Industry Begins Rewriting Robots With Physical AI; Market Still Prices First Cheng as Robot Investment

Wang Xingxing demonstrated GPT-6 directing robots in zero-training conditions, with the system making the machines paint and play Go on site. He also outlined several industrial directions: hardware production at an annual scale of 10 million units, deployment of physical-AI models, and self-sufficiency in computing power and chips. The proposal links hardware scale, model deployment and semiconductor autonomy into one industrialization path. The demonstration points to a shift from task-specific programming toward general models that can operate embodied systems directly, a change the industry is beginning to describe as rewriting robots with physical AI. Yet the market continues to price First Cheng Holdings through the older “robot investment” framework, leaving a gap between the emerging physical-AI narrative and the valuation lens still applied to related companies. For investors, the mismatch is the key issue.