Here’s my outlook on humanoid robots. There are four stages of maturity, and each is gated by progress in the stage before it First, you have to build great humanoid hardware Second, that hardware needs to work with a whole-body, AI-first architecture These first two chapters can’t be brute-forced with capital. They require deep engineering across hardware, controls, AI, and systems integration The third chapter is scaling intelligence. The primary bottlenecks become data and compute. I believe humanoid robotics will ultimately require far more of both than LLMs The final chapter is scaling manufacturing and integrating humanoids into the economy at massive scale These last two chapters - intelligence and manufacturing - can be accelerated with capital. Doing them correctly will require tens, and eventually hundreds, of billions of dollars