GXO Logistics $GXO - An undercover robotics/automation stock - GXO Logistics is a contract logistics, automation & warehousing company - Stock trades at just 0.5x sales while doing $12.7 billion in TTM revenue (up +22%) at a $5.9 billion market cap - GXO designs, builds, and operates automated, robotics-enabled warehouses & value-added logistics for blue-chip global brands like Apple, Boeing, Nike, Nestlé & Whirlpool - GXO purchases robotics hardware from partners (Locus AMRs, AutoStore cube systems, Geek+ robots) and integrates them with proprietary software like WMS (Blue Yonder, Manhattan), and then deploys those integrated systems on behalf of their blue-chip customers - Accelerating convenience trends like grocery delivery (and the e-commerce runway broadly) are tailwinds for warehousing volume & optimization of those warehouses - Warehouse automation is likely to be one of the first areas of mass-penetration for robotics, as commercial players have both the immediate incentive & necessary capital to implement these systems rapidly - GXO benefits directly from increased adoption of automation & robotics, without the necessary multi-billion dollar capital investment to build these products at scale - GXO has room for significant multiple expansion as the company returns to consistent double-digit growth, and becomes theme-associated as an exposure to automation/robotics