Robotics, Automation & Industrial Software 2026-2029

Thesis: Automation is the second winner of the AI cycle — Robot orders grow beyond the auto industry (Assembly Magazine, 2026-08-12), Teradyne reports $622 million in robot orders (PYMNTS, 2026-08-18), and humanoid robots will first ship to customers in 2027 (Musk to Optimus, Yahoo Finance, 2026-09-14) — i don't buy the humanoids, but rather their suppliers: servos, sensors, pneumatics, controls and the software layer (PLM/Digital Twin). Mixture of Japanese component champions (Fanuc, Keyence, SMC, Yaskawa, Omron), US automation companies (Rockwell, Teradyne, Symbotic), surgical robotics (Intuitive) and industrial software (Dassault Systèmes, PTC, Hexagon). Catalysts: Keyence numbers 2026-10-29, semiconductor equipment cycle (SEMICON), reshoring factories in the USA, humanoid series start in 2027. Biggest risk: China now builds 55% of its factory robots itself (Tech Times, 2026-09-25) - this affects Fanuc/Yaskawa in volume; plus yen fluctuations and a possible capex stop with interest rates at a 24-year high. Position size: max. 12% per title, Symbotic max. 4%, Japan block together max. 45%. Exit: Cut Japan shares if JARA robot orders fall for two quarters in a row; Software titles sell with ARR growth below 8%.