A valuation correction across Chinese humanoid pure-plays has reset segment prices by -35% to -70% from early 2026 highs, triggered by Unitree’s post-IPO decline and stricter listing criteria. However, operational expansion continues unabated, supported by China’s dominant cost structures and steady industrial component demand. This pullback provides an appealing entry point into physical AI, backed […]

Our Robotics & Physical AI strategy combines traditional industrial automation with emerging humanoid robotics across the full value chain. Industrial robotics provides recurring revenue, established profitability, and downside protection via leaders like Fanuc, Yaskawa, and Teradyne. Concurrently, humanoid pure-plays like UBTech, Rainbow Robotics, and Dobot offer high-upside exposure to physical AI adoption. By balancing profitable […]

Generative AI is transitioning from software models to physical AI, embedding algorithms directly into hardware. Current global market installations stand at $18.6 billion, marking an early entry point comparable to cloud computing and semiconductors. As component costs decline, actuator dexterity improves, and autonomous learning advances, robotics is expanding beyond automotive lines into healthcare, logistics, and […]

The U.S. Treasury market faces a systemic shock as the Fed’s rate hike pushes 10-year yields above 5.25%. Foreign central banks are reducing Treasury purchases due to prohibitive hedging costs, while massive federal debt issuance forces domestic markets to demand higher term premiums. At the same time, mega-cap tech bond issuances for AI infrastructure are […]

The U.S. services sector remains the main engine of growth entering Q4, with the S&P Global Services PMI surging to 58.8 alongside a 54.9 ISM Services reading. Spending on dining, travel, and leisure has held firm despite inflation and depleted savings, while manufacturing also remains resilient with an ISM reading of 54.5. However, the ISM […]

The U.S. economy demonstrated unexpected resilience in the second quarter of 2026 as final BEA data released on September 30 locked in real GDP growth at an annualized +2.2%, defying stagflation fears and following a +2.1% reading in Q1. This expansion was anchored by real final sales to domestic private buyers (+2.9%) alongside strong high-end […]

After reaching peaks of uncertainty in Q1, tensions in the Middle East began to ease in May. The 10-year German Bund, the market benchmark, eased to trade around 2.85% after hitting the 3.2% threshold. The deterioration in economic activity in the eurozone contributed to this easing. Faced with the risk of a sharp slowdown and […]

The Eurozone Composite PMI index rebounded to 52 in July and reached 53.1 in September, indicating that private sector contraction halted over the summer. An easing of tensions in the Middle East helped stem the decline in new orders and moderate upstream cost pressures. Manufacturing activity rose to 52.7 as delivery times normalized, while services […]

Eurozone GDP expanded by a stronger-than-expected +0.4% in the second quarter of 2026, beating the +0.2% consensus forecast. This recovery was anchored by a sharp +3.9% rebound in Ireland alongside strong performance in Spain (+0.7%), while Germany maintained modest growth of +0.2%. The bounce-back provided a key reprieve from earlier recession concerns, bolstered by a […]

Driven by the combined effect of the Bank of England’s continued restrictive monetary policy and persistent strength in U.S. Treasuries, the yield on the 10-year gilt rose to 5.21% in mid-September, up from 5.0% in May. Meanwhile, the 2-year gilt yield stands at 4.54%, reflecting market expectations that any significant monetary easing will be postponed […]