topic src/equity-researchnon-semi/roboticsstatus/complete 2025-01-15

The Humanoid 100: Mapping the Humanoid Robot Value Chain

Key Points

Physical embodiment of AI touches a 60 trillion dollar TAM representing global GDP and the future of work
Comprehensive mapping of 100+ public equities across sectors and regions exposed to humanoid robotics theme
Three category breakdown: Brain (Foundational Models, Data Science, Semis for Vision/Compute/Memory/Designers), Body (Sensors, Actuators, Batteries, Motors, Components), Integrators (full humanoid developers)
73% of identified companies involved in humanoids are Asia-based; 77% of integrators Asia-based (56%/45% out of China respectively)
Critical finding: Western firms severely underrepresented outside Tesla/Nvidia; represents current ecosystem reality reflecting China's supply chain advantages and government support
Investor interest accelerated after Jensen Huang's 2025 CES presentation on physical AI and robotics; shows path forward from digital (bits/bytes) to physical (atoms/photons)
52% of Humanoid 100 companies confirmed involved in humanoids; remaining 48% have material potential for involvement
Investor challenge: supply chain gaps and Western manufacturing disadvantages similar to EV experience requiring strategic correction

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