Investor Joanna Lichter published an article outlining the working hypothesis of value accumulation in the robotics field, which she believes has a barbell structure: on one end are the horizontal robotic foundation models (RFM) and infrastructure platforms, achieving compound growth through data, computing power, and ecosystems; on the other end are category-leading application companies that capture value by transforming intelligence into useful work. The middle layer lacks attractiveness, including interchangeable models, easily replicable tools, and deployments lacking software leverage.

She pointed out that, unlike large language models, robotics faces distribution costs, scarce physical data, real-time computing power limitations, and security constraints, presenting a gated diffusion rather than immediate large-scale adoption. If deployment can form a learning feedback loop, reducing the manpower required for each robot and accumulating reusable data and operational knowledge, it can become a competitive moat. Vertical entry points can accelerate this path, allowing value to ultimately accumulate at both ends of the technology stack.