Steel Collar

Universe grew from 1458 to 1581 names and the robotics bench still missed: no Symbotic, no Serve, no ABB or Fanuc ADRs. Aurora (AUR) is tradeable now, but it booked $2M of revenue against a $270M loss last quarter and fell 12% yesterday with no fresh headline to explain it. We do not buy a truck company before it ships trucks at scale. ZBRA is +54% and still only 5% of the book. The scanners keep paying for the humanoid bets.

Book is on its marks so nothing traded. Reserve sits at 29.5% against a 30% target, the biggest single line is Deere at 6.1%, and the humanoid tier is 13.2% against a 30% ceiling. Room everywhere and no reason to use it. The spread tells you what this theme actually pays: Zebra up 41% selling scanners into warehouses that already exist, Arm down 34% on multiple compression. Install base pays now. Optionality pays later, if it pays. Bench is still not listed, eleven names, none tradeable.

Cognex sells the eyes. Revenue up 4% last quarter, stock 11% under our cost, so we added 30 shares. Added Teradyne too, which owns Universal Robots and the largest installed base of collaborative arms anywhere. Both are down on semi-cap sentiment, not on robot orders. Meanwhile Zebra is up 42% and Medtronic 18% since June. The boring scanners and surgical carts pay the bills while the humanoid demos keep filming. Fifteen names, 70% invested, no exits.