Nomura: Physical AI Data Margins Shift to Tier-1 Suppliers as Tier-2 Operators Near Losses

Cointime reports: Nomura’s robotics research shows prices for first-person-view (Ego) physical AI data are falling, squeezing collection margins and concentrating value in Tier-1 suppliers that deal directly with model labs, plus data verification and automated labeling. Nomura’s industry survey found some Tier-2 data-collection operators have been near loss-making since mid-2026. In low-cost Southeast Asian raw Ego supply chains, Tier-1 suppliers retain about $5 per hour, collectors get $1-2, and Tier-1 margins run 10%-20%.