[Profits from Physical AI Data Acquisition Concentrate on Tier 1 Suppliers, Tier 2 Operators Approaching Losses] According to a report by Jinse Finance, a robotics research report from Nomura Securities points out that the continued decline in the price of physical AI first-person perspective video (Ego) data is squeezing the profit margins of lower-level acquisition providers. The value of the industry chain is gradually concentrating on Tier 1 suppliers directly connecting to model labs, as well as data verification and automated annotation. Nomura's industry research shows that some Tier 2 data acquisition operators have been approaching losses since mid-2026. According to Nomura's estimates, in the low-cost raw Ego data supply chain in Southeast Asia, Tier 1 suppliers can retain approximately $5 per hour, while actual acquisition workers receive approximately $1-2, resulting in a profit margin of approximately 10%-20% for Tier 1 suppliers. However, this profit margin also depends on whether the data can be resold, and most datasets can only be sold once. Automated annotation is further changing the industry's cost structure. Nomura's research found that one Tier 1 supplier, after switching to machine annotation in August 2026, reduced its annotation team from over 1,000 people to approximately 50. Nomura believes that in the future, the competitive advantage of physical AI data providers will come more from leading laboratory customer channels, data processing efficiency, and quality verification capabilities. Business models that rely solely on manual data collection and scale expansion will continue to face pressure. (Jinshi Data APP)