Hyundai Motor's Re-evaluation Begins... Physical AI Robots Take Hegemony / What Happens to Stock Price if Boston Dynamics Lists? | Growth Hill Asset Management CEO Kim Tae-hong

Summary

Kim Tae-hong, CEO of Growth Hill Asset Management, discusses Hyundai Motor Group's revaluation driven by its dominant stake in Boston Dynamics and robotics capabilities. He argues Hyundai Motor is still in early stages of upside, highlights Mobis as a key actuator supplier, and sees FCBGA substrates as a longer cycle opportunity than HBM. The robot industry is bifurcating into Tesla's vertical camp and the non-Tesla/BD camp, with China largely excluded from Western markets due to security concerns.

• Hyundai Motor's 80%+ stake in Boston Dynamics and physical AI strategy support a structural re-rating.
• Hyundai Mobis supplies critical actuators for Atlas, capturing 60% of robot cost.
• FCBGA substrates face a structural super-cycle longer than HBM, benefiting Samsung Electro-Mechanics and Daeduck Electronics.
• Robot industry order: Tesla Optimus #1, Boston Dynamics Atlas #2; China restricted to its own market.
• Tesla's vertical integration (Dojo chip, factory conversion) gives it an edge in humanoid robotics.
• Boston Dynamics IPO is not critical for funding; the company can raise private capital easily.
• AI chip demand at TSMC drives need for advanced FCBGA substrates, not just HBM.
• Glass substrates are still early stage; speaker defers on timing.