Investor: humanoid robots' real TAM is retail, hospitality and schools — not the hype
MatthewChang · x · 2026-09-22
Responding to reports that China is slowing its humanoid robot IPO rush as hype outruns reality, investor Matthew Chang says he's not surprised. He remains net positive on humanoids for hard tech, but argues real deployments will be limited to retail and hospitality ("at LuLu Lemon and the Marriott check-in desk") plus universities and elite high schools buying one for students — and that's the whole TAM. He admits this runs counter to prevailing investment narratives.
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