Robotic Revolution?
Jensen Huang recently stated that robotics have yet to have their “GPT moment”. What does that mean?
A cursory look at public robotics companies on the US stock exchange reveals the following players:
Public Robotics Companies
| Company | Ticker | Market Cap | Description |
|---|---|---|---|
| Tesla, Inc. | NASDAQ: TSLA | ~$800B (Large-Cap) | Autonomous vehicles, humanoid robots (Optimus). |
| Intuitive Surgical | NASDAQ: ISRG | ~$130B (Large-Cap) | Medical robotics (da Vinci Surgical System). |
| Fanuc Corp | TYO: 6954 | ~$30B (Large-Cap) | Industrial robots and factory automation. |
| ABB Ltd | SWX: ABBN | ~$75B (Large-Cap) | Industrial robots and cobots (YuMi). |
| Yaskawa Electric | TYO: 6506 | ~$12B (Large-Cap) | Industrial robots (Motoman series). |
| NVIDIA | NASDAQ: NVDA | ~$1.2T (Large-Cap) | AI/robotics GPUs, autonomous systems (robotics-adjacent). |
| Teradyne | NASDAQ: TER | ~$15B (Mid-Cap) | Collaborative robots (Universal Robots, AutoGuide). |
| Cognex Corp | NASDAQ: CGNX | ~$7B (Mid-Cap) | Machine vision systems for robotics. |
| Zebra Technologies | NASDAQ: ZBRA | ~$14B (Mid-Cap) | Warehouse robotics (acquired Fetch Robotics). |
| Oceaneering International | NYSE: OII | ~$2B (Mid-Cap) | Underwater robotics (ROVs). |
| AeroVironment | NASDAQ: AVAV | ~$4B (Small-Cap) | Military/commercial drones. |
| KUKA AG | ETR: KU2 | ~$1.5B (Small-Cap) | Industrial robots (majority-owned by Midea Group). |
| Energid Technologies | N/A (Teradyne) | N/A | Robotics software solutions. |
| Kraken Robotics | TSXV: PNG | ~$100M (Small-Cap) | Underwater robotics for marine industries. |
| Simpple Ltd | NASDAQ: SPPL | ~$50M (Small-Cap) | AI-driven robotics for smart building management. |
| Nauticus Robotics Inc | NASDAQ: KITT | ~$20M (Small-Cap) | Autonomous underwater robots for ocean services. |
| Symbotic Inc | NASDAQ: SYM | ~$3B (Mid-Cap) | Warehouse automation robots (AI-powered systems). |
Private Robotics Companies
| Company | Description | Owner/Backing |
|---|---|---|
| Boston Dynamics | Advanced humanoid/quadruped robots (Atlas, Spot). | Hyundai Motor Group |
| SpaceX | Robotics in rocket manufacturing (autonomous droneships). | Elon Musk |
| DJI | Consumer and commercial drones. | Private (China-based) |
| Waymo | Autonomous vehicle technology. | Alphabet (Google) |
| Cruise | Self-driving car development. | GM (majority owner) |
| Locus Robotics | Warehouse automation robots. | Independent |
| Sarcos Robotics | Industrial exoskeletons and mobile robots. | Private equity/VC-backed |
| Agility Robotics | Bipedal logistics robots (Digit). | VC-backed |
| OpenAI | AI integration for robotics (e.g., ChatGPT-enabled systems). | Partnerships/VC-funded |
| Blue River Technology | Agricultural robotics (precision farming). | John Deere (acquired) |
| Berkshire Grey | AI-driven warehouse automation robots. | SoftBank (acquired) |
| Richtech Robotics | Autonomous mobile robots (AMRs) for hospitality and healthcare. | VC-backed |
Notes
- Market Caps: Approximate values as of late 2023 (subject to change).
- Ownership: Some private companies are subsidiaries of larger corporations (e.g., Boston Dynamics under Hyundai).
- Scope: Robotics is often a segment within broader operations (e.g., Tesla, NVIDIA).
So many “choices” but where is the asymmetric upshot?
Looks like the highest growth may come from hospitality/service (hotel, food, delivery), logistics (delivery, warehouse, vision) and healthcare (nursing homes, surgeries).
There are ETFs that track various “robotics” companies with higher concentrations in the MAG-7 stocks (NVDA, AMZN, GOOGL, TSLA). But I believe the edge is somewhere in the middle of the larger caps and the unfamiliar small ones.
My highest convictions are centered around companies that already have robotics in use and are matured in practice, manufacturing, and quality testing. This boils down to the following companies (imho):
- Intuitive Surgical (ISRG)
- Hyundai Motor Company (HYMTF)
- ABB Robotics (ABB)
- Amazon Robotics (AMZN)
Even with real world use-cases and business opportunities, I believe we have years before robotics has a renaissance era. Hype cycles are prevalent in 2023-2025 due to the AI push, and I am approaching investments in these companies very cautiously.