Humanoid-and-automation beta unwound with the AI tape, and the rare-earth-magnet chokepoint got hit again — the software layer held while batteries and vision silicon led down.

The green in the basket was in software and precision motion — the least cyclical links in the robotics chain. PTC (PTC) rose 3.0% to $127.36, the PLM-and-design layer that orchestrates how machines get built rather than the hardware itself, with Novanta (NOVT) +1.9% to $149.67, the precision-photonics-and-motion supplier, the other notable gainer. Both sit above the physical-inputs chokepoint the rest of the vertical bled through, and both held while the beta got sold.

The laggard was Amprius (AMPX), down 10.9% to $10.10 — the high-density-battery maker at the energy-storage chokepoint for humanoids and mobile robots. It was a clean high-beta unwind: no company news, just the most speculative link in the actuation-and-power chain repricing hardest as risk came off across the AI complex.

Underneath, the story was the two chokepoints this vertical actually maps — power and magnets. Serve Robotics (SERV) fell 8.3% to $5.27 and STMicroelectronics (STM) 7.4% to $62.77, with Ambarella (AMBA) −8.1% to $63.29 at the machine-vision-silicon layer. The rare-earth-magnet inputs went with them: MP Materials (MP) −8.1% and USA Rare Earth (USAR) −8.1%, still under China's late-June export-control blacklisting — the NdFeB supply that sits inside every servo. Tesla (TSLA) was comparatively steady at −0.9% to $391.06 heading into its print, the Optimus read the whole humanoid basket keys off.

The calendar is front-loaded with those reads. Tesla's Q2 lands July 22, with the Optimus V3 reveal and Fremont production still targeted for the summer; Teradyne reports July 28, PTC's fiscal Q3 and Allegro and MP Materials all on July 29–30, then Cognex August 5 and Symbotic August 6. For the magnet chokepoint the structural date is November 10 — expiry of China's one-year suspension of its October 2025 rare-earth export controls — the deadline that decides whether the domestic-supply scramble this selloff was pricing becomes urgent or academic.