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The Nerves — Sensors & Perception · The Embodied Stack — Robotics

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The Japanese Cognex — direct sales, 55% operating margins, no debt

What they do

Famously eccentric Japanese sensor and machine-vision giant — over 55% operating margins , no debt, no acquisitions. Direct salesforce reaches 350,000+ customers worldwide. Less LiDAR exposure than Cognex; more general industrial. Trades at high multiples reflecting that quality. Compounder, not a moonshot.