Dōmo Arigatō, Mr. Roboto; Exploring the Emerging Analog Semi Oppys in Humanoids

研报英文原文证据摘录

Dōmo Arigatō, Mr. Roboto; Exploring the Emerging Analog Semi Oppys in Humanoids

Equity Research

Price Target Change — June 9, 2026

Semiconductors

Dōmo Arigatō, Mr. Roboto; Exploring the

Emerging Analog Semi Oppys in Humanoids

Our Call Joe Quatrochi, CFA

Driven by the emergence of physical AI, we think humanoids represent a potentially Equity Analyst | Wells Fargo Securities, LLC

Joe.Quatrochi@wellsfargo.com | 314-875-2055

meaningful incremental long-term content oppy for analog / mix signal companies. Early

Travis Poulindays of adoption; we est a 2030 semi oppy at $1.6B (vs. ~$40M in '25).

Associate Equity Analyst | Wells Fargo Securities, LLC

Travis.Poulin@wellsfargo.com | 617-603-4263

Sizing Humanoid Semi TAM at ~$1.6B Oppy by 2030. Our humanoid semi scenario

analysis (Excel avail upon request) leave us to est 2030 semi rev at ~$1.6B (~$1B ex-

compute) vs ~$40M in 2025: 1) Humanoid production reaching ~500k units by 2030 (vs.

~8k in 2025), which compares to a wide range of 3rd party ests of 100k to >1M. 2) Avg

humanoid price decline from ~$75k in 2025 to low-$30k in 2030. 3) Semi BOM content

per humanoid declining at a 10% CAGR in part via move to purpose-built components.

Emergence of Physical AI Makes Humanoids A Reality. We think the emergence

of physical AI will serve as an essential technology to drive the future of robotics /

humanoids as it allows for real-time ability to perceive, reason, plan vs. executing

pre-programmed motions. These new edge capabilities are supporting the rapid

development of embodied AI. Relative to traditional AI that operates in an abstract /

digital environment, embodied AI can enable robots to learn by doing.

Company Positioning / Exposure. In the report we highlight the positioning / portfolios