$GEEKPLUS-W(02590.HK) rose nearly 5%, while $Serve Robotics(SERV.US) basically didn't move.
Warehouse robots already have solid orders and customer repurchases, whereas delivery robots are still stuck on their unit economics—whether the labor replacement cost per order can be brought down has not yet been publicly verified.
Both are called robots, but one is fulfilling orders while the other is validating its model. Capital clearly prefers to pay for scenarios that are already landed. For the line that hasn't been proven yet, should it be discounted for early-stage risk or given a premium as an option value? 🤔
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