New piece: Inside China's Machine. Unitree.

The company that ships 32 percent of the world's humanoid robots, files for a $7 billion IPO, and sells a dual-arm humanoid for less than a mid-range laptop. Profitable. Popular. Filing under STAR Market scrutiny.

The thesis: Unitree is the price destroyer that turned humanoid hardware into a real business before anyone else. But the IPO funding allocation tells you what the company knows about itself. 50 percent of the raise goes to AI software investment.

The hardware is real. The intelligence isn't. Not yet.