About Core Matter

Core Matter is an independent research publication on the business of Physical AI. We cover the full stack, from actuators and robot hands to compute, models, and data, and the global supply chain that makes machines useful in the real world.

Why Core Matter exists

Robotics demos are easy to find. Understanding what it takes to turn them into useful, commercially viable machines takes more work. We examine the gap between demonstration and deployment through primary research, interviews, and company filings.

Who captures value in a humanoid’s bill of materials? What do IPO prospectuses reveal that press releases leave out? Our research separates filing-backed evidence, company statements, and our own analysis.

What we publish

• Research reports that examine component economics, suppliers, and deployment in depth.
• A weekly digest covering what mattered in Physical AI and why.
• The Core Matter podcast, conversations with founders and operators building the stack around the world.

Core Matter is written for investors, founders, researchers, and strategy and supply-chain teams deciding where value accrues in Physical AI.

Founded by Michelle Sun

Michelle began in TMT equity research at Goldman Sachs, then founded First Code Academy. She has advised MIT CSAIL since 2017 and invested in frontier technology since 2018, work that led her deeper into Physical AI.

Born and raised in Hong Kong and based in San Francisco, she speaks English, Mandarin, and Cantonese.

For research, briefings, speaking, or a filing, teardown, or supplier we should look at:
hello@corematter.com