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Getty Images; Rebecca Zisser/BI

Techies are throwing billions at robots; the 'hardware tourists' are piling in

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Getty Images; Rebecca Zisser/BI

For decades, hardware was a hard sell in Silicon Valley. Now investors are pouring tens of billions into machines that can do things in the real world.

A Goldilocks set of conditions has made robotics one of tech's hottest bets. As investors look beyond chatbots to the next frontier in AI, cheaper hardware, smarter AI models, labor shortages, and competition with China are fueling interest in machines capable of performing physical work.

Robotics and physical AI companies raised $33.4 billion globally in the first half of this year alone, according to PitchBook data.…