Understand AI in the physical world.
Understand the companies, costs, and opportunities as AI enters the physical world. Michelle Sun explains the technology and business behind robots, so you can see what matters and where you fit.
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Where durable value accrues across the stack.
THE STACK
Components to deployment.
Actuators, sensors, compute and power, manufacturing, and the companies putting Physical AI into real operations. The unit of analysis is the stack and its supply chain.
THE GAP
What generalist coverage misses.
Most coverage stops at the labs and the product launches. The economics, the components, and the manufacturing layer underneath go uncovered. That's the gap.
THE METHOD
Down to the bill of materials.
Company trackers, cost and BOM models, and supply-chain exposure maps, built from primary-source interviews and original filings.
Latest research
Physical AI field guide
The Physical AI Value Stack: Mapping the 11 Layers of Robotics
How data, models, hardware and deployment turn intelligence into a working robot.
Read on Core Matter →
Actuators, Part 2 · Paid research
The $202 Humanoid Joint: What Actuators Actually Cost at Scale
Audited filings reveal real BOM shares, retail markups, and cost per actuated axis.
Read on Core Matter →
Actuators, Part 1
The Business of Humanoid Actuators: Where Robots Pay for Torque
How gearing choices dictate supply chain economics and BOM costs.
Read on Core Matter →
Written by
Michelle Sun
Michelle Sun runs Core Matter, an independent research practice covering the full Physical AI stack and supply chain. She works from filings, supplier datasheets, and direct factory pricing.
She began her career analyzing technology, media, and telecom companies at Goldman Sachs, and earlier founded First Code Academy, a coding education company that operated across five markets in Asia. She is trilingual in English, Mandarin, and Cantonese, holds a BA in Economics from the University of Chicago, and is a Forbes 30 Under 30 honoree. She also angel invests in and advises early-stage teams across robotics and manufacturing.
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Component economics, supply-chain structure, and deployment analysis, built from filings, datasheets and direct factory pricing.
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Diligence and advisory on specific companies and supply-chain exposure. hello@corematterlabs.co →