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 (+2,76%) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (+1,65%) Synopsys (US) - EDA software, chip design

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

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

$DSY (+0,41%) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (+0,16%) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (-0,84%) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

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

$HXGBY (-1,07%)
Hexagon (SE) - Metrology & Simulation

$AWE (+0,24%) 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 (+2,53%) ASML (NL) - Lithography (EUV)

$AMAT (+2%) Applied Materials (US) - Semiconductor equipment

$8035 (+0,26%) Tokyo Electron (JP) - wafer fabrication

$KEYS (+0,78%) Keysight Technologies (US) - Metrology

$6857 (+4,58%) Advantest (JP) - Chip test systems

$TER (-0,51%) Teradyne (US) - test systems + cobots

$6954 (-0,67%) Fanuc (JP) - Industrial robots, CNC

$CAT (+0,91%) 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 (+2,6%) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (-1,58%) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (+0,29%) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+2,88%)
Lam Research (US) - Etch/deposition systems

$MKSI (+1,71%)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+1,71%)
ASM International (NL) - Deposition systems

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

3. chip manufacturing (foundries)

$TSM (+1,39%) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+0,99%) GlobalFoundries (US) - specialty chips

$INTC (+2,45%)
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 (+0,25%) Nvidia (US) - GPUs, AI chips

$INTC (+2,45%) Intel (US) - CPUs, FPGAs

$AMD (-0,43%) AMD (US) - CPUs, GPUs

$MRVL (+3,45%) Marvell (US) - Network Chips

$MU (+3,02%) Micron (US) - Memory

$DELL (+1,94%) 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 (+2,8%) Sony (JP) - image sensors

$6861 (-1,09%) Keyence (JP) - Industrial sensors

$STM (+1,81%) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+0,56%) Cognex (US) - Machine Vision

$HON (+0,48%) Honeywell (US) - sensor technology, security

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

$AMBA (+1,78%) Ambarella (US) - video & computer vision SoCs for real-time image recognition

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

$AMS (+1,54%)
-OSRAM (AT/DE) - optical sensors

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

6. actuators & power electronics ("muscles")

$IFX (-2,5%) Infineon (DE) - Power Electronics

$ON (+0,05%) onsemi (US) - Power & Sensors

$TXN (-4,03%) Texas Instruments (US) - Mixed-Signal Chips

$ADI (+0,35%) Analog Devices (US) - Signal Processing

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

$MP (-2,3%) MP Materials (US) - Magnets

$APH (+1,5%) Amphenol (US) - Connectors

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

$6324 (-2,51%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (-18,52%)
Nidec (JP) - Electric motors

$6506 (-0,21%)
Yaskawa (JP) - Drives & Robotics

$SU (-0,02%)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (-0,05%)
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 (+1,49%) Qualcomm (US) - mobile communications, edge AI

$ANET (+2,71%) Arista Networks (US) - Networks

$CSCO (+0,25%) Cisco (US) - Networks, Security

$EQIX (-0,08%) 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 (+1,61%)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+4,54%)
Nokia (FI) - 5G/6G for industry

$HPE (+4,5%)
Juniper Networks (US) - Network technology - acquisition by HP

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

8. energy supply

$3750 (+0,22%) CATL (CN) - Batteries

$6752 (-0,56%) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (-0,33%) Albemarle (US) - Lithium

$LYC (+2,79%) Lynas (AU) - Rare earths

$UMICY (-0,63%) Umicore (BE) - Recycling

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

$ABBN (+2,73%) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - fuel cells

1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector

9. cloud & infrastructure

$AMZN (+4,31%) Amazon AWS (US) - Cloud, AI

$MSFT (+0,87%) Microsoft Azure (US) - Cloud, AI

$GOOG (+0,08%) Alphabet Google Cloud (US) - Cloud, ML

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

$ORCL (-0,05%)
Oracle Cloud (US) - ERP + Cloud

$IBM (+1,79%)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+2,68%)
OVHcloud (FR) - European cloud

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

10. software & data platforms

$PLTR (+0,11%) Palantir (US) - Data integration

$DDOG (-0,05%) Datadog (US) - Monitoring

$SNOW (-0,21%) Snowflake (US) - Data Cloud

$ORCL (-0,05%) Oracle (US) - Databases, ERP

$SAP (+0,95%) SAP (DE) - ERP systems

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

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

$NVDA (+0,25%) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (+9,7%) Innodata (US) - data annotation & AI training data

$PATH (-0,2%)
UiPath (RO/US) - Robotic process automation

$AI (+6,59%)
C3.ai (US) - AI platform

$ESTC (-1,13%)
(NL/US) - Search & data analysis

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

11. end applications / robots

$ABB ABB (CH/SE) - Industrial Robots

$6954 (-0,67%) Fanuc (JP) - Industrial robots

$TSLA (+0,63%) Tesla Optimus (US) - humanoid robot

$9618 (-0,87%) JD.com (CN) - logistics robot

$AAPL (+0,12%) Apple (US) - Platform & UX

$700 (-1,62%) Tencent (CN) - Platform & AI

$9988 (-3,84%) Alibaba (CN) - logistics & platform

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

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

$TER (-0,51%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

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

$ISRG (+3,36%) Intuitive Surgical (US) - surgical robotics

$GMED (+2,48%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (+1,63%) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (+1,57%) Coupang (KR) - Logistics end user

$IRBT (-2,42%)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

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

🛠 2. cross enablers (shovel manufacturers) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+1,53%)
Iluka Resources (AU) - Rare earths

$ARR (-3,02%)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+2,88%)
Lam Research (US) - Plasma/etching processes

$ASM (+1,71%)
ASM International (NL) - ALD equipment

$MKSI (+1,71%)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+2,26%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+1,23%)
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%)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (-1,39%) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

my number 1 in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (+0,36%)
Hitachi Metals (JP) - Magnetic materials

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

$4063 (-0,7%)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (+0,16%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

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

$CEVA (+1,61%)
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 (-1,07%)
Hexagon (SE) - Metrology

$SNPS (+1,65%)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (+4,5%)
Juniper (US) - Networks - Acquisition of HPE

$DTE (+1,99%)
T-Systems (DE) - Industry cloud

$OVH (+2,68%)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (-0,05%)
Oracle Cloud (US) - ERP & databases

$IBM (+1,79%)
IBM Cloud (US) - Hybrid Cloud

$9988 (-3,84%)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

my number 1 in the sector is Alphabet (Google)

finance/information infra

S&P Global

$MCO
Moody's (US) - Ratings

$MSCI (+0,73%)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (+0,74%)
Autodesk (US) - CAD & Design

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

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

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (+1,62%)
Meta (US) - AR/VR, Social Robotics

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

$9888 (+1,3%)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (+4,5%)
HPE (US) - Edge Computing

$SMCI
Supermicro (US) - AI servers

$6702 (+2,96%)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$000660
SK Hynix (KR) - Memory

$285A (+0,99%)
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 (+2,17%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

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

$BLK (+0,96%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+6,91%) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

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

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

my number 1 in the sector is Softbank

Maintenance & Service

$SIE (+0,16%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (+2,73%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (+2,06%) 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 (-0,67%) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

my number 1 in the sector is Siemens

Marketing & Advertising

$WPP (+0,88%) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (+1,55%) Publicis (FR) - communications/advertising group

$META (+1,62%) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (+0,08%) Google Ads (US) - search & display advertising

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

$AAPL (+0,12%) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (+0,88%)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

my number 1 in the sector is Meta

Law, Regulation & Ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

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

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (+0,25%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

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

$ASML (+2,53%) ASML (NL) - EUV lithography, indispensable for chip production

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

$000660 SK Hynix (KR) - DRAM & NAND memory for AI

$MU (+3,02%) 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 (-1,09%) Keyence (JP) - Industrial sensors & vision systems

$CGNX (+0,56%) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (-2,5%) Infineon (DE) - power electronics, motor control

$6594 (-18,52%) Nidec (JP) - World market leader for electric motors

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

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

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (+1,49%) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+4,31%) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (+0,87%) Microsoft Azure (US) - Cloud, AI services

$CSCO (+0,25%) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (+0,63%) Tesla (US) - humanoid robot Optimus

$ABBN (+2,73%) ABB (CH/SE) - Robotics & Automation

$6954 (-0,67%) Fanuc (JP) - industrial robots & CNC systems

$7012 (+1,63%) 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 (+2,53%)
ASML (NL)

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

$IFX (-2,5%) Infineon (DE)

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

$STM (+1,81%)
STMicroelectronics (FR/IT)

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

$SAP (+0,95%)
SAP (DE)

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

$SIE (+0,16%)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

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

Neura Robotics (DE) - Not a listed company

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

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$000660
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

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

$6861 (-1,09%)
Keyence (Japan)

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

$6954 (-0,67%)
Fanuc (Japan)

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

$6506 (-0,21%)
Yaskawa Electric (Japan)

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

$6594 (-18,52%)
Nidec (Japan)

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

$7012 (+1,63%)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (-0,87%)
JD.com (China)

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

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

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

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

🌐 Value chain of humanoid robots Sector overview

1. research & chip design (IP / EDA)

$ARM (+2,76%)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (+1,65%)
Synopsys (SNPS, USA) - Chip design software

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

2. manufacturing technology & equipment

$ASML (+2,53%)
ASML (ASML, NL) - EUV lithography, key monopoly

$AMAT (+2%)
Applied Materials (AMAT, USA) - Process equipment

$8035 (+0,26%)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (+0,78%)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+4,58%)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (-0,51%)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+1,39%)
TSMC (TSM, TW) - Largest contract manufacturer

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

$GFS (+0,99%)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (+0,25%)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (+2,45%)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (-0,43%)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (+3,45%)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (+2,8%)
Sony (6758.T, JP) - CMOS image sensors

$6861 (-1,09%)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+1,81%)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (-2,5%)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (+0,05%)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+1,81%)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (-4,03%)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (+0,35%)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (+1,49%)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (+1,16%)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (+0,7%)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

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

$6752 (-0,56%)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

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

9. cloud & infrastructure

$AMZN (+4,31%)
Amazon (AMZN, USA) - AWS

$MSFT (+0,87%)
Microsoft (MSFT, USA) - Azure

$GOOG (+0,08%)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (-0,08%)
Equinix (EQIX, USA) - Data center operator

$ANET (+2,71%)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (+0,25%)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (+0,11%)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (-0,05%)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (-0,21%)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (-0,05%)
Oracle (ORCL, USA) - Databases, ERP

$SAP (+0,95%)
SAP (SAP, DE) - ERP/cloud systems

$PATH (-0,2%)
UiPath (PATH, USA) - Automation software (RPA)

$AI (+6,59%)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (-0,67%)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (+0,63%)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (-0,87%)
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 (+2,53%)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+2%)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (+0,26%)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+4,58%)
Advantest (6857.T, JP) - Semiconductor test.

$TER (-0,51%)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (-0,33%)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (+2,79%)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (-0,63%)
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 (+1,65%)
Synopsys (SNPS, USA) - EDA software.

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

$ARM (+2,76%)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (+0,78%)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (+2,71%)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (+0,25%)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (-0,08%)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+4,31%)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (+0,87%)
Microsoft (MSFT, USA) - Azure.

$GOOG (+0,08%)
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

The United States is facing a heavy budgetary burden. A deficit of 2 trillion US dollars, equivalent to 7% of GDP, is the result of spending of 7 trillion dollars compared to revenues of only 5 trillion dollars. This situation carries the risk of triggering a recession that could spread to the entire economy. Initial data already points to an increase in Arbeitslosenanträge im District of Columbia which is seen as an early indicator of an economic slowdown.

There are currently 3 scenarios for reducing the deficit to 3% of GDP:

• Nominal economic growth of 10% per year: However, this would involve a highly inflationary development and would hardly be politically viable, as the population is already suffering from current price increases.
• Increase in government revenue by 1 trillion dollars: As tax cuts have been the focus in the past (especially under Trump), tariffs, for example, which currently stand at 2-3%, would have to be raised to around 30%, but this could further increase inflationary pressure and exacerbate trade conflicts.
• Spending cuts of 1 trillion dollars: Given that $4 trillion for social benefits (pensions & healthcare) is considered politically untouchable and the $1 trillion interest burden could only be reduced by falling yields, which seems unrealistic if the FED pauses interest rates, the only option left would be to cut the defense budget, by $1 trillion, as well as budgets in areas such as energy, education &transportation.

These austerity measures have contributed to the rise of more populist movements (DOGE & Elon Musk) calling for a reduction in the size of government. Signaling the end of the era of excessive US fiscal commitment. At the same time, market signals, such as the outperformance defensiver Sektoren (consumer goods up 8% last month) and the 30% decline in US homebuilder equities since October, point to growing concerns about economic growth.

2. the Riyadh agreement as a potential turning point

The international geopolitical landscape is increasingly dominated by energy realism. The Trump-Administration faces a dilemma. Lower oil prices would be necessary to combat inflation, but an increase of US-Ölproduktion by 3 million barrels per day - to a total of 16 million - is unrealistic, as shale oil production has only increased by around 1 million barrels in the last three years.

A possible solution could be an agreement in Riyadh with OPEC+:

• OPEC+, in Vienna, could reverse the currently implemented production cuts of 5-6 million barrels per day in return for the lifting of sanctions against Russia and military security guarantees for the Gulf states.
• Such an agreement would accelerate the return to the classic Petrodollar System in which the proceeds from oil exports are reinvested in bonds.

The implementation of this scenario would have far-reaching consequences: Cheaper energy prices could dampen inflation, stabilize global bond markets and strengthen international equities, especially in Europe and EM. At the same time, Europe could be forced to overcome its dependencies on China (in the export sector), the US (in the security sector) and Russia (in energy supply).

3 Europe, China and the cyclical economic recovery

While the US is struggling with structural weaknesses, other regions offer attractive investment opportunities:

• Europe: After the German elections, populist parties, currently representing 29.57% of the vote, may not achieve the necessary one-third majority to create a fiscal stimulus measure, which is also quite speculative. Such a stimulus would strengthen the DAX and the Euro Stoxx50, especially in combination with possibly falling oil prices and extensive reconstruction plans in Ukraine.
• China: "Rising" real estate prices (in January, 24 out of 70 cities recorded price increases or stability in prices) and a possible consumption upswing (with retail sales rising more than 6% year-on-year) could attract international investors. For 2025, the Chinese government is planning targeted measures to promote consumption, including trade subsidies, increased social benefits and incentives for newborns. An acceleration in global purchasing managers' indices (PMI) would also boost demand for Chinese industrial products.
• Japan and South Korea: Both countries are benefiting cyclically from a recovery in the global manufacturing industry, particularly in the semiconductor sector. This includes blue-collar chips such as $ADI (+0,35%) , $MCHP (+1,48%) & $TXN (-4,03%) .

4. technology sector and limited liquidity reserves

The position of the Magnificent 7 is increasingly losing strength, partly due to the rise of Chinese AI providers such as DeepSeek. In addition, the weakness of US homebuilder stocks signals declining consumer power, with Hypothekenanträgen and have recovered again.

Another warning signal is the low liquidity reserve: the share of Barmitteln in Fondsportfolios is only 3.5%, the lowest level since 2010, which makes the markets more susceptible to corrections. Since the "sell signal" in December, the Magnificent 7 has lost 5%, while the MSCI ACWI has gained 2% - a clear indication of a Rotation in internationale Märkte.

5. investment recommendations

• A stronger weighting of long-term bonds, such as 30-year US government bonds, seems sensible, as a flattening of the yield curve & international demand (due to petrodollar recycling) could lead to falling yields.
• Buy the dip offers opportunities to enter export-oriented companies and cyclical sectors, especially in the US & China
• A focus on defensive sectors such as consumer and healthcare as well as blue-collar semiconductors is recommended, as these could benefit from a recovery in the purchasing managers' indices.
• Gold can be recommended as a hedge against geopolitical risks, while a cautious positioning in oil is advisable, as the upcoming OPEC+ negotiations could lead to increased volatility.

⬆️⬆️⬆️

- GOLDMAN raises the price target for DELL from USD 155 to USD 165. Buy. $DELL (+1,94%)

- GOLDMAN raises the price target for ANALOG DEVICES from USD 247 to USD 261. Buy. $ADI (+0,35%)

- GOLDMAN raises the price target for HP INC from USD 35 to USD 38. Neutral. $HPQ (+0,29%)

- WARBURG RESEARCH raises the price target for VONOVIA from EUR 40.20 to EUR 42.30. Buy. $VNA (+0,21%)

- WARBURG RESEARCH upgrades STRATEC from Hold to Buy. Target price 40 EUR. $SBS4

- DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE BÖRSE from EUR 235 to EUR 237. Buy. $DB1 (-0,24%)

- MORGAN STANLEY raises the target price for DEUTSCHE TELEKOM from EUR 33 to EUR 38. Overweight. $DTE (+1,99%)

- GOLDMAN raises the price target for TRATON from EUR 31.80 to EUR 35.50. Neutral. $8TRA (-0,07%)

- GOLDMAN raises the price target for BRENNTAG from EUR 94 to EUR 95. Buy. $BNR (+0,08%)

- BERENBERG upgrades EQUINOR from Hold to Buy and raises target price from NOK 290 to NOK 325. $EQNR (+0,85%)

- JPMORGAN raises the target price for BEIERSDORF from EUR 150 to EUR 160. Overweight. $BEI (+0,47%)

- JPMORGAN upgrades HENKEL from Neutral to Overweight and raises target price from EUR 82 to EUR 100. $HEN (+1,66%)

- JPMORGAN upgrades BRITISH AMERICAN TOBACCO to Neutral. $BATS (+0,48%)

- JPMORGAN raises the price target for EON from EUR 15.50 to EUR 16. Overweight. $EOAN (+0,78%)

- JPMORGAN raises the target price for AUTO1 from EUR 12.10 to EUR 17.10. Overweight. $AG1 (+1,45%)

⬇️⬇️⬇️

- STIFEL lowers the price target for SIEMENS from EUR 207 to EUR 202. Buy. $SIE (+0,16%)

- JPMORGAN lowers the price target for HP INC from USD 41 to USD 40. Overweight. $HPQ (+0,29%)

- WARBURG RESEARCH lowers the price target for LANXESS from EUR 40 to EUR 37. Buy. $LXS (-0,63%)

- CITIGROUP lowers the price target for BASF from EUR 49 to EUR 46. Neutral. $BAS (-1,41%)

- RBC lowers the target price for COMMERZBANK from EUR 18 to EUR 17.25. Sector Perform. $CBK (+2,36%)

- RBC lowers the target price for ING from EUR 17.50 to EUR 16.75. Sector-Perform. $ING (+0,97%)

- RBC lowers the price target for BNP PARIBAS from EUR 79 to EUR 78. Outperform. $BNP (+2,19%)

- JPMORGAN lowers the price target for ELRINGKLINGER from EUR 6.70 to EUR 6. Neutral. $ELLRY (+0,96%)

- JPMORGAN lowers the price target for SYMRISE from EUR 130 to EUR 120. Overweight. $SY1 (-2,88%)

Earnings next week

$DELL (+1,94%)

$CRWD (+0,6%)

$ANF (-0,14%)

$ZM (-0,24%)

$KSS (+2,66%)

$WDAY (+0,24%)

$BBY (+2,59%)

$BBWI (+4,4%)

$BLBD (+0%)

$ADSK (+0,74%)

$M (+3,78%)

$FLNC (+1,21%)

$HPQ (+0,29%)

$DKS (+4,88%)

$AMBA (+1,78%)

$URBN (+5,22%)

$DDD (-0,17%)

$BURL (+2,78%)

$A (+1,96%)

$WWD (-0,48%)

$HDL

$IREN (-7,46%)

$GIW

$SMTC (+0,34%)

$JWN

$NTNX (+0,36%)

$HSAI (+2,69%)

$LESL (+0%)

$PFLT (+0,29%)

$GES (+0,35%)

$ENTA (-0,66%)

$ADI (+0,35%)

$PNNT (-0,16%)

$SUPV (+6,23%)

$BLRX

$PD

$FRO (+0,04%)

$NJR (-0,5%)

$ARWR (+0,55%)

$TWG

$MANU (+0,98%)

$YY (+4,39%)

$NOAH (-0%)

$ICCM

$SJM (+0,35%)

$CLGN

$UNM

$GOGL

$TITN (+0,29%)

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗠𝗶𝗰𝗿𝗼𝘀𝗼𝗳𝘁-𝗖𝗘𝗢 𝘃𝗲𝗿𝗸𝗮𝘂𝗳𝘁 𝘀𝗲𝗶𝗻𝗲 𝗔𝗸𝘁𝗶𝗲𝗻 / 𝗦𝗾𝘂𝗮𝗿𝗲 𝗺𝗶𝘁 𝗻𝗲𝘂𝗲𝗺 𝗡𝗮𝗺𝗲𝗻 / 𝗦𝗰𝗵𝘄𝗲𝗶𝘇𝗲𝗿 𝗕𝗿𝗶𝗲𝗳𝗺𝗮𝗿𝗸𝗲𝗻-𝗡𝗙𝗧

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, among others, Analog Devices ($ADI (+0,35%)), Anthem ($ANTM (-3,9%)), Arthur J. Gallagher & Co. ($AJG (-0,54%)), Bank of America ($BAC (+1,3%)), Baxter International ($BAX (+0,31%)), BROWN-FORMAN B ($BF.B (-1,62%)), Dominion Energy ($D (-0,4%)), Imperial Oil ($IMO (-0,21%)), Linde plc ($LIN), Nasdaq ($NDAQ (+0,65%)), National Grid ($NG. (+1,72%)), PepsiCo ($PEP (-1,13%)), Suncor Energy ($SU (-0,85%)), Ingersoll Rand ($IR (+3,02%)) and Waste Management ($WM (+0,4%)) traded ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Dollar General ($DG (-0,99%)), DocuSign, Inc. ($DOCU (-0,41%)), Canadian Imperial Bank of Commerce ($CM (+0,68%)) , Marvell Technology Group ($MVL) and Toronto-Dominion Bank ($TD (+0,02%)) presented their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Microsoft ($MSFT (+0,87%)) - Microsoft CEO Satya Nadella is divesting half of his Microsoft shares, worth $285 million. According to a Microsoft spokesperson, Nadella is selling his shares for diversification and personal financial planning reasons. However, it is believed that he needs the money primarily for tax payments that may soon be due on long-term capital gains. For the same reason, Tesla ($TSLA (+0,63%)) chief Elon Musk sold share packages worth billions.

Square ($SQ (+0,25%)) - The payment service Square is changing its name to Block. The background to this is that Square now wants to focus more on the area of cryptocurrencies, the abbreviation "Block" stands for blockchain. The name change is to be implemented as early as December 10.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

EU countries have agreed on new transparency rules for remittances using bitcoin ($BTC (-1,49%)) and co. On Wednesday, the EU issued a press release saying that all transfers with cryptocurrencies should be traceable in the future. This would mean that anonymous cryptowallets would no longer be allowed. Crypto service providers would thus be obliged to make the information about the recipient and sender of the transfer transparent. The background of the EU lies in the fight against criminal transactions with cryptocurrencies.

Swiss Post NFTs - On Nov. 25, 2021, Swiss Post launched 175,000 NFT stamps for 8.90 Swiss francs each. The NFT stamps were well received, selling out after only four hours. The stamps are available in 13 different designs. The novel stamp can also be used to frank a letter through a QR code on the physical stamp. However, it is mainly used as a collector's item.

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𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗦𝘆𝗻𝗹𝗮𝗯-𝗩𝗲𝗿𝗸𝗮𝘂𝗳 / 𝗘.𝗢𝗡'𝘀 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝘁𝗶𝗼𝗻𝗲𝗻 / 𝗦𝗛𝗜𝗕-𝗪𝗮𝗿𝗻𝗶𝗻𝗴

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, among others, Discover Financial Services ($DFS), Equifax ($EFX (+1,47%)) and Sun Life Financial ($SLF (+0%)) are trading ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Analog Devices ($ADI (+0,35%)), Autodesk ($ADSK (+0,74%)), Best Buy ($BBY (+2,59%)), Burlington ($BURL (+2,78%)), Compass Group ($CPG (+1,3%)), Dell Technologies ($DELL (+1,94%)), Dollar Tree ($DLTR (-2,59%)), HP ($HPQ (+0,29%)), Jacobs Engineering Group ($J), The J.M. Smucker Company ($SJM (+0,35%)), Medtronic ($MDT (+0,76%)), VMware ($VMW) and Xiaopeng Motors ($XPEV (-1,59%)) presented their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Synlab ($SYAB) - Financial investor Cinven and two other major shareholders have divested from Europe's largest laboratory chain Synlab. The banks accompanying the transaction said that ten million Synlab shares had been placed at 22.15 euros per paper. In spring, Cinven had needed Synlab on the stock exchange. At that time, the company was valued at 5.9 billion euros including debt.

E.ON ($EOAN (+0,78%)) - In the coming years, the energy group E.ON wants to invest heavily in its core business. The DAX-listed group's Board of Management has resolved a total investment volume of 27 billion euros for the years 2022 to 2026. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are to grow by an average of 4 percent annually to €7.8 billion in 2026. The dividend increase of up to 5 percent a year will be extended to 2026. Shareholders will receive a dividend of 0.49 euros for the current year. This is 2 cents more than in the previous year.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

SHIB ($SHIB (-3,36%)) - The Shiba Inu team has sent a scam warning to SHIB investors. Scammers posing as official accounts and creating fake users have been warned, it said. According to the team, "A fake Shiba Telegram group is being shared across social media. The scammers are posing as official accounts and creating fake users. These scammers reply to common posts." In addition, the scammers would target unwary investors with fake official accounts and targeted use of hashtags such as #shib
#shibarmy
#leash
#shibaswap and #bone want to lure.

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