AI's Next Leg: Shift from Chips to Humanoid Robotics

Goldman Sachs argues that AI investment is rotating from chips to humanoid robotics, with commercial scale-up expected by 2027-2029. The bank highlights a valuation discount in Asian robotics stocks as a key tactical entry point for investors.

Key Takeaways

• 1.AI investment is shifting from the infrastructure layer (chips) to the application layer, with humanoid robotics identified as the primary monetization frontier.
• 2.High-quality, multi-dimensional real-world data (VLA/VTLA) is the main bottleneck for deployment, shifting focus toward scalable data acquisition architectures and 'data factories'.
• 3.Commercialization is currently at the proof-of-concept stage, with large-scale deployment expected between 2027 and 2029 as data and model quality improve.

Table of Contents

• Daimon Robotics (private)
• Dobot (2432.HK)
• Galaxea (private)
• Geek+ (2590.HK)
• LimX Dynamics (private)
• Linkerbot (private)
• Mech-Mind (private)
• One Robotics (6600.HK)
• PaXini (private)
• Spirit AI (private)
• Humanoid Robot Technology Enablers
• A closer look at where Goldman sees the most value in the supply chain
• Some TAM and valuation thoughts
• How to define a potential technology inflection point?

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