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Black Scarab Markets

Physical AI.
Through a market lens.

The businesses, capital spending and economic forces shaping physical AI in public markets.

Weekly market commentary

Editorial illustration of a silicon wafer, copper chips and a reaching robotic gripper.This week’s commentary

October 14–20, 20268 min read

AI Is Printing Money. The Robot Makers Are Still Fighting for Their Cut.

Chipmakers are racing to add capacity. Much of manufacturing still has room to spare. That gap matters for anyone investing in robotics.

Rodolfo Garcia Calderoni, CFAFounder, Black Scarab
Read the commentary

The index

Black Scarab Physical AI 15

Fifteen listed companies across robotics, sensing, motion control and industrial automation.

Explore the index

Latest market close

As of

October 20, 2026

BSPI15

921.49

-7.85% since launch

S&P 500

1,006.02

+0.60% since launch

Nasdaq

983.37

-1.66% since launch

Index level

BSPI15 performance against the S&P 500 and Nasdaq CompositeCurrency neutral price return levels rebased to 1,000 on October 1, 2026.8509009501,0001,050Oct 1Oct 2Oct 5Oct 6Oct 7Oct 8Oct 9Oct 12Oct 13Oct 14Oct 15Oct 16Oct 19Oct 20
October 1, 2026 = 1,000Currency neutral price return

A weekly perspective

Published every Wednesday. Earnings, industry developments and the macroeconomic shifts that matter for physical AI investors.