Cambrian Capital's @_Lonis_ reveals why a researcher at a major AI lab is stockpiling Unitree robots from China, betting that AI will soon solve the missing piece of robotics: "I just met recently with a robotics person at one of the big labs. His thesis was that most of robotics is actually solved in terms of the body. What’s not solved is the brain." "So he’s stacking up all of these Unitree robots from China, hoping that the brain is solved soon, and then the value of this physical input goes up a lot." "While China is struggling massively to catch up in the chip supply chain, because there’s all of these decade-old industries in South Korea, Taiwan, Japan that they have to build up from scratch, we’ll have the same problem in the West when it comes to robotics. We don’t have any of those supply chains." "It’s not even trivial for us to figure out how to invest in it, because we can’t arbitrarily invest in Chinese markets for regulatory reasons."

Cambrian Capital's @_Lonis_ explains why he's extremely bearish on software stocks, as AI labs develop internal models far more powerful than anything they release publicly: "We’re super bearish. We’re hyper bearish. If you remove the memory companies, most of the enterprise value in AI currently is just software companies. Chip designers and networking designers. It’s just the first thing the labs will compete with." "There will be this larger and larger chasm between the quality of the models they’re able to release externally and the ones they have internally. They will just have way better models internally that they’ll use to design better chips. It’s very hard to compete with that for any software company." "These software companies are trading at way higher multiples than the physical parts companies. Going forward, we really don’t see that making sense. If you have physical inputs and you need to reinvest, at least you’re worth the higher multiples because you have some type of moat."

Cambrian Capital's @_Lonis_ reveals why Wall Street is still missing the next AI revolution, which he believes could be far bigger than coding agents: "They have smart people. They’re great at finance stuff. But they’re not really seeing the different paradigms of use cases." "Most people here in the Bay were vibe coding in March or April. The rest of the world didn’t start vibe coding until January and February of this year." "Same thing now, where people in the Bay are starting to vibe work, as I call it, using computer use. The people on the street don’t have that intuition about this new use case, which in my opinion will be way larger than coding agents even. There’s just way more white-collar workers." "Memory is trading at five times earnings. We might be able to double production by end of decade on memory bits. Maybe 2.5x at most. Then you go to Wall Street and they say, ‘We think we’ll have oversupply again.’ It’s very hard to square oversupply, when we only can 2.5x by end of decade, with the short timelines."

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