One year ago, we published our deep dive into the Humanoid Robotics supply chain. There’s been some significant overlap with some of the AI supply chain in areas like Power and Energy - in others however, the performance has been primarily driven by a sneaky, less covered but really pronounced rebound in Factory Automation spending. FANUC earnings have confirmed that the infrastructure layer in robotics is primed to rally, and I believe we are much closer to the “ChatGPT moment” for robots than we were last year..

We are more bullish on robotics than we’ve ever been, it’s an inevitable trend and one we’re still so early too.