Author: Cannot Understand SOL

Regarding humanoid robots, the leading players are more optimistic about Unitree and Agility Robotics.

1/ Many brothers have yet to realize: humanoid robots are no longer just in science fiction films; they have gradually appeared on factory order books.

2/ Two things have made me revisit this field recently.

First, NVIDIA has chosen Unitree H2 for the Isaac GR00T reference platform, specifically for academic research.

In the future, laboratories around the world working on robot AI will likely have to run data and adjust algorithms around this platform.

Old Huang's computing power monopoly has extended from the cloud into the "body" of robots.

Second, Agility Robotics has just gone public on NASDAQ through a SPAC, with a valuation of 2.5 billion dollars, and holds about 300 million dollars in advance orders.

They have also signed a contract with Toyota Motor Manufacturing Canada to deploy 7 Digit robots in factories.

While 7 units are indeed not many, this signifies that robots are no longer just demos at exhibitions, but are starting to secure orders, enter production lines, and calculate return on investment.

3/ China is also not idle.

Beijing has already set a target to scale applications in over 100 high-value scenarios by the end of 2026.

Currently, the rental price for humanoid robots in China is around 3000 yuan per day.

Unitree is preparing to list on the Shanghai Science and Technology Innovation Board, with a valuation once reaching 7 billion dollars, backed by Geely, Alibaba, and Tencent.

More importantly, this company has been profitable since 2020, not the kind that only burns money telling stories.

4/ The numbers given by Wall Street are quite exaggerated, but the direction is consistent.

Morgan Stanley predicts that by 2050, the global ownership of humanoid robots could reach 1 billion units, corresponding to a 5 trillion dollar market.

Goldman Sachs believes that South Korean companies will capture 30% of the global humanoid robot production market.

These numbers may not be accurate, but they indicate one thing: the entire industry chain is betting on the same curve—an increase in the penetration rate of physical AI.

5/ How can ordinary people participate? I do not recommend betting on whether a specific robot company can become the next Tesla.

At this stage, the winners have not yet been determined. A better approach is to invest in the entire industry chain through ETFs.

The most relevant tool currently is KOID—KraneShares Global Humanoid Robotics and Physical AI Index ETF, established in June 2025, which is the first ETF in the United States focusing solely on humanoid robots.

6/ KOID now holds 58 stocks, with equal weight allocation covering robot bodies, reducers, sensors, semiconductors, and supply chains.

The top ten holdings account for about 30.31%:

1. CRDO (4.06%): High-speed connection chips, the "nervous system" of robots
2. STMicroelectronics STMPA (3.51%): Major manufacturer of sensors and control chips
3. Renesas (3.47%): Industrial chips for robots
4. Infineon IFX (3.30%): Power semiconductors, core for motor drives
5. Harmonic Drive 688017 (3.15%): Domestic leader in harmonic reducers, core components for robot joints
6. Harmonic Drive Systems 6324 (3.02%): Established Japanese brand of harmonic reducers
7. THK (2.68%): Guides and lead screws essential for robot movement
8. Texas Instruments TXN (2.41%): Analog chips and sensors
9. Reaside Intelligent 002979 (2.37%): Motion control, managing how robots move
10. Moog (2.34%): Precision motion control components

Since the beginning of the year, it has increased by about 29.4%, and over the past year, it has risen by about 60.4%.

7/ My judgment is quite direct:

The first half of AI is cloud and software, the second half is the physical world.

Robots are the "body" of AI.

This theme is still in its early stages, with plenty of room for growth.

Using a small portion of your satellite positions to allocate to KOID is more rational than betting on a single stock, and it is also more grounded than completely missing this era.

Brothers should not rush to go all-in, but it's worth putting on the watchlist seriously.

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