The notion that all hardware is a commodity business is going to be flipped on its head this decade Unitree's IPO filings show that it has ~60% gross margins, higher than most AI labs Durable, high quality robots are going to be supply constrained. Developer and skill ecosystems will create moats around certain robot platforms. Companies that can create an amazing product will command brand premiums The force of capitalism is expanding beyond bits https://www.scmp.com/tech/tech-trends/article/3362441/unitree-launch-ipo-next-week-us-china-robotics-rivalry-intensifies(Andrew Kang)