Physical AI is moving artificial intelligence beyond data centers into factories, warehouses, logistics and agriculture, according to VanEck’s November 04, 2026 thematic investing insight. The article states that NVIDIA CEO Jensen Huang has called AI and robotics the company’s two largest opportunities, while Fanuc, a 2.61% IBOT holding, has shipped more than 1,000 robots built for physical AI since December 2025 using NVIDIA’s simulation and on-robot computing platforms. It also says robotics startups raised $18.8 billion in the first half of 2026, compared with $15 billion in all of 2025, according to Crunchbase, and PitchBook counted $18.6 billion across 450 robotics and physical AI deals in the second quarter alone. The article reports that 603,000 robots were installed in 2025, up 11%, and the IFR sees 806,000 in 2029; more than 5 million industrial robots now operate worldwide. It adds that U.S. manufacturers may need 3.8M workers by 2033, and the U.S. is the No. 2 robot market. IBOT returned 29.76% (NAV) in one year versus a 12.10% peer median, at a 0.47% expense ratio.