There's a lot to unpack. Over the last 10 to 15 years, what has been your primary focus during that time? Could you take me through your journey, starting 28 years ago, from where the systems were then to where they are now? Also, how have you seen them evolve, and what are some of the more interesting elements of innovation you've observed?

Now, moving from the mid-'80s to 2026 or 2027, I'm curious if Chinese robot companies will replicate what Japanese companies did in the '80s, challenging incumbents like Fanuc and ABB. We're starting to see this in humanoid robots. There's still a lot of technology to be worked out with humanoids, which we can discuss further. I recently read that a Chinese company, possibly Pudu, has released a humanoid robot priced at $12,000.

There's a lot to unpack. Over the last 10 to 15 years, what has been your primary focus during that time? Could you take me through your journey, starting 28 years ago, from where the systems were then to where they are now? Also, how have you seen them evolve, and what are some of the more interesting elements of innovation you've observed?

I will tell you that the humanoid robots from Agility, Figure, or Aptronic, the major humanoid companies starting up here in the US, are priced probably over $100,000 easily. The Chinese are essentially challenging this by saying, not only do we think we're your peers from a technology perspective, but we're also going to compete aggressively on pricing.

There's a lot to unpack. Over the last 10 to 15 years, what has been your primary focus during that time? Could you take me through your journey, starting 28 years ago, from where the systems were then to where they are now? Also, how have you seen them evolve, and what are some of the more interesting elements of innovation you've observed?

I don't know whether the Chinese government is truly funding these losses from these Chinese companies. They might be, but I'm going to speculate. Yes. That's a battle over the next five years or so that you're going to see play out. As an investor, you need to be aware of that cost issue, which is really going to make or break a lot of these American companies. It's not just about innovation; it's also about cost. Large buyers like Procter & Gamble and General Motors are not going to pay a premium for an American robot. They might say they will for publicity, but if one is priced at $120,000 and the other at $35,000, they're going to buy the $35,000 cheaper Chinese robot, guaranteed.