Embodied AI's 'Factor Effectiveness' Shifting from Alpha to Beta

If you view embodied intelligence as a multi-factor strategy, you'll find its development path strikingly similar to that of quantitative funds. Early entrants earned alpha through "first-mover advantage" and "Demo performance," much like how some people secured funding two years ago just by having a robot that could do a somersault. But by WAIC 2025, the industry logic has changed—embodied intelligence was featured as a standalone pavilion for the first time, with the supply chain fully laid out from complete machines to dexterous hands, joint modules, and sensors. This signal is clear: the industry is shifting from "overfitted alpha strategies" to "reproducible beta factors," and investment logic needs recalibration.