTURE/EMERGING:

Test & Metrology + Photonics + Edge AI

AI will not only need more computing power in the future. AI must increasingly function directly in the real world "out in the field".

On the graphic you can see Edge AI in context. At the bottom you can also see all the acute (4) and future (3) AI bottlenecks from my last posts.

Next, I will point out potential bottlenecks in other emerging fields independent of AI.

#wikifolio
#scalelimits

Good morning dear Getquin community 👋

Today I would like to introduce you to The Humanoid 66 and what it's all about. The market for humanoid robotics is just taking off and is facing one of the biggest upheavals since the advent of the automobile. Morgan Stanley and Goldman Sachs expect the market to be worth between 38 billion and three trillion US dollars by 2035. By 2050, over 60 million humanoid robots could be in use in the USA alone.

With The Humanoid 66, Morgan Stanley has compiled a list of 66 companies that are likely to benefit directly or indirectly from this development. These include not only the manufacturers themselves, but also suppliers and technology groups that provide the necessary infrastructure, from semiconductor and battery producers to sensor technology and software through to platform operators for artificial intelligence.

The leading players include $TSLA (+0,25%) Tesla with Optimus, Figure AI with Figure 02, Agility Robotics with Digit, Boston Dynamics with Atlas and Unitree with H1 and G1. Tesla is already planning to use more than a thousand Optimus robots in its own factories by 2024. The goal is clear: to make humanoid machines suitable for mass production at prices between 20,000 and 30,000 US dollars. Figure AI works closely with $MSFT (+3,6%) Microsoft, OpenAI and $BMW (-1,74%) BMW and was able to raise over 675 million US dollars in a financing round.

Technological progress is the key driver of this development. Multimodal generative AI enables humanoid robots to understand speech, communicate with humans and perform tasks autonomously. Advances in actuator technology, LiDAR systems, force sensors and battery technology are making the machines more efficient and more human-like. The energy density of modern lithium-ion cells is increasing by around 20 percent every two years, while the cost per kilowatt hour is expected to fall to 80 US dollars by 2030.

At the same time, wage costs for human labor are rising significantly. In the USA, they currently stand at just under 40 US dollars per hour, while in China they are around 6.50 US dollars and in India 4.45 US dollars. Studies show that automation can reduce labor costs in industrialized countries such as Germany, Japan and the USA by up to a third by 2025. Sectors such as agriculture, construction, care, logistics and manufacturing, where millions of jobs remain unfilled today, will be particularly affected.

The Humanoid 66 shows that this change goes far beyond individual companies. A new industrial ecosystem is emerging that links hardware, software, energy and data. Price reduction, scalability and integration into existing value chains will determine who will be among the winners.

Takeaway: Humanoid robotics is no longer a vision of the future, but the beginning of a structural reorganization of the global economy. Those who invest early in key areas such as AI chips, batteries, sensor technology and automation are positioning themselves in a sector that is likely to have a similarly profound impact as the invention of the car. The crucial question is just how far society is prepared to accept and integrate this new form of workforce.

For those who want to delve deeper: These are the companies featured in the Morgan Stanley report Humanoids @Tenbagger2024
@Multibagger

1. Tesla - USA - $TSLA (+0,25%)

2. Toyota - Japan - $7203 (-1,52%)

3. Xpeng - China - $XPEV (+0,18%)

4. Naver - South Korea - (not listed)

5. CATL - China - $3750 (-0,32%)

6. LG Energy Solution - South Korea - $373220 Subsidiary of LG

7. Samsung / Samsung SDI - South Korea - $SMSN (-1,36%)

8. SK Innovation - South Korea - $096770

9. HD Hyundai Infracore / Doosan (component) - South Korea - $042670

10. Hengli Hydraulic - China - $601100

11. NTN - Japan - $6472 (+0,48%)

12. NSK - Japan - $6471 (-6,06%)

13. Sanhua - China - $002050

14. Siemens - Germany - $SIE (+0,76%)

15. Top Group ("Topu") - China - $601689

16. Ambarella - USA - $AMBA (+16,32%)

17. Synopsys - USA - $SNPS (+4,1%)

18. NXP - Netherlands / USA - $NXPI (-7,11%)

19. Qualcomm - USA - $QCOM (-2,98%)

20. TSMC - Taiwan - $TSM (-0,21%)

21. Wolfspeed - USA - $WOLF

22. ARM - UK - $ARM (-2,83%)

23. onsemi - USA - $ON (-3,33%)

24. cadence - USA - $CDNS (+2,14%)

25. STMicroelectronics - Netherlands - $STM (-0,66%)

26. NVIDIA - USA - $NVDA (+2,15%)

27. SK hynix - South Korea - $HY9H (-1,13%)

28. sociionext - Japan - $6526 (-0,94%)

29. SMIC - China - $0981

30. infineon - Germany - $IFX (+3,74%)

31. Renesas - Japan - $6723 (+1,93%)

32. Dassault Systèmes - France - $DSY (-0,79%)

33. Mobileye - Israel / Intel ecosystem - $MBLY

34. Hexagon - Sweden - $HEXA B (-1,76%)

35. Knight Transportation - USA - $KNX (+0%)

36. DSV - Denmark - $DSV (-0,99%)

37. Werner Enterprises - USA - $WERN (+1,88%)

38. DHL Group - Germany / international - $DHL (+0,56%)

39. Kuehne + Nagel - Switzerland - $KNIN (+0,59%)

40. Obayashi - Japan - $1802 (-5,54%)

41. China State Construction Engineering Corporation (CSCEC) - China - $601668

42. RBG (presumably an Asian construction company) - (not listed)

43. Shimizu - Japan - $1803 (+0%)

44. Taisei - Japan - $1801 (-2,07%)

45. Baker Hughes - USA - $BKR (+0,99%)

46th SLB (Schlumberger) - USA - $SLB

47. Tenaris - Luxembourg / multinational - $TEN (+1,16%)

48. Halliburton - USA - $HAL (+2,23%)

49. amazon - USA - $AMZN (+6,74%)

50th Coupang - South Korea $CPNG (+1,66%)

51. JD.com - China - $JD (+2,32%)

52. BMW - Germany - $BMW (-1,74%)

53rd Mercedes-Benz - Germany - $MBG (-1,09%)

54th General Motors - USA - $GM (+0,2%)

55. BYD - China - $1211 (-0,08%)

56. Stellantis - NL / multinational - $STLAM (-1,42%)

57. Ford - USA - $F (-0,23%)

58. McDonald's - USA - $MCD (-0,06%)

59th Domino's - USA - $DPZ (-1,31%)

60. BGF Retail - South Korea - $282330

61. GS Retail - South Korea - $007070

62nd Lotte - South Korea - $004990

63. Yum China - China - $YUMC (+3,73%)

Source: Morgan Stanley Research Bluepaper Humanoids Investment Implications of Embodied AI and Stock3 drumbeat of Germany's humanoid robot manufacturers The Humanoid 66, 05.10.2025

https://api.guidants.com/db/e6/4/e134c52068e8c98a.pdf

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 (-1,74%) BMW, $MBG (-1,09%) Mercedes, $VOW3 (-1,52%) VW, Opel and Chinese challengers such as BYD and $1211 (-0,08%) BYD and $9868 (+0,18%) 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 (+0,25%) Tesla - pioneer in autopilot/FSD, vertical integration, huge database

$MBG (-1,09%) Mercedes-Benz Group - EQS/EQE with Level 3 approval in Germany, strong regulatory expertise

$BMW (-1,74%) BMW - New class platform, e-models with prepared sensor technology & level 3 approaches

$VOW (-0,85%) VW Volkswagen - Cariad software unit, massive push towards ADAS/AV

$7203 (-1,52%) Toyota (Japan) - largest OEM, cooperation with Pony.ai and Denso

$GOOGL (+6,34%) Alphabet Waymo (private/Alphabet $GOOGL) - robotaxi pioneer in the USA

$9888 (+2,5%) Baidu Apollo (9888.HK) - Robotaxi & Full-Stack AV in China

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

👉 Favorite: Alphabet Waymo ($GOOGL (+6,34%))

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 (-2,9%) Aptiv - supplier for ADAS, sensor fusion, E/E architectures

$MG (-2,28%) 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 (-12,08%) 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 (-2,9%)
)

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 (+2,15%) Nvidia - Drive Orin / Thor chips for OEMs, standard in the AV sector

$QCOM (-2,98%) Qualcomm - Snapdragon Ride platform for AVs

$INTC (-2,75%) Intel Mobileye - EyeQ chips, one of the market leaders in ADAS

$LAZR 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 (+2,15%)
)

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 (+2,15%) Nvidia - GPUs & AV chips (Drive Orin, Drive Thor), software ecosystem

$QCOM (-2,98%) Qualcomm - Snapdragon Ride platform, automotive pipeline >30 billion USD

$INTC (-2,75%) Intel / Mobileye - EyeQ chips, ADAS market leader

$AMD (-2,55%) AMD - GPU/CPU, entry into automotive AI compute

👉 Favorite: Nvidia ($NVDA (+2,15%)
) 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 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 (+16,32%) Ambarella (AMBA) - camera chips & vision processors for AV

$STMPA (-0,67%) STMicroelectronics (France/Italy, Euronext) - automotive microcontrollers, sensors, power electronics. European counterpart to Infineon.

$AIXA (+2,63%) Aixtron (Germany, Xetra) - supplies manufacturing equipment for SiC and GaN semiconductors, indispensable for power electronics in EV/AV.

$ELG (+1,74%) Elmos Semiconductor (Germany, Xetra) - niche player for mixed-signal semiconductors in automotive, e.g. for radar and driver assistance.

👉 Favorite: Luminar ($LAZR
) 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 (-0,21%) Taiwan Semiconductor - production of all relevant automotive chips

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

$EQIX (-2,96%) Equinix - data center colocation for AI training & simulations

$DLR (-2,39%) Digital Realty - cloud and data infrastructure

$AMZN (+6,74%) Amazon AWS - Cloud resources for AI training, simulation & OTA updates

👉 Favorite: ASML ($ASML (-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 (+0,39%) Ericsson - 5G/6G networks, vehicle-to-everything (V2X) applications, global player

$NOK (+0,96%) Nokia - 5G/Edge solutions for automotive & smart cities

$QCOM (-2,98%) Qualcomm - Snapdragon Digital Chassis, V2X chipsets, automotive pipeline

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

👉 Favorite: Qualcomm ($QCOM (-2,98%)
) 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 (+2,48%) Cisco Systems - network infrastructure for automotive, cloud & edge

$AMT (-1,12%) American Tower - cell towers & infrastructure, benefits from 5G expansion

$CCI (-2,93%) Crown Castle - radio tower and fiber optic infrastructure (mainly USA)

$EQIX (-2,96%) Equinix - data centers, basis for edge computing and OTA updates

$DLR (-2,39%) Digital Realty - colocation & data center capacity for simulations and AV data

👉 Favorite: Equinix ($EQIX (-2,96%)
)

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 (+6,34%) Alphabet / Waymo - Robotaxi pioneer, full-stack AV software, years of database

$TSLA (+0,25%) Tesla - FSD, Dojo supercomputer, vertical integration incl. fleet

$9888 (+2,5%) Baidu Apollo (HK) - largest robotaxi network in China, full-stack solution

$UBER (+0,59%) Uber - AV platform in partnership (e.g. with Momenta), scaling via existing user base

👉 Favorite: Alphabet / Waymo ($GOOGL (+6,34%)
)

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 (+2,96%) 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 (+2,96%)
)

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 (+0,05%) Palantir - data management, simulation & AI analysis for AV training

$SNOW (-3,52%) Snowflake - Cloud data platform, relevant for AV data streams

$MSFT (+3,6%) Microsoft Azure - cloud & simulation platform for OEMs

$AMZN (+6,74%) AWS - largest provider for AI training & simulations in the AV sector

$ADBE (+1,12%) Adobe - Simulation & Digital Twin Tools (via partnerships)

👉 Favorite: Palantir ($PLTR (+0,05%)
)

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 (+2,96%) 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 (+6,74%) Amazon / Zoox - Robotaxi & autonomous delivery services, integration into e-commerce and Prime

$FDX (-0,02%) FedEx - test programs for autonomous delivery (cooperations with Aurora, Nuro, among others)

$DHL (+0,56%) Deutsche Post DHL - pilot projects with autonomous delivery vehicles & drones

👉 Favorite: Amazon / Zoox ($AMZN (+6,74%)
)

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 (-0,31%) Caterpillar - autonomous technologies for construction machinery & mining, know-how transferable

$DE (-0,02%) Deere & Co - autonomous agricultural machinery, similar technology stacks as for trucks

$ISRG (+0,29%) Intuitive Surgical - example of high-end automation (here as a cross-reference for AV tech transfer)

$UPS (+0,13%) United Parcel Service - logistics infrastructure, partner for AV integration

$R (-1,76%) Ryder System - fleet management, leasing and AV test integration

👉 Favorite: Deere & Co ($DE (-0,02%)
)

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 (-0,03%) Allianz - the world's largest insurer, involved in AV pilot projects at an early stage

$MUV2 (-0,31%) Munich Re - reinsurance, develops models for AV risk transfer

$CS (-1,45%) Axa - active in AV insurance testing & research

$BRK.B (+0,39%) Berkshire Hathaway - large presence in the US motor insurance market via Geico

👉 Favorite: Munich Re ($MUV2 (-0,31%)
)

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 (+0,47%) 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 (+0,47%)
)

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 (+0,16%) Swiss Re - global reinsurer, benefits from increasing AV risk volume

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

$GWRE (-0,96%) Guidewire Software - software solutions for insurance companies, customization for AV policies

$FICO (-1,54%) 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 (+1,58%) Palo Alto Networks - market leader in network security, focus on cloud & IoT, relevant for connected vehicles

$CRWD (+2,97%) CrowdStrike ($CRWD) - endpoint security, strong platform for AV endpoints and fleets

$CHKP (-0,14%) Check Point ($CHKP) - Security appliances & firewalls, focus on embedded & IoT

$CSCO (+2,48%) Cisco Systems ($CSCO) - Network security + automotive infrastructure

👉 Favorite: Palo Alto Networks ($PANW (+1,58%)
)

moat due to the width of the platform, which extends from the data center to the vehicle. With the $CYBR -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 (-0,07%) 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 (-3,81%) VicOne (subsidiary of Trend Micro) - AV-specific threat analysis

👉 Favorite: Argus Cyber Security (private, part of $CON (-0,07%)
Continental)

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

Shovel manufacturer:

$AKAM (+1,25%) Akamai - Content Delivery & Edge Security, relevant for OTA updates

$FTNT (+5%) Fortinet - Network & IoT security, broad base

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

$NET (-2,48%) Cloudflare - infrastructure protection, DDoS protection for fleets & updates

$BB (-0,68%) BlackBerry QNX - Operating system & security framework for automotive

👉 Favorite: BlackBerry ($BB (-0,68%)
)

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 (-0,58%) EnBW - operator of charging infrastructure in Germany, expansion of fast-charging parks

$SHEL (+1,52%) Shell - massive entry into e-mobility & charging infrastructure, partnerships with OEMs

$BP (+2,48%) BP - charging and energy infrastructure via bp pulse, global rollout

$TSLA (+0,25%) Tesla ($TSLA) - Supercharger network as AV backbone, potential licensing model

👉 Favorite: Tesla ($TSLA (+0,25%)
)

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 (-2,82%) Fastned (FAST.AS) - fast charging network in Europe, rapidly growing

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

👉 Favorite: Fastned ($FAST (-2,82%)
)

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 (+0,71%) ABB - leader in charging hardware & power grid infrastructure

$ENR (+2,03%) Siemens Energy - grid infrastructure & charging hardware, important supplier for energy transition + AV

$SU (+1,8%) Schneider Electric - power distribution, smart grids for charging infrastructure

$6594 (+1,03%) Nidec - motors & drives for e-mobility

$ETN (+6,9%) Eaton - Energy management & charging infrastructure components

👉 Favorite: ABB ($ABBN (+0,71%)
)

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 (+0,59%) Uber Technologies - ride-hailing, partnerships with AV start-ups (Momenta), robotaxi plans in Munich

$LYFT (+2,04%) Lyft - ride-hailing, own AV programs, cooperations with Aptiv & Motional

$DIDIY (+0,98%) Didi Global - largest ride-hailing network in China, AV research on Didi Autonomous Driving

$9888 (+2,5%) Baidu Apollo - robotaxi operator in China, leading with Apollo Go

$AMZN (+6,74%) Amazon / Zoox - fully autonomous robotaxi, integration into Amazon ecosystem

👉 Favorite: Baidu Apollo ($9888 (+2,5%)
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 (-1,52%) Toyota or Mercedes $MBG (-1,09%)

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

👉 Access via $Hyundai or $APTV (-2,9%) 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 (+0,2%) 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 (-2,85%) Hertz Global - fleet management, integration of AVs in rental fleets

$SIX2 (-0,24%) Sixt SE - Car sharing & fleet leasing, focus on Europe

$R (-1,76%) Ryder System ($R, USA, NYSE) - fleet services & leasing, AV test integration

$GRAB (+3,51%) Grab Holdings ($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 (-0,24%)
.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 (+5,28%) Panasonic Holdings - long-standing partner of Tesla, strong in energy storage

$1211 (-0,08%) 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 (-1,52%) DE, Germany, Xetra) or BMW ($BMW (-1,74%) 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 (-1,09%) DE, Germany, Xetra)

$QS (+0,44%) QuantumScape ($QS, USA, NYSE) - solid-state batteries, strong focus on future technology

$MOD (+3,63%) Modine Manufacturing (USA, NYSE) - Thermal management for batteries, e-motors and power electronics. Critical for range and safety.

$KULR (+2,21%) 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 (+0,16%) 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 (+1,03%) Nidec (JP) - leader in electric motors for EVs and AVs

$IFX (+3,74%) Infineon Technologies (DE) - semiconductors for power electronics and battery management

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

$UMI (+1,5%) Umicore (Belgium, Euronext) - cathode materials and recycling

$ALB (-0,2%) Albemarle (USA, NYSE) - Lithium mining and processing

👉 Favorite: Infineon Technologies ($IFX (+3,74%)
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 (+6,34%) Alphabet / Waymo (USA, Nasdaq) - HD maps for robotaxis, combined with AI-supported real-time navigation

$9888 (+2,5%) 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 (-0,16%) 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 (+2,15%) 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 (+0,57%) Planet Labs (USA, NYSE) - daily earth observation data, basis for dynamic mapping

$HEXA B (-1,76%) Hexagon AB (Sweden, Nasdaq Stockholm) - measurement technology and geodata solutions

$TRMB (-0,87%) Trimble (USA, Nasdaq) - positioning and geospatial data for AV and industrial applications

👉 Favorite: Hexagon AB ($HEXA B (-1,76%)
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/

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

In-depth analysis of the value chain, including shovel manufacturers and potential hidden champions

New category: Secondary Key Sectors (Sales, Marketing, Financing)

Additionally: Top 25 companies worldwide, as well as the Top 10 in Europe and the Top 10 in Asia

To help newcomers get up to speed, I’ve included a video link. This will give you an idea of just how far the development of humanoid robotics has come today.

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

Thank you for your attention and support 🙏

🌐 1. Humanoid Robot Value Chain (with hidden champions)

1. Research & Chip Design

$ARM (-2,83%) ARM (UK) – CPU IP, energy-efficient processors

$SNPS (+4,1%) Synopsys (US) – EDA software, chip design

$CDNS (+2,14%) Cadence (US) – EDA & Simulation

$PTC PTC (US) – Engineering software, CAD/PLM

$DSY (-0,79%) Dassault Systèmes (FR) – 3D design & digital twin

$SIE (+0,76%) Siemens (DE) – Industrial software & lifecycle management

$ADBE (+1,12%) Adobe (US) – Design, AR/UX

ANSYS (US) – Multiphysics Simulation – Acquired by Synopsys

Altair (US) – CAE, Simulation, Digital Twin – Acquired by Siemens

$HXGBY (-1,16%)
Hexagon (SE) – Measurement Technology & Simulation

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

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

2. Manufacturing Technology & Equipment

$ASML (-1%) ASML (NL) – Lithography (EUV)

$AMAT (+0,2%) Applied Materials (US) – Semiconductor Equipment

$8035 (-3,56%) Tokyo Electron (JP) – Wafer manufacturing

$KEYS (+2%) Keysight Technologies (US) – Measurement Technology

$6857 (+3,51%) Advantest (JP) – Chip Test Systems

$TER (-1,58%) Teradyne (US) – Test systems + cobots

$6954 (-3,81%) Fanuc (JP) – Industrial robots, CNC

$CAT (-0,31%) Caterpillar (US) – Autonomous Machinery

$KU2G KUKA (DE) – Industrial Robots

Comau (IT) – Automation – Not publicly traded

$ROK Rockwell Automation (US) – Industrial automation

$JBL (+1,39%) Jabil (US) – Contract Manufacturing (EMS/ODM)

$KIT (+1,17%) Kitron (NO) – European EMS/ODM manufacturer

$AIXA (+2,63%) Aixtron (DE) – Deposition systems for compound semiconductors

$LRCX (-3,35%)
Lam Research (US) – Etching/deposition systems

$MKSI (+2,25%)
MKS Instruments (US) – Plasma/vacuum technology

$ASM (+1,47%)
ASM International (NL) – Deposition systems

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

3. Chip Manufacturing (Foundries)

$TSM (-0,21%) TSMC (TW) – leading foundry

$SMSN (-1,36%) Samsung Electronics (KR) – foundry + memory

$GFS (-0,85%) GlobalFoundries (US) – specialty chips

$INTC (-2,75%)
Intel Foundry Services (US) – new Western foundry player

$981
SMIC (CN) – Largest Chinese foundry

$UMC
UMC (TW) – Power, RF, and embedded chips

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

4. Computing & control unit (“brain”)

$NVDA (+2,15%) Nvidia (US) – GPUs, AI chips

$INTC (-2,75%) Intel (US) – CPUs, FPGAs

$AMD (-2,55%) AMD (US) – CPUs, GPUs

$MRVL (+0,01%) Marvell (US) – network chips

$MU (-7,98%) Micron (US) – Memory

$DELL (-0,73%) Dell Technologies (US) – Edge & Infrastructure

Graphcore (UK) – AI chips (IPU) – not a publicly traded company

Cerebras (US) – Wafer-Scale Engine – not a publicly traded company

SiPearl (FR) – European HPC chip – not a publicly traded company

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

5. Sensors (“Senses”)

$6758 (+3,11%) Sony (JP) – Image sensors

$6861 (-1,48%) Keyence (JP) – industrial sensors

$STM (-0,66%) STMicroelectronics (FR/IT) – Sensors, MCUs

$TDY Teledyne (US) – optical/infrared sensors

$CGNX (+5,3%) Cognex (US) – Machine Vision

$HON (+0,44%) Honeywell (US) – Sensors, Security

ANYbotics (CH) – Autonomous sensor fusion – not a publicly traded company

$AMBA (+16,32%) Ambarella (US) – Video & computer vision SoCs for real-time image recognition

$OUST
Velodyne Lidar (US) – Lidar sensors – acquired by Ouster

$AMS (+1,62%)
OSRAM (AT/DE) – optical sensors

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

6. Actuators & Power Electronics (“Muscles”)

$IFX (+3,74%) Infineon (DE) – Power Electronics

$ON (-3,33%) onsemi (US) – Power & Sensors

$TXN (-1,43%) Texas Instruments (US) – mixed-signal chips

$ADI (-0,06%) Analog Devices (US) – Signal Processing

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

$MP (-1,51%) MP Materials (US) – Magnets

$APH (+0,48%) Amphenol (US) – Connectors

$6481 (+10,54%) THK (JP) – Linear guides & actuators

$6324 (+2,06%)
Harmonic Drive (JP) – Precision gearboxes & servo drives for robotics

$6594 (+1,03%)
Nidec (JP) – Electric motors

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

$SU (+1,8%)
Schneider Electric (FR) – Energy & Control Solutions

$ZIL2 (+0,16%)
ElringKlinger (DE) – Battery & Fuel Cell Technology, Lightweight Construction

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

7. Communications & Networking (“Nerves”)

$QCOM (-2,98%) Qualcomm (US) – Mobile Communications, Edge AI

$ANET (+4,38%) Arista Networks (US) – Networks

$CSCO (+2,48%) Cisco (US) – Networks, Security

$EQIX (-2,96%) Equinix (US) – Data centers

NTT Docomo (JP) – 5G/6G carrier – not a publicly traded company

$VZ Verizon (US) – Telecommunications

$SFTBY SoftBank (JP) – Carrier + Robotics

$ERIC B (+0,39%)
Ericsson (SE) – 5G/IoT infrastructure

$NOKIA (+0,67%)
Nokia (FI) – 5G/6G for Industry

$HPE (-0,61%)
Juniper Networks (US) – Networking – Acquired by HP

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

8. Energy

$3750 (-0,32%) CATL (CN) – Batteries

$6752 (+5,28%) Panasonic (JP) – Batteries

$373220 LG Energy (KR) – Batteries

$ALB (-0,2%) Albemarle (US) – Lithium

$LYC (+0,35%) Lynas (AU) – Rare Earths

$UMICY (+2,86%) Umicore (BE) – Recycling

WiTricity (US) – Inductive charging – not a publicly traded company

$ABBN (+0,71%) Charging (CH) – Charging infrastructure

$SLDP
Solid Power (US) – Solid-state batteries

Northvolt (SE) – European batteries – not a publicly traded company

$PLUG
Plug Power (US) – Fuel cells

$KULR (+2,21%)
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 (+6,74%) Amazon AWS (US) – Cloud, AI

$MSFT (+3,6%) Microsoft Azure (US) – Cloud, AI

$GOOG (+6,42%) Alphabet Google Cloud (US) – Cloud, ML

$VRT
Vertiv Holdings (US) – Data Center Infrastructure (UPS, Cooling, Edge)

$ORCL (+0,38%)
Oracle Cloud (US) – ERP + Cloud

$IBM (+0,55%)
IBM Cloud (US) – Hybrid Cloud + AI

$OVH (-0,53%)
OVHcloud (FR) – European Cloud

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

10. Software & Data Platforms

$PLTR (+0,05%) Palantir (US) – Data Integration

$DDOG (-2,32%) Datadog (US) – Monitoring

$SNOW (-3,52%) Snowflake (US) – Data cloud

$ORCL (+0,38%) Oracle (US) – Databases, ERP

$SAP (+1,56%) SAP (Germany) – ERP systems

$SPGI S&P Global (US) – Financial/Market Data

ROS2 Foundation – Robotics Middleware – Not publicly traded

$NVDA (+2,15%) NVIDIA Isaac (US) – Robotics development – part of NVIDIA

$INOD (+3,71%) Innodata (US) – Data annotation & AI training data

$PATH (+3,25%)
UiPath (RO/US) – Robotic Process Automation

$AI (+1,93%)
C3.ai (US) – AI platform

$ESTC (+3,04%)
(NL/US) – Search & Data Analytics

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

11. End-user applications / Robots

$ABBN (+0,71%) ABB (CH/SE) – Industrial robots

$6954 (-3,81%) Fanuc (JP) – Industrial Robots

$TSLA (+0,25%) Tesla Optimus (US) – humanoid robot

$9618 (+3,54%) JD.com (CN) – Logistics robots

$AAPL (-2,89%) Apple (US) – Platform & UX

$700 (+0,19%) Tencent (CN) – Platform & AI

$9988 (+4,13%) Alibaba (CN) – Logistics & Platform

PAL Robotics (ES) – humanoid robots - not a publicly traded company

Neura Robotics (DE) – cognitive humanoid robots - not a publicly traded company

$TER (-1,58%) Universal Robots (DK) – cobots - part of Teradyne Corporation

Engineered Arts (UK) – humanoid robots – not a publicly traded company

$ISRG (+0,29%) Intuitive Surgical (US) – surgical robotics

$GMED (-3,28%)
Globus Medical (US) – surgical robotics (ExcelsiusGPS platform)

$7012 (-0,34%) Kawasaki Heavy Industries (JP) – industrial robots, automation

$CPNG (+1,66%) Coupang (KR) – logistics end-users

$IRBT
iRobot (US) – consumer robotics (e.g., Roomba); not humanoid, but features navigation and sensor fusion

Boston Dynamics (US) – humanoid & mobile robots—not a publicly traded company

Hanson Robotics (HK) – humanoid robots (Sophia)—not a publicly traded company

Agility Robotics (US) – “Digit” humanoid robot—not a publicly traded company

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

🛠 2. Cross-sector enablers (shovel manufacturers) – featuring hidden champions

Raw Materials & Battery Materials

Albemarle · Lynas · Umicore

$SQM
SQM (CL) – Lithium

$ILU (+3,53%)
Iluka Resources (AU) – Rare Earths

$ARR (-3,4%)
American Rare Earths (US/AU) – New supply chains

My top pick in the sector is Albemarle

Manufacturing Technology

ASML · Applied Materials · Tokyo Electron

$LRCX (-3,35%)
Lam Research (US) – Plasma/etching processes

$ASM (+1,47%)
ASM International (NL) – ALD equipment

$MKSI (+2,25%)
MKS Instruments (US) – Plasma/vacuum technology

My top pick in the sector is ASML

Quality Assurance

Keysight · Advantest · Teradyne

$EMR (+0,78%)
National Instruments (US) – Measurement technology – from Emerson Electric Acquired

$300567
ATE Test Systems (CN) – Test systems

$FORM (+0,1%)
FormFactor (US) – Wafer probing

My number one in the sector is Keysight

Motion & Drive

Parker-Hannifin

Festo (Germany) – Pneumatics, Soft Robotics - not a publicly traded company

Bosch Rexroth (DE) – Drives, Controls - not a publicly traded company

$6481 (+10,54%)
THK (JP) – Linear guides

My top choice in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (+0,81%) Basler (DE) – Industrial cameras

FLIR (US) – Thermal imaging sensors – Acquired by Teledyne

ISRA Vision (DE) – Machine vision – not a publicly traded company

My top pick in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (-1,39%)
Hitachi Metals (JP) – Magnetic Materials

VacuumSchmelze (DE) – Magnetic materials – not a publicly traded company

$4063 (-2,37%)
Shin-Etsu Chemical (JP) – Specialty materials

My top pick in the sector is MP Materials

Chip Design & Simulation

Synopsys · Cadence · ARM

$SIE (+0,76%)
Siemens EDA (DE/US)– Mentor Graphics—a strategic business unit of Siemens AG

Imagination Tech (UK) – GPU IP – not a publicly traded company

$CEVA (+2,91%)
CEVA (IL) – Signal processor IP

My top pick in the sector is Synopsys

Engineering & Lifecycle

PTC · Dassault · Siemens

Altair (US) – Simulation – no longer a publicly traded company

$HXGBY (-1,16%)
Hexagon (SE) – Measurement Technology

$SNPS (+4,1%)
ANSYS (US) – Simulation – Acquired by Synopsys

My top pick in the sector is Siemens

Networks & Data Centers

Arista · Cisco · Equinix

$HPE (-0,61%)
Juniper (US) – Networks – Acquisition by HPE

$DTE (-0,46%)
T-Systems (DE) – Industrial Cloud

$OVH (-0,53%)
OVHcloud (FR) – European cloud

My top pick in the sector is Arista

Cloud Infrastructure

AWS · Azure · Google Cloud

$ORCL (+0,38%)
Oracle Cloud (US) – ERP & Databases

$IBM (+0,55%)
IBM Cloud (US) – Hybrid Cloud

$9988 (+4,13%)
Alibaba Cloud (CN) – Asian cloud

$VRT
Vertiv Holdings (US) – Cloud/Infrastructure

My top pick in the sector is Alphabet (Google)

Financial/Information Infrastructure

S&P Global

$MCO (-0,72%)
Moody’s (US) – Ratings

$MSCI (-0,02%)
MSCI (US) – Indices

$MORN
Morningstar (US) – Investment Research

My top pick in the sector is S&P Global

Creative/Experience Infrastructure

Adobe

$ADSK (-0,15%)
Autodesk (US) – CAD & Design

$U
Unity (US) – 3D/AR Simulation

Epic Games (US) – Unreal Engine – not a publicly traded company

My top pick in the sector is Adobe

Platform & Ecosystem

Apple · Tencent · Alibaba

$META (+2,62%)
Meta (US) – AR/VR, Social Robotics

ByteDance (CN) – AI & Platforms – not a publicly traded company

$9888 (+2,5%)
Baidu (CN) – AI & Cloud

My top pick in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (-0,61%)
HPE (US) – Edge Computing

$SMCI
Supermicro (US) – AI Servers

$6702 (-3,37%)
Fujitsu (JP) – Edge & HPC

My top pick in this sector is Dell

Storage Solutions

Micron

$HY9H (-1,13%)
SK Hynix (KR) – Memory

$285A (-9,34%)
Kioxia (JP) – NAND

$WDC
Western Digital (US) – Storage solutions

My top pick in the sector is Micron

🏛 3. Secondary Key Sectors with Hidden Champions

Financing & Capital

$GS (-0,15%) Goldman Sachs (US) – Investment bank; ECM/DCM, M&A, growth financing

$MS Morgan Stanley (US) – Investment bank; tech banking, capital markets

$BLK (-0,07%) BlackRock (US) – Asset manager; capital allocation, ETFs/index funds

$9984 (+1,3%) SoftBank Vision Fund (JP) – Mega-VC; growth equity in robotics/AI

Sequoia Capital (US) – Venture capital; early-stage/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) – Government Industry/Technology Funds

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

DCVC (US) – Focus on robotics and AI – Invests exclusively through VC fund investments

Speedinvest (AT) – EU VC for robotics – Investment is only available through fund participations

My number one in the sector is SoftBank

Maintenance & Service

$SIE (+0,76%) Siemens (DE) – Industrial Services, Lifecycle & Retrofit

$ABBN (+0,71%) ABB (CH/SE) – Robotics services, spare parts, field support

$GEHC (-2,75%) GE Healthcare (US) – Medtech services, including robotic systems

Uptake (US) – AI-based predictive maintenance – not a publicly traded company

Augury (US/IL) – Condition monitoring, condition diagnostics – not a publicly traded company

$KU2 KUKA Service (DE) – Robotics maintenance

$6954 (-3,81%) Fanuc Service (JP) – Global service network

Boston Dynamics AI Institute (US) – Robotics Longevity – funded by Hyundai Motor Group

My top pick in the sector is Siemens

Marketing & Advertising

$WPP (+1,43%) WPP (UK) – global advertising group; branding/communications

$OMC Omnicom (US) – marketing/PR network

$PUB (-1,42%) Publicis (FR) – communications/advertising group

$META (+2,62%) Meta (US) – digital ads (Facebook/Instagram)

$GOOG (+6,42%) Google Ads (US) – Search & Display Advertising

TikTok / ByteDance (CN) – Social Ads & Distribution - not a publicly traded company

$AAPL (-2,89%) Apple (US) – branding/UX; adoption & platform marketing

$WPP (+1,43%)
AKQA (UK/US) – Tech branding – Since 2012, majority-owned by the WPP Group, but continues to operate as autonomous operating unit

R/GA (US) – Innovation Marketing – not a publicly traded company

Serviceplan (DE) – Largest independent EU agency – not a publicly traded company

My number one in the sector is Meta

Law, Regulation & Ethics

ISO (CH) – international standards, robotics standards

TÜV (DE) – certification & safety testing

UL (US) – safety/conformity testing

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

UNESCO AI Ethics (UN) – global ethical guidelines

Fraunhofer IPA (DE) – Robotics safety standards

ANSI (US) – Standards

IEC (CH) – Electrical Engineering Standards

Education & 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) – “Roboy” humanoid robot

🌍 Top 25 Companies in Humanoid Robotics

These companies are crucial to the development and production of humanoid robots, because without them, crucial parts of the chain would be missing:

Chips & computing power (the robots’ brains)

$NVDA (+2,15%) Nvidia (US) – AI GPUs & Isaac platform, the foundation for robotics AI

$2330 TSMC (TW) – the world’s leading foundry, produces AI chips

$ASML (-1%) ASML (NL) – EUV lithography, indispensable for chip manufacturing

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

$HY9H (-1,13%) SK Hynix (KR) – DRAM & NAND memory for AI

$MU (-7,98%) Micron (US) – memory solutions for AI workloads

My top pick in the sector is ASML

Sensors & Perception (Robots’ Senses)

$SONY Sony (JP) – Image sensors, market leader

$6861 (-1,48%) Keyence (JP) – Industrial Sensors & Vision Systems

$CGNX (+5,3%) Cognex (US) – Machine vision, precise image processing

My top pick in this sector is Keyence

Actuators & Motion (Robot Muscles)

$IFX (+3,74%) Infineon (DE) – Power Electronics, Motor Control

$6594 (+1,03%) Nidec (JP) – Global market leader in electric motors

$PH Parker-Hannifin (US) – Hydraulics/Pneumatics, Motion Control

$6481 (+10,54%) THK (JP) – Linear guides & actuators

My top pick in this sector is Parker-Hannifin

Communications, Cloud & Infrastructure (Nerves & Data Flow)

$QCOM (-2,98%) Qualcomm (US) – Mobile & edge chips

$AMZN (+6,74%) Amazon AWS (US) – Cloud & AI infrastructure

$MSFT (+3,6%) Microsoft Azure (US) – Cloud, AI services

$CSCO (+2,48%) Cisco (US) – Networks & Security

$VRT Vertiv Holdings (US) – Data Center Infrastructure

My top pick in this sector is Microsoft

End-User Applications & Platforms (Robots Themselves)

$TSLA (+0,25%) Tesla (US) – humanoid robots Optimus

$ABBN (+0,71%) ABB (CH/SE) – Robotics & Automation

$6954 (-3,81%) Fanuc (JP) – industrial robots & CNC systems

$7012 (-0,34%) Kawasaki Heavy Industries (JP) – industrial robots

PAL Robotics (ES) – humanoid robots (TALOS, ARI, TIAGo) – not a publicly traded company

Neura Robotics (DE) – cognitive humanoid robots – not a publicly traded company

Universal Robots (DK) – cobots

My top pick in the sector is Tesla

🇪🇺 Top 10 European Key Companies in Humanoid Robotics

$ASML (-1%)
ASML (NL)

Global market leader in EUV lithography – without ASML, there would be no modern chips for AI & robotics.

$IFX (+3,74%) Infineon (DE)

A leader in power electronics and motor control—crucial for the actuators of humanoid robots.

$STM (-0,66%)
STMicroelectronics (FR/IT)

Sensors, microcontrollers, and power chips—the foundation for control and perception.

$SAP (+1,56%)
SAP (DE)

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

$SIE (+0,76%)
Siemens (DE)

Industrial software, automation, Digital Twin—key to engineering and lifecycle management.

$KU2 KUKA (DE)

Robotics pioneer, industrial robots & automation—expertise in humanoid motion mechanics.

PAL Robotics (ES) - not a publicly traded company

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

Neura Robotics (DE) - not a publicly traded company

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

Universal Robots (DK) - not a publicly traded company

Market leader in cobots—a platform for safe human-robot collaboration.

Engineered Arts (UK) - not a publicly traded company

Develops humanoid robots such as Ameca, known for realistic facial expressions and gestures—important for HRI (Human-Robot Interaction)

🌏 Top 10 Key Asian Companies in Humanoid Robotics

$2330
TSMC (Taiwan)

The world’s largest semiconductor foundry, producing high-end chips (e.g., Nvidia, AMD, Apple)—without TSMC, there would be no AI hardware.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors—extremely broad portfolio of robotics components.

$HY9H (-1,13%)
SK Hynix (South Korea) – Memory

$SONY
Sony (Japan)

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

$6861 (-1,48%)
Keyence (Japan)

Sensors and machine vision for industrial automation, widely used in robotics.

$6954 (-3,81%)
Fanuc (Japan)

Industrial robots and CNC systems; one of the world’s leading manufacturers of robotics hardware.

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

Drives, motion control, and robotic arms—relevant for humanoid motion control.

$6594 (+1,03%)
Nidec (Japan)

Global market leader in electric motors (ranging from mini motors to high-performance drives).

$7012 (-0,34%)
Kawasaki Heavy Industries (JP) – Industrial robots

$9618 (+3,54%)
JD.com (China)

A driving force in robotics for e-commerce and logistics; invests in humanoid robotics applications

Earnings next week

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