YT YouTube2Text

YouTube2Text → Transcripts → 【特集】ミネベアミツミ(6479) 人型ロボットで「大型受注」、フィジカルAIの部品はロボットのどこに入り、どこまで売上になるのか

【特集】ミネベアミツミ(6479) 人型ロボットで「大型受注」、フィジカルAIの部品はロボットのどこに入り、どこまで売上になるのか — Transcript

by 失敗しない投資の為の情報収集チャンネル · 4,046 words · 666 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00Hello. Today, we are looking at
0:03MinebeaMitsumi, stock code 6479. The
0:07company manufactures precision parts
0:09used inside machinery, such as bearings
0:11, motors, and sensors. The reason for
0:15this focus is that the company is
0:17gaining attention as a manufacturer of
0:19parts for "Physical AI," where AI
0:21operates machinery in the real world.
0:24The stock price rose sharply from this
0:26spring through early summer, then fell
0:28significantly. In this video, we will
0:33examine where this company's parts fit
0:35into robot bodies, what the company
0:36says about their progress in humanoid
0:38robotics, and what is currently driving
0:40their profits. MinebeaMitsumi's stock
0:46price nearly doubled from this spring
0:48to early summer, then dropped about 35%
0:50by mid-September. The lowest point was
0:55March 31, with a closing price of 2,535
0:58yen. From there, it climbed almost
1:01steadily until early summer. On June 25
1:04, it hit an all-time high of 5,370 yen
1:08during trading, closing at 5,246 yen.
1:12However, it shifted to a decline after
1:14that. The closing price on September 11
1:18was 3,391 yen. That is a level about 35
1:22%lower than the closing price on the
1:24day it hit its peak. Looking at the
1:27days of significant movement, a common
1:29pattern emerges. On many of the days
1:31with large gains or losses, there were
1:33no company announcements regarding
1:35earnings or performance. For instance,
1:38on June 22, the stock rose over 9%in a
1:41single day, yet there was no company
1:43announcement. On August 6, it dropped
1:47nearly 9%in a single day after
1:49releasing its first-quarter earnings
1:51the previous afternoon. However, that
1:53earnings report showed both revenue and
1:55profit growth. The explanation that it
1:57fell due to poor earnings does not
1:59match the figures. During the same
2:03period, Harmonic Drive Systems, which
2:05makes reducers for robot joints, also
2:07saw its stock price double before
2:09falling, meaning robot component stocks
2:11were moving in the same direction
2:12together. The cause of the large stock
2:17price movements could not be identified
2:19from company documents. It is like
2:23passengers on the same train—the "
2:25robot parts" sector—all accelerating
2:27and then braking together. For
2:32investors, what matters is that the
2:34rise and fall of this stock cannot be
2:35explained by this company's events
2:37alone. Next, we will take a look at
2:40what the company actually does.
2:43MinebeaMitsumi manufactures a vast
2:45quantity of precision components that,
2:47while inconspicuous, are essential for
2:49machinery to rotate and move. The most
2:52iconic of these is the bearing. A
2:54bearing is a component that supports a
2:56rotating shaft and reduces friction.
3:00Small steel balls are lined up between
3:01two rings to ensure the shaft rotates
3:03smoothly. A familiar example is a
3:08bicycle wheel, which keeps spinning
3:09easily because there is a bearing at
3:11the axle. MinebeaMitsumi excels
3:15specifically at producing exceptionally
3:17small bearings. According to company
3:19research, they hold a 60%global market
3:22share for small ball bearings with an
3:24outer diameter of 22mm or less. At 22mm
3:27or less, that is about the size of a
3:30one-yen coin or even smaller. The
3:33company describes its core business as
3:35an "eight-spear" strategy. Besides
3:38bearings, they include motors, sensors,
3:40analog semiconductors, automotive door
3:42handles and keys, connectors and
3:44switches, power supplies, and wireless/
3:47communications. The company's total
3:50sales last fiscal year exceeded 1.6
3:52trillion yen, an all-time high. However
3:55, there is a significant imbalance in
3:57where the profits come from. The
4:00segment centered on bearings makes up
4:02less than 20%of total sales, yet it
4:04earns nearly half of the combined
4:06profit of the four segments. The profit
4:09margin relative to sales also exceeds
4:1220%. To use an analogy, it is like a
4:15large department store where the
4:17bearing division is the most profitable
4:19specialty shop despite having a small
4:21floor area. What is important for
4:25investors is that the core of this
4:26company's earning power lies in these
4:28small bearings. Next, we will look at
4:31what those bearings are currently being
4:33used for to generate profit. What is
4:37currently driving MinebeaMitsumi's
4:39profits is not humanoid robots, but
4:41parts for AI data centers. Data centers
4:46that power AI are packed with servers
4:47for calculation, which generate massive
4:49amounts of heat. Cooling fans run
4:53constantly to dissipate that heat, and
4:55small bearings are spinning inside the
4:57motors of those fans. The company also
5:01specializes in the precision parts that
5:03support the motors that spin disks and
5:05the components that read data inside
5:07hard drives. According to the company,
5:11sales for AI servers reached 110
5:13billion yen in the previous fiscal year
5:15. The company expects this figure to
5:17grow to 200 billion yen by the fiscal
5:19year ending in March 2029. In fact, the
5:22financial results from April to June of
5:24this year showed a 50.9%increase in
5:26operating profit compared to the same
5:28period last year. The number of
5:31bearings sold externally reached
5:32approximately 300 million units per
5:34month, setting a new record. In the
5:37earnings presentation, the chairman
5:39noted that production, including for
5:41bearings, cannot keep up with demand,
5:43leading to a supply shortage across the
5:45entire market, and that average selling
5:47prices are gradually trending upward.
5:49The company has also announced plans to
5:51further increase its bearing production
5:53capacity over the next few years. In
5:57August, the company raised its
5:59full-year net profit forecast but kept
6:01its sales and operating profit
6:03projections unchanged, explaining this
6:05as a highly conservative approach. For
6:09example, just as air conditioners sell
6:11well during a hot summer, orders also
6:12flow to the companies that manufacture
6:14the parts that turn the fans inside
6:16them. The current expansion of data
6:18centers acts as a similar tailwind for
6:20this company. However, the company
6:23itself explains that the AI data center
6:26field is one where technology changes
6:28rapidly. They also addressed concerns
6:31that the demand for cooling fans might
6:32decrease if liquid cooling systems for
6:34servers become more widespread than air
6:36cooling. What is important for
6:39investors is that the current profit
6:41growth is driven by the data center
6:42sector, which is separate from the
6:44much-talked-about humanoid robots. "
6:47Physical AI" refers to AI that doesn't
6:49just provide answers on a screen, but
6:52also operates machines that move in the
6:54real world, such as robots,
6:55self-driving cars, and drones. AI that
6:59answers questions via chat can perform
7:01its work using only its "brain."
7:03However, robots that need to grasp
7:05objects or walk cannot function with a
7:07brain alone. In terms of the human body
7:10, they require joints to bend arms,
7:12muscles to exert force, and sensory
7:14feedback in the fingertips to feel the
7:16hardness of an object. In robotics,
7:19bearings allow joints to move smoothly,
7:21motors serve as the muscles, and
7:23sensors act as the senses. In their
7:27integrated report, the company's top
7:29management writes that, as the term "
7:31physical AI" suggests, humanoid robots
7:33and the like cannot function on
7:35electronic technology alone. They argue
7:38that this is where their company comes
7:40in, having combined mechanical and
7:42electronic components for years. To use
7:46an analogy, if companies making AI
7:48brains are like the brain,
7:49MinebeaMitsumi is creating the joints,
7:51muscles, and nerve endings. No matter
7:55how smart the brain is, if the joints
7:57are rusted, the arm simply won't lift.
8:00The company identifies AI servers,
8:02humanoid robots, autonomous driving,
8:04commercial drones, and the automotive
8:06and aerospace sectors as its pillars of
8:09growth. Of these, the ones that operate
8:13in the physical world—that is,
8:14physical AI—are humanoid robots,
8:17autonomous driving, and drones. What is
8:21important for investors to note is that
8:23even under the label of "physical AI,"
8:25the progress within the company differs
8:27greatly between humanoid robots versus
8:29autonomous driving and drones.
8:33MinebeaMitsumi's components are
8:34primarily used in the joints and
8:36fingertips of humanoid robot bodies.
8:40Humanoid robots have many joints,
8:42including shoulders, elbows, wrists,
8:44fingers, waists, and knees. Wherever a
8:48joint rotates, bearings are required to
8:50support that rotation. The company
8:53estimates that 120 to 200 bearings are
8:55used in the body excluding the hands,
8:57and 30 to 100 bearings are used in just
9:00one hand. The parts that move the
9:03joints are drive components called
9:04actuators. These combine a motor with a
9:07reduction gear that converts its
9:09rotation into slow but powerful
9:10movement, and these also contain
9:12bearings and motors. When climbing a
9:16hill on a bicycle, if you switch to a
9:18light gear, the pedals spin quickly
9:20while the wheels turn slowly, allowing
9:22you to climb with that extra force.
9:25Reduction gears operate on that same
9:27principle, converting the fast, weak
9:29rotation of a motor into a slow,
9:31powerful rotation. Another essential
9:34component is the sensor. For a robot to
9:37grab an egg without breaking it, it
9:39needs to know how much force is
9:40currently being applied. MinebeaMitsumi
9:44manufactures torque sensors that
9:46measure the twisting force on joints,
9:48as well as thin sensors that measure
9:50force. These thin sensors work by
9:52reading the magnitude of force through
9:54changes in electrical conductivity in a
9:56film that slightly expands and
9:58contracts when pressure is applied.
10:00Furthermore, they also produce ball
10:02screws used to move components in a
10:04straight line within the robot's hands.
10:06It is a component that converts
10:07rotational motion into linear motion,
10:09as turning the screw causes the part
10:11fitted onto it to move straight back
10:13and forth. In addition, the company
10:16lists analog semiconductors, which
10:18control motors and process sensor
10:20signals, as components for humanoid
10:22robots. What is important for investors
10:28is that MinebeaMitsumi has many
10:29components used around humanoid robot
10:31joints—such as bearings, motors,
10:33sensors, screws, and semiconductors—
10:35and the company highlights its strength
10:38in offering these in combination. The
10:43progress MinebeaMitsumi reports for its
10:45humanoid robot components varies
10:46clearly by part, and bearings are the
10:48only ones currently described as having
10:50orders. In its August 5 financial
10:54results materials, the company stated
10:56that it had secured large orders for
10:58bearings from major US companies and
10:59others in the industry. The May report
11:02described the situation as "progressing
11:04toward securing orders" in North
11:06America. However, the name of the
11:08partner companies, the monetary value,
11:10and the timing of the deliveries are
11:12not disclosed. The other components are
11:15at an earlier stage. It is noted that
11:19torque sensors have entered the joint
11:21sector, ball screws have received
11:22inquiries, and small motors have
11:24received numerous inquiries. "Inquiries
11:28" refers to the stage where customers
11:30are making requests or seeking
11:32consultations. Orders have not yet been
11:34finalized. To use a retail analogy,
11:39bearings represent receiving an order,
11:41torque sensors represent starting
11:43business in that field, and ball screws
11:45and motors represent receiving
11:46inquiries about the products. What is
11:52important for investors is to
11:54distinguish which component and which
11:56stage of development is being discussed
11:57when hearing news about orders for
11:59robot parts. MinebeaMitsumi's robot
12:04hand, "Kurass-Mano," is a prototype
12:06designed to demonstrate the technology
12:08of packing small components into thin
12:10fingers and is not for sale at the
12:11moment. The company began joint
12:15development in February last year with
12:17Harmonic Drive Systems, known for its
12:19robot joint components. Then, in
12:22January of this year, they unveiled
12:24this hand at CES, the technology trade
12:26show held in the United States. Inside
12:30is a drive component for moving fingers
12:32that combines Harmonic Drive Systems '
12:35ultra-compact speed reducer with a
12:36small MinebeaMitsumi motor. It is a
12:40slender component approximately 13mm
12:42wide and 6cm long. Each hand contains
12:47107 bearings and five force-sensing
12:49sensors. According to the company, a
12:54single finger can lift 5kg, and four
12:56together can lift 20kg. In other words,
13:01it’s a technology that packs tiny
13:03parts—like those in a wristwatch—
13:05into a slender finger, enabling it to
13:07lift a bag of rice with just one finger
13:09. The company says that since the
13:13reveal, they have received many
13:15inquiries, and joint development has
13:17begun with several partners, including
13:19major global robot manufacturers and
13:21industrial robot-related firms. They
13:24also stated that they hope to show an
13:26improved version at CES next year.
13:30However, it has not been disclosed who
13:31these three parties are. There has also
13:34been no disclosure regarding sales or
13:35production of the hands. We were also
13:37unable to confirm any announcement from
13:39Harmonic Drive Systems this time. What
13:44is important for investors is that the
13:46"Cross-Manos" is a demonstration of
13:47what can be achieved by combining this
13:49company's parts, and it cannot yet be
13:51counted as revenue. Even by the
13:56company’s own estimates, sales for
13:57humanoid robots will remain only a
13:59small fraction of the company's total
14:01for the next few years. According to
14:04the figures provided by the company,
14:06sales for humanoid robots were
14:07approximately 10 million yen for the
14:09fiscal year ending March 2025. The
14:12company anticipates this will reach 10
14:14billion yen by the fiscal year ending
14:16March 2029. Furthermore, for the fiscal
14:19year ending March 2035, they have
14:21projected an image of 100 billion yen
14:23in a standard case and 200 billion yen
14:25in an optimistic case. This sounds like
14:28significant growth, but let's compare
14:30it to the company as a whole. The
14:33company's total projected sales for
14:35that same year are 1.9 trillion yen.
14:38The 10 billion yen for humanoid robots
14:40accounts for only about 0.5%of that.
14:43Compared to the forecast for AI servers
14:46we saw in Chapter 3, it is
14:47one-twentieth the size. To put it in
14:51perspective, it’s like a household
14:52earning 1 million yen a year starting a
14:54new side job that is expected to bring
14:56in only about 5,000 yen annually after
14:58a few years. The discussion of growth
15:02rates is also often misunderstood. The
15:05company's materials mention a growth
15:07rate of 65%per year, but this is the
15:09figure for the optimistic case. In the
15:12standard case, the growth rate is
15:14approximately 47%per year. Both figures
15:16are based on the company's own
15:18projections. The company itself has
15:22stated in investor briefings that while
15:24they are preparing for the full-scale
15:25adoption of humanoid robots, it will
15:27still take some time for humanoids and
15:29drones to fully take off. There is also
15:34competition. Reports point out that
15:37other domestic bearing manufacturers
15:39are also developing drive components
15:41for humanoid robots, and that Chinese
15:42parts makers and robot manufacturers
15:44are increasingly producing their own
15:46components. What is important for
15:51investors is that while humanoid robots
15:53are potential future pillars that have
15:55started receiving orders, they have not
15:56yet reached a scale that supports
15:58current earnings. In the physical realm
16:03, MinebeaMitsumi’s current revenue is
16:05primarily driven by autonomous driving
16:07and drones, with sales for humanoid
16:09robots remaining very small. Autonomous
16:13vehicles use a device called a LiDAR to
16:15view their surroundings in three
16:17dimensions. It acts as the vehicle’s
16:20eyes, measuring the distance to
16:22surrounding objects by timing how long
16:24light takes to bounce back.
16:27MinebeaMitsumi's motors and bearings
16:29are used in the rotating parts of these
16:31LiDAR units. The company explains that
16:34it leverages the high-precision
16:36assembly technology it cultivated
16:37through hard disk drive components.
16:40According to company charts, sales for
16:42LiDAR components were 5 billion yen in
16:44the previous fiscal year. The company
16:46expects this figure to reach 15 billion
16:49yen by the fiscal year ending March
16:512029. Sales for drone components were 3
16:53billion yen in the previous fiscal year
16:55. The forecast for the fiscal year
16:58ending March 2029 is 5 billion yen.
17:00These include components like motors
17:02and bearings for propellers, as well as
17:03mechanisms for stabilizing cameras. The
17:08company notes it has a track record of
17:09receiving orders from major
17:11manufacturers in China and North
17:12America for both LiDAR and drone
17:14components. The financial results from
17:17April to June of this year also state
17:19that the expanded sales of automotive
17:21parts for LiDAR contributed to an
17:22increase in revenue. If a humanoid
17:27robot is a new store still in
17:29pre-opening, LiDAR and drones are
17:31branches that are already open and
17:32gradually gaining customers. However,
17:37neither is particularly large in scale
17:40yet. Even combining the prospects for
17:43humanoid robots, LiDAR, and drones, the
17:45total for the fiscal year ending March
17:472029 is 30 billion yen, or about 1.6%of
17:50the company's total projected revenue.
17:55For investors, it is important to
17:57accurately recognize that physical AI
17:59revenue does exist, albeit starting
18:00small in autonomous driving and drones.
18:06The stories circulating online about
18:08MinebeaMitsumi are a mix of what can be
18:10verified through company materials and
18:11what cannot. The first is the story
18:16that they are supplying parts for
18:17Tesla's humanoid robots. Company
18:20documents only mention "major US firms"
18:23or "major North American firms," with
18:25no specific company names anywhere. The
18:28second is the claim that they hold a 60
18:30%global market share in robot joints.
18:33The 60%figure is the company's own
18:35research estimate for the total share
18:37of small ball bearings with an outer
18:39diameter of 22mm or less. It is not the
18:42market share for humanoid robot
18:43applications. The third is the claim
18:46that they are the only company in the
18:47world that supplies a full range of
18:49robot parts. The company highlights its
18:52combination of parts as a strength, but
18:54no documents confirming they are "the
18:56only one in the world" were found. The
18:59fourth is the story that their
19:01performance is growing due to physical
19:02AI. As we have seen, the current growth
19:05in earnings is centered on the data
19:07center sector. Within physical AI,
19:10there is revenue from LiDAR and drones,
19:12but the scale is still small, and sales
19:14for humanoid robots are negligible. To
19:19put it in perspective, it is like
19:20hearing rumors that a certain shop is
19:22frequented by celebrities, while the
19:24sign on the door only says they are
19:26patronized by "customers from major
19:28companies." What is important for
19:33investors is to personally draw the
19:34line between what is said in rumors and
19:36what is written by the company.
19:41MinebeaMitsumi's current stock price is
19:43in the mid-10x range of its projected
19:45annual earnings, and this ratio varies
19:47significantly among robot-related
19:49stocks. One metric for determining if a
19:52stock price is high or low relative to
19:54performance is the P/E ratio,
19:55representing how many times the price
19:57covers the projected annual profit.
20:01Regarding the stock price level, it
20:02closed on September 11th below the
20:04average price of the past three months
20:06or so. Looking at other companies often
20:11cited as robot-related stocks, Harmonic
20:13Drive Systems has a ratio exceeding 90x
20:16, while NSK, which makes bearings, is
20:18in the 10x range. However, since each
20:22company has a different business model
20:23and way of generating profit, you
20:25cannot determine if it's undervalued or
20:27overvalued based on this comparison
20:28alone. This video will not make that
20:30judgment either. There is one more
20:32point to note. This company saw its net
20:35profit swell significantly due to an
20:36increase in the value of the financial
20:38assets it held previously. As a result,
20:40net profit is expected to decrease this
20:42term, and the profit used in the
20:44valuation multiple calculation is
20:46smaller due to that reaction. Operating
20:48profit, which indicates earnings from
20:50the core business, is expected to
20:51increase by about 15%. For example, it
20:54is just like a household that happened
20:56to have a one-time windfall last year,
20:58making this year's income look lower.
21:00Their core salary is actually
21:02increasing. What is important for
21:05investors is that you cannot say for
21:07certain, based on multiples alone, how
21:09much the current stock price factors in
21:11both the growth in data centers and
21:12expectations for humanoid robots. The
21:17balance of margin-bought shares
21:19actually increased during the summer
21:20while the stock price was falling.
21:24Margin trading is buying stocks by
21:26borrowing money from a brokerage firm.
21:29Since there is a repayment deadline, if
21:31the balance piles up significantly, the
21:33selling associated with repayment can
21:35later weigh on the stock price. However
21:37, because there is also the option of
21:39taking physical delivery of the shares
21:41by providing cash instead of selling
21:43them, not all of the balance will
21:44necessarily become future selling
21:46pressure. As of June 26, the day after
21:49the stock price hit its high, the
21:51margin-bought balance was approximately
21:532 million shares. As of September 4, it
21:56is approximately 3.05 million shares.
21:59It has increased by a factor of 1.5. On
22:03the other hand, the margin-sold balance
22:05remains low, with the margin-bought
22:06balance significantly exceeding it.
22:09However, at the beginning of May this
22:12year, there was a time when it was even
22:14higher, at over 3.16 million shares. So
22:16this is not the highest it has ever
22:18been. There is one more point to note.
22:22These figures are weekly totals as of
22:24September 4, and subsequent movements
22:26will not be known until the next data
22:27is released. To use an analogy, it’s
22:31as if the lively festival is starting
22:33to end, yet the line in front of the
22:35food stalls is still growing. You
22:38cannot tell how that line will move in
22:40the future based on the numbers alone.
22:43For investors, what's important is to
22:45not assume that an increase in margin
22:47buying during a decline means it will
22:49definitely be sold off or that it has
22:51hit bottom, but rather to keep watching
22:52how it changes in the next report. The
22:57next check for MinebeaMitsumi is its
22:59second-quarter earnings scheduled for
23:01November 5th, where the two main points
23:03to watch are how far humanoid robot
23:04discussions have progressed and if the
23:06momentum in data centers is continuing.
23:10First, humanoid robots. Of the torque
23:14sensors, ball screws, and motors, we
23:16need to see if the number of components
23:18moving from inquiries to orders has
23:20increased, and if names of partner
23:22companies, contract values, and sales
23:24figures for humanoid robots are
23:25disclosed. Next, data centers. We need
23:31to see if bearing sales volume and
23:32price hikes are continuing; the company
23:34explains that its full-year forecast is
23:36conservative, so how the first half
23:38lands against that forecast is also a
23:40highlight. There are other events
23:43outside of the earnings to keep an eye
23:44on. These include the announcement of
23:47exhibiting at next year's CES to show
23:49an improved version of the robotic hand
23:50, and new announcements regarding the
23:52three parties they are co-developing
23:54with. I will now organize what we've
23:57discussed into conditions that support
23:59a bullish view and conditions that call
24:01for caution. This is not a
24:04recommendation to buy or sell, but
24:05rather a checklist of what
24:06announcements or figures should prompt
24:08you to update your outlook. Bullish
24:12conditions include an increase in
24:14components for humanoid robots moving
24:16to orders, disclosure of the partners,
24:18amounts, and sales figures for those
24:20orders, continued growth in bearing
24:22volume and price hikes for data centers
24:24, and sales growth for LiDAR shown in
24:26numbers. Conditions for caution include
24:31humanoid robot discussions failing to
24:32progress beyond the inquiry stage, and
24:34data center cooling shifting to liquid
24:36cooling, which could impact demand for
24:38cooling fans. Also, intensifying
24:41competition with other component
24:43manufacturers, a trend of robot makers
24:45producing parts in-house, and a failure
24:47for the automotive parts segment's
24:48profits to recover. To use an analogy,
24:53this company's report card has two
24:55columns: current earnings and future
24:57pillars, and the November earnings will
24:59specifically focus on what gets added
25:01to that future pillars column. For
25:06investors, it is crucial to distinguish
25:08between what is driving current profits
25:10and what is merely attracting hype. I
25:13will summarize today's discussion into
25:15three main points. First, the core of
25:19MinebeaMitsumi’s current profit
25:20growth is not humanoid robots, but
25:22small bearings and motors used in
25:24cooling fans for AI data centers.
25:28Second, regarding humanoid robots, the
25:30company states it has secured a large
25:32order for bearings, but neither the
25:34client nor the value has been disclosed
25:36, and other components are only at the
25:38inquiry or entry stage. Even by the
25:40company’s own estimates, sales from
25:42these will only reach about 0.5%of the
25:44total in a few years. On the other hand
25:47, there are already sales from LiDAR
25:49for autonomous driving and drones.
25:52Third, the stock price doubled since
25:54spring before dropping about 35%, with
25:56a rise in margin buying during that
25:58period. The specific cause of these
26:00fluctuations cannot be identified from
26:02the filings; the next clue will be the
26:04November 5th earnings report. This
26:07video organizes facts based on publicly
26:09available materials and does not
26:11recommend trading specific stocks.
26:14Please make investment decisions at
26:16your own risk. If there are other
26:19stocks you would like me to cover,
26:21please let me know in the comments.
26:23Thank you for watching.

About this transcript

This page contains the full transcript of 【特集】ミネベアミツミ(6479) 人型ロボットで「大型受注」、フィジカルAIの部品はロボットのどこに入り、どこまで売上になるのか by 失敗しない投資の為の情報収集チャンネル, generated from the public captions YouTube serves with the video. The transcript has 4,046 words across 666 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to translate the transcript into 100+ languages.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, translation to 100+ languages, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.