The Frontier Ledger

Jensen Huang brought four small robot ducks on stage at GTC Berlin. They walked, sat, and tried a somersault — and preorders jumped past 20,000 units the next day.

The software stack behind the demo is real. Most of the broader claims about general-purpose humanoids are not.

In this episode we look at what’s actually shipping, the gap between stage demos and factory-ready systems, and where the near-term portfolio exposure is more credible: the enabling layers and a smaller set of potential industrial adopters

Power is emerging as the binding constraint in the AI buildout. Goldman Sachs has called it “probably the forever bottleneck,” and multi-gigawatt shortfalls are already being projected for U.S. data centers. This episode looks at where the demand is coming from, which layers of the power stack are seeing the orders, and what it means for portfolios relative to pure chip exposure.